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☆ A Neom executive reportedly complained about having a meeting on a Sunday evening after 3 workers died
▼ + stars: | 2024-09-11 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Read previewA Neom executive reportedly complained about having an emergency meeting on a Sunday evening following the deaths of three employees working on Saudi Arabia's megaproject estimated to cost between $500 billion and $1.5 trillion, according to a bombshell Wall Street Journal report. Wayne Borg, a former Fox Corp executive, reportedly described Neom's blue-collar workers from the Indian subcontinent as "f—ing morons" and said "that is why white people are at the top of the pecking order." This story is available exclusively to Business Insider subscribers. Citing current and former Neom employees, the Journal reported that three workers were killed by a falling pipe, a collapsing wall, and mishandled explosives. Neom told the Journal it has a zero-tolerance policy toward inappropriate workplace behavior.

Persons: —, Wayne Borg, we've, Borg, Prince Mohammed bin Salman's, Neom Organizations: Service, Saudi, Fox Corp, Business, Journal, BBC, Neom Locations: Saudi Arabia, Saudi

☆ Saudi Arabia is throwing money at Neom, pushing the value of its Vision 2030 over $1 trillion
▼ + stars: | 2024-09-11 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Saudi Arabia is still spending big on Neom, its megacity in the desert. The country's Vision 2030 projects have now reached $1.3 trillion in value, per Bloomberg. The cost of the project has reportedly been a cause for concern within the Saudi government. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The heavy investment has pushed the value of the kingdom's wider Vision 2030 project past the $1 trillion mark, Bloomberg reported.

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

☆ 'Spook the West': Turkey's bid for BRICS both a strategic and symbolic step, analysts say
▼ + stars: | 2024-09-10 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

Turkish Foreign Minister Hakan Fidan attends the BRICS+ session on a two-day BRICS foreign ministers summit held in Nizhny Novgorod, Russia on June 11, 2024. BRICS, which stands for Brazil, Russia, India, China and South Africa, is a group of emerging market countries that seek to deepen their economic ties. Russian President Vladimir Putin shakes hands with Turkish President Recep Tayyip Erdogan during their joint press conference on September 4, 2023, in Sochi, Russia. The fact that it's led by China makes some in the West wary, who see this as a potential win for Beijing. Turkish President Recep Tayyip Erdogan (not seen) is welcomed by Chinese President Xi Jinping as part of the 11th G20 Leaders' Summit in Hangzhou, China, on September 3, 2016.

Persons: Hakan Fidan, Sefa, It's, George Dyson, Dyson, Matthew Bryza, Recep Tayyip Erdogan, Vladimir Putin, Russia —, Arda Tunca, Tunca, it's, Xi Jinping, Mehmet Ali Ozcan Organizations: Turkish, Anadolu, Getty, AK Party, NATO, Control, CNBC, EU, White House, Senior State Department, United Arab, Russia, West, China, Beijing, Anadolu Agency Locations: Nizhny Novgorod, Russia, Brazil, India, China, South Africa, Iran, Egypt, Ethiopia, UAE, Western, Turkey, Europe, U.S, Ankara, Istanbul, Ukraine, Saudi Arabia, United Arab Emirates, Russian, Sochi, United States, BRICS, Turkish, Hangzhou

☆ The first ultra-low-cost airline using the Airbus A321XLR hopes passengers will choose to 'suffer the pain' of no-frills 7-hour flights
▼ + stars: | 2024-09-10 | by ( Pete Syme | ) www.businessinsider.com time to read: +1 min

Wizz Air announced its first A321XLR route will be about seven hours between London and Saudi Arabia. "You kind of suffer the pain, if you wish, for the economic benefits," said Wizz's CEO. Go to newsletter preferences Thanks for signing up! AdvertisementAs it introduces longer flights, ultra-low-cost carrier Wizz Air isn't planning any upgrades to its no-frills offering — hoping passengers will "suffer the pain" for cheaper tickets. Wizz announced Tuesday that its first Airbus A321XLR route will be between London Gatwick and Jeddah in Saudi Arabia, starting next March.

