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☆ Oil edges up after Israel strikes Gaza, while truce talks continue
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +1 min

Oil rig and pump of H&P Rig 488 in Stanton, Texas, on June 8, 2023. Oil prices ticked up early on Tuesday after Israel struck Rafah in Gaza while negotiations for a ceasefire with Hamas continued without resolution. Israeli forces struck Rafah on Gaza's southern edge from the air and ground and ordered residents to leave parts of the city, which has been a refuge for more than a million displaced Palestinians. Riyadh's move to raise the official selling prices for its crude sold to Asia, Northwest Europe and the Mediterranean in June also supported prices, signaling expectations of strong demand this summer. The world's top exporter hiked its flagship Arab Light crude oil price to Asia to $2.90 a barrel above the Oman/Dubai average in June, the highest since January and at the upper end of traders' expectations in a Reuters survey.

Persons: Israel Organizations: Brent, U.S, West Texas, Hamas Locations: Stanton , Texas, Israel, Rafah, Gaza, Israeli, Asia, Northwest Europe, Oman, Dubai

☆ 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

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

☆ Oil prices slip after OPEC+ extends voluntary oil output cuts until mid-year
▼ + stars: | 2024-03-04 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: 1 min

Oil prices edged lower Monday after oil cartel OPEC+ agreed to extend voluntary output reductions until the second quarter, in an effort to support the short-term stability of crude markets. Global benchmark Brent slipped 0.05% to $83.52 a barrel Monday, while U.S. West Texas Intermediate futures traded down 0.19% at $79.82 per barrel. OPEC+ announced on Sunday that the 2.2 million barrels per day of voluntary output cuts that were planned for the first quarter of this year will continue into the next quarter. OPEC+ kingpin and de facto leader Saudi Arabia said it will prolong its voluntary cut of 1 million barrels per day until the end of the second quarter, state-owned Saudi Press Agency said Sunday. Riyadh's crude production will stand at approximately 9 million barrels per day until the end of June.

Persons: Brent Organizations: OPEC, Global, U.S, West Texas Intermediate, Saudi Press Agency Locations: OPEC, Saudi Arabia

☆ Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June
▼ + stars: | 2024-03-03 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud gesture upon his arrival at the 8th OPEC International Seminar in Vienna on July 5, 2023Heavyweights Saudi Arabia and Russia, alongside several other key OPEC+ producers, will extend their voluntary crude supply cuts until the end of the second quarter. Saudi Arabia will stretch out its voluntary crude production cut of 1 million barrels per day until the end of the second quarter, the state-owned Saudi Press Agency said Sunday, citing an official source from the country's Ministry of Energy. Riyadh's crude production will be approximately 9 million barrels per day until the end of June, the announcement said. Back in November, OPEC+ countries had held a formal policy of collectively reducing their output by 2 million barrels per day until the end of 2024. Unlike formal policy changes, voluntary cuts do not require the group's unanimous consent during an official meeting and bypass the need to distribute production cuts or increases among OPEC+ members.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Alexander Novak, —, Prince Abdulaziz bin Salman Organizations: Saudi, Energy, OPEC, Organization for, Petroleum, Saudi Press Agency, country's Ministry of Energy, Tass, Moscow, Google, INA, Hamas, Saudi Energy Locations: Vienna, Saudi Arabia, Russia, OPEC, Riyadh, Moscow, Russian, Iraq, UAE, Iran, Gaza, China, Aramco

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

☆ After years of building up its navy, Saudi Arabia is testing its new warships with real-world missions
▼ + stars: | 2023-11-30 | by ( Paul Iddon | ) www.businessinsider.com time to read: +7 min

Saudi Arabia has invested heavily in its navy in recent years, buying a number of new warships. AdvertisementThe first of the Spanish-built corvettes, Al Jubail, arrived at the Saudi naval base in Jeddah in August 2022. Patrol boats for Saudi Arabia at a German shipyard in April 2019. During that decade, Saudi Arabia initiated the first Saudi Naval Enhancement Program, which equipped its navy with modern American, French, and British warships. The current buildup, called Saudi Naval Enhancement Program II, or SNEP II, is the most significant one since then.

