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☆ Kremlin says it needs to understand aims of Ukraine talks reportedly planned in Saudi Arabia
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 31 (Reuters) - The Kremlin said on Monday it needed to find out the purpose of upcoming talks reportedly planned in Saudi Arabia about the war in Ukraine. The Wall Street Journal reported on Saturday that Saudi Arabia would invite Western states, Ukraine and major developing countries to the talks. The paper said Kyiv and Western countries hoped that the talks, which would exclude Russia, can lead to international backing for peace terms favoring Ukraine. Asked about the WSJ report, Kremlin spokesman Dmitry Peskov said: "Of course, Russia will follow this meeting. However, Peskov also restated Moscow's position that it currently saw no grounds for peace talks with Kyiv.

Persons: Dmitry Peskov, Peskov, Prince Mohammed bin Salman, Vladimir Putin, Volodymyr Zelenskiy, Gareth Jones, Mark Trevelyan Organizations: Street, Ukraine, Kyiv, Saudi, Thomson Locations: MOSCOW, Saudi Arabia, Ukraine, Kyiv, Western, Russia

☆ Kremlin seeks more info about talks in Saudi, Ukraine says Moscow unwelcome
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +3 min

The meeting was first reported last Saturday in the Wall Street Journal, which said Saudi Arabia would invite Western states, Ukraine and major developing countries to talks focusing on Ukrainian President Volodymyr Zelenskiy's peace plan. The paper said Kyiv and Western countries hoped that the talks could lead to international backing for peace terms favouring Ukraine. Peskov, however, also restated Moscow's position that it currently saw no grounds for peace talks with Kyiv. "If there's acceptance from both Ukraine and Russia to look for solutions to achieve peace, we'll participate," he told reporters in Mexico City. Andriy Yermak, Zelenskiy's chief of staff, said Ukraine would be "boundlessly happy if West, East, South and North work in this format towards renewing a system of world security".

Persons: Volodymyr Zelenskiy's, Dmitry Peskov, Andres Manuel Lopez Obrado, we'll, Andriy Yermak, Yermak, Prince Mohammed bin Salman, Vladimir Putin, Gareth Jones, Ron Popeski, Stephen Coates Organizations: Press, State Emergency Service of, REUTERS, Street, Ukraine, Kyiv, Reuters, Thomson Locations: Russian, Ukraine, Kryvyi Rih, State Emergency Service of Ukraine, Handout, REUTERS MOSCOW, Saudi Arabia, Russia, Kyiv, Western, Mexico City, East, South, Saudi

☆ Saudi Arabia's economic growth slows as oil cuts, price drops bite into revenues
▼ + stars: | 2023-07-31 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Arabia's economy slowed in the second quarter, as crude output cuts and a drop in oil prices reined in one of the fastest growing nations of the G20. Riyadh's GDP expanded by an annual 1.1% in the second quarter, the Saudi General Authority for Statistics said Monday, down from 3.8% in the previous quarter and 11.2% in the same period of 2022. The non-oil sector — where Saudi Arabia is directing its socioeconomic reforms under Crown Prince Mohammed bin Salman's Vision 2030 economic diversification program — grew by 5.5% in the second quarter. But hydrocarbon-reliant Riyadh logged a 4.2% loss in non-oil GDP in the second quarter, bearing the brunt of lower global crude prices and voluntary oil production cuts. Oil prices spiked last year, as Moscow's full-scale invasion of Ukraine and ensuing international sanctions decoupled many Western consumers from Russian crude supplies.