Persons: —, Wizz Organizations: Wizz Air, Service, Wizz, Airbus, London, Business Locations: London, Saudi Arabia, Saudi, Jeddah, London Gatwick

☆ European travelers will have to pay to enter the UK in 2025
▼ + stars: | 2024-09-10 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +1 min

CNN —European travelers visiting the UK without a visa will soon be required to pay a £10 (around $13) waiver fee. This will be extended to include most other nationals, including those from the US but excluding Europeans, in November. By next spring, the program will be expanded again to incorporate European nationals. Jordanian nationals can no longer apply for an ETA to enter the UK, according to the UK government website. Meanwhile, the roll out of the European Union’s ETIAS, valid for three years, which will cost travelers 7 euros (about $7.50,) has been postponed to 2025.

Persons: Yvette Cooper, ” Cooper Organizations: CNN, Qatar, European Union, UK, United Locations: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, United States

☆ China bans 43 soccer players and officials for life for match-fixing
▼ + stars: | 2024-09-10 | by ( ) edition.cnn.com time to read: +2 min

CNN —The Chinese Football Association has banned for life 38 soccer players and five club officials after a two-year investigation into match-fixing and gambling, as part of a crackdown on corruption in one of China’s most popular sports. Power Sport Images/Getty Images/FileJin Jingdao during the 2022 FIFA World Cup Qualifier match between Australia and China on September 2, 2021 in Doha, Qatar. CFA President Song Kai said 43 of the 44 had been banned for life from football-related activities, and 17 others received five-year bans. The findings were announced ahead of a World Cup qualifier in Dalian later on Tuesday where Team China will host Saudi Arabia after last week’s 7-0 loss away to Japan. A former chairman of the CFA was sentenced to life in prison in March.

Persons: Zhang Xiaopeng, Jin Jingdao, Guo Tianyu, Gu Chao, Son, Mohamed Farag, Zhang, Song Kai Organizations: CNN, Chinese Football Association, Ministry of Public Security, Xinhua News Agency, Administration of Sport, CFA, Visual China, Getty, FC, AFC, China, men’s Locations: Dalian, China, South, Administration of Sport of China, South Korea, Hungary, Australia, Doha, Qatar, Saudi Arabia, Japan

☆ How Saudi Arabia's ruler used chaos in the Middle East to get what he wants from the US
▼ + stars: | 2024-09-10 | by ( Tom Porter | ) www.businessinsider.com time to read: +8 min

Read previewPresident Joe Biden came to power having pledged to make Saudi Arabia's maverick new ruler, Mohammed bin Salman, a global pariah. Analysts say that MBS has navigated increasing regional and global chaos to emphasize Saudi Arabia's importance to Washington. Related storiesUS President Joe Biden gives a fist bump to Saudi Crown Prince Mohammed bin Salman in 2022. AdvertisementSaudi Arabia's importanceBut global instability, economic change, and the war in Gaza have made clear to the White House Saudi Arabia's indispensability. Crown Prince Mohammed has condemned Israel's attack on Gaza but has not ruled out a normalization deal with Israel.

Persons: —, Joe Biden, Mohammed bin Salman, Biden, Kamala Harris, Prince Mohammed, Crown Prince, Jamal Khashoggi, Giorgio Cafiero, Prince Mohammed bin Salman, Mohammed bin Salman's, Saad Hariri, Khashoggi, He's, Mohammed Hamoud, Trump, Abraham, Israel, Jon Alterman Organizations: Service, Business, Crown, Democratic, MBS, Saudi, Gulf, Analytics, Saudi Arabia's, Royal, Anadolu Agency, White, White House Saudi, Abraham Accords, Israel, Center for Strategic, International Studies Locations: Saudi, November's, Saudi Arabia, Yemen, Istanbul, Washington, Gaza, Israel, Iran, West, Riyadh, Lebanese, Russia, China, Beijing, Ukraine, UAE, Bahrain, Palestinian, United States, Red, Jeddah

