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☆ Neom planners reportedly fear its huge mirrored structure called The Line will kill a 'significant number of birds'
▼ + stars: | 2024-05-07 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Neom planners are worried The Line will kill a large number of birds, The Wall Street Journal reported. The futuristic mirrored structure is on a migration route used by billions of birds. AdvertisementNeom planners seem worried that the megaproject's mirrored "horizontal skyscraper" will kill a "significant number of birds." According to documents reviewed by The Wall Street Journal, the concerns relate to the location of The Line, which is on a migration route used by billions of birds. In planning documents, designers wrote that it was "inevitable that a significant number of birds will perish," illustrating their concerns with a drawing of a dead northern flicker, per the report.

Persons: — Organizations: Street Journal, Service, Wall Street Journal, Business

☆ Saudi Arabia needs peace in the Middle East for its $500 billion Neom megaproject to succeed
▼ + stars: | 2024-05-07 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

In March 2023, Iran and Saudi Arabia brokered a deal to re-establish diplomatic relations. Related storiesThe US and Saudi Arabia are in the final steps of a new agreement on security guarantees and civilian nuclear assistance, Reuters reported last week. Many of Neom's projects aimed at capturing the luxury tourism market are located along the Red Sea coast. Set to open next year, Neom's luxury island resort of Sindalah is advertised as an "exclusive gateway to the stunning Red Sea." Saudi officials are already fighting to combat claims that Neom is facing delays and setbacks.

Persons: —, it's, Israel, Kristian Coates Ulrichsen, Ulrichsen, Robert Mogielnicki, Mogielnicki, Neom Organizations: Saudi, Service, Neom, New York Times, Reuters, Rice, Baker Institute for Public Policy, Gulf States Institute, Bloomberg, Business Locations: Saudi, Dubai, Israel, Gaza, Iran, Saudi Arabia, China, Palestinian, Israeli, Red, Jeddah

☆ Saudi Arabia will 'downscale' some Vision 2030 projects amid 'challenges,' minister says
▼ + stars: | 2024-04-30 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Saudi Arabia's Neom project secured a $2.7 billion credit line from local lenders. The Saudi finance minister said the kingdom was "very pleased" with progress on Vision 203 goals. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSaudi Arabia is trying to counter reports that its Neom project is struggling.

Persons: —, Mohammed Al Jadaan Organizations: Saudi, Service, Business Locations: Saudi, Saudi Arabia, Riyadh, Sunday

☆ Saudi Arabia is desperately trying to convince everyone that Neom megaproject is going just fine
▼ + stars: | 2024-04-30 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Saudi Arabia insists its Neom megacity project is on track. The Saudi economy minister told CNBC there was "no change in scale" for the project. The kingdom's been battling reports that its ambitious desert city has suffered setbacks. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSaudi Arabia says its Neom megacity project is going ahead as planned.

Persons: — Organizations: CNBC, Service, Bloomberg, Business Locations: Saudi Arabia, Saudi

☆ Saudi Arabia says all NEOM megaprojects will go ahead as planned despite reports of scaling back
▼ + stars: | 2024-04-29 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Saudi Arabia's economy minister rejected recent reports that the kingdom's $1.5 trillion NEOM megaproject, a futuristic desert development on the Red Sea coast, is scaling back some of its plans. "All projects are moving full steam ahead," Faisal Al Ibrahim told CNBC's Dan Murphy on Monday at the World Economic Forum's special meeting in Riyadh. "We set out to do something unprecedented and we're doing something unprecedented, and we will deliver something that's unprecedented." Al Ibrahim stressed that the projects would be delivered according to plan, but with the qualification that decisions were being made for "optimal economic impact." "We see feedback from the market, we see more interest from the investors and we'll always prioritize to where we can optimize for optimal economic impact," he said.

Persons: Faisal Al Ibrahim, CNBC's Dan Murphy, Al Ibrahim, we'll Organizations: Bloomberg, Saudi, NEOM, Public Investment Fund Locations: Saudi, Riyadh

☆ Saudi Arabia wants big spenders for the first part of its Neom megaproject
▼ + stars: | 2024-04-28 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

Saudi Arabia plans to open the first part of its Neom megaproject this year. Saudi Arabia is pushing to distinguish itself in the high-end luxury market to compete with Dubai. AdvertisementSaudi Arabia plans to open the first region of its Neom megacity by the end of the year. Neom recently ended investor roadshows in China by confirming the luxury island resort would open this year, Arab News reported. A rendering of The Line, part of the Neom project planned by Saudi Arabia.