Persons: Prince Mohammed bin Salman's, Brent Organizations: Saudi General Authority, Statistics, Saudi, Commodities, Organization of, Petroleum, Monetary Fund Locations: Saudi, Saudi Arabia, Riyadh, Ukraine, London, OPEC, Russia, East, Central

☆ A Biden Peace Deal Between Saudi Arabia and Israel? - The New York Times
▼ + stars: | 2023-07-27 | by ( Thomas L. Friedman | ) www.nytimes.com time to read: +2 min

Help may be on the way from talks between the United States and Saudi Arabia. When I interviewed President Biden in the Oval Office last week, my column focused on his urging Netanyahu not to ram through the judicial overhaul without even a semblance of national consensus. The president is wrestling with whether to pursue the possibility of a U.S.-Saudi mutual security pact that would involve Saudi Arabia normalizing relations with Israel, provided that Israel make concessions to the Palestinians that would preserve the possibility of a two-state solution. Closing such a multinational deal would be time-consuming, difficult and complex, even if Biden decides to take it to the next level right away. But the exploratory talks are moving ahead now — faster than I thought — and they’re important for two reasons.

Persons: Benjamin Netanyahu’s, Biden, Netanyahu, that’s, Jake Sullivan, Antony Blinken, Brett McGurk, Sullivan, McGurk, Prince Mohammed bin Salman, — Organizations: White House Locations: United States, Saudi Arabia, U.S, Saudi, Israel

☆ Biden Takes His Battle for Democracy Case by Case
▼ + stars: | 2023-07-25 | by ( Peter Baker | More About Peter Baker | ) www.nytimes.com time to read: +1 min

President Biden has made it his mission to wage what he momentously calls “the battle between democracy and autocracy.” But what to do when the ones he believes are undermining democracy are friends? In the case of Israel, where Prime Minister Benjamin Netanyahu on Monday pushed through Parliament new curbs on an independent judiciary, Mr. Biden has chosen to speak out. The vote in Jerusalem, he declared, was “unfortunate,” the fourth time in a week he chastised Mr. Netanyahu for his drive to enhance his own power. But the president’s battle for democracy can be situational when it comes to America’s allies. Crown Prince Mohammed bin Salman of Saudi Arabia was rewarded with a visit and a presidential fist bump despite his murderous reign.

Persons: Biden, Benjamin Netanyahu, Mr, Netanyahu, Narendra Modi, Prince Mohammed bin Salman, ”, David J, Kramer, George W, Bush, “ Organizations: Monday, India, White Locations: Israel, Jerusalem, Saudi Arabia

☆ Microsoft and Google may have to surrender people's data to Saudi Arabia after signing huge deals there
▼ + stars: | 2023-07-24 | by ( Tom Porter | ) www.businessinsider.com time to read: +8 min

But Saudi Arabia has weak privacy laws and a track record of persecuting dissidents. They are warning tech giants like Microsoft and Google that they could be forced to hand over private citizen data to Saudi hitmen. Data handed over a silver platterMarwa Fatafta, an analyst with digital rights group Access Now, described Saudi Arabia as a country with a "dismal" human rights record. "Have they really [Google and Microsoft] investigated how they plan to mitigate potential human rights abuses or privacy violations, building such infrastructure?" Countries such as Saudi Arabia, he said, often told companies that "if you want to operate in this country, you've got to keep the data in this country.

Persons: Prince Mohammed bin Salman's, Rewan Al, Haddad, umOfUs, FAYEZ NURELDINE, Fatima al, Salma al, Alan Woodward, you've, James Lynch, Fairsquare, Crown Prince Mohammed, James, Lynch, Prince Mohammed, it's, Woodward Organizations: Microsoft, Google, Service, Saudi, Human Rights Watch, New York Post, Getty, Twitter, Leeds University, University of Surrey, Crown Locations: Saudi Arabia, Wall, Silicon, Riyadh, Saudi, AFP

☆ 3 reasons countries around the world want to break up with the dollar
▼ + stars: | 2023-07-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

The US dollar has been the world's reserve currency for decades, but its dominance is fading. US monetary policies, the strong USD, and structural shift in the global oil trade also contribute. Here are three other reasons countries around the world are attempting to line up plans to possibly move away from a dollar-dominated world. The arrangement was formalized in 1945 when the oil-giant country Saudi Arabia and the US reached a historic deal wherein Saudi Arabia would sell its oil to America only using the greenback. In return, Saudi Arabia would reinvest excess dollar reserves into US treasuries and companies.