Persons: —, Leonardo Jacopo Maria Mazzucco, MCS3 Louis Thompson Staats, Mazzucco, Al Jubail, Juan Carlos Toro, Lockheed Martin, Stefan Sauer, Nixon, Shah, HMS Badr, Paul Iddon Organizations: Service, Saudi, Royal Saudi Naval Forces, Combined Maritime Forces, International, Analytics, Stimson Center, US Navy, Royal Saudi Naval Force, Getty, RIM, Saudi Western Fleet, Saudi Eastern Fleet, Lockheed, Fleet, Saudi Naval Enhancement, Islamic Revolutionary Guard Corps, IRGC Navy, SNEP Locations: Saudi Arabia, Riyadh, Persian, Saudi, Iran, Yemen, Washington, Al, Madinah, Navantia's, Cádiz, Spain, Jeddah, East Africa, Iraq, Gulf

☆ Joshua and Wilder to fight separate opponents in Dec. 23 Saudi mega-show
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

Britain's Joshua, the former WBA, IBF and WBO champion, will take on Sweden's Otto Wallin while American Wilder, the former WBC champion, faces New Zealand's Joseph Parker at Riyadh's Kingdom Arena. Parker is also a former WBO champion. Joshua and Wilder could fight each other next year if both win in Riyadh. Ukrainian Usyk had been due to fight WBC champion Tyson Fury for the undisputed crown in Riyadh on Dec. 23 but that has been put back to give the Briton more time after a bruising non-title fight with Francis Ngannou. Joshua told reporters last month that a fight between him and Wilder could be staged on the undercard of the Usyk v Fury clash.

Persons: Anthony Joshua, Otto Wallin, Peter Cziborra, Deontay Wilder, Britain's Joshua, Sweden's Otto Wallin, American Wilder, Zealand's Joseph Parker, Parker, Joshua, Wilder, Dmitry Bivol, Britain's Lyndon Arthur, Jai Opetaia, Britain's Ellis Zorro, Daniel Dubois, Oleksandr Usyk, Jarrell Miller, Usyk, Tyson Fury, Francis Ngannou, Boxing's Eddie Hearn, Frank Warren, " Hearn, I've, Alan Baldwin, Ed Osmond Organizations: Queensberry, Riyadh Season Press, OVO, WBA, IBF, WBO, WBC, Riyadh's, Australian WBC, AJ, Thomson Locations: Riyadh, London, Britain, Saudi Arabia, Australian, British, Poland, Saudi

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. The conflict could upset the stability of the Middle East just as regional powerhouse Saudi Arabia pours hundreds of billions of dollars into a vast economic transformation plan. Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war rages between Israel and Hamas. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation.

Persons: Ahmed Yosri, Ajay Banga, Banga, Laurence Fink, Fink, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Ray Dalio, Dalio, Noel Quinn, Bill Winters, Barack Obama, Yasser al, Salomon, Hess, Stephen Schwarzman, Schwarzman, Prince Mohammed bin Salman, Joe Biden's, Richard Attias, Rosario, Amanda Cooper, Alun John, Michael Georgy, Anousha, John O'Donnell, Susan Fenton Organizations: Future Investment Initiative, REUTERS, Rights, Saudi Arabia's, Hamas, BlackRock, Bridgewater Associates, HSBC, Former U.S, U.S, Saudi Telecom Corp, Telefonica, Investment Fund, Chevron, Blackstone Group, Investment Initiative, Saudi, FII, Reuters, Jorgelina, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Israel, Davos, Swiss, Gaza, Europe, Asia, London

