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☆ 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

☆ Saudi says The Line will be the world's first 'eco-city.' Construction and design specialists aren't so sure.
▼ + stars: | 2024-08-02 | by ( Beatrice Nolan | Polly Thompson | ) www.businessinsider.com time to read: +7 min

Neom's flagship city, known as The Line, has grand plans to be a futuristic "eco-city." Experts told BI that these plans offered exciting solutions for issues like urban sprawl, excessive carbon emissions, and inefficient energy use. AdvertisementLovgreen pointed to issues "such as disrupting natural habitats, carbon emissions from building materials, and the transferring of these materials to areas remote from where they are produced." "Transportation accounts for less than a quarter of global carbon emissions, while the construction and operation of buildings represent nearly 40% of emissions," Baum said. She added that it can be particularly difficult to maintain sustainable construction in hot and dry regions of the world.

Persons: Mohammed bin Salman's, Giles Pendleton, Neom, Andreas Krieg, Philip Oldfield, Mona Lovgreen, Mara Baum, Baum, Krieg, Ben Bauer Organizations: Service, Saudi, Business, Wall Street Journal, The Journal, Lawrence Technological University, Institute of Middle Eastern, King's College London, UNSW Built Environment, Dialog Locations: Neom's, Saudi, Gulf, Sydney

☆ The personal cybersecurity concierge is a new perk, and need, among the wealthy
▼ + stars: | 2024-07-26 | by ( Ellen Sheng | ) www.cnbc.com time to read: +4 min

Cybercriminals are increasingly targeting wealthy individuals, making cybersecurity concierges a new must-have for the rich and their families, including executives. While companies are spending heavily on cybersecurity, personal and home devices are generally less protected, making them easier to crack. And despite their sizeable assets and growing threat of cyberattacks, family offices and wealthy families don't think of themselves as targets because hackings are rarely publicized. JPMorgan Private Bank offers cybersecurity help to its ultra-high net worth clients, along with lifestyle and travel services. "I think one of the misconceptions is that — particularly for family offices — 'we're small and nobody notices us.'

Persons: Bill Roth, Jeff Bezos, Saudi Crown Prince Mohammed bin Salman, Lauren Sanchez, Bill Gates, Elon Musk, It's, Bobby Stover, Ernst & Young, They're, Anwar Visram, HardTarget, Ileana Van Der Linde, I've, Visram Organizations: Saudi Crown, Ernst &, JPMorgan, JPMorgan Private Bank, Asset, Wealth Management, CNBC Locations: WhatsApp, Tinder

☆ Equinox signs up for Neom, Saudi Arabia's futuristic desert city
▼ + stars: | 2024-07-26 | by ( Dan Latu | ) www.businessinsider.com time to read: +1 min

Equinox announced a resort in Neom, the desert project in Saudi Arabia. The resort will feature high-end restaurants, a floating bridge, and 450-meter pool. Equinox opened its first hotel in 2019 in New York City, where rooms can go for $900 per night. AdvertisementEquinox is joining Crown Prince Mohammed bin Salman of Saudi Arabia in dreaming of a desert paradise as the company announces plans for a resort in Neom, the kingdom's utopia project. The luxury accommodations promise to feature high-end restaurants, a pool the length of 9 Olympic-sized courses, a floating bridge suspended 40 meters above a lagoon, and, of course, a signature Equinox gym.

Persons: —, Crown Prince Mohammed bin Salman Organizations: Equinox, Service, Crown Prince Locations: Neom, Saudi Arabia, New York City

☆ Trump meeting with Netanyahu for first time since departing White House
▼ + stars: | 2024-07-26 | by ( Alayna Treene | Kylie Atwood | ) edition.cnn.com time to read: +8 min

CNN —Former President Donald Trump is meeting with Israeli Prime Minister Benjamin Netanyahu on Friday, the first such meeting between the two men since Trump left the White House more than three years ago. Trump, who often claims he was the most pro-Israel president in modern history, once touted his close, personal relationship with Netanyahu. Netanyahu called Trump the greatest friend Israel has ever had and heralded him for “unequivocally” standing by Israel during Trump’s tenure as commander in chief. In posting that engagement with Abbas, Trump was trying to “strike a balance” going into the meeting, Bahbah said, adding that he hopes Trump will come out of the Netanyahu meeting calling for an immediate and permanent ceasefire. “At the table, the most important question is asking the prime minister what he needs to win.

