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☆ Here's what Apple will say if a US TikTok ban becomes law
▼ + stars: | 2024-04-19 | by ( Peter Kafka | ) www.businessinsider.com time to read: +2 min

Apple just removed WhatsApp, Signal, and other messaging apps from its Chinese app store. But it could happen in the US, too, if a TikTok ban bill becomes law. It's from an unidentified Apple comms person, to The Wall Street Journal, explaining why Apple just took four messaging/social media apps — WhatsApp, Threads, Signal, and Telegram — out of its Chinese app store. If the TikTok bill does become law, it won't make TikTok go away overnight in the US. But if the law jumps enough hurdles to become enforceable, Apple would have to remove TikTok from its US app store, as would Google.

Persons: —, Apple, You've, Hasan Minhaj's, Joe Biden, TikTok Organizations: Apple, Big Tech, Service, Wall Street, Netflix, Facebook, Google Locations: China, Hong Kong, America, Ukraine, Israel

☆ Saudi Arabia's massive wealth fund is in talks to acquire national airline Saudia: Report
▼ + stars: | 2024-03-18 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Saudi Arabia's behemoth sovereign wealth fund is in talks to buy the kingdom's national airline Saudia, Bloomberg reported over the weekend, citing people familiar with the matter. According to the initial report, the acquisition would see the PIF take over the airline's ownership from the government to increase its efficiency and ability to make profit. Founded in 1945, Saudia has a fleet of 144 aircraft — 93 Airbus planes and 51 made by Boeing — and flies to more than 100 destinations, according to its website. It is not yet known how the airline would be valued. Talks are said to be in early stages, and could be delayed or axed altogether, Bloomberg reported.

Persons: Saudia, Boeing — Organizations: Saudi, Saudia, Bloomberg, Public Investment Fund, Riyadh Air, Airbus, Boeing Locations: Saudi Arabia

☆ 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

[1/2] Boeing Commercial Airplanes CEO Stanley Deal poses with Emirates airline COO Adel Al Redha and flyDubai CEO Ghaith Al Ghaith after Emirates airline and flyDubai placed orders at the Dubai Airshow for new aircraft from Boeing, in Dubai, United Arab Emirates, November 13, 2023. "Together these orders represent significant investments that reflect Dubai's commitment to the future of aviation," said Emirates and flyDubai Chairman Sheikh Ahmed bin Saeed Al Maktoum. In New York, Boeing shares rose 4.4% after the orders, which also included 45 narrow-body 737 MAX for German-Turkish airline SunExpress. LOWER BOOKINGSOther significant orders appeared to be in the works without being played out in public in Dubai. Saudi Arabia's newest airline Riyadh Air said it is still in talks with planemakers to place an order for narrow-body jets.

Persons: Stanley Deal, Adel Al Redha, Ghaith Al, Alexander, flyDubai, Sheikh Ahmed bin Saeed Al Maktoum, Joe Biden, Xi Jinping, Steven F, planemakers, Asharq, there's, Daniel Silke, Rafael, Tim Hepher, Alexander Cornwell, Pesha Magid, Valerie Insinna, Hugh Lawson, Lisa Shumaker, Navaratnam, Sharon Singleton Organizations: Boeing Commercial, Emirates, Dubai Airshow, Boeing, United Arab Emirates, REUTERS, Companies, Airbus, Turkish Airlines Airbus, Dubai, Aviation, SunExpress, Bloomberg, Industry, Air Lease Corp, Reuters, Turkish Airlines, Anadolu, Dubai . Saudi Arabia's, Riyadh Air, Saudia Airlines Group, Saudia Airline, Royal, Cape, Consultancy, rearm, Russia, Israel Aerospace Industries, IAI, Rafael Advanced Defense Systems, Thomson Locations: Ghaith Al Ghaith, Dubai, United Arab, DUBAI, Government, Emirates, New York, Turkish, UAE, Qatar, Saudi Arabia, Turkey, India, Gulf, Dubai . Saudi, Riyadh, Israel, Gaza, Cape Town, United States, rearm Ukraine