Persons: Valéry Giscard d'Estaing, —, Narendra Modi's, Luiz Inácio Lula da Silva, It's, Donald Trump, wasn't, Joe Biden, Prince Mohammed bin Salman, Jamal Khashoggi, Sarah Miller Organizations: Service, International Monetary Fund, Wilson, Reserve Bank of, Indian, Reuters, Allianz, Global, US, Washington Post, Energy Intelligence Locations: Russia, Wall, Silicon, Western, Ukraine, Washington, Brazil, Argentina, Bangladesh, India, France, Reserve Bank of India, China, South Africa, Saudi Arabia, America, Saudi

☆ Saudi Arabia and Turkey sign agreements on energy, defence and other fields
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

CAIRO, July 18 (Reuters) - Saudi Arabia and Turkey signed a number of memorandums of understanding in many fields including energy, direct investments and defence, Saudi state news agency SPA reported early on Tuesday. Turkey's President Tayyip Erdogan and Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, witnessed the signing ceremony of the bilateral agreements between the two countries, SPA said. Saudi Arabia signed two contracts with Turkish defence firm Baykar to buy drones "with the aim of enhancing the readiness of the Kingdom's armed forces and bolstering its defense and manufacturing capabilities," Saudi Defence Minister Prince Khalid bin Salman said in a tweet on Tuesday,The two countries also signed a defence cooperation plan, the minister added. Erdogan's Gulf tour, which also includes Qatar and the United Arab Emirates, is due to conclude on July 19. Reporting by Enas Alashray and Yomna Ehab; Editing by Jamie Freed and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Saudi Crown Prince Mohammed bin Salman, Baykar, Prince Khalid bin Salman, Erdogan, Enas Alashray, Jamie Freed Organizations: Saudi Crown, Turkish, Saudi Defence, United Arab, Thomson Locations: CAIRO, Saudi Arabia, Turkey, Saudi, Qatar, United Arab Emirates, Lincoln

☆ Saudi Arabia buys Turkish drones during Erdogan's visit
▼ + stars: | 2023-07-18 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

Erdogan and Saudi Crown Prince Mohammed bin Salman attended the signing ceremony between Turkish defence firm Baykar and the Saudi defence ministry, Saudi state news agency SPA reported. Erdogan arrived in the Saudi Red Sea city of Jeddah on Monday for the first stop of a Gulf tour. Saudi Arabia will acquire the drones "with the aim of enhancing the readiness of the kingdom's armed forces and bolstering its defense and manufacturing capabilities," Defence Minister Prince Khalid bin Salman said in a tweet on Tuesday. SPA said Erdogan and Prince Mohammed attended the signing of a defense cooperation plan by Prince Khalid and Turkish Defence Minister Yasar Guler. Developing a local military industry has been part of an ambitious plan by Prince Mohammed to diversify the kingdom's economy away from oil.

Persons: Tayyip Erdogan, Erdogan, Saudi Crown Prince Mohammed bin Salman, Baykar, Prince Khalid bin Salman, Haluk Bayraktar, Jamal Khashoggi, Prince Mohammed, Prince Khalid, Yasar Guler, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Enas Alashray, Daren Butler, Jamie Freed, Lincoln, Tomasz Janowski, Bernadette Baum Organizations: Saudi Crown, Defence, Investments, United, United Arab Emirates, Turkish Defence, Turkish, Thomson Locations: RIYADH, Saudi Arabia, Saudi, Saudi Red Sea, Jeddah, Ankara, United Arab Emirates, Turkey, East, North Africa, Istanbul, Qatar, United Arab, Riyadh, UAE, Nahyan, Cairo