It was 2019, and the second Democratic presidential primary debate was unfolding in Detroit when then-Rep. Tulsi Gabbard of Hawaii went for the jugular. Still, it turned into a major moment for Gabbard — even though Harris forcefully responded — and it was a standout episode in her short-lived 2020 presidential campaign. It’s coming into view again now in the run-up to Tuesday’s second presidential debate after Donald Trump tapped Gabbard to assist him in his debate preparations. “Tulsi Gabbard whipped Kamala Harris’ butt on the debate stage,” Trump spokeswoman Karoline Leavitt said. Raising that prospect in the first place at the time rankled the Biden campaign.

Persons: Tulsi Gabbard, Joe Biden, Kamala Harris, ” Gabbard, Harris, Sen, she’s, I’m, Gabbard, Donald Trump, Trump, She’s, “, Kamala, ”, Mark Longabough, Bernie Sanders, Sanders, Longabough, Harris wasn’t, ” Longabough, “ Harris, Kamala Harris ’, ” Trump, Karoline Leavitt, “ She’s, ” Harris, Biden, Barack Obama’s, Steve Bannon, ’ ”, Hillary Clinton, —, ” “ I’m, they’ve, ” Clinton, Beau Organizations: Democratic, Democratic Party, Republican, Trump, Mar, Fox News, Biden, Convention, Clinton, America, National Guard Locations: Detroit, Hawaii, California, Florida, Gabbard, Philadelphia, Iraq, Saudi

☆ Saudi Arabia is betting big on sports
▼ + stars: | 2024-09-09 | by ( Mark Tutton | ) edition.cnn.com time to read: 1 min

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☆ Saudi Arabia’s game plan for a thriving esports economy
▼ + stars: | 2024-09-09 | by ( Mark Tutton | ) edition.cnn.com time to read: 1 min

☆ Oracle shares jump on earnings and revenue beat
▼ + stars: | 2024-09-09 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Larry Ellison, chairman and co-founder of Oracle Corp., speaks during the Oracle OpenWorld 2017 conference in San Francisco on Oct. 1, 2017. Here is how the company did compared to LSEG consensus:Earnings per share: $1.39 adjusted vs. $1.32 expected$1.39 adjusted vs. $1.32 expected Revenue: $13.31 billion vs. $13.23 billion expectedOracle's revenue increased 8% from $12.45 billion a year ago, according to a statement. For the current quarter, Oracle expects revenue growth of 8 to 10%, CEO Safra Catz said on the earnings call. The company said its cloud services and license support business generated $10.52 billion in revenue. During the quarter, Oracle announced the opening of a second cloud region in Saudi Arabia and said its database software will be available through Google's public cloud.

Persons: Larry Ellison, Safra Catz, Catz, Oracle's, Ellison, Oracle Organizations: Oracle Corp, Oracle, Amazon Web Services Locations: San Francisco, Saudi Arabia

☆ Trump and Biden agree: The US should finally start a sovereign wealth fund
▼ + stars: | 2024-09-08 | by ( Lakshmi Varanasi | Katie Balevic | ) www.businessinsider.com time to read: +5 min

So it is noteworthy that Democratic and Republican leaders both appear to want to establish a sovereign wealth fund to help the United States pay for stuff. Saudi Arabia's Public Investment Fund, which manages about $925 billion in assets, reported a $36.8 billion profit for 2023, according to Reuters. This isn't the first time Washington has toyed with the idea of a sovereign wealth fund. Last March, a group of bipartisan lawmakers led by Sen. Angus King and Sen. Bill Cassidy began discussing a sovereign wealth fund to pay for Social Security. The White House's interest in a sovereign wealth fund stems partly from its desire to compete with China, which has multiple state-owned funds itself.