☆ Saudi Arabia, UAE leaders meet as Israel-Hamas war threatens to spill over
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Saudi state news agency SPA showed footage of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, receiving UAE President Mohammed bin Zayed Al Nahyan at Riyadh's airport. Public meetings between the crown prince and Sheikh Mohammed have been rare in recent years as the close allies competed for investment and regional influence. Sheikh Mohammed attended a summit between the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN) in Riyadh on Friday, Saudi and UAE state media said. Last year, Prince Mohammed and Sheikh Mohammed met when Prince Mohammed visited Abu Dhabi to offer his condolences on the death of Sheikh Khalifa, the UAE's previous president. Sheikh Mohammed also visited Jeddah last year, and the two leaders met on the sidelines of the G20 summit in November.

Persons: Prince Mohamed bin Salman bin Abdulaziz, Crown Prince, Sheikh Mohamed bin Zayed Al Nahyan, Prince Mohammed bin Salman, Mohammed bin Zayed Al Nahyan, Sheikh Mohammed, Prince Mohammed, Abu, Sheikh Khalifa, Aziz El Yaakoubi, Kirsten Donovan Organizations: Defence, United Arab Emirates, Gulf Cooperation Council, Association of Southeast Asian Nations, ASEAN, GCC, Thomson Locations: RIYADH, SAUDI ARABIA, Saudi Arabia, Saudi, Israel, East, Riyadh's, Riyadh, UAE, Iran, Gaza, Abu Dhabi, Jeddah

☆ Chinese attendance at Saudi conference doubles as Riyadh courts Beijing
▼ + stars: | 2023-10-19 | by ( Pesha Magid | ) www.reuters.com time to read: +2 min

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. REUTERS/ Ahmed Yosri/File Photo Acquire Licensing RightsRIYADH, Oct 19 (Reuters) - Around 300 Chinese "decision makers" are attending Saudi Arabia's flagship investment conference this year, organisers said on Thursday, double last year's attendance as Riyadh deepens its relationship with China despite U.S. concerns. In defiance of its key Western ally, Prince Mohammed invited Chinese President Xi Jinping to visit the kingdom and launched a Chinese-Arab summit. In August, the BRICs group of nations, which includes China, invited Saudi Arabia to become a new member of the bloc. Saudi Arabia is halfway through an ambitious economic transformation plan - Vision 2030 - to wean the economy off oil by creating new industries, generating jobs for citizens, and luring in foreign capital and talent.

Persons: Ahmed Yosri, Richard Attias, Attias, Prince Mohammed bin Salman, Joe Biden, Prince Mohammed, Xi Jinping, ” Attias, Morgan, Jamie Dimon, Citi's Jane Fraser, Yoon Suk Yeol, William Ruto, Paul Kagame, Pesha Magid, Aziz El Yaakoubi, Christina Fincher Organizations: Future Investment Initiative, REUTERS, Rights, Saudi, FII Institute, Wall Street, Washington, Wall, HSBC, Standard Chartered, Kenyan, Rwandan, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, China, Gaza, Asia

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer. Iran's Oil Minister Javad Owji said on Friday oil prices are expected to reach $100 per barrel due to the current situation in the Middle East, according to the ministry's news agency SHANA. If the U.S. tightens enforcement of sanctions on Iran's oil exports due to any role it may have in the conflict, then Iran's oil supply could fall. On the U.S. supply front, drillers this week added four oil rigs in the biggest weekly rise since March, Baker Hughes said.