Saudi state-run al-Ekhbariya television showed several Saudi officials welcoming Erdogan as he arrived at the venue of a Saudi-Turkish business forum in the Red Sea city of Jeddah. Erdogan is expected to meet with Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, later on Monday. "Turkey will have a serious investment opportunity in the defence industry, infrastructure and superstructure investments in the three countries," he said. Ekhbaria carried live footage showing Saudi Investment Minister Khaled al-Falih addressing dozens of businessmen from both sides at the Saudi-Turkish business forum in Jeddah. Turkey's budget deficit surged to 219.6 billion lira ($8.37 billion) in June, seven times the deficit a year earlier, data showed on Monday.

Persons: Tayyip Erdogan, Erdogan, Saudi Crown Prince Mohammed bin Salman, Ekhbaria, Khaled al, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Yilmaz, Huseyin Hayatsever, Ali Kucukgocmen, Daren Butler, Aziz El Yaakoubi, William Maclean Organizations: Saudi Crown, . Investments, United, Turkish, Saudi Investment, Thomson Locations: ISTANBUL, RIYADH, Saudi Arabia, Turkey, Saudi, Turkish, Red Sea, Jeddah, Ankara, United Arab Emirates, Istanbul, Qatar, UAE, Nahyan

☆ 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

☆ Japan and UAE agree innovation, climate change cooperation
▼ + stars: | 2023-07-17 | by ( Rachna Uppal | ) www.reuters.com time to read: +4 min

State news agency WAM also said the two leaders discussed a comprehensive strategic partnership between the UAE and Japan. Japan is actively developing greener and renewable energy technologies and aims to be carbon neutral by 2050. Kishida will also try to promote Japanese know-how as energy-producing countries have pledged to achieve a net zero transition, especially ahead of the COP28 climate summit to be held in Dubai in November. The GCC is a six-nation regional union that comprises Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. "The secure energy supply from the UAE has supported Japan's economic growth for many years," Kishida wrote in a piece published by UAE state news agency WAM on Sunday.

Persons: Mohamed bin Zayed Al Nahyan, Kishida, Ryan Carter, Fumio Kishida's, Sheikh Mohammed bin Zayed Al Nahyan, WAM, Saudi Crown Prince Mohammed bin Salman, Hikariko Ono, Rachna Uppal, Sakura Murakami, Andrew Mills, Aziz El Yaakoubi, Conor Humphries, David Evans, Alex Richardson, Jacqueline Wong Organizations: United Arab Emirates, United, UAE, United Arab, Japan, Qatar, Saudi Crown, Cooperation Council, GCC, Abu Dhabi National Oil Company, Thomson Locations: Japan, Qasr Al Watan, Abu Dhabi, United Arab, ABU DHABI, United Arab Emirates, UAE, State, Dubai, Saudi Arabia, Riyadh, Tokyo, Saudi, Qatar, Kuwait, Oman, Bahrain

☆ Kuwait to set up new sovereign fund to develop mega projects and local economy
▼ + stars: | 2023-07-16 | by ( Ahmed Hagagy | ) www.reuters.com time to read: +2 min

KUWAIT CITY, July 16 (Reuters) - Kuwait plans to establish a new sovereign fund to develop its local economy, spearhead mega projects, and attract funds from foreign investors and the private sector, according to a government plan seen by Reuters on Sunday. The government has tasked the Ministry of Finance and the Kuwait Investment Authority (KIA) with studying plans for the proposed fund, dubbed Ciyada, Arabic for sovereign, the document says. Ciyada Development Fund will be used to spearhead domestic investments, intended to fuel economic development and diversify Kuwait's economy, the document says. Ciyada would accelerate Kuwait's economic growth, promote transformation and progress in various fields of development, through strategic planning and implementation of major development projects, the document says. Abu Dhabi for instance in 2002 created Mubadala Development Co to diversify the emirate's economy and accelerate development.