Persons: Donald Trump, Benjamin Netanyahu, Trump, Netanyahu, Joe Biden, Kamala Harris, Harris, ”, Abraham, Israel, Biden, “, ” Trump, Axios, Qasem Soleimani, Netanyahu “, —, Keith Kellogg, he’s, Bishara Bahbah, Mahmoud Abbas, Bibi Netanyahu, Abbas, Bahbah, Lee Zeldin, ” Zeldin, Viktor Orbán, David Cameron, Andrzej Duda, Taro Aso, Saudi Crown Prince Mohammed bin Salman, The Trump Organizations: CNN, Israeli, White, Trump’s, Democratic, Trump, Hamas, Israel, Fox News, Abraham Accords, Biden, Republican, Jewish Republican, Hungarian, British, Japanese, Saudi Crown Locations: Israel, Tel Aviv, Jerusalem, Middle East, North Africa, Trump, Gaza, Arizona, Mar, New York

☆ Saudi Arabia's crown prince is probably not psyched that liberal ex-prosecutor Kamala Harris may be president: expert
▼ + stars: | 2024-07-23 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +1 min

Kamala Harris is the presumptive Democratic nominee after President Joe Biden exited the race. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Among them — Saudi Crown Prince Mohammed bin Salman, who one expert said would likely be wary of his presumed successor Kamala Harris. "A liberal presidential candidate like Kamala Harris, close to human rights activists will also be worrisome," said Mathew Burrows, a senior member of the research team at the Stimson Center think tank. This story is available exclusively to Business Insider subscribers.

Persons: Kamala Harris, Joe Biden, Harris, —, Joe Biden's, Prince Mohammed bin Salman, Mathew Burrows Organizations: Democratic, Service, Saudi, Stimson, Business Locations: Saudi Arabia

☆ Political assassinations are on the rise. It's a symptom of growing global instability.
▼ + stars: | 2024-07-18 | by ( Tom Porter | ) www.businessinsider.com time to read: +7 min

AdvertisementA wave of violence against political leadersAround the world, politics has been rocked by a wave of assassinations of political leaders, dissidents, and other high-profile figures. In the UK, political assassinations were once rare, but two members of parliament were assassinated in five years. Political violence is on the riseA 2018 protest in Turkey against the murder of Jamal Khashoggi, a Saudi dissident. Bruce Hoffman, an expert on terrorism at the Council on Foreign Relations, told Business Insider that rising political violence is the outcome of increasing global instability. - Getty ImagesAnother factor behind the spike in assassinations is the increasing instability of the global political order.

Persons: —, Donald Trump, It's, Jo Cox, Sir David Amess, Robert Fico, Alexander Navalny, Vladimir Putin, Shinzo Abe, Fernando Villavicencio, Zoran Djindjic, Jamal Khashoggi, Mohammed bin Salman, Emrah, Bruce Hoffman, Hoffman, Trump, Joe Biden, General Merrick Garland, Christopher Wray, Gretchen Whitmer, Paul Pelosi, Nancy Pelosi, who'd, Tommy Mair, John Bolton, Volodymyr Zelenskyy, Nicholas Maduro, Abe, Jacob Ware Organizations: Service, CNN, Business, Slovakian, Kremlin, Serbian, CIA, University of Maryland's, Council, Foreign Relations, Trump, New York Times Locations: Pennsylvania, Saudi Arabian, Saudi, Turkey, Saudi Arabia, Michigan, Washington , DC, Slovakia, India, Iran

☆ Saudi Arabia's Neom dreams collide with financial reality as budgets reportedly face big cuts
▼ + stars: | 2024-07-12 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Saudi Arabia is reportedly getting ready to slash Neom's budget. Saudi Arabia has been struggling to justify the enormous cost of megaprojects such as Neom. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The kingdom is set to cut billions of dollars in spending on some of its Vision 2030 megaprojects amid rumors of spiraling costs, Bloomberg reported. Crown Prince Mohammed Bin Salman's Vision 2030 aims to transform Saudi Arabia both economically and politically by reducing its dependence on oil revenues and pivoting toward technology.