Persons: —, Joe Biden, Jake Sullivan, Daleep Singh, Biden, Donald Trump, LIV Golf, Sen, Angus King, Bill Cassidy, Mitt Romney, John Paulson, Larry Summers Organizations: Service, Democratic, Republican, National, Bloomberg, Business, White, Economic, of New, Fund, Reuters, Norges Bank Investment Management, Saudi Arabia's Public Investment Fund, Blackstone, LIV, Social Security, America, Bloomberg Television Locations: United States, of New York, Saudi Arabia, Norway, Norway's, PIF, Heathrow, American, Washington, China

☆ Many 'doubted the vision': Saudi investment minister touts 'green shoring' on path to diversification
▼ + stars: | 2024-09-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Minister of Investment Khalid al-Falih pushed back against skepticism over the country's economic diversification plan, as Riyadh touts "green shoring" investment opportunities to woo foreign financing. The Saudi minister on Saturday said that, eight years into manifesting Vision 2030, the kingdom is now "more committed, more determined" to the program and has already implemented or is about to complete 87% of its targets. The number of foreign investment licenses issued in Saudi Arabia nearly doubled in 2023, the IMF noted, with government data pointing to a 5.6% annual increase in net flows of foreign direct investment in the first quarter. Concerns have nevertheless lingered over the potential uncertainty and unpredictability of the kingdom's legal framework and its dispute resolution system for foreign investment. Al-Falih insisted that Saudi Arabia boasts predictability, as well as domestic political and economic stability.

Persons: Khalid, Falih, CNBC's Steve Sedgwick, Mohammed bin Salman's Organizations: International Monetary Fund, IMF Locations: Saudi, Riyadh, Cernobbio, Italy, U.S, Saudi Arabia

☆ Saudi Arabia's Neom is getting electric shuttle ships that appear to hover over water to transport passengers in its waterways
▼ + stars: | 2024-08-23 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +1 min

Saudi Arabia's Neom ordered eight electric shuttles from Sweden-based Candela. The Candela P-12 shuttles are high-speed electric foil ships that sit above the water. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSaudi Arabia's "city of the future" is set to get its own ships of the future — electric passenger shuttles that appear to fly as they move through the water.

Persons: Saudi Arabia's Neom, Candela, — Organizations: Saudi, Service, Business Locations: Sweden, Saudi Arabia, Candela

☆ No longer a financial reservoir? Saudi Arabia’s spending confirms clear shift in strategy
▼ + stars: | 2024-08-23 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Riyadh, Saudi Arabia. The fund's investments in domestic infrastructure and real estate development grew 15% year-on-year to 233 billion riyals, while its foreign investments increased 14% to 586 billion riyals. The days of viewing Saudi Arabia as a mere financial reservoir are ending," Tarik Solomon, chairman emeritus at the American Chamber of Commerce in Saudi Arabia, told CNBC. watch nowSaudi Arabia's recently-updated Investment Law seeks to attract more foreign investment as well — and it's set itself a lofty goal of $100 billion in annual foreign direct investment by 2030. Spurring greater foreign buy-in "should also ease the burden that has recently been placed on the Public Investment Fund to offset the weaker foreign investment into the Kingdom," he added.

Persons: Tarik Solomon, —, Solomon, James Swanston, We've, Swanston Organizations: Getty Images, Public Investment Fund, Saudi, American Chamber of Commerce, CNBC, Eastern, Saudi Arabia's, Gulf, Capital Economics Locations: Riyadh, Saudi Arabia, Getty Images Saudi Arabia, Saudi, James Swanston , Middle East, Africa

☆ Monaco is 1 of 6 locations hosting the star-studded E1 — a race thought ‘impossible’ before it began
▼ + stars: | 2024-08-14 | by ( Marylou Costa | ) www.cnbc.com time to read: +6 min

During the Monaco race on July 28, Bernard d'Alessandri, general secretary and managing director of Yacht Club de Monaco, said E1 showcases new technology for boat racing. "Before E1, it was impossible to have a race with electric boats," he said. Acceptance of electric boating among the eliteRacebird creator Sophi Horne said getting the attention of Monaco's boating elite wasn't easy. Team owners Didier Drogba and Tom Brady speak with Alejandro Agag, co-founder and chairman of the E1 Series, ahead of the E1 race in Venice, Italy — the second of the series. The final two E1 races are scheduled to occur in Lake Como, Italy and Hong Kong.

