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☆ 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

☆ 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

☆ 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

☆ 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

☆ The Saudi crown prince wants to build a trillion-dollar utopia in the desert. His deals with China reveal a darker vision.
▼ + stars: | 2023-04-23 | by ( Tom Porter | ) www.businessinsider.com time to read: +9 min

It's part of Crown Prince Mohammed bin Salman's modernizing vision of the country. But behind the outlandish plan, developed by Saudi Arabia's powerful crown prince Mohammed bin Salman, is a much darker reality. Crown Prince Mohammed appears keen to replicate those projects on a grander scale. Saudi Crown Prince Mohammed Bin Salman announces a zero-carbon city called "The Line" to be built at NEOM in northwestern Saudi Arabia, January 10, 2021. It appeared to be the beginning of a fruitful partnership for Crown Prince Mohammed.

☆ Saudi Arabia wants ties with both China and U.S., says foreign minister
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Dec 9 (Reuters) - Saudi Arabia's foreign minister said on Thursday after a China-Arab summit hosted by Riyadh that the kingdom wants to cooperate with both the United States and China - economic rivals - and that while competition was good, polarisation was not. Prince Faisal bin Farhan Al Saud, asked in a news conference about Washington's denial of Saudi mediation efforts in a Russia-U.S. prisoner swap - said he was aware of Crown Prince Mohammed bin Salman's "personal mediation efforts" to release U.S. basketball star Brittney Griner. Reporting by Maha El Dahan and Aziz El Yaakoubi; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ US officials say Saudi crown prince has legal immunity in Khashoggi murder, a stark contrast to Biden's pledge to hold him to account
▼ + stars: | 2022-11-18 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

It made the argument after Jamal Khashoggi's fiancée sued the Saudi crown prince in the US. It is an abrupt shift from Biden's earlier pledges to hold Crown Prince Mohammed to account. There, he was murdered and dismembered by agents the CIA says were working on Crown Prince Mohammed bin Salman's direct orders. The Biden administration argued that since Crown Prince Mohammed was recently appointed as Saudi Arabia's prime minister, he has "sovereign immunity" from prosecution. While there Biden said he confronted Crown Prince Mohammed over the murder, a claim Saudi officials later disputed.

☆ S-Oil plans to invest $7 bln in South Korea factory
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Nov 17 (Reuters) - S-Oil Corp (010950.KS) said on Thursday it plans a 9.3 trillion won ($6.98 billion) investment in its Ulsan, South Korea, factory to produce more high-value petrochemical products. The refiner, whose largest shareholder is Saudi Aramco (2222.SE), said in a regulatory filing that the investment will start from next year and be completed by June 2026. "Improvement of profitability is expected by upgrading low value-added raw materials, such as naphtha, byproduct gas and residual oil to high value-added chemical products," S-Oil said in a regulatory filing. The announcement coincides with Saudi Arabian Crown Prince Mohammed bin Salman's visit to South Korea on Thursday. ($1 = 1,332.8900 won)Reporting by Joyce Lee; Editing by Leslie Adler and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Aramco to pump $7 bln into biggest petchem investment in South Korea
▼ + stars: | 2022-11-16 | by ( Joyce Lee | ) www.reuters.com time to read: +1 min

SEOUL, Nov 17 (Reuters) - Saudi Aramco (2222.SE) plans a $7-billion investment at a South Korean affiliate's factory in the port city of Ulsan to turn out more high-value petrochemical products, the company said on Thursday. The project, named Shaheen, is the Saudi firm's biggest investment in the Asian nation to develop one of the world's largest refinery-integrated petrochemical steam crackers, Aramco said in a statement. Saudi Aramco owns more than 63% of South Korean refiner S-Oil Corp (010950.KS). It will have production capacity of up to 3.2 million tonnes a year, along with a facility to produce high-value polymers, Aramco said. The news came in conjunction with Saudi Arabian Crown Prince Mohammed bin Salman's visit to South Korea on Thursday.

☆ Saudi Arabia's PIF reduces majority stake in Saudi Tadawul Group
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 13 (Reuters) - Saudi Arabia's Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising 2.3 billion riyals ($612 million), it said in a statement on Sunday. The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares through an accelerated bookbuild offering. The fund's remaining stake amounts to 72 million shares or 60% of the company, it said. PIF is the main engine of Crown Prince Mohammed bin Salman's Vision 2030 plan to wean the economy off its dependence on oil. It sold a 6% stake in Saudi Telecom (STC) for 12 billion riyals ($3.2 billion) in December last year.

☆ Thailand's deputy PM discusses the country's ties with Saudi Arabia
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe've resumed our diplomatic relationship with Saudi Arabia 'in full': Thai deputy prime ministerAnutin Charnvirakul, Thailand's deputy prime minister, discusses ties between the two countries ahead of Saudi Crown Prince Mohammed bin Salman's first official visit to the Southeast Asian country.

☆ Airbus eyes Saudi deal for almost 40 A350 jets - sources
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

A Airbus A350 aircraft during a display at the Farnborough International Airshow, in Farnborough, Britain, July 20, 2022. REUTERS/Peter CziborraPARIS/DUBAI, Oct 23 (Reuters) - Saudi Arabia is in advanced negotiations to order almost 40 A350 jets from Europe's Airbus (AIR.PA) as part of strategic efforts to launch a new airline and challenge heavyweight carriers in the Gulf, industry sources said. Any commercial deal must still win political approval and also depends n complex engine negotiations, one of the sources said. The choice of supplier is widely seen as politically charged as the Saudi gathering takes place amid deepening tensions between Washington and Riyadh, two industry sources said. Reuters first reported in August that Saudi Arabia was discussing a significant order for wide-body jets.

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. JPMorgan and Goldman Sachs made nearly $77 million and $42 million respectively in investment banking fees in Saudi Arabia last year, Refinitiv data showed. "For the most part, I do not see U.S. companies actively avoiding Saudi Arabia due to recent political tensions," said Adel Hamaizia, managing director at Highbridge Advisory and a visiting fellow at Harvard University. FDI FLATForeign direct investment still lags behind targets, though there has been movement in new sectors as the kingdom opens up. As Boeing netted an $80 million defence contract last year, Fedex announced a $400 million 10-year investment plan in the country, the Arab world's biggest economy.

☆ Saudi NEOM's tech unit rebrands, invests $1 bln in 2022 -CEO
▼ + stars: | 2022-09-27 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

Saudi Crown Prince Mohammed Bin Salman announces a zero-carbon city called "The Line" to be built at NEOM in northwestern Saudi Arabia, January 10, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS/File PhotoRIYADH, Sept 27 (Reuters) - NEOM Tech & Digital, a subsidiary of the $500 billion signature NEOM project of the Saudi crown prince, has invested $1 billion in 2022 in AI, including a metaverse platform, its chief executive said on Tuesday. NEOM is Crown Prince Mohammed bin Salman's most ambitious project yet, although it has also met with scepticism from some observers. "NEOM is really becoming, in my opinion, the innovation engine for the GCC," he said in an interview with Reuters. Subscriptions to NEOM's metaverse platform will help people from around the world to virtually visit before physically investing in the city, Bradley said.

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