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

☆ Esports World Cup: The new tournament in Saudi Arabia causing a big splash and division in the industry
▼ + stars: | 2024-07-06 | by ( Ben Church | ) edition.cnn.com time to read: +12 min

The Esports World Cup (EWC) – which began on July 3 – has brought together professional gamers, publishers and fans from across the world for an eight-week competitive gaming bonanza. To bring this on the similar scale as the largest traditional sports events and something that brings together the whole industry,” Reichert said. Discovery – CNN’s parent company – and the Esports World Cup Foundation agreed to a new partnership which includes Eurosport, CNN and other WBD platforms. “From my experience, there are a lot of people in [Saudi Arabia] that love their games, right to the top. “It’s probably unprecedented how quickly Saudi Arabia is moving ahead in its progression.

Persons: –, Ralf Reichert, ” Reichert, “, Gen.G, Mohammed Saad, Reichert, ”, Sam Mathews, It’s, it’s, Prince Mohammed bin Salman, sportswashing, SGG, Rod Breslau, “ It’s, ” Dana Ahmed, Manahel, Otaibi, Nick McGeehan, FairSquare, Mohamed bin Salman, Liquid’s, Steve Arhancet, Mathews Organizations: CNN, CNN Sport, Riot, New York Times, Adidas, Warner Bros, Eurosport, Anadolu, Getty, EWC, EWC Foundation, Saudi, MBS, Fox News, Investment Fund, Gaming, Amnesty, Fnatic, “ Locations: Saudi, Saudi Arabia, esports, “ Saudi Arabia, Breslau

☆ Saudi Arabia may be forced to reassess megaprojects like Neom
▼ + stars: | 2024-06-25 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

The Kingdom's Vision 2030 plans feature several massive construction projects, including the futuristic megacity Neom and an entertainment project on the outskirts of Riyadh. Amine Mati, an assistant director at the IMF and its mission chief for Saudi Arabia, told The FT that Saudi authorities were "recalibrating" to assess whether some spending should be delayed. In public, Saudi has largely been keen to insist that the megaprojects, especially Neom, are on track. Experts previously told BI that Saudi Arabia was struggling to attract the foreign investment needed for the development. Representatives for Neom did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: —, Mohammed Al, Jadaan, Prince Mohammed bin Salman, Neom Organizations: Service, Business, BBC, Saudi, IMF, FT, Public Investment Fund, CNBC Locations: Saudi Arabia, Riyadh

☆ Russia has seen two terror attacks in just three months. Here’s what we know
▼ + stars: | 2024-06-24 | by ( Kathleen Magramo | Jerome Taylor | ) edition.cnn.com time to read: +8 min

In Dagestan, Russian security forces fought an Islamist insurgency in the mountainous region in the 2000s that spilled over from neighboring Chechnya, though attacks have become rarer in recent years. Russian President Vladimir Putin attends a meeting with his election campaign confidants at the Kremlin in Moscow, Russia March 20, 2024. ISIS-K attack on music venueThe coordinated attacks in Dagestan come just weeks after Russia suffered its worst terror attack in decades. For a leader who has long promised security and stability to Russians, the major attack on Russian soil was another powerful blow. In the aftermath of the March attack, Putin called for Russia to remain united.

