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☆ 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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