Persons: Brent, WTI, Israel, Javad Owji, SHANA, Iran's, Hossein Amirabdollahian, Andrew Lipow, Baker Hughes, Stephanie Kelly, Paul Carsten, Katya Golubkova, Andrew Hayley, Marguerita Choy, David Gregorio, Paul Simao Organizations: REUTERS, Companies, . West Texas, Iran's Oil, Hezbollah, U.S, Wall Street, Lipow Oil Associates, The, of, Petroleum, drillers, U.S . Commodity Futures Trading Commission, Thomson Locations: Cushing , Oklahoma, U.S, Gaza Saudi Arabia, Israel, Gaza, Tehran, Lebanese, Saudi Arabia, Moscow, Ukraine, Russia, Iran, China, New York, London, Tokyo, Beijing

Unlike Russia, one of the world's top oil and gas producers, Israel has very modest energy production. But there is a risk the war could spread to major energy producers in the Middle East and affect oil and gas flows. Second, a deal being brokered by Washington to normalise relations between Saudi Arabia and Israel, which could see the kingdom increase oil output, could be derailed. Saudi Arabia told the White House it is willing to boost oil production early next year to help secure the deal, the Wall Street Journal reported last week. Russian Deputy Prime Minister Alexander Novak added on Thursday that current oil prices factored in the conflict and reflected the market's belief that risks posed by the clashes were not that high.

Persons: Dado Ruvic, Brent, David Goldwyn, Rob Thummel, Janet Yellen, Iranian Oil Minister Javad Owji, Joe Biden, Helima Croft, Biden, Ben Cahill, Prince Abdulaziz, Alexander Novak, Vladimir Putin, Natalie Grover, Ahmad Ghaddar, Alex Lawler, Laura Sanicola, Kirsten Donovan, Cynthia Osterman Organizations: REUTERS, Hamas, U.S . State Department, Tortoise, Iran, U.S, Treasury, Iranian Oil Minister, RBC Capital Markets, Macquarie, SAUDI, Israel, Wall Street, Washington, Strategic, International Studies, Saudi Arabia's Energy, CNBC, OPEC, Organization of, Petroleum, Thomson Locations: Israel, Ukraine, Russia, U.S, Iran, Hormuz, Washington, Saudi Arabia, Strait, Riyadh, Moscow, United States, Tehran, Washington . Saudi Arabia, Saudi, OPEC, London, New York

Saudi Crown Prince Mohammed bin Salman receives U.S. President Joe Biden at Al Salman Palace upon his arrival in Jeddah, Saudi Arabia, July 15, 2022. Saudi Crown Prince Mohammed bin Salman took his first phone call from Iranian President Ebrahim Raisi as Riyadh tries to prevent a broader surge in violence across the region. "Normalisation was already considered taboo (in the Arab world) ... this war only amplifies that," Saudi analyst Aziz Alghashian said. Asked about Raisi's call with the crown prince, a senior U.S. State Department official said Washington was in "constant contact with Saudi leaders". "The Saudis are still convinced the region, and Saudi Arabia itself, needs to shift toward regional cooperation and economic development.

Persons: Prince Mohammed bin Salman, Joe Biden, Ebrahim Raisi, Israel, Normalisation, Aziz Alghashian, Abraham, Jake Sullivan, Washington, Prince Faisal bin Farhan, Raisi, Ayatollah Ali Khamenei, Antony Blinken, Alex Vatanka, Aziz El Yaakoubi, Matt Spetalnick, Humeyra Pamuk, Tom Perry, Michael Georgy, Edmund Blair Organizations: Al, Saudi Royal Court, REUTERS, U.S, Hamas, normalisation, Saudi, Abraham Accords, United Arab Emirates, U.S . National Security, White, Saudi Foreign, Reuters, U.S . State Department, Middle East Institute, Thomson Locations: Saudi, Jeddah, Saudi Arabia, Bandar, Iran RIYADH, Israel, Palestinian, Iran, Riyadh, U.S, East, Gaza, Gulf, Iranian, Palestine, Yemen, Lebanese, Tehran, Washington

There is no security in the whole region as long as Palestinians are left outside of the equation." The Hamas attack launched from Gaza follows months of rising violence in the Israeli-occupied West Bank, with stepped-up Israeli raids, Palestinian street attacks and assaults by Jewish settlers on Palestinian villages. "I would say for certain Hamas, terrorist groups like Hamas, will not derail any such outcome. Tehran called Saturday's attack an act of self-defence by Palestinians. Dennis Ross, a former Middle East negotiator who is now at the Washington Institute for Near East Policy in Washington, said of Saturday's attack: "This is all about preventing the U.S.-Saudi-Israel breakthrough."