Persons: Vladimir Putin’s, Putin, Ramzan Kadyrov, Jill Dougherty, Vladimir Putin, confidants, Evgenia Novozhenina, Bashar al, Assad, Prince Mohammed bin Salman, Benjamin Netanyahu, ” Organizations: CNN, ISIS, Ukraine grinds, Russian Jewish Congress, Attackers, TASS, Russian Federation, Soviet, Hamas, Makhachkala Uytash Airport, Kremlin, Reuters, Saudi, Israeli, Central, Migrants, Kazakhstan — Locations: Russia, Russia’s, Dagestan, Moscow, Derbent, Makhachkala –, Makhachkala, Russian, Republic of Dagestan, Russia’s Caucasus, Caucasus, Soviet Union, Chechnya, –, Grozny, Ukraine, ”, Gaza, Israel, CNN Moscow, Reuters Russia, Iran, Soviet, Tajikistan, Uzbekistan, Kyrgyzstan, Turkmenistan, Kazakhstan

At least 14 Malaysians, 165 Indonesians, 68 Jordanians, 35 Pakistanis, 35 Tunisians, 11 Iranians and 98 Indians have died, according to authorities in each country. According to a CNN tally, this brings the latest official death toll for this year’s pilgrimage to at least 460. The death tolls are expected to rise much further, as Saudi Arabia and Egypt have yet to release official figures. The Bernama report did not specify if the dead were members of the country’s official Hajj delegation. The government is targeting 30 million pilgrims by 2030.

Persons: Mostafa Madbouly, Abdel Fattah el, Mecca Rafiq Maqbool, Mohd Na’im Mokhtar, ”, Arafat, Prophet Mohammed, King Salman bin Abdulaziz, Prince Mohammed bin Salman, Edward Szekeres, Handi Alkhshali, Aishwarya S Iyer Organizations: CNN, Jordanian Foreign Ministry, Crescent, Saudi, Reuters, Saudi Ministry of Health, Associated Press, AP Malaysia’s, Religious, News Agency, Hajj, India’s Ministry, External Affairs, Saudi General Authority, Statistics Locations: Mecca, Jordanian, Saudi Arabia, Egypt, Mina, Saudi

☆ Jared Kushner's post-White House deal-making included badly timed bet on Amazon aggregator
▼ + stars: | 2024-06-14 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +16 min

Kushner started Affinity in 2021, shortly after leaving his advisory role in the White House alongside his wife, Ivanka Trump. Neumann, who was ultimately ousted from WeWork by top SoftBank execs, introduced Kushner to Unybrands early the following year. Affinity's investment in Unybrands, which hasn't previously been reported, was one of the private equity firm's earliest deals. Following a continued slide, the company laid off roughly 10% of its staff in November 2022, according to people familiar with the matter. The House Oversight Committee launched an investigation into the investment in 2022, looking into whether Kushner's financial interests influenced Trump's foreign policy.

Persons: Jared Kushner, Alex Brandon, Kushner, Weeks, Ivanka Trump, Trump, Saudi Crown Prince Mohammed bin Salman, Jamal Khashoggi, WeWork, Adam Neumann, Neumann, Unybrands, hasn't, —, Catterton, Jason Somerville, Somerville, it's, didn't, headcount, Donald Trump, Gary Cohn, Crown Prince, Mohammed bin Salman, Jonathan Ernst, Crown Prince Mohammed bin Salman, Carolyn Maloney, Ron Wyden, Kushner didn't, Ulrich Kratz, Goldman Sachs, Kratz, Kushner's, Ian Brekke, Asad Naqvi, Bret Pearlman, Roger McNamee, Max Fink, Neumann's, Brekke, Naqvi, Pearlman, Fink, Shahar Azran, Eugen Miropolski, Robyn Laguette, Mark Goldfinger, Joe Biden, Lex, Jeff Bezos, Sam Altman, Ye, I've Organizations: U.S . Capitol, Capitol, Reuters, Affinity Partners, Companies, White House, Affinity, Saudi Crown, Unybrands, WeWork, CNBC, Amazon, BlackRock, Khosla Ventures, GW Partners, Saudi Arabia's Public Investment Fund, United Arab, Saudi Arabia's, Crown, Ritz Carlton Hotel, Saudi, Republicans, Crayhill Capital Management, Barclays, Goldman, Kushner, Investments II, Blackstone, Partners, Financial Services, CNBC it's, Israeli American Council, IAC, Getty, Kanye Locations: Washington, Amazon's, South Florida, Miami, Silicon Valley, Saudi, Saudi Arabia, Unybrands, United Arab Emirates, Qatar, Riyadh, Yemen, American, Austin , Texas, Gulf, Israel