Persons: —, Neom, roadshows, It's, Marriott Bonvoy, Chadi, MDLBEAST, Kristian Coates Ulrichsen, Saudi Arabia hasn't, Ulrichsen, Saudi Crown Prince Mohammed bin Salman's Organizations: Dubai, Service, Arab News, Marriott, United, Rice, Baker Institute for Public Policy, Emirates, Saudi, Bloomberg, Business Locations: Saudi Arabia, Sindalah, China, Saudi, Vives, Dubai, United Arab Emirates, Saudi Crown, Gulf Kingdom

☆ Saudi Arabia's oil giant boss speaks up for China, saying its massive production of solar panels and EVs helps affordability
▼ + stars: | 2024-04-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Saudi Aramco CEO Amin Nasser praised China for making solar panels and electric vehicles affordable. Saudi Arabia is fostering closer ties with China and wooing Chinese investments and business partnerships. Unlike the West, Saudi Arabia is cozying up to China. "There are lots of opportunities for China to invest in Saudi Arabia," Alibrahim told the media outlet. In March last year, China brokered a détente between Saudi Arabia and Iran, prompting concerns over waning US influence in the Middle East.

Persons: Amin Nasser, Nasser, China's overcapacity, Janet Yellen, Olaf Scholz, China Nasser's, Faisal Alibrahim, Alibrahim, Jon Alterman Organizations: Saudi, Service, Saudi Aramco, World Energy, Financial Times, West, Nikkei, Aramco, Center for Strategic, International Studies, China Economic, Security Locations: China, Saudi Arabia, Saudi Aramco, Saudi, Rotterdam, East Asia, Beijing, Saudi Arabian, Iran, United States

☆ Saudi Arabia is desperately trying to woo bankers to pay for its futuristic desert city
▼ + stars: | 2024-04-22 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

Neom is hosting hundreds of prospective investors for on-the-ground tours, Bloomberg reports. Saudi Arabia's government has reportedly been worried about rising costs for the futuristic city. AdvertisementFor the first time, Saudi Arabia is inviting hundreds of private bankers this week to visit Neom, its futuristic — and cash-strapped — city in the desert, Bloomberg reported. Neom CEO Nadhmi Al-Nasr will now show visitors the construction work on "The Line," the planned city between two mirrored skyscrapers. The tours will mark the first time a large group of financiers will be able to see anything of the futuristic city with their own eyes, as opposed to virtual renderings.

Persons: Neom, —, Nadhmi Al, Nasr, that's Organizations: Bloomberg, Service, AFP Locations: China, Saudi, Saudi Arabia, Neom, —, Korea, Japan, Singapore, US, France, Germany

☆ Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
▼ + stars: | 2024-04-22 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Saudi Arabia just took its Neom roadshow to China. Neom officials visited Beijing, Shanghai, and Hong Kong in an attempt to court Chinese investors. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSaudi Arabia took its Neom roadshow to China amid ongoing speculation about the scope of the project and its finances. Neom officials visited Beijing, Shanghai, and Hong Kong last week in an attempt to court Chinese investors and shed more light on the mysterious megacity.

Persons: — Organizations: Service, AFP, Business Locations: Saudi Arabia, China, Beijing, Shanghai, Hong Kong

☆ Saudi Arabia's $500 billion Neom megacity is reportedly seeking new sources of cash
▼ + stars: | 2024-04-17 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Saudi Arabia's Neom is planning its first bond sale, Bloomberg reported. The issuance could take place later this year and raise up to $1.3 billion, per the outlet. AdvertisementSaudi Arabia's Neom project is set to issue bonds for the first time as its developers seek new funding sources, Bloomberg reported. The $500 billion desert megacity could raise up to $1.3 billion by selling Islamic bonds, or sukuk, the outlet reported on Wednesday, citing unnamed sources. The sukuk issuance may take place later this year, according to Bloomberg.

Persons: Prince Mohammed Bin Salman's, — Organizations: Saudi, Bloomberg, Service, Business

☆ Take a closer look at the main regions of Neom, Saudi's epic megacity project
▼ + stars: | 2024-04-11 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

Saudi Arabia is plowing on with its ambitious Neom project, despite reported setbacks. Here's a closer look at the main regions that officials plan to build as part of the project. AdvertisementSaudi Arabia's futuristic Neom project is one of the most ambitious in the world. According to Neom, the city will have no roads, cars, or emissions and run on 100% renewable energy. SindalahThe island of Sindalah, a yachting resort and part of the Neom project, will be open in 2024, say planners.