☆ Top Boeing exec says 2023 will be the 'year of widebody orders' with more deals to come
▼ + stars: | 2023-11-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A Boeing 777x is displayed during the International Paris Air Show at the ParisLe Bourget Airport, on June 20, 2023. Boeing Commercial Airplanes CEO Stan Deal says 2023 has been a year of orders for widebody aircraft with the U.S. manufacturer expecting to announce more deals at this week's Dubai Airshow. His comments come after reports that Boeing and Emirates are close to agreeing a major order of 777 jets, adding to the Emirati flag carrier's existing order backlog of 155 777X aircraft from Boeing. "We've seen strong recovery in the narrow-body ordering in 2022 and now in 2023 it seems to be the year of widebody orders, and I suspect as you see this show unfold, you're going to see many more widebody orders for the industry," Deal, who is also the executive vice president of Boeing, told CNBC's Dan Murphy. Earlier this year, Saudi Arabian flag carrier Saudia and the newly-established Riyadh Air each logged orders for 39 of Boeing's 787 Dreamliner jets, and Deal believes demand from the Gulf will continue to grow rapidly.

Persons: Stan Deal, We've, CNBC's Dan Murphy Organizations: Boeing, International Paris Air, Boeing Commercial, Emirates, Riyadh Air, Deal Locations: ParisLe, U.S, Dubai, Saudi Arabian, Riyadh

Gaza City, Hamas' main stronghold in the territory, is encircled. Israel says its troops have advanced to the heart of the densely-populated city while Hamas says its fighters have inflicted heavy losses on the invading forces. Defence Minister Yoav Gallant said Israel had "one target - Hamas terrorists in Gaza, their infrastructure, their commanders, bunkers, communications rooms". Gallant, the Israeli defence minister, said that after the war was finished, neither Israel nor Hamas would rule Gaza. The International Committee of the Red Cross (ICRC) said a humanitarian convoy came under fire in Gaza City on Tuesday.

Persons: Yoav Gallant, Israel, Daniel Hagari, ISRAEL, Ghazi Hamad, Al, " Hamad, Joe Biden, Benjamin Netanyahu, Netanyahu, Ammar Awad, Gallant, Ebrahim Raisi, Khalid Al, Valeria Nesterov, Al Shifa, Haitham, Cross, Nidal al, Angel, Emily Rose, Maayan, Rami Amichay, Rami Ayyub, Michael Perry, Cynthia Osterman, Simon Cameron, Moore Organizations: Hamas, Jihad, REUTERS, of Islamic, Bloomberg, Economy, Gaza, International Committee, Thomson Locations: Saudi, Riyadh, China, GAZA, JERUSALEM, Gaza, Israel, Gaza City, Al Jazeera, Gaza . Washington, SAUDI, Saudi Arabia, of Islamic Cooperation, Iranian, Tehran, Singapore, Hamas, Tel Aviv, Al, Jerusalem

DUBAI, Oct 9 (Reuters) - The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. The state-owned company also told Reuters it was investing in energy trading, without giving further details. ADNOC has two trading arms, both set up in 2020: ADNOC Trading, which is focused on crude oil, and ADNOC Global Trading, a joint venture with Italy's Eni (ENI.MI) and OMV which is more focused on refined products. Other recent hires include Bart Cornelissen, who left Deloitte to become ADNOC's senior vice president for group strategy and portfolio last month, according to LinkedIn. Recent senior hires for ADNOC's trading arms include alumni of Gunvor, Litasco, Shell and TotalEnergies, the employment network showed.

Persons: ADNOC, Galp, Austria's, Mohammed bin Zayed, headcount, Michele Fiorentino, Baker Hughes, Musabbeh Al Kaabi, Al Kaabi, Bart Cornelissen, Michael Hafner, Hafner, Morgan Stanley, Neil Quilliam, Sultan al, Jaber, John Kerry, Abu, Maha El Dahan, Yousef Saba, Ron Bousso, David Clarke Organizations: United, Abu, Abu Dhabi National Oil Company, Reuters, BP, NewMed Energy, Italy's Eni, UAE, IOC, Aramco, LinkedIn, Mubadala Energy, Deloitte, Greenhill &, Deutsche Bank, UBS, HSBC, Shell, Eni, Gunvor, The, Chatham House, United Nations, Masdar, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, Gulf, Saudi Arabia, Qatar, UAE, Africa, Mozambique, ADNOC, Geneva, London, The UAE, Europe, Sultan, Dubai