☆ Saudi Arabia looking to China for a lifeline for its futuristic city could mean trouble for the US
▼ + stars: | 2024-06-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how Saudi Arabia is courting Chinese investors for help with its massive, futuristic city facing financial issues. NeomSaudi Arabia's dreams of a futuristic city are turning into a financial nightmare, and one of its solutions could spell trouble for the US. Since 2017, the Kingdom has touted big plans for the desert megacity Neom . AdvertisementThe city plans to heavily use renewable energy, a key area of focus for China as it digs itself out of its economic hole . But a soft real estate market and a trail of angry business partners and customers are threatening to thwart his big plans .

Persons: —, Prince Mohammed bin Salman's, Neom's, hasn't, Tom Porter, Prince, Aaron Weiner's, Weiner, Justin Sullivan, it's, they'd, Tyler Le, Giovanna Ventola, Michael Shvo, Shvo, Tesla, Jose Uribe, Sen, Bob Menendez, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith, Amanda Yen Organizations: Service, UEFA, Business, Neom, US, International Monetary Fund, Bank of America, Apple, Apple Intelligence, OpenAI, Amazon, Bonnaroo Music, Arts Festival, Post Malone Locations: Saudi Arabia, Neom, Saudi, Kingdom, China, Gaza, New York, London

☆ Saudi Arabia is seeking billions in Chinese investment for Neom. But it comes with a massive risk.
▼ + stars: | 2024-06-13 | by ( Tom Porter | ) www.businessinsider.com time to read: +7 min

Read previewAt a recent exhibition in Hong Kong, Saudi Arabia showcased its futuristic vision for its planned Neom megacity. It was part of Saudi Arabia's drive to secure billions in new investment for the project, which is the centerpiece of Saudi ruler Mohammed bin Salman's Vision 2030 strategy. China sees Saudi Arabia as not just a business opportunity but a way of undercutting the influence of its longtime Saudi ally, the US. AdvertisementIn April, Saudi Arabia's Public Investment Fund-subsidiary Alat signed a deal with Dahua Technology, one of China's most important surveillance technology firms. "The main risk today to Saudi Arabia's tech cooperation with China is the growing China-US tech war.

Persons: —, Mohammed bin Salman's, Xi Jinping, Mohammed bin Salman Al Saud, Yue Yuewei, Leonard Chan, Robert Mogielnicki, Abdullah Al, Crown Prince Mohammed, Alat, GREG BAKER, Camille Lons, Neom that's, Saudi Arabian Crown Prince Mohammed bin Salman, Saudi Arabia's, Biden Organizations: Service, Business, Saudi, Saudi Crown Prince, Getty, Hong Kong Innovative Technology Development Association, Gulf States Institute, Crown, Public Investment Fund, Dahua Technology, US, European Council, Foreign Relations, Saudi Arabian Crown, New York Times Locations: Hong Kong, Saudi Arabia, Saudi, Riyadh, Xinhua, China, Washington, Neom, Riyadh Tower, Beijing, Israel

☆ Oil market selloff was 'overdone,' says strategist
▼ + stars: | 2024-06-10 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil market selloff was 'overdone,' says strategistJohn Driscoll of JTD Energy Services cautions the market against underestimating Saudi Arabia's energy minister, Abdulaziz bin Salman.

Persons: John Driscoll, Abdulaziz bin Salman Organizations: Email, JTD Energy Services, underestimating Saudi

☆ CNBC Daily Open: Far-right makes gains in EU elections
▼ + stars: | 2024-06-10 | by ( Abid Ali | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Populist, far-right parties also won record support in this year's European Parliament elections, exit polls indicated late on Sunday. No way, MuskNorway's $1.7 trillion sovereign wealth fund, Tesla's eighth-largest shareholder, will vote against Elon Musk's $56 billion pay package. Despite a recent 2% drop in Aramco's stock and pressures on global oil prices, the offering attracted strong international demand.