Persons: Ammar Awad, Israel, Ismail Haniyeh, Benjamin Netanyahu, Peacemaking, Osama Hamdan, Netanyahu, Ali Baraka, Richard LeBaron, IRAN'S, Joe Biden's, Yahya Rahim Safavi, Ayatollah Ali Khamenei, Dennis Ross, Samia Nakhoul, Nidal El Mughrabi, Laila Bassam, Matt Spetalnick, Edmund Blair Organizations: REUTERS, Saudi, Israel Saudi, Hamas, Iran, Israel, Al, West Bank, Reuters, U.S . Middle, Atlantic Council, Islamic, Palestinian, Analysts, Washington Institute for Near, U.S ., Thomson Locations: Gaza, Sderot, Israel, DUBAI, GAZA, WASHINGTON, Saudi Arabia, Washington, Riyadh, Tehran, Iran, Al Jazeera, Lebanese, U.S, Lebanon, America, Kippur, Egypt, U.S . Middle East, Saudi, Israeli, normalisation, Islamic Jihad, Palestine, Jerusalem, Syria, Iraq, Yemen, Yemeni, Dubai, Beirut

There is no security in the whole region as long as Palestinians are left outside of the equation." The Hamas attack launched from Gaza follows months of rising violence in the Israeli-occupied West Bank, with stepped-up Israeli raids, Palestinian street attacks and assaults by Jewish settlers on Palestinian villages. "Some (Arab states) unfortunately started imagining that Israel could be the gateway for America to defend their security." "I would say for certain Hamas, terrorist groups like Hamas, will not derail any such outcome. Tehran called Saturday's attack an act of self-defence by Palestinians.

Persons: Ammar Awad, Israel, Ismail Haniyeh, Benjamin Netanyahu, Peacemaking, Laura Blumenfeld, Osama Hamdan, Netanyahu, Ali Baraka, Richard LeBaron, IRAN'S, Joe Biden's, Yahya Rahim Safavi, Ayatollah Ali Khamenei, Dennis Ross, Samia Nakhoul, Nidal El Mughrabi, Laila Bassam, Matt Spetalnick, Edmund Blair Organizations: REUTERS, Saudi, Israel Saudi, Hamas, Iran, Israel, Al, West Bank, Reuters, Johns Hopkins School, International Studies, U.S . Middle, Atlantic Council, Islamic, Palestinian, Analysts, Washington Institute for Near, U.S ., Thomson Locations: Gaza, Sderot, Israel, DUBAI, GAZA, WASHINGTON, Saudi Arabia, Washington, Riyadh, Tehran, Iran, Al Jazeera, Lebanese, U.S, East, Lebanon, America, Kippur, Egypt, U.S . Middle East, Saudi, Israeli, normalisation, Islamic Jihad, Palestine, Jerusalem, Syria, Iraq, Yemen, Yemeni, Dubai, Beirut

☆ Analysis-In Surprise Attack, Hamas Strikes Israel and Regional Security Realignment
▼ + stars: | 2023-10-07 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +7 min

"Some (Arab states) unfortunately started imagining that Israel could be the gateway for America to defend their security." In the years since 1973, Egypt signed a peace treaty with Israel and several other Arab states have also since normalised ties, including some Gulf Arab states next to Saudi Arabia. Netanyahu has previously said the Palestinians should not be allowed to veto any new Israeli peace deals with Arab states. Tehran called Saturday's attack an act of self-defence by Palestinians. Dennis Ross, a former Middle East negotiator who is now at the Washington Institute for Near East Policy in Washington, said of Saturday's attack: "This is all about preventing the U.S.-Saudi-Israel breakthrough."