☆ Airline CEO works as a flight attendant and discovers how challenging it is to be 'attentive and charming' to passengers on a night flight
▼ + stars: | 2023-08-23 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

The CEO of Lufthansa Airlines wrote a LinkedIn post detailing his experience working as a flight attendant. CEO Jens Ritter said he helped out staff on flights between Germany and the Middle East. AdvertisementAdvertisementThe CEO of Lufthansa Airlines worked as a flight attendant on a round-trip between Germany and the Middle East, serving passengers onboard the German airline. According to a Lufthansa spokesperson, Ritter worked on an outbound and return flight between Frankfurt in Germany and Bahrain. Ritter has been in charge of Lufthansa Airlines since last April.

Persons: Jens Ritter, Ritter, Carsten Spohr, –, Ritter isn't, Greg Foran, Laxman Narasimhan, what's, it's, Lee Peterson Organizations: Lufthansa Airlines, Morning, Lufthansa, Lufthansa Group, Swiss Air, Austrian Airlines, Airbus, LinkedIn, Air New Zealand, NDTV, WD Partners Locations: Germany, East, Frankfurt, Bahrain, Riyadh, Saudia Arabia

☆ Boeing aircraft deliveries fall in July as company plans to raise output
▼ + stars: | 2023-08-08 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Boeing 787 Dreamliners are built at the aviation company's North Charleston, South Carolina, assembly plant on May 30, 2023. Boeing delivered 43 aircraft to customers last month as it tries to ramp up output with airline customers clamoring for new jets. Last month, Boeing said it was transitioning production of its bestselling 737 Max plane to a pace of 38 a month from 31. Boeing's chief rival, Airbus, last week said it has handed over 381 planes in the first seven months of the year. Boeing said it logged net orders for 52 aircraft in July, which included a firmed-up order from Saudi Arabian Airlines, or Saudia, for 39 Boeing 787 Dreamliners, a deal first announced in March.

Persons: Brian West Organizations: Boeing, Max, Airbus, Saudi Arabian Airlines Locations: North Charleston , South Carolina, Saudi Arabian

☆ Saudi Arabia is exploring plans to raise $2.7 billion for its futuristic mega-city in an effort to complete most of the construction by 2030
▼ + stars: | 2023-07-17 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

Saudi Arabia is seeking a $2.7 billion loan from local lenders for its Neom project, per Bloomberg. Saudi Arabia's mega-city project is reportedly seeking to raise a 10 billion riyal, or $2.7 billion, loan to help fuel the development of the kingdom's futuristic city in the desert. The Neom development is expected to include two huge buildings as part of a project known as The Line. Plans for the Neom development were unveiled in 2017 but progress has been slow. The Crown Prince told Bloomberg in 2018 that the city would be completed in 2025.

Persons: Prince Mohammed bin Salman, Prince Mohammed bin Salman's, Prince, Neom Organizations: Bloomberg, Street Journal Locations: Saudi Arabia, Saudi, West

SummarySummary Companies Russia to cut oil exports 500,000 bpd in AugustRussia's Novak announces cut just after Saudis extend their cutOil prices rise 1.6% on Saudi and Russian announcementsPutin spoke to Crown Prince Mohammed bin Salman on June 27MOSCOW, July 3 (Reuters) - Russia will cut oil exports by 500,000 barrels per day (bpd) in August, President Vladimir Putin's point man on oil said on Monday, as Moscow seeks to nudge up global oil prices in concert with Saudia Arabia. Novak's spokeswoman declined to say whether Russian oil output would decline by the same amount as its exports. It has already pledged to reduce its output by 500,000 barrels per day (bpd) to 9.5 million bpd from March until year-end. Russia is the world's second largest oil exporter after Saudi Arabia, whose crown prince, Mohammed bin Salman, spoke to Putin on June 27. Sechin said some OPEC+ countries were exporting as much as 90% of their output, whereas Russia puts only half of its production onto the global market.

