Saudi Arabia intercepts Houthi missile, Israel plans digital economy amid sanctions fears

Saudi Arabia’s air defenses on Saturday intercepted a ballistic missile launched towards Riyadh by the Iran-backed Houthi group, according to the Saudi-led coalition. Two explosions were heard in the Saudi capital early Saturday, and the Saudi civil defense activated an early warning system to alert residents of a potential threat.Major General Turki al-Malki, spokesman for the Saudi-led coalition, stated that air defenses intercepted and destroyed the ballistic missile. Separately, a drone was also intercepted and destroyed in Saudi Arabia’s Eastern Province.The incidents come amid escalating military tensions in the Middle East. The conflict in Yemen began in late 2014 when Houthi rebels seized Sanaa. Cross-border attacks have intensified following the breakdown of a four-year truce in July and the start of the US-Israel war on Iran in February.Attacks on commercial shipping in the Strait of Hormuz reached a record high in October, with at least 28 confirmed strikes recorded this month, according to the Washington Institute for Near East Policy. The Islamic Revolutionary Guard Corps (IRGC) Navy of Iran reported that two supertankers carrying over 4.5 million barrels of crude oil struck naval mines in the Strait of Hormuz, causing explosions and severe fires that disabled their engine rooms and left both vessels stranded.Meanwhile, US Congresswoman Rashida Tlaib on October 24, 2026, criticized US funding for “war crimes” by Israel, calling for an end to weapon sales to the “genocidal apartheid state.”Israeli Prime Minister Benjamin Netanyahu announced on October 24, 2026, that Israel might need to develop an alternative digital economy to circumvent rising international sanctions. He acknowledged the possibility of banking sanctions and stated that he had requested preparations for a blockchain-based decentralized digital system. Netanyahu did not specify which country he expected sanctions from.Opposition leader and centrist former prime minister Yair Lapid criticized Netanyahu’s remarks, warning that if his government were reelected, American security aid would cease, and Israel would face sanctions that would devastate its economy.The Nepal government has expressed deep concern over the evolving situation in the Middle East. On October 22, 2026, Nepal condemned a drone attack on Saudi Arabia’s Shaybah oil field, which resulted in the death of a Nepali migrant worker. The Ministry of Foreign Affairs has stated that the safety of Nepali citizens in the region is a top government priority.In other developments, Iran’s envoy to Russia, Kazem Jalali, confirmed that Iranian President Masoud Pezeshkian is scheduled to visit Moscow next week, on October 27, to participate in the Gas Exporting Countries Forum (GECF) summit. A meeting with Russian President Vladimir Putin is also expected during the visit.The specific country from which Israeli Prime Minister Benjamin Netanyahu expects sanctions remains unclear. Additionally, the Saudi Arabian government has not yet clarified which professions or categories of skilled workers will be eligible to bring family members under the new measure allowing skilled expatriates to do so.