Persons: Shiv, Bernard d'Alessandri, Akin, Racebird, Rodi Basso, Team Rafa, Rafael Nadal, Basso, Prince Albert II of Monaco, Sophi Horne, Cara Delevingne, Lloyd, Horne, they've, …, Will Smith, Marc Anthony, Tom Brady, Didier Drogba, Virat Kohli, Sergio Perez, Steve Aoki, Marcelo Claure —, Alejandro Agag, Italy —, Daniele Venturelli, Brady, Drogba, Nadal, Carlos Duarte, Racebirds Organizations: Port, Media Monaco, Monaco, Yacht Club de Monaco, Formula, Team, NFL, Getty Locations: Monaco, Saudi Arabia, Racebirds, Venice, Italy, Mallorca, Lake Como, Hong Kong

☆ The UN says Sudan is at a ‘catastrophic breaking point’ amid flooding and fighting
▼ + stars: | 2024-08-13 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +3 min

War-wrecked Sudan's humanitarian crisis is at "a catastrophic breaking point" amid fighting and devastating flooding, the U.N. migration agency said Monday, ahead of peace talks planned for later this week. The talks face uncertainty as Sudan's military has yet to confirm its participation in the meeting in Switzerland brokered by the United States and Saudi Arabia. Sudan’s war has created the world’s largest displacement crisis. More than 10.7 million people have been forced to flee their homes since fighting began, according to the International Organization for Migration. AFP - Getty Images"We are at a breaking point, a catastrophic, cataclysmic breaking point," said Othman Belbeisi, IOM’s regional director.

Persons: Othman Belbeisi, Belbeisi, Tom Perriello, We’ve, Perriello Organizations: Rapid Support Forces, International Organization for Migration, Getty, IOM, U.S, SAF, Sudanese Armed Forces, United Locations: Switzerland, United States, Saudi Arabia, Khartoum, Darfur, Meroe, Sudan, AFP, Darfur’s, al, Sennar, Geneva, Saudi, Jeddah, Union, Egypt, United Arab Emirates, UAE

☆ Vinícius Jr.: Real Madrid star offered over $1 billion to move to Saudi Arabia, per reports
▼ + stars: | 2024-08-13 | by ( George Ramsay | ) edition.cnn.com time to read: +2 min

CNN —Real Madrid star Vinícius Jr. has been offered a lucrative deal worth more than $1 billion to play in Saudi Arabia, according to multiple reports including Reuters and ESPN. Citing anonymous sources, Reuters reported that Vinícius was approached by Saudi officials and offered a five-year contract worth around 200 million euros (roughly $218 million) per season, plus bonuses, to join the Saudi Pro League (SPL). Vinícius has not yet rejected the possibility of leaving the Spanish capital, Reuters reported, and is studying the offer with his team. Last year, French striker Kylian Mbappé reportedly rejected a $775 million salary packet to join Saudi club Al-Hilal. The four founding teams of SPL – Al-Ahli, Al-Ittihad, Al-Hilal, and Al-Nassr – are majority owned by Saudi Arabia’s Public Investment Fund, the nation’s sovereign wealth fund.