Persons: Mubadala, Prince Mohammed Bin Salman's, Ahmed Hagagy, Hadeel Al Sayegh, David Holmes Organizations: KUWAIT CITY, Reuters, Sunday, Ministry of Finance, Kuwait Investment Authority, Ciyada, Kuwait Investment Office, Reserve Fund, Fund, Government, International Petroleum Investment Co, Mubadala, Saudi Arabia's Public Investment Fund, Thomson Locations: KUWAIT, Kuwait, Abu Dhabi

☆ Japan, Saudi Arabia set to agree on rare earth resources joint development - Nikkei
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 15 (Reuters) - Japan and Saudi Arabia are expected to agree on joint investment to develop rare earth resources during Prime Minister Fumio Kishida's visit to the Middle East starting Sunday, Nikkei reported. Kishida plans to visit oil producers Saudi Arabia and United Arab Emirates, as well as liquefied natural gas producer Qatar - the three major energy suppliers to resources-poor Japan - on July 16-18. Rare earth resources are essential for decarbonisation and production of electric vehicles in particular as Japan aims to be carbon-neutral by 2050 and Saudi Arabia is also actively trying to diversify its oil-reliant economy. According to Nikkei on Saturday, Kishida and Saudi Crown Prince Mohammed bin Salman are set to agree on rare earth resources cooperation on Sunday to jointly explore development projects in other countries. Japan will also help to speed-up development of resources currently being explored in Saudi Arabia and namely copper, iron and zinc, Nikkei added.

Persons: Fumio Kishida's, Kishida, Saudi Crown Prince Mohammed bin Salman, Katya Golubkova, Michael Perry Organizations: East, Nikkei, United, Saudi Crown, Thomson Locations: TOKYO, Japan, Saudi Arabia, United Arab Emirates, Qatar, Kishida

☆ Saudi golf shot plays through CFIUS hazards
▼ + stars: | 2023-07-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

U.S. congressional lawmakers scrutinized PGA Tour officials on Tuesday this week about the group’s tie-up with a rival golf tournament owned by Saudi Arabia. Enter the Saudis, who launched an upstart golf tournament last year, LIV Golf, that competed with the U.S.-based PGA Tour and its European counterpart DTP. There are worries that Saudi Arabia, a regime viewed as hostile to women and LGBTQ groups, would have significant sway over golf’s culture. LIV Golf is owned by Saudi Arabia Public Investment Fund. Former AT&T Chief Executive Randall Stephenson resigned from the PGA Tour policy board, the Washington Post reported on July 9.

Persons: State Condoleezza Rice, Darla Moore, Covid, LIV Golf, Phil Mickelson, Brooks Koepka, Yasir Al, Ed Herlihy, Wachtell, Lipton, Katz, hasn’t, Randall Stephenson, Jamal Khashoggi, ”, Richard Blumenthal, –, Sherrod Brown, Maxine Waters, Janet Yellen, LIV Golf’s, Joe Biden hasn't, Saudi Arabian Crown Prince Mohammed bin Salman, Khashoggi, Uncle Sam, Refinitiv, China’s ByteDance, LIV, Stephenson, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Public Investment Fund, Augusta National Golf Club, State, U.S, PGA, LIV, Rosen, Breakingviews, Former AT, PGA Tour, Saudi, Department of Justice, Foreign Investment, U.S . Treasury, Saudi Arabian Crown, Walmart, Visa, Uber Technologies, Nation Entertainment, National Basketball League, Houston Rockets, People’s, NBA, backtrack, FIFA, Qatar, The Justice Department, Treasury, Committee, Homeland Security, Governmental Affairs, Saudi Arabia Public Investment Fund, T, Washington Post, Thomson Locations: Saudi Arabia, United States, American, U.S, South Carolina, Iran, China, Saudi, Hong Kong, People’s Republic, Beijing

☆ Oil Prices Projected Higher on Supply Cuts by Saudi Arabia and Russia
▼ + stars: | 2023-07-13 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