Persons: Emmanuel Macron, Pen, CNBC's Karen Gilchrist, Dow, Stocks, Musk, Kitty's, Keith Gill, Gill, Prince Mohammed bin, Aramco's, Morgan Stanley, there's Organizations: CNBC, Populist, Nasdaq, Dow Jones, Treasury, Elon Musk's, GameStop, Saudi, Nvidia Locations: Europe, freefall, Saudi Arabia, Aramco, Saudi

☆ Saudi oil giant Aramco's shares rise after stock sale set to raise $11.2 billion
▼ + stars: | 2024-06-09 | by ( Katrina Bishop | ) www.cnbc.com time to read: +1 min

Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Shares of Saudi Arabia's Aramco rose on Sunday following a stock sale that's set to raise the state oil company around $11.2 billion. Shares were trading around 28.25 Saudi riyals ($7.53) on the Tadāwul Saudi stock exchange at 11:30 a.m. local time (4:30 a.m. ET), above the stock sale offer price of 27.25 Saudi riyals. Citing sources, Reuters reported that demand for the offering topped $65 billion, and Aramco placed over half of the sale with foreign investors.

Persons: Prince Mohammed bin Salman's, —, Ruxandra Iordache Organizations: Saudi Aramco, Saudi, Aramco, Reuters, CNBC, U.S . Federal Locations: Saudi, Saudi Arabia, Neom

☆ Saudi Arabia set to raise over $11.2 billion from Aramco stock sale, priced at lower end of range
▼ + stars: | 2024-06-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Arabia is set to raise more than $11.2 billion from its secondary public share offering in state-controlled oil giant Aramco, after the stock was priced at the lower end of its expected range. The company on Friday said it will price the 1.545 billion of shares on offer at 27.25 Saudi riyal ($7.27) apiece, with the sale expected to take place when markets next open on Sunday. A range of between 26.70 and 29 Saudi riyals per share was floated in the firm's initial marketing. The 27.25 Saudi riyal price is nearly 4% below the public stock's last settlement on the Tadāwul Saudi stock exchange. Investors typically expect a discounted price when new shares enter the public market, because of the increase in the overall supply of stock available to trade.

Persons: Prince, Mohammed bin Salman Organizations: Saudi, Investors, of, Petroleum, Reuters, CNBC, Aramco, Exxon Mobil, Chevron, Aramco's, Public Investment Fund Locations: Saudi Arabia, Aramco, Saudi, Neom

☆ CNBC Daily Open: Opec extends cuts, Nvidia showcases new chip
▼ + stars: | 2024-06-03 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. OPEC+ extends cutsOPEC and it allies agreed to extend official crude production cuts into 2025 amid lackluster demand. Saudi Arabia's energy minister Prince Abdulaziz bin Salman said OPEC+ wants concrete rate cuts before factoring in the potential impact on energy demand. New AI chip RubinNvidia unveiled its next generation artificial intelligence chip, Rubin, a mere three months after launching its Blackwell model.

Persons: Prince Abdulaziz bin Salman, Rubin, Blackwell, Dow, UnitedHealth, Bill Ackman, It's, Michael Khouw Organizations: CNBC, Saudi Aramco, Rubin Nvidia, AMD, Intel, Microsoft, Google, Dow Jones, Federal, Dow, Nasdaq, Nvidia, Tesla, Pershing, Moderna, Drug Administration, GSK, Pfizer Locations: OPEC, Saudi Arabia, Russia, Saudi, U.S, Moderna

☆ OPEC+ wants concrete rate cuts before factoring impact on oil demand, Saudi energy minister says
▼ + stars: | 2024-06-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

The prominent OPEC+ oil producers' alliance is awaiting concrete central bank action on interest rates before factoring in the potential impact on the energy demand landscape, according to Saudi Arabia's energy minister. The production strategy decisions come at a time when OPEC's own forecasts show a 2.25 million barrel-per-day increase in demand, according to the Monthly Oil Market Report of May. Energy costs spiked worldwide in the wake of Russia's full-fledged invasion of Ukraine, aggravating the economic downturn that followed the Covid-19 pandemic. Global institutions have previously mentioned energy prices as underpinning inflationary concerns. In turn, the piled-on inflation has muzzled oil demand.