Persons: Samia Nakhoul, Nidal, Matt Spetalnick, Laila Bassam, Israel, Ismail Haniyeh, Benjamin Netanyahu, Peacemaking, Osama Hamdan, Netanyahu, Ali Baraka, Richard LeBaron, IRAN'S, Joe Biden's, Yahya Rahim Safavi, Ayatollah Ali Khamenei, Dennis Ross, Nidal El Mughrabi, Edmund Blair Organizations: Hamas, Iran, Israel, Saudi, Al, West Bank, Reuters, U.S . Middle, Atlantic Council, Islamic, Palestinian, Analysts, Washington Institute for Near, U.S . Locations: Laila Bassam DUBAI, GAZA, WASHINGTON, Israel, Saudi Arabia, Washington, Riyadh, Tehran, Iran, Gaza, Al Jazeera, Lebanese, U.S, Lebanon, America, Kippur, Egypt, U.S . Middle East, Saudi, Israeli, normalisation, Islamic Jihad, Palestine, Jerusalem, Syria, Iraq, Yemen, Yemeni, Dubai, Beirut

☆ Saudi Arabia is pouring billions into soccer, golf, and Formula 1. Its crown prince doesn't care if anyone calls it 'sportswashing.'
▼ + stars: | 2023-09-30 | by ( George Glover | ) www.businessinsider.com time to read: +9 min

Saudi Arabia is pouring billions into sports in a bid to transform its economy. Crown Prince Mohammed bin Salman has made the sector a key part of his Vision 2030 plan. But the reality is that the crown prince has a grander ambition: to level up Saudi Arabia's economic growth. "But Saudi Arabia is piling into other sports too, because they want to achieve a lot in a short period of time." AdvertisementAdvertisementAs Crown Prince Mohammed made clear last week, all this forms part of a broader strategy to supercharge Saudi Arabia's economy through investment.

Persons: Prince Mohammed bin Salman, bankrolled, —, Cristiano Ronaldo, Phil Mickelson, Anthony Joshua, –, Jamal Khashoggi, they've, Steve Luciano, AP Ronaldo, Al Nassr, Ballon, Karim Benzema, Neymar, Sadio, PIF, LIV Golf, Mickelson, Dustin Johnson, Brooks Koepka, LIV, Joshua, that's, Tyson Fury, Oleksandr Usyk, Frank Warren, Prince Mohammed, Mohammed bin Salman, Leon Neal, Simon Chadwick, Chadwick, megastars, Ronaldo –, Salman, bin Salman, Saudi Arabia –, St Andrews, Nick Kyrgios, who've, Elsa, he'd, they'll Organizations: Newcastle United, Service, Washington Post, Saudi, Investment Fund, Premier League, UEFA Champions League, Saudi Public Investment Fund, Newcastle, AP, Saudi Pro League, Georgetown University Qatar, PGA, WWE, Fox News, SKEMA Business School, Indian Premier League, FIFA Locations: Saudi Arabia, Saudi, England, Riyadh, Brazil, Liverpool, Kingdom, Jeddah, Lille, France, Reiche, Iran, Miami, Augusta, bankroll

☆ Fury to fight Usyk in Saudi for undisputed heavyweight title
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] Boxing - WBC World Heavyweight Title - Tyson Fury v Derek Chisora - Tottenham Hotspur Stadium, London, Britain - December 3, 2022 Tyson Fury during his ring walk before his fight against Derek Chisora Action Images via Reuters/Andrew Couldridge/File Photo Acquire Licensing Rightsサマリー Fury and Usyk to fight in Saudi ArabiaDate yet to be announcedFight will create first undisputed champion since 1999Sept 29 (Reuters) - Tyson Fury and Oleksandr Usyk will fight for the world's undisputed heavyweight championship in Saudi Arabia at a date to be decided, organisers said on Friday. Britain's Fury is the WBC world champion while Ukrainian Usyk holds the WBA, WBO, IBF and IBO belts. "You can't run rabbit run anymore Usyk, you're getting it," Fury wrote on Instagram. Heavyweight boxing's last undisputed champion was Britain's Lennox Lewis in 1999. Reporting by Rohith Nair in Bengaluru/Alan Baldwin in London Editing by Toby Davis and Christian Radnedge私たちの行動規範：トムソン・ロイター「信頼の原則」