The series of oil output cuts orchestrated by Saudi Arabia since last fall may finally be having an impact on prices. In a report published on Thursday, the International Energy Agency, the Paris-based monitoring group, said that output cuts could lead to substantial deficits in global oil supplies, beginning in July, potentially pushing up prices and squeezing consumers. “After a period of relative calm, we do expect some renewed volatility and upward pressure on prices in the coming months,” said Toril Bosoni, head of the oil market division at the International Energy Agency. A sustained rise in prices would represent a big win for the Saudi oil minister, Prince Abdulaziz bin Salman, who chairs the oil producers’ group known as OPEC Plus. He has waged a campaign to convince traders that Saudi Arabia and other oil producers would make whatever output cuts are needed to keep markets in balance.

Persons: ”, Toril Bosoni, Prince Abdulaziz bin Salman Organizations: Brent, International Energy Agency Locations: Saudi Arabia, Paris, OPEC

☆ Rory McIlroy says he’d rather retire ‘if LIV Golf was the last place on Earth to play golf’
▼ + stars: | 2023-07-13 | by ( Ben Morse | ) edition.cnn.com time to read: +4 min

CNN —Rory McIlroy said on Thursday that he would rather retire than compete on the Saudi-backed LIV Golf tour even if it “was the last place on Earth to play golf.”Four-time major winner McIlroy has been a vocal opponent of the breakaway golf tour ever since it came into existence a few years ago, threatening the very foundations of the sport. “If LIV Golf was the last place to play golf on Earth, I would retire. “I’d play the majors, but I’d be pretty comfortable.”CNN has reached out to LIV Golf and the PGA Tour to offer them the right of reply. Earlier this week, witnesses – including PGA Tour Chief Operating Officer Ron Price and Jimmy Dunne, a company board member who helped broker the deal – faced scrutiny from committee members over the deal. “As long as I get to play golf, I’m happy.

Persons: Rory McIlroy, LIV, “, McIlroy, LIV Golf, ”, Tiger Woods, –, Ron Price, Jimmy Dunne, Richard Blumenthal, Price, Dunne, Sen, ” Dunne, ” McIlroy, Gregory Shamus, Randall Stephenson, ” Stephenson, Jamal Khashoggi, Mohammed bin Salman, Khashoggi, Salman, ’ ’ McIlroy, I’ve, there’s Organizations: CNN, LIV, PGA, Scottish, Saudi Public Investment Fund, LIV Golf, US, Homeland Security, Governmental Affairs, Connecticut Democrat, RBC Canadian Locations: Saudi, American, Connecticut, Saudi Arabia

☆ PGA official pledges golfers will be able to criticize Saudi Arabia if the tour merges with the Saudi-backed LIV Golf
▼ + stars: | 2023-07-11 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

A top PGA official said golfers would still be able to criticize Saudi Arabia if the tour merges with LIV Golf. Blumenthal also accused the PGA of selling out to the controversial Saudi league. Blumenthal pointed to the fact that initial agreement between the PGA and LIV Golf has a broad non-disparagement clause. Blumenthal cited this record in calling out the PGA for selling out for the LIV merger. He and PGA Tour member Jimmy Dunne, who helped broker an initial agreement with LIV Golf, also repeatedly stressed that the PGA felt it had little choice but to try to find as peace with LIV.

