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Saudi Arabia's economy minister rejected recent reports that the kingdom's $1.5 trillion NEOM megaproject, a futuristic desert development on the Red Sea coast, is scaling back some of its plans. "All projects are moving full steam ahead," Faisal Al Ibrahim told CNBC's Dan Murphy on Monday at the World Economic Forum's special meeting in Riyadh. "We set out to do something unprecedented and we're doing something unprecedented, and we will deliver something that's unprecedented." Al Ibrahim stressed that the projects would be delivered according to plan, but with the qualification that decisions were being made for "optimal economic impact." "We see feedback from the market, we see more interest from the investors and we'll always prioritize to where we can optimize for optimal economic impact," he said.
Persons: Faisal Al Ibrahim, CNBC's Dan Murphy, Al Ibrahim, we'll Organizations: Bloomberg, Saudi, NEOM, Public Investment Fund Locations: Saudi, Riyadh
President Biden and his national security team see a narrow window to finally seal an agreement that would at least temporarily halt the war in Gaza and possibly end it for good even as they deflect pressure from college campus protests to abandon Israel in its fight against Hamas. Several factors converging at once have renewed the administration’s hopes that it can break through the stalemate in the next week or two. Mr. Biden’s team wants to capitalize on the successful defense of Israel from Iranian attack, rising public pressure in Israel to free the hostages and Saudi eagerness for a new diplomatic and security initiative. The president’s advisers are pressing for a cease-fire deal before Israel can begin its long-threatened assault on the southern Gaza city of Rafah, an operation with the potential for many civilian casualties that could thwart any short-term chances of peace. But administration officials have gone down this road before over the last several months, repeatedly expressing optimism only to see the chances for a deal collapse.
Persons: Biden, Biden’s, Antony J, Blinken Organizations: Hamas, Israel Locations: Gaza, Israel, Rafah, Saudi Arabia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAll projects are moving full steam ahead in Saudi Arabia, economy minister saysFaisal Al Ibrahim, the Saudi economy minister, tells CNBC's Dan Murphy "all projects are moving full steam ahead," after reports indicate some megaprojects will be scaled back.
Persons: Faisal Al Ibrahim, CNBC's Dan Murphy Locations: Saudi Arabia, Saudi
JPMorgan's calls for a "reality check" on the world's energy transition goals and pathway is a "sensible," the UAE's energy minister told CNBC. "We need always, whenever we put up predictions, especially long term ones, to have a reality check," Suhail Al Mazrouei told CNBC's Dan Murphy in Riyadh, Saudi Arabia on the sidelines of the World Economic Forum. In a recent note to client, JPMorgan warned that the world needed a "reality check" on its efforts to move from fossil fuels to renewables, pointing out that it could take "generations" to reach net-zero targets. "I think it's a very sensible article," said Al Mazrouei. The minister, however, highlighted that the circumstances and financial capabilities of each country on undertaking the energy transition goals will vary.
Persons: Al Mazrouei, CNBC's Dan Murphy Organizations: CNBC, Economic, JPMorgan Locations: Riyadh, Saudi Arabia, Ukraine
Israeli negotiators, offering a hint of hope for negotiations over a cease-fire in the Gaza Strip, have reduced the number of hostages they want Hamas to release during the first phase of a truce, three Israeli officials said on Monday. For weeks, cease-fire talks have been at a standstill. Hamas did not respond to a request for comment about whether it would send representatives to Cairo. A senior Hamas official said on social media on Monday that the group was studying a new Israeli proposal. The American secretary of state, Antony J. Blinken, who was meeting in Saudi Arabia on Monday with Arab diplomats, said the onus was now on Hamas.