Persons: Prince Abdulaziz bin Salman, — Organizations: Organization of, Petroleum, Monthly Locations: OPEC, Saudi, China, Ukraine

☆ OPEC to Meet Amid Signs of Waning Influence on Oil Prices
▼ + stars: | 2024-05-31 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Over the past two years, the group known as OPEC Plus has agreed to a succession of cuts to oil output. The oil producers’ assumption has been that these trims would be temporary, but they have begun to take on an air of permanence as prices have been relatively subdued. Any relaxation of cuts would risk sinking prices in what looks like a soft market, analysts say. It is a frustrating situation for oil producers like Iraq and the United Arab Emirates, which could pump additional crude, bolstering their budgets. Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, who is expected to lead the meeting, relishes surprises, so other outcomes are possible.

Persons: That’s, ”, Richard Bronze, Mr, Bronze, Prince Abdulaziz bin Salman Organizations: Plus, United Arab Emirates Locations: Iraq, Saudi Arabia, Russia, Saudi

☆ Saudi Aramco offers nearly $11.5 billion in new stock for sale
▼ + stars: | 2024-05-30 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Aramco will offer 1.545 billion shares in a price range between 26.70 and 29 Saudi riyals per share, according to a company filing. At the midpoint of that range, the sale would total nearly $11.5 billion. The sale represents a follow-on offering, after Aramco initially entered the public markets in 2019 and raised $29.4 billion in the world's largest ever initial public offering. Aramco lifted its base dividend for the fourth quarter to $20.3 billion, and boosted its performance-linked dividend to $10.8 billion. Saudi Arabia owns more than 82% of Aramco prior to the sale, the Wall Street Journal has reported.

Persons: Abdulaziz bin Salman, Prince Mohammed bin Salman, — CNBC's Spencer Kimball Organizations: Aramco, Plaza Conference, Saudi, Saudi Energy, Chevron, ExxonMobil, giga, Wall Street Locations: Dhahran, Saudi Arabia, Saudi Arabia's, Aramco, Riyadh, Saudi, Neom

☆ Saudi Arabia is reportedly trying to plug a $21 billion deficit by selling bonds
▼ + stars: | 2024-05-28 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Read previewSaudi Arabia plans to raise money by selling bonds as it presses ahead with massive spending projects, Bloomberg reported. Riyadh previously sold $12 billion of sovereign debt in January, while planned desert megacity Neom has also reportedly mulled issuing Islamic bonds in a bid to raise more cash. AdvertisementThe latest bond sale comes as Saudi Arabia presses ahead with Mohammed bin Salman's Vision 2030 plan that seeks to diversify its oil-reliant economy. In February, The Wall Street Journal reported that Saudi Arabia had started borrowing to help fund Neom and other Vision 2030 "gigaprojects."

Persons: —, Goldman Sachs, Mohammed bin Salman's, Cristiano Ronaldo, Karim Benzema, Neymar, LIV, Tim Callen Organizations: Service, Bloomberg, Business, Citigroup, BNP, Saudi Pro League, Street Journal, Gulf States Institute Locations: Saudi Arabia, Riyadh, Washington, Saudi

☆ Aramco share sale planned for summer could net Saudi Arabia a welcome $10 billion amid its Neom project struggles
▼ + stars: | 2024-05-27 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Read previewSaudi Arabia looks set for a multibillion-dollar share sale in its state oil company, Saudi Aramco. AdvertisementThe government of Saudi Arabia remains the largest shareholder in Aramco, which is the world's largest oil company by market cap. AdvertisementThe kingdom has embarked on a number of "gigaprojects" as part of the 2030 plan, including its Neom megacity. But recent reports suggest Saudi Arabia has been seeking to borrow funds for the project, while also scaling back population estimates for The Line. In January, it said that its cash as of September had dropped to around $15 billion — the lowest level since December 2020, The Wall Street Journal reported.

Persons: —, Prince Mohammed bin Salman's Organizations: Service, Reuters, Business, Aramco, Saudi Aramco, Saudi, Public Investment Fund, Bloomberg, Street Journal Locations: Saudi Arabia, Saudi Aramco, Aramco, Saudi

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