Persons: Here's, —, Neom, Denis Hickey, " Hickey, Saudi Arabia's Crown Prince Mohammed bin Salman, NEOM Organizations: Service, Street Journal, Bloomberg, Saudi Arabia's Crown Locations: Saudi Arabia, Saudi, Tabuk, Kingdom, Neom, Sindalah, Aqaba, Tabak Province

☆ The reality of spending $500 billion to build a city in the desert is starting to hit home for Saudi officials
▼ + stars: | 2024-04-09 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Amid alarm about costs, the kingdom's sovereign wealth fund has yet to approve Neom's 2024 budget. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSaudi Arabia's plan for its $500 billion futuristic city, Neom, is as ambitious as it gets. It seems the project's finances may prove to be a sticking point, however, since the kingdom's sovereign wealth fund has yet to approve Neom's budget for 2024, Bloomberg reported. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Bloomberg, Service, Business Locations: Saudi, Neom, Gulf Kingdom

☆ Saudi Arabia's futuristic $500 billion Neom megacity just got a lot smaller ... for now, report says
▼ + stars: | 2024-04-06 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +1 min

Saudi Arabia has cut estimates for people living in its $500 billion Neom project. Its government hoped the futuristic "The Line" city would hold 1.5 million by 2030. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSaudi Arabia has cut estimates for the number of people living in its Neom megacity project by 2030.

Persons: — Organizations: Bloomberg, Service, Business Locations: Saudi Arabia

☆ A 'Dragon Ball' theme park is Saudi Arabia's latest attempt to become the world's playground. Some fans aren't happy.
▼ + stars: | 2024-03-25 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

A huge new "Dragon Ball" theme park is coming to Saudi Arabia, the franchise owner said. AdvertisementA massive theme park devoted to "Dragon Ball" is due to be built in Saudi Arabia. The owners of the Dragon Ball franchise announced Friday that Saudi Arabia's Qiddiya Investment Company would begin building the only theme park in the world devoted to "Dragon Ball," the hugely popular manga series. On one "Dragon Ball" fan subreddit, the news was greeted with comments like: "I'd prefer not to give the Saudis my money." AdvertisementThe news of the theme park came only weeks after the death of "Dragon Ball" creator Akira Toriyama, who died on March 8 aged 68.

Persons: —, Goku, Mohammed bin Salman's, Dragon, Prince Mohammed, Jamal Khashoggi, Akira Toriyama Organizations: Service, Ball, Saudi, Qiddiya Investment Company, Human Rights Watch, Business Locations: Saudi Arabia, Saudi, Qiddiya City, Riyadh, Turkey

DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices. It had reported a $161 billion profit in 2022, likely the largest ever reported by a publicly traded company. “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” the company said in its filing. The energy giant had planned a conference call Monday to discuss its results. The crown prince hopes to use the oil wealth to pivot the kingdom off oil sales, such as with his planned $500 billion futuristic desert city, called Neom, and other projects.

Organizations: United Arab Emirates, Sunday, Aramco Locations: DUBAI, United Arab, Saudi, Aramco

☆ Saudi Arabia is reportedly borrowing to help fund its megaprojects as oil prices struggle
▼ + stars: | 2024-02-20 | by ( Tom Porter | Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Saudi Arabia has started borrowing to fund megaprojects including Neom, The Wall Street Journal reported. AdvertisementSaudi Arabia is borrowing to help fund an array of ambitious projects including the $500 billion Neom desert megacity, The Wall Street Journal reported. Under its ambitious ruler Mohammed bin Salman's Vision 2030 project, Saudi Arabia is seeking to diversify its economy away from fossil fuels and become a global hub for technology and innovation. The Saudi sovereign wealth fund, the Public Investment Fund, is providing funding for cornerstone "gigaprojects" estimated to cost tens of billions of dollars apiece. He said Saudi Arabia may need to raise another $270 billion for the Public Investment Fund by 2030.