Persons: Vinícius, Cristiano Ronaldo, Neymar, Karim Benzema –, Kylian Mbappé, Nassr Organizations: CNN — Real Madrid, Reuters, ESPN, Saudi, Saudi Pro League, CNN Sport, SPL, Blancos, Flamengo, Real, Champions League, La Liga, Brazilian, Ballon, Al, SPL – Al, Saudi Arabia’s Public Investment Fund Locations: Saudi Arabia, Hilal, Ahli, Al, Ittihad

Nearly two weeks have passed and no large-scale response has materialized, leaving Israel and the wider Middle East on edge. But Mr. Haniyeh’s killing was seen as the greater blow to Tehran because it took place on Iranian soil. “Israel has checkmated Iran in this situation because Iran is left with no good options,” said Mr. Vaez. What could an Iranian response look like? U.S. and Israeli diplomats and security officials had some advanced knowledge of its scope and intensity of Iran’s attack in April, which facilitated defensive preparations.

Persons: Ismail Haniyeh, Masoud, Israel, Fuad Shukr, Haniyeh’s, Ayatollah Ali Khamenei, analystsexperts, Nasser Kanaan, Sanam Vakil, Pezeshkian, Vakil, Ms, Ali Vaez, Vaez, “ Israel, ”, Benjamin Netanyahu, “, Keir Starmer, Nasser Kanani, Jordan, Mr, Haniyeh, Lloyd J, Austin III, Biden Organizations: Iran’s Foreign Ministry, Chatham House, Crisis, Diplomats, of Islamic Cooperation, United, Hamas Locations: Iran, Tehran, Israel, Masoud Pezeshkian, Beirut, Lebanon, Golan, East, London, Yemen, Western, Iranian, United States, Gaza, Britain, France, Germany, Italy, Saudi Arabia

☆ US will resume offensive weapons sales to Saudi Arabia
▼ + stars: | 2024-08-12 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +2 min

CNN —The United States will resume sales of offensive weapons to Saudi Arabia, the State Department said Monday, ending a suspension put in place at the beginning of the Biden administration over concerns about human rights violations in the war in Yemen. “As part of this policy, our administration froze the sale of certain classes of offensive weapons, while also maintaining sales of systems to the kingdom required to defend itself from attack,” State Department spokesperson Vedant Patel said at a news briefing. At the outset of President Joe Biden’s tenure, the administration suspended offensive weapons sales to Riyadh amid concerns about the toll of the Saud-led war against the Houthis in Yemen, which killed thousands of civilians. Patel denied that the lifting of the suspension was linked to the administration’s ambitious plan for post-war Gaza and Israel-Saudi normalization. He acknowledged, however, that “Saudi Arabia has remained a close strategic partner of the United States, and we look forward to enhancing that partnership.”

Persons: Biden, Vedant Patel, “, ” Patel, Joe Biden’s, Saud, Patel, ”, ” “ We’ve Organizations: CNN, State Department, ”, UN Locations: United States, Saudi Arabia, Yemen, “, Saudi, Riyadh, Red, Gaza, Israel

☆ Sudan at a ‘breaking point’ as civil war rages, UN agency says
▼ + stars: | 2024-08-12 | by ( Michael Mitsanas | ) edition.cnn.com time to read: +3 min

CNN —Sudan is at a “breaking point,” a United Nations agency said Monday, as a growing number of people need food, water, shelter and medical care in a country devastated by intensifying war. “We are at breaking point, a catastrophic, cataclysmic breaking point,” he added. Earlier this month, the UN-backed Famine Review Committee said at least one refugee camp in Sudan’s Darfur region is experiencing famine, which the agency has only declared twice in Sudan’s history. “This was the only safe route for humanitarian aid to reach Central & (South) Darfur,” the agency said Monday in a post on X. “We’ve had extensive engagement with the SAF,” Tom Perriello, the US special envoy for Sudan, told reporters Monday, according to the news agency.