Persons: LIV Golf, Democratic Sen, Richard Blumenthal, Blumenthal, Ron Price, Price, Sen, LIV, Prince Mohammed bin Salman, Jamal Khashoggi, Khashoggi, Jimmy Dunne, Ron Johnson, Johnson Organizations: Democratic, Saudi, Service, PGA, Connecticut Democrat, Public Investment Fund, FIFA, Amnesty, MBS, Washington, Wilson, Republican Locations: Saudi Arabia, Wall, Silicon, of Saudi Arabia, Saudi, Qatar

☆ Lucid, Activision, EA, Uber: Here's where Saudi Arabia's sovereign wealth fund has invested
▼ + stars: | 2023-07-11 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Saudi Arabia's sovereign wealth fund, known as the Public Investment Fund, is an active player in U.S. public and private markets. But among the documents disclosed in the recent PGA-LIV merger hearings was a previously unreported list of the sovereign wealth fund's top public equity holdings, valued at about $35.5 billion. The list, which was updated as of March 31, shows a $8.9 billion stake in electric automaker Lucid , constituting about 25% of PIF's equity holdings. PIF's second-largest stake, in Activision Blizzard , was valued at $3.3 billion and amounted to 9.1% of PIF's public equity holdings. Google accounts for 2.87% of the Nasdaq by weight but made up a mere 1.2% of the PIF's $35.51 billion public portfolio.

Persons: PIF, PIF's, Prince Mohammed bin Salman Organizations: Public Investment Fund, Activision Blizzard, Trade, Electronic Arts, Nasdaq, Meta, Booking Holdings Locations: Saudi, Saudi Arabia

☆ The Saudi-back LIV golf league is moving its possible last ever championship to Trump's Doral golf course
▼ + stars: | 2023-07-10 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

LIV Golf will host its championship tournament at a Trump-owned golf course for its second straight year. The golf league moved the championship from Saudi Arabia where it was initially scheduled. The PGA has said it will merge with the controversial Saudi-backed golf league. The decision means that for the second straight year, LIV's golf championship will be held at Trump's Doral course. Before their merger, LIV and the PGA were in fierce competition to retain some of the sport's most successful golfers.

Persons: LIV, Donald Trump's Trump, Trump, Jamal Khashoggi, Prince Mohammed bin Salman, Randall Stephenson, Rory McIlroy, Dustin Johnson, they're, Johnson Organizations: Trump, Service, Donald Trump's Trump Doral, Golf Club, Doral, Capitol, PGA, Golf, ESPN, Saudi, Washington Post Locations: Saudi Arabia, Saudi, Wall, Silicon, Miami, Jeddah

☆ Oil dips as China demand fears offset tighter supply outlook
▼ + stars: | 2023-07-06 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

SINGAPORE, July 6 (Reuters) - Oil prices slipped in Asian trade on Thursday as fears of a sluggish demand recovery in the world's top crude importer China offset the prospect of tighter supply, with top exporters Saudi Arabia and Russia cutting output. Brent crude futures dipped 21 cents, or 0.3%, to $76.44 a barrel at 0650 GMT, after settling higher 0.5% the previous day. "Near-term, a move above the key $80.00 level may be needed to provide some conviction for the bulls," Yeap added. Weighing on the demand outlook, China's services activity expanded at the slowest pace in five months in June, a private-sector survey showed on Wednesday, as weakening demand weighed on post-pandemic recovery momentum. Analysts had expected a drop in crude inventories of about 1 million barrels in a Reuters poll.

Persons: Jun Rong, Yeap, Tatsufumi Okoshi, Okoshi, Prince Abdulaziz bin Salman, Yuka Obayashi, Sonali Paul Organizations: Brent, . West Texas, IG, Nomura Securities, Saudi, American Petroleum Institute, Thomson Locations: SINGAPORE, China, Saudi Arabia, Russia, Saudi, OPEC, Tokyo, Singapore

TOKYO, July 6 (Reuters) - Oil prices moved little in early Asian trade on Thursday as the prospect of tighter supply with output cuts from Saudi Arabia and Russia and a bigger-than-expected drop in U.S. crude stocks were offset by worries over a sluggish demand recovery in China. Brent crude futures was down 2 cents to $76.63 a barrel by 0038 GMT after settling up 0.5% the previous day. "Saudi's supply curb announcement and expectations for a possible further reduction are supporting oil prices," said Tatsufumi Okoshi, senior economist at Nomura Securities, adding a bigger-than-expected drop in U.S. crude stocks also supported sentiment. U.S. crude stocks fell by about 4.4 million barrels in the week ended June 30, while gasoline and distillate inventories rose, according to market sources citing American Petroleum Institute figures. Analysts had expected a drop in crude inventories of about 1 million barrels in a Reuters poll.