Persons: —, Mohammed bin Salman's, Tim Callen, Brent, Karen Young Organizations: Street Journal, Saudi, Service, Public Investment Fund, Aramco, Gulf States Institute, Bloomberg, Monetary Fund, US Energy Information Administration, Middle East Institute Locations: Saudi Arabia, Saudi, Washington, Diryah

☆ Saudi Arabia's futuristic megaprojects are so expensive that even its oil riches may not be enough
▼ + stars: | 2024-02-20 | by ( Tom Porter | Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

AdvertisementSaudi Arabia is borrowing to help fund an array of ambitious projects including the $500 billion Neom desert megacity, The Wall Street Journal reported. Under its ambitious ruler Mohammed bin Salman's Vision 2030 project, Saudi Arabia is seeking to diversify its economy away from fossil fuels and become a global hub for technology and innovation. The Saudi sovereign wealth fund, the Public Investment Fund, is providing funding for cornerstone "gigaprojects" estimated to cost tens of billions of dollars apiece. He said Saudi Arabia may need to raise another $270 billion for the Public Investment Fund by 2030. AdvertisementThe International Monetary Fund said in October that the Saudis needed oil to be about $86 a barrel to fund its spending commitments.

Persons: Mohammed bin Salman's, Tim Callen, Brent, Karen Young Organizations: Street Journal, Public Investment Fund, Aramco, Gulf States Institute, Saudi, Bloomberg, Monetary Fund, US Energy Information Administration, Middle East Institute Locations: Saudi Arabia, Saudi, Washington, Diryah

☆ Dubai is the economic jewel of the Middle East — now its Gulf neighbors are coming for a piece of the pie
▼ + stars: | 2024-02-03 | by ( Pete Syme | Beatrice Nolan | ) www.businessinsider.com time to read: +8 min

According to Forbes' 2023 Travel Guide, Dubai has nine 5-star hotels , compared to Abu Dhabi's three and two in Qatar and Saudi Arabia. Saudi Arabia has made it clear that it wants in on international travel, stating it aims to attract 100-150 million visitors by 2030. Saudi Arabia is catching up with a new airlineThe competition is perhaps the most heated in the aviation industry. On its double-decker Airbus A380, Dubai's airline, Emirates, has top amenities like a shower for business-class passengers, plus an on-board bar. AdvertisementAnd even if it succeeds in attracting tourists to Saudi Arabia, it is unlikely to knock Emirates off its perch.

Persons: —, Saudi Crown Prince Mohammed bin Salman Al Saud, Saudi Arabia hasn't, Abu, Abu Dhabi, Forbes, Abu Dhabi's, Faisal Alibrahim, Alibrahim, Mohammed Bin Salman, Kristian Coates Ulrichsen, Ulrichsen, Skytrax, Pete Syme, Tony Douglas, Douglas, That's, OAG Organizations: Service, United Arab Emirates, Business, Saudi Crown, Etihad, Bloomberg, CNN, Saudi, Economic, Rice, Baker Institute for Public Policy, Emirates, Qatar Airways, Qatari, Etihad Airways, Riyadh Air, Air, Riyadh Air's Boeing, Boeing, Dubai International Airport Locations: Dubai, Gulf, Saudi, Saudi Arabia, Riyadh, Abu, UAE, Qatar, Davos, Neom, Emirates, Still, Kingdom of Saudi Arabia, Europe, Americas, Africa, Asia

☆ Dream of the Desert: Saudi Arabia is launching its own luxury train
▼ + stars: | 2024-01-29 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +7 min

State-owned railway company Saudi Arabia Railways (SAR) recently struck a 200 million Saudi riyals ($53.33 million) deal with Italian hospitality company Arsenale Group to launch the first luxury train in the Middle Eastern kingdom. The destination has made a number of high-profile tourism investments in recent years – a $500 billion model city in the desert of northwest Saudi Arabia among them. Now Saudi Arabia is getting on board with the slow travel movement in a big way by moving into the luxury train market. Arsenale S.P.A./Saudi Arabia RailwaysSaudi Arabia’s decision to enter the luxury train market comes as demand for high-speed trains and luxury “rail cruises” continues to increase around the world. Infrastructure investmentA rendering of Dream of the Desert, which will be the first luxury train in the Middle Eastern kingdom.

Persons: Paolo Barletta, ” Barletta, S.P.A, Joe Biden, Dolce, ”, Luigi Corradi, King, Khalid al, Falih, Arsenale S.P.A, Bashar bin Khaled Al Malik, Al Malik, CNN’s Lilit Marcus, Ben Jones Organizations: CNN, State, Saudi Arabia Railways, Saudi, Arsenale Group, SAR, Saudi Arabia Railways Saudi, Reuters, “ Orient, Accor, Ferrovie dello Stato, Speed Railway, King Abdulaziz International, Saudi Arabia’s Investment, Projects, Saudi Railway Company, Orient Express, Orient Locations: Saudi Arabia, Saudi, Arabia’s, Riyadh, Qurayyat, Jordan, Hail, Italy, France, Italy’s, Mecca, Medina, Jeddah, Venice, London, Kyushu