Persons: ” Othman Belbeisi, “ We’ve, Tom Perriello, ” Organizations: CNN, United, Sudanese Armed Forces, SAF, Rapid Support Forces, UN, International Organization for Migration, Food, IOM, US, AP Locations: Sudan, United Nations, East, Africa, Sudan’s Darfur, ”, Darfur, Saudi Arabia, Switzerland, Saudi, Jeddah

Nearly two weeks have passed and no large-scale response has materialized, leaving Israel and the wider Middle East on edge. Iran, which backs Hamas, blamed Israel for the assassination, but Israeli leaders have not said their forces were responsible. What could an Iranian response look like? U.S. and Israeli diplomats and security officials had some advanced knowledge of its scope and intensity of Iran’s attack in April, which facilitated defensive preparations. The foreign minister of Jordan, an ally of the United States, has traveled to Tehran in recent days for meetings.

Persons: Ismail Haniyeh, Masoud, Israel, Fuad Shukr, Haniyeh’s, Ayatollah Ali Khamenei, Nasser Kanaan, Sanam Vakil, Pezeshkian, Vakil, Ms, Ali Vaez, Vaez, “ Israel, ”, Benjamin Netanyahu, “, Jordan, Mr, Haniyeh, Lloyd J, Austin III, Biden Organizations: Iran’s Foreign Ministry, Chatham House, Crisis, Diplomats, of Islamic Cooperation, United, Hamas Locations: Iran, Tehran, Israel, Masoud Pezeshkian, Beirut, Lebanon, Golan, East, London, Yemen, Iranian, United States, Gaza, Saudi Arabia

☆ Middle East wealth funds are scrambling to rescue their big bets on the future
▼ + stars: | 2024-08-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. A particular focus for these funds built on the back of petrodollars has been to build ownership and influence in the tech sector. FETHI BELAIDOver the past week, PIF and Mubadala have been busy figuring out what to do when their unbridled ambitions for tech companies face reality. Reports from the Financial Times and Bloomberg have shone a light on efforts being made by the sovereign wealth fund to boost returns in European startups in which it has invested billions of dollars. AdvertisementSeveral of these nascent tech companies, such as the insurance firm WeFox, have been bruised by shifting sentiment in the markets in recent years.

Persons: —, Abu Dhabi's Mubadala, SoftBank's, ByteDance, Prince Mohammed bin Salman, Peter Rawlinson, Lucid, John Keeble, Rawlinson, PIF, it's, Mubadala Organizations: Service, Saudi, Public Investment Fund, Business, PIF, Financial Times, Bloomberg Locations: Middle, petrodollars, Saudi, California

☆ Oil giant Saudi Aramco's second-quarter profit dips 3% on lower crude production volumes
▼ + stars: | 2024-08-06 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. Saudi state oil giant Aramco reported $29.1 billion in net profit for the second quarter, a dip of just over 3% from the same period last year as crude production volumes remained low. Net income from the first half of the financial year was $56.3 billion, down from $62 billion during the same period last year. The firm also posted free cash flow for the second quarter of $19 billion compared to $23.2 billion one year prior. Aramco reaffirmed its second-quarter base dividend of $20.3 billion, and declared a performance-linked dividend of $10.8 billion to be paid in the third quarter.

Persons: Amin Nasser, Capital, Brent Organizations: Aramco, Plaza Conference, Al Locations: Dhahran, Saudi Arabia, Saudi, Riyadh

☆ I flew on a new all-business-class airline from Italy to the Maldives. It's worth splurging for, even with the odd fuel stop.
▼ + stars: | 2024-08-06 | by ( Taylor Rains | ) www.businessinsider.com time to read: +1 min

A new Maldives-based airline called Beond launched in 2023 with an all-business-class Airbus A319. I flew the airline, and while it faces hurdles, it has a great product that is cheaper than competitors. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Maldives-based carrier launched in November and has one single plane flying to the nation's capital, Male, from cities like Zurich and Riyadh, Saudi Arabia.

Persons: —, you've Organizations: Beond, Airbus, Service, Business Locations: Maldives, The Maldives, Zurich, Riyadh, Saudi Arabia

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