Persons: Tyson Fury, Derek Chisora, Andrew Couldridge, Usyk, Oleksandr Usyk, Britain's, Ukrainian Usyk, Fury, Britain's Lennox Lewis, Turki Alalshikh, Rohith Nair, Alan Baldwin, Toby Davis, Christian Radnedge Organizations: WBC, Tottenham Hotspur, Ukrainian, WBA, WBO, IBF, IBO, Queensbury Promotions, Riyadh's, Saudi Arabia's General Entertainment Authority Locations: London, Britain, Saudi Arabia, Riyadh, Bengaluru

☆ Saudi Arabia and the UAE are battling to become the Middle East's economic superpower
▼ + stars: | 2023-09-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +11 min

Saudi Arabia's crown prince is shaking up his economy in a move escalating its UAE rivalry. In March, Saudi Arabia unveiled Riyadh Air , a new airline serving as an alternative to the UAE's Emirates and Etihad Airways. If you want to do business with Saudi Arabia or Saudi state-owned entities, you've got to base your regional HQ in Saudi Arabia." "Saudi Arabia sees the separation project in Yemen as a way to let the Houthis control the north and therefore have a more-threatening border at the south of Saudi Arabia." Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSHow far the rivalry between the two nations goes largely depends on Saudi Arabia's actions.

Persons: Saudi Arabia's, Mohammed bin Salman, Sheikh Mohamed bin Zayed Al Nahyan, MBZ, Obama, You've, Kristian Ulrichsen, Rice, Sheikh Mohamed, Prince Mohammed, Sheikh Mohamed —, —, Leon Neal, Shaybah, Ulrichsen, Sheikh Zayed, Sultan Al Nahyan, Abu, Prince Mohammed bin Salman, Neom, Abishur Prakash, Jorg Greuel, Abdullah Alaoudh, Prakash, you've, Saudi Crown Prince Mohammed, Ludovic Marin, Mohammed's, Jamal Khashoggi, Biden, Baker Institute's Ulrichsen, Alaoudh, wouldn't Organizations: United Arab Emirates, UAE, Service, Baker Institute, Saudi, UAE —, Qatar, Dubai, United, Freedom Initiative, UAE's Emirates, Etihad Airways, Saudi Public Investment Fund, Newcastle United FC, English Premier League, Manchester City, Saudi Crown, Getty, Ritz Carlton, Saudi Royal Court, REUTERS, Saudi Aramco, United Nations Locations: Saudi, Wall, Silicon, Saudi Arabia, East, Washington, London, UAE, Persian, Al Ain, British, Qatar, Abu Dhabi, United Arab, Riyadh, Manchester City . Saudi Arabia, New Delhi, Istanbul, Yemen, Iran, Saudi Arabia's, Bandar, Ukraine

[1/4] Saudi Crown Prince Mohammed bin Salman receives U.S. President Joe Biden at Al Salman Palace upon his arrival in Jeddah, Saudi Arabia, July 15, 2022. Biden would also score a foreign policy win as he seeks re-election in November 2024. The focus is on Biden’s fellow Democrats who have condemned Saudi Arabia over human rights but whose support would be needed if any agreement requires congressional approval. Though foreign policy rarely sways U.S. elections, Biden, facing a re-election fight against Republican former president Donald Trump, may be thinking of his legacy. Murphy, a Democrat on the Senate Foreign Relations Committee, said he favors Israeli-Saudi normalization and is open to reviewing any broader agreement but would not be easily convinced.