JERUSALEM (AP) — A liquor store has opened in Saudi Arabia for the first time in over 70 years, a diplomat reported Wednesday, a further socially liberalizing step in the once-ultraconservative kingdom that is home to the holiest sites in Islam. The store sits next to a supermarket in Riyadh's Diplomatic Quarter, said the diplomat, who spoke on condition of anonymity to discuss a socially sensitive topic in Saudi Arabia. Saudi Arabia remains one of the few nations in the world with a ban on alcohol, alongside its neighbor Kuwait and Sharjah in the United Arab Emirates. Saudi Arabia has banned alcohol since the early 1950s. As Saudi Arabia prepares for a $500 billion futuristic city project called Neom, reports have circulated that alcohol could be served at a beach resort there.

Persons: Prince Mohammed bin Salman, Jamal Khashoggi, King Abdulaziz, Prince Mishari, Cyril Ousman Organizations: JERUSALEM, Washington Post, Workers, Saudi, Arab News, Saudi Research, Media, U.S . State Department, United Locations: Saudi Arabia, Islam, Riyadh, Saudi, haram, Islam . Saudi Arabia, Kuwait, Sharjah, United Arab Emirates, Jeddah, Mecca, Neom

☆ Saudi Arabia, a country where you can be publicly whipped for drinking alcohol, is opening its first liquor store: report
▼ + stars: | 2024-01-24 | by ( Tom Porter | ) www.businessinsider.com time to read: +2 min

Read previewSaudi Arabia is to open its first store serving alcohol, Reuters reported, catering exclusively to non-Muslim diplomats. The store will open in Riyadh, the Saudi capital, the report said. AdvertisementThe move comes as Saudi Arabia's ruler, Crown Prince Mohammed bin Salman, is seeking to liberalize the image of Saudi Arabia, whose laws derive from an ultra-conservative interpretation of Islam. Under Saudi law, alcohol is banned, and judges can hand out severe punishments including public flogging for those who violate them. Crown Prince Mohammed is trying to attract foreign tourism and billions in investment as he pivots the kingdom away from its reliance on fossil fuels as part of its Vision 2030 plan.

Persons: —, it'll, Prince Mohammed bin Salman, Prince Mohammed Organizations: Service, Reuters, Business, Saudi, Wall Street Locations: Saudi Arabia, Riyadh, Saudi

☆ Saudi Arabia goes big in Davos as it looks to become a top AI tech hub for the Middle East
▼ + stars: | 2024-01-19 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +7 min

A pop-up showcasing Saudi Arabia's Neom development features among the most prominent on the Davos promenade in 2024. But Saudi Arabia is keen to capture some of the limelight, and talent, from its neighbor on the Arabian Peninsula — an ambition laid bare on the Davos Promenade this year. "He's driving entrepreneurship, he's diversifying the economy ... And there are a lot of people that are really interested in working in Saudi Arabia," said Bremmer. "In the Emirates and in Saudi Arabia, you have millions of people that need upskilling, particularly Saudi Arabia which has a much larger population," Hidary said. Hidary, who was recently in Saudi Arabia, says that the UAE and Saudi Arabia are looking at countries like Singapore and Israel that have supported start-ups and are driven by technology.

Persons: Mohammed al, Jadaan, Prince Mohammed bin Salman's, Ian Bremmer, he's, Bremmer, Jamal Khashoggi, King Abdullah, KAUST, Harri Jarvelainen, Vera Futorjanski, Futorjanski, Israel Jack Hidary, Hidary, — CNBC's Karen Gilchrist Organizations: Saudi, CNBC, United Arab, prince's, —, Economic, Al, U.S, Eurasia Group, MBS, World Bank, Research Technology Centers, King, King Abdullah University of Science, Technology, UCLA, Riyadh's, Center, AI Research, AI, Artificial Intelligence Authority, Veritas Ventures, Emirates Locations: Davos, CNBC DAVOS, Switzerland, United Arab Emirates, Saudi Arabia, Neom, Saudi, Riyadh, China, Istanbul, UAE, Singapore, Israel, Emirates

☆ Saudi mega-city NEOM sets up $10 bln JV with Denmark's DSV
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