Persons: Russia's Novak, Putin, Prince Mohammed bin Salman, Vladimir Putin's, Brent, Alexander Novak, Novak's, Mohammed bin Salman, Igor Sechin, Sechin, Guy Faulconbridge, Kevin Liffey Organizations: Saudia, Thomson Locations: Saudi, MOSCOW, Russia, Moscow, Saudi Arabia, Riyadh, Russian Urals

☆ 'People just want their jets.' Paris Air show returns as Boeing, Airbus race to increase production
▼ + stars: | 2023-06-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

An employee works at the Airbus A350 assembly site, in Colomiers near Toulouse, south-western France, on December 9, 2022. A lot has changed in the four years since one of the aviation industry's biggest air shows was held in person. The question is whether Boeing , Airbus and their numerous suppliers can catch up. Over the past year, Boeing has logged large orders or preliminary agreements from customers including United Airlines , Saudia and new Saudi carrier Riyadh Air. Air India's massive order earlier this year included both Boeing and Airbus jets.

Persons: —, Andy Cronin, Stuart Hatcher, Hatcher Organizations: Airbus, Paris Air, Boeing, Aviation, United Airlines, Riyadh Air, Air, Turkish Airlines, Air Lines, Malaysia Airlines, Air France, KLM, Air Baltic Locations: Colomiers, Toulouse, France, Saudi, Riyadh

☆ The stratospheric growth of Inter Miami's Instagram following in just 24 hours shows how much clout Lionel Messi has — and why the MLS is breaking the bank to sign him
▼ + stars: | 2023-06-08 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Lionel Messi announced Wednesday he's decided to sign for Inter Miami. The league discussed giving Messi a share of the revenue from its Apple TV+ package, per The Athletic. Lionel Messi is already sending Inter Miami's profile into the stratosphere — and that's exactly why the MLS has put so much on the bargaining table. The club has nearly quintupled its Instagram followers since Messi announced his decision. Messi told Mundo Deportivo: "I still haven't closed it one hundred percent," but "I made the decision that I'm going to go to Miami."

Persons: Lionel Messi, he's, Messi, it's Organizations: Inter Miami, MLS, Apple, Morning, Inter, Mundo Deportivo, Athletic, Messi's Inter Miami, Al Locations: Miami, Florida, Europe, Al Hilal, Saudia Arabia

☆ Nvidia achieves $1 trillion market cap for the first time as AI-fueled stock surge continues
▼ + stars: | 2023-05-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Nvidia achieved a market cap above $1 trillion for the first time on Tuesday. Nvidia's latest leg up was driven by a series of new AI products and partnerships announced over the weekend. Nvidia rose as much as 7.7% to $419.38 on Tuesday, giving it a market cap of $1.036 trillion and making it the first chipmaker to touch a $1 trillion market capitalization. Shares finished the day higher by 3% at $401.11, logging a market cap of $990 billion. Shares of Nvidia soared last week after the company's first-quarter earnings and second-quarter guidance trounced analyst expectations.

Persons: —, Google's Bard, Grace Hopper superchips, Jensen Huang Organizations: Nvidia, Service, Investors, Microsoft, Saudi Aramco, WPP Locations: Taipei

☆ Boeing looks to sell at least 150 737 Max jets to Riyadh Air - Bloomberg News
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

May 28 (Reuters) - Boeing Co (BA.N) is working on a deal to sell at least 150 737 Max jetliners to Saudi Arabian startup Riyadh Air, Bloomberg News reported on Sunday. Airbus SE (AIR.PA) could also claim a part of the order, the report added. Boeing, Riyadh Air and PIF did not immediately respond to a Reuters request for comment. Boeing previously won another order by state-owned airline Saudia and Riyadh Air for a combined 78 Boeing 787 Dreamliners, the fifth-largest commercial order by value in the plane maker's history. (This story has been corrected to change the type of Boeing jetliner model from '747 Max' to '737 Max' in the headline and paragraph 1)Reporting by Jyoti Narayan in Bengaluru; Editing by Mark Porter and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Ryanair orders at least 150 of Boeing's largest 737 Max planes
▼ + stars: | 2023-05-09 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A Ryanair Boeing 737 MAX 8 aircraft as seen flying, landing and taxiing at Eindhoven Airport EIN. Ryanair said it plans to buy at least 150 Boeing 737 10 Max planes with options for 150 more. Ryanair stopped negotiations for a big Max order in September 2021 because of a dispute over pricing. Ryanair's CEO, Michael O'Leary, said the new planes will replace older 737 jets in its fleet. Boeing's next challenge is ramping up production of the 737 Max.