Persons: Tatsufumi Okoshi, Prince Abdulaziz bin Salman, Yuka Obayashi, Sonali Paul Organizations: Brent, . West Texas, Nomura Securities, American Petroleum Institute, Thomson Locations: TOKYO, Saudi Arabia, Russia, China, Saudi, OPEC

U.S. West Texas Intermediate crude rose $2.15 from Monday's close, or 3.1%, to $71.91 a barrel by 11:36 a.m. EDT (1536 GMT). Brent crude futures rose 45 cents, or 0.5%, to $76.66 a barrel, after gaining $1.60 a barrel on Tuesday. "The July voluntary cuts and the extension into August should considerably tighten the oil market, but investors will stay on the sidelines until oil inventories will show substantial draws," said UBS analyst Giovanni Staunovo. The American Petroleum Association will report its weekly U.S. crude oil and products inventory report after 4:30 p.m. EDT (2030 GMT) on Wednesday. Morgan Stanley on Wednesday lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year.

Persons: Prince Abdulaziz bin Salman, Giovanni Staunovo, Staunovo, Morgan Stanley, Shariq Khan, Natalie Grover, Yuka Obayashi, Muyu Xu, David Goodman, Jan Harvey, David Gregorio Our Organizations: Brent's Tuesday, Brent, . West Texas, American Petroleum Association, U.S . Energy, Administration, U.S, Thomson Locations: Saudi Arabia, Russia, BENGALURU, Monday's, Algeria, Saudi, OPEC, China, Europe

☆ Brent crude steady as economic fears offset supply cuts
▼ + stars: | 2023-07-05 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 5 (Reuters) - Brent crude oil prices were little changed on Wednesday as concern over the global economy countered supply cuts announced this week by top crude exporters Saudi Arabia and Russia. Recent surveys have shown a slump in global factory activity, reflecting sluggish demand in China and Europe. Russia and Algeria, meanwhile, are lowering their August output and export levels by 500,000 bpd and 20,000 bpd respectively. Seperately, Kazakhstan oil output on July 4 plunged by about a fifth from July 2 levels after widespread power outages. Kazakh crude accounts for about 1.7% of global oil production.

Persons: Brent, Tamas Varga, Prince Abdulaziz bin Salman, Morgan Stanley, Natalie Grover, Yuka Obayashi, Xu, David Goodman Organizations: Brent, . West Texas Intermediate, U.S, Thomson Locations: Saudi Arabia, Russia, ., Monday's, China, Europe, Algeria, Saudi, OPEC, Seperately, Kazakhstan, London, Tokyo, Singapore

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. OPEC says it does not have a price target and is seeking to have a balanced oil market to meet the interests of both consumers and producers. But Riyadh has repeatedly rebuffed U.S. calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong. ENOUGH FOR NOWThe International Energy Agency has said it expects the oil market to tighten in the second half of 2023, partly because of OPEC+ cuts. Additional oil cuts should be enough to help balance the oil market, United Arab Emirates' energy minister Suhail Al Mazrouei told reporters on Wednesday.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Morgan Stanley, Suhail Al Mazrouei, Mazrouei, Dmitry Zhdannikov, Louise Heavens, Jason Neely, Jan Harvey Organizations: Saudi, Saudi Energy, Wednesday, of, Petroleum, Brent, OPEC, Reuters, Bloomberg, Wall Street, International Energy Agency, United, Thomson Locations: Russia, Saudi Arabia, Russia VIENNA, Saudi, OPEC, United States, Ukraine, Riyadh, United Arab Emirates, UAE

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