General view of NEOM in northwestern Saudi Arabia, January 11, 2021. REUTERS/Hamad I Mohammed/File photo Acquire Licensing RightsDUBAI, Oct 24 (Reuters) - Saudi Arabia's $500 billion flagship project NEOM on Tuesday set up a $10 billion joint venture (JV) with Denmark's DSV (DSV.CO), the world's third-largest freight forwarder, they said in a joint statement. "The partnership will focus on providing logistics services for NEOM in the coming years," the statement said, adding NEOM will hold 51% of the joint venture and DSV 49%. "The joint venture will provide end-to-end supply chain management, development and investments in transport and logistics assets and infrastructure as well as transport and delivery of goods and materials within NEOM," the companies said. The kingdom's sovereign wealth fund, the Public Investment Fund, is the cornerstone investor in NEOM, a 26,500-square-km (10,230-square-mile) high-tech development on the Red Sea.

Persons: Hamad I Mohammed, Saudi Arabia's Crown Prince Mohammed bin Salman, Yousef Saba, Jason Neely Organizations: REUTERS, Rights, Denmark's, Saudi Arabia's Crown, NEOM, Public Investment Fund, Thomson Locations: Saudi Arabia, Rights DUBAI, Saudi, NEOM

☆ South Korea's Hyundai, Saudi Aramco clinch $2.4 bln gas plant deal
▼ + stars: | 2023-10-24 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

[1/2] General view of the summit between President of South Korea, Yoon Suk-Yeol and Saudi Arabia's Crown Prince, Mohammed bin Salman in al Yamamah Palace in Riyadh, Saudi Arabia October 22, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsSEOUL, Oct 24 (Reuters) - South Korea's Hyundai Engineering & Construction (000720.KS) and Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco (2222.SE) to build a gas processing plant, Seoul's presidential office said on Tuesday. Jafurah is Saudi's largest unconventional non-oil associated gas field, with reserves estimated at 200 trillion cubic feet (5.7 trillion cubic metres) of raw gas. State-run Korea National Oil Corp also clinched a storage deal with Aramco during Yoon's visit that allows the Saudi company to store 5.3 million barrels of oil in South Korea's reserve facilities in the port of Ulsan for five years. After a four-day stay in Riyadh, Yoon left for Doha on Monday where he will attend an international horticultural expo before holding a summit on Tuesday with Qatar's Emir Sheikh Tamim bin Hamad al-Thani, his office said.

Persons: Yoon Suk, Saudi Arabia's Crown Prince, Mohammed bin Salman, Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Emir Sheikh Tamim bin Hamad, Hyonhee Shin, Tom Hogue Organizations: Saudi Arabia's Crown, Saudi Press Agency, Handout, REUTERS Acquire, Rights, Hyundai Engineering, Construction, Saudi Aramco, South Korean, Hyundai Motor Group, Hyundai, Aramco, Saudi Crown, Saudi, Hamas, Korea National Oil Corp, Doha, Thomson Locations: South Korea, al Yamamah, Riyadh, Saudi Arabia, Rights SEOUL, Saudi, Israel, South Korea's, Ulsan, Thani

☆ Saudi Arabia launches Esports World Cup - statement
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Saudi Arabia's Crown Prince, Mohammed bin Salman speaks with FOX News Channel, in an interview aired September 21, 2023, Neom, Saudi Arabia, Saudi Press Agency/Handout via REUTERS/File Photo Acquire Licensing RightsRIYADH, Oct 23 (Reuters) - Saudi Arabia said on Monday it was launching an annual Esports World Cup, which will include the most popular games in the world and have the largest prize pool in esports history. The competition will be held annually in Riyadh starting summer 2024, a statement from Saudi Crown Prince Mohammed bin Salman said. Clubs will compete across games from various genres to become the ultimate Esports World Cup champion, the statement said. Saudi Arabia's Savvy Games Group, owned by sovereign wealth fund PIF, said last year it will invest 142 billion riyals ($37.8 billion) in initiatives aimed at making Saudi Arabia a global hub for gaming. "The Esports World Cup is the natural next step in Saudi Arabia's journey to become the premier global hub for gaming and esports, offering an unmatched esports experience that pushes the boundaries of the industry," the crown prince was quoted in the statement as saying.

Persons: Crown Prince, Mohammed bin Salman, Saudi Crown Prince Mohammed bin Salman, Aziz El Yaakoubi, Ros Russell Organizations: Saudi, Crown, FOX News, Saudi Press Agency, Handout, REUTERS, Rights, Saudi Crown, Clubs, Sports, Thomson Locations: Neom, Saudi Arabia, Rights RIYADH, Riyadh, Saudi

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