☆ Israel says it is discussing possible direct Haj flights to Saudi Arabia
▼ + stars: | 2023-05-03 | by ( Dan Williams | ) www.reuters.com time to read: +2 min

Netanyahu's centrist predecessor, Yair Lapid, said on March 10 that, as prime minister last year, he secured Saudi consent for what would be the first direct Haj flights from Israel, some 18% of whose population are Muslim. Asked whether the direct flights would happen for next month's pilgrimage to the holy Saudi city of Mecca, Israeli Foreign Minister Eli Cohen said a request had been submitted. "But with that, I am optimistic that we can advance peace with Saudi Arabia." The Biden administration last June predicted there would be direct charter flights from Israel to Saudi Arabia for the Haj. Saudi Arabia has been allowing Israeli airlines to overfly it to UAE and Bahrain since 2020, a corridor that it and next-door Oman have since expanded to include other destinations.

☆ A Saudi Arabian airline said an A330 plane was involved in an 'accident' at Khartoum airport in Sudan
▼ + stars: | 2023-04-15 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

A Saudi airline says one of its jets was involved in an accident at Khartoum airport in Sudan. Sudan's doctors' union said two were killed at the airport after violence erupted in the city. Fighting has broken out in Sudan between its army and a group of paramilitaries. Two people have reportedly died at Khartoum airport while a Saudi airline said one of its planes was involved in an accident after violence broke out on Saturday. Saudia, formerly called Saudi Arabian Airlines, issued a statement saying one of its Airbus A330 jets was "involved in an accident" at the airport before a flight to Riyadh.

☆ Boeing has a delivery problem and it's not good for the airlines that rely on its planes
▼ + stars: | 2023-04-15 | by ( Taylor Rains | ) www.businessinsider.com time to read: +6 min

These include the MAX 7, MAX 8, and the MAX 8200, which is a high-capacity version of the MAX 8 variant. American has 42 MAX planes in its fleet and 88 on order. The carrier has 137 MAX planes in its fleet with firm orders for 417, plus another 147 as options. Though Boeing and its partners are still assessing the impact of the most recent delivery stoppage, delivery delays have become a serious trend for the planemaker. And, Boeing said despite its recent 787 delivery pause, it didn't "anticipate a change to our production and delivery outlook for the year."

☆ Saudi airline says plane came under fire at Sudan's Khartoum airport
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: 1 min

April 15 (Reuters) - A Saudi Arabian airlines plane at Sudan's Khartoum airport came under fire during clashes on Saturday, the state-owned carrier said. It said it had moved its passengers, crew and staff from the airport to the Saudi embassy in Khartoum. Rival carrier Saudia said separately that it had suspended flights to and from Sudan until further notice. Clashes between Sudan's army and the Rapid Support Forces (RSF) paramilitary group erupted on Saturday, with gunfire heard in several parts of the capital Khartoum and witnesses reporting shooting in adjoining cities. Reporting by Hatem Maher; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

On Tuesday, Boeing announced orders for 78 Dreamliners, split between state-owned Saudi Arabian Airlines (Saudia) and new national airline Riyadh Air. The $37 billion sale, which Boeing called its fifth-largest commercial order by value, followed a deal with United Airlines (UAL.O) in December for 100 Dreamliners and a purchase by Air India that included 20 787s. Planemakers are also grappling with the after-effects of the pandemic, which forced waves of layoffs and retirements of skilled workers. While Airbus outsold Boeing in the Air India deal, landing orders for 40 A350 widebodys, the U.S. planemaker swept both the United Airlines and Saudi orders. “Saudi Airlines is a government-owned airline, and so there are politics involved with this,” analyst Stallard said.

☆ Saudi money is pouring into Hollywood and media, 5 years after the murder of Jamal Khashoggi. Here's who's cashing in and how.
▼ + stars: | 2023-03-15 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +13 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Even those media players that are comfortable with invetment from the Middle East may not find funds flowing, one Hollywood veteran said. A major live WWE event in Saudi Arabia is slated for May. Of the growing ties between US entertainment and media and Middle East investors, this person added, "Presumably media organizations got into this to help society make better decisions."

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