Persons: Saudi Crown Prince Mohammed bin Salman, Joe Biden, Biden, Joe Biden’s, Israel, “, ”, Jonathan Panikoff, government’s, Biden’s, Washington, Benjamin Netanyahu, Donald Trump, Aaron David Miller, Prince Mohammed bin Salman, Jamal Khashoggi, Chris Murphy, Murphy, Jared Kushner, Trump, Abraham, Netanyahu, Matt Spetalnick, Steve Holland, Patricia Zengerle, Dan Williams, Nick Zieminski Organizations: Saudi Crown, Al, Saudi Royal Court, REUTERS, Rights, Atlantic Council, Saudi, Israel, Republicans, Israeli, Republican, Carnegie Endowment, International Peace, SAUDI, MbS, NATO, Reuters, Democrat, Senate Foreign Relations, Abraham Accords, Middle, General, Trump, Biden, Thomson Locations: Jeddah, Saudi Arabia, Bandar, Israel, U.S, Riyadh, Iran, Gulf, East, Russia, Ukraine, Saudi, Yemen, “, United States, Washington, Jerusalem

☆ Saudi Arabia wants to buy its way into a major 6th-gen fighter jet project, but not all its potential partners are welcoming
▼ + stars: | 2023-09-07 | by ( Paul Iddon | ) www.businessinsider.com time to read: +6 min

Saudi Arabia reportedly wants to join the effort, but Japan is said to be wary of letting Riyadh in. A senior British defense told The Financial Times that the UK views "Saudi Arabia as a key partner in the fighter program and we are working to ensure strong progress as soon as possible." AdvertisementAdvertisementJapan also fears Saudi Arabia might want to export the cutting-edge jet to adversaries, such as China and Russia, or use its veto power to prevent Tokyo from exporting it to one of its allies. Indonesia, for example, has joined South Korea's KF-21 Boramae project, which aims to produce a quasi-stealth fighter jet by the late 2020s. AdvertisementAdvertisementOn the other side of Asia, Azerbaijan recently joined Turkey's TF Kaan stealth fighter project.

Persons: Bill Bostock, milch, Shigeto Kondo, Pascal Rossignol, GCAP, Tempest, China's, Paul Iddon Organizations: Service, Global Combat Air Program, The Financial Times, Financial Times, Britain's Telegraph, Japanese Institute of, Eastern, Al, KF, Indo, Getty, South Korea's KF, Turkey's TF, JF, 51st Paris Air Show, REUTERS, Rafale Locations: Italy, Japan, Saudi Arabia, Riyadh, Wall, Silicon, Tokyo, British, London, Saudi, China, Russia, Jakarta, AFP, Indonesia, Asia, Azerbaijan, Ankara, Pakistan, Baku

☆ Oil jumps as Saudi Arabia and Russia extend supply cuts to end-2023
▼ + stars: | 2023-09-05 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Riyadh's decision to extend its 1 million bpd voluntary cut will be reviewed monthly to consider whether to deepen the cut or increase production, state news agency SPA said on Tuesday. It has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ supply reductions. Russia had said it would cut oil exports voluntarily by 500,000 bpd, about 5% of its output, in August and by 300,000 bpd in September. Although Saudi Arabia was widely expected to extend its voluntary cuts into October, and Russia had indicated that it too planned on expanding its cut through next month, the three month extension was unexpected. Brent, which is used to price over three-quarters of the world's traded oil, has been rising since late June, after Riyadh first announced its voluntary cuts.

Persons: Nick Oxford, Alexander Novak, Craig Erlam, Brent, Natalie Grover, Katya Golubkova, Andrew Hayley, Sharon Singleton, Jason Neely, Jan Harvey, David Goodman, Alexandra Hudson Organizations: Midland , Texas U.S, REUTERS, Brent, West Texas, OPEC, Reuters, Alexandra Hudson Our, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, U.S, Brent, Riyadh, London, Tokyo, Beijing

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