Persons: Antony J, Blinken Organizations: Hamas Locations: Gaza, Israel, Cairo, Saudi Arabia
CNN —Ministers from the Group of Seven nations have agreed to shut down all their coal plants by 2035 at the latest, a UK minister said on Monday, in a climate policy breakthrough that could influence other countries to do the same. Putting an end date on coal — the most climate-polluting fossil fuel — has been highly controversial at international climate talks. Many of the other G7 nations already have national plans in place to phase out the fossil fuel. “Coal might be the dirtiest, but all fossil fuels need to be ultimately phased out,” he said. Energy, environment and climate ministers are meeting in Turin for talks that are expected to end on Tuesday.
Persons: ” Andrew Bowie, , Dave Jones, Organizations: CNN, Japan, Department for Energy Security, CNBC, Turing, UK Ministry for Energy, US State Department, Energy, European Union Locations: Italy, COP28, Dubai, France, Canada, United States, Japan, Turin, Germany, United Kingdom, China, India, Saudi Arabia, Russia
Egypt's Foreign Minister Sameh Shoukry called on the U.S. to leverage its influence over Israel to prevent further bloodshed in Gaza. Speaking to CNBC's Dan Murphy on Sunday at a World Economic Forum meeting in Riyadh, Saudi Arabia, he said "only the United States has the overall ability to influence conditions, and to motivate all sides concerned to find the point of convergence, and to be able to break the cycle of violence." His words echoed other Arab leaders at the WEF meeting who believe that ending the war in Gaza falls on the United States. Shoukry pushed Washington to "leverage their ability to provide incentives, but also to indicate consequences for the lack of achievement or the lack of progress in the cessation of hostilities." Hamas is reportedly reviewing Israel's latest Gaza cease-fire proposal and a delegation from the group is scheduled to visit Cairo on Monday for talks, according to a Hamas official who spoke to Reuters.
Persons: Sameh Shoukry, CNBC's Dan Murphy, Shoukry Organizations: Egypt's, Reuters Locations: Israel, Gaza, Riyadh, Saudi Arabia, United States, Washington, Cairo
A view of the damaged buildings and streets after months of Israeli bombardment which have turned the city into piles of rubble and ash in Khan Yunis, Gaza on April 19, 2024. Crude oil futures fell Monday as the U.S. Secretary of State made a renewed diplomatic push in the Middle East to secure a cease-fire in Gaza and head off an Israeli offensive against Rafah. A successful cease-fire agreement would likely further ease the geopolitical risk premium factored into oil prices on fears that the war in Gaza could trigger a broader conflict in the Middle East that disrupts crude supplies. Here are today's energy prices:Secretary of State Antony Blinken held talks with Arab leaders in Saudi Arabia on Monday. He will travel to Israel and Jordan on Tuesday.
Persons: Antony Blinken, Jordan Organizations: U.S, State, Rafah Locations: Khan Yunis, Gaza, Saudi Arabia, Israel
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael won't solve the hostage problem by invading Rafah, former U.S. diplomat saysJoseph Westphal, senior global fellow at the Lauder Institute and former U.S. ambassador to Saudi Arabia, discusses the outlook for Gaza cease-fire talks.
Persons: Joseph Westphal Organizations: Lauder Institute Locations: Rafah, U.S, Saudi Arabia, Gaza
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWEF president: Gaza crisis is at the 'core' of Middle East tensionsBorge Brende, World Economic Forum president, discusses geopolitical tensions between Israel and Iran and the Israel-Hamas war on the sidelines of a special WEF meeting in Riyadh. Saudi Arabia.
Persons: Borge Brende Organizations: Economic Locations: Gaza, Israel, Iran, Riyadh, Saudi Arabia
President Biden plans to speak with Prime Minister Benjamin Netanyahu of Israel on Sunday to discuss the prospects of a possible cease-fire deal to obtain the release of some of the remaining hostages held since the Hamas-led terrorist attack of Oct. 7, according to two officials with direct knowledge of the plan. Mr. Biden’s call with the prime minister is set to come just hours after Secretary of State Antony J. Blinken left Washington for his latest trip to the Middle East. Mr. Blinken will start in Saudi Arabia, where he will see Egyptian and Qatari officials who have served as intermediaries with Hamas in the cease-fire and hostage talks, which have stalled in recent weeks. The call also comes three weeks after Mr. Biden told Mr. Netanyahu that he would rethink his support for Israel’s war unless the country did more to facilitate the delivery of food and other supplies to Gaza and limit civilian casualties. Since then, humanitarian aid to Gaza has increased substantially, and Biden advisers credit Israel with responding to the president’s demands, though U.S. officials acknowledge that the aid is still not as much as is needed.
Persons: Biden, Benjamin Netanyahu, Antony J, Blinken, Netanyahu Organizations: Israel, State Department, Saudi, Economic Locations: Washington, Saudi Arabia, Israel, Gaza, U.S
As international diplomats converged in the Middle East on Sunday seeking a cease-fire in the Gaza Strip, Israel wrestled with whether to go forward with a ground invasion of Rafah, Hamas’s last bastion in the enclave, according to Israeli officials and analysts. Israeli officials have said repeatedly that they plan to move into Rafah, but over the weekend, they made clear they were open to holding off if it meant they could secure the release of Israeli hostages taken when Hamas attacked Israel on Oct. 7. Benny Gantz, a member of the Israeli war cabinet, said Sunday that while “entering Rafah is important for the long battle against Hamas,” freeing the remaining hostages, whose number is estimated at about 100, “is urgent and much more important.”As Secretary of State Antony J. Blinken headed for Saudi Arabia on Sunday to meet with officials from a half-dozen Arab nations, an American official said Mr. Blinken’s top priority was a cease-fire deal that would include the release of all hostages.
Persons: Benny Gantz, Antony J, Blinken Locations: Gaza, Israel, Rafah, Hamas’s, Saudi Arabia
Saudi Arabia plans to open the first part of its Neom megaproject this year. Saudi Arabia is pushing to distinguish itself in the high-end luxury market to compete with Dubai. AdvertisementSaudi Arabia plans to open the first region of its Neom megacity by the end of the year. Neom recently ended investor roadshows in China by confirming the luxury island resort would open this year, Arab News reported. A rendering of The Line, part of the Neom project planned by Saudi Arabia.
Persons: , Neom, roadshows, It's, Marriott Bonvoy, Chadi, MDLBEAST, Kristian Coates Ulrichsen, Saudi Arabia hasn't, Ulrichsen, Saudi Crown Prince Mohammed bin Salman's Organizations: Dubai, Service, Arab News, Marriott, United, Rice, Baker Institute for Public Policy, Emirates, Saudi, Bloomberg, Business Locations: Saudi Arabia, Sindalah, China, Saudi, Vives, Dubai, United Arab Emirates, Saudi Crown, Gulf Kingdom
Borge Brende, president of the World Economic Forum, gave a stark outlook for the global economy saying the world faces a decade of low growth if the right economic measures are not applied. "The global growth [estimate] this year is around 3.2 [%]. "Trade will change and global value chains — there will be some more near-shoring and friend-shoring — but we shouldn't lose the baby with the bathwater ... Then we have to address the global debt situation. We haven't seen this kind of debt since the Napoleonic Wars, we are getting close to 100% of the global GDP in debt," he said. He also motioned persistent inflationary pressures and that generative artificial intelligence could be an opportunity for the developing world.
Persons: Borge Brende, CNBC's Dan Murphy, shoring Organizations: Economic, Energy Locations: Saudi Arabia
Flash floods that formed led to water engulfing cars, in some areas fully submerging them, leading hundreds of drivers to abandon their vehicles on roads to escape the rising water levels. The deluge also closed schools and businesses, grounded hundreds of flights, and destroyed cars, businesses and other property. Damac's Sajwani conceded there was chaos at the airport, but said the UAE had recovered much faster than other nations would have. "Fine, we get some, in one of the malls, some damage. He explained that he arrived in Dubai from London just a few hours after the rains had stopped, and visited all the major properties that belong to his company.
Persons: Hussain Sajwani, Damac's Sajwani, CNBC's Dan Murphy, it's Organizations: Damac, United, UAE, Energy Locations: United Arab, UAE, Riyadh, Saudi Arabia, Dubai, London
Company focus will be on Saudi Arabia, DAMAC chairman says
  + stars: | 2024-04-28 | 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 EmailCompany focus will be on Saudi Arabia, DAMAC chairman saysHussain Sajwani, founder and chairman of UAE-based development company DAMAC Properties, discusses the company's outlook and prospects in Saudi Arabia.
Persons: Hussain Sajwani Locations: Saudi Arabia, UAE
By Saturday, the heat had significantly eased and the forecast was for more moderate temperatures in coming days. Mr. Fayyad was displaced with his wife and only daughter from Khan Younis, where they lived and owned a pharmacy. Nearly two million Palestinians in Gaza were forced to flee their homes under Israeli bombardment and military evacuation orders. Parents across the Gaza Strip are relying on water to keep their children cool when it is already not easy to get. He added: “The tent, the heat wave, and the horror of this war are all a nightmare.
Persons: , Mohammed Fayyad, Fayyad, Julia, Mr, Khan Younis, Mohammed Abu Hatab, , Abu Hatab Locations: Gaza, Al
CNN —Secretary of State Antony Blinken will travel to Saudi Arabia next week to meet with regional partners as talks between Israel and Hamas remain deadlocked, the State Department announced Saturday. Hamas said Saturday it had received a response from Israel over its position on the ceasefire talks. “The movement will study this proposal, and upon completion of its study, it will submit its response,” it said in a statement. Blinken’s trip, set for Monday and Tuesday, comes after he met with Saudi Arabian Crown Prince Mohammed bin Salman last month in Jeddah to discuss efforts to release the hostages held by Hamas. CNN’s Simone McCarthy, Jeremy Diamond, Eugenia Yosef, Alex Marquardt and Mostafa Salem contributed to this report.
Persons: Antony Blinken, Matthew Miller, , Saudi Arabian Crown Prince Mohammed bin Salman, ” Blinken, Kylie Atwood, there’s, CNN’s Simone McCarthy, Jeremy Diamond, Eugenia Yosef, Alex Marquardt, Mostafa Salem Organizations: CNN, State Department, , Israel, Saudi Arabian Crown Locations: Saudi Arabia, Israel, Gaza, Qatar, Egypt, Jeddah, American
In Race to Build A.I., Tech Plans a Big Plumbing Upgrade
  + stars: | 2024-04-27 | by ( Karen Weise | ) www.nytimes.com   time to read: +1 min
If 2023 was the tech industry’s year of the A.I. It may not sound as exciting, but tens of billions of dollars are quickly being spent on behind-the-scenes technology for the industry’s A.I. Companies from Amazon to Meta are revamping their data centers to support artificial intelligence. They are investing in huge new facilities, while even places like Saudi Arabia are racing to build supercomputers to handle A.I. has become a story about building a massive technology infrastructure, Meta said on Wednesday that it needed to spend billions more on the chips and data centers for A.I.
Persons: Meta Organizations: Amazon, Microsoft, Meta Locations: chatbot, Saudi Arabia
Secretary of State Antony J. Blinken will travel to Riyadh, Saudi Arabia, on Sunday to speak with top Arab officials and try to figure out possible solutions for the thorniest issues of the Israel-Gaza war, including humanitarian aid, reconstruction and hostages, the State Department said on Saturday. He added that Mr. Blinken would underscore his belief that it is Hamas that stands in the way of a cease-fire for the Palestinian people, since the group is not budging on the hostage negotiations. Saudi Arabia is hosting a three-day meeting of the World Economic Forum, and top Arab officials, including Mr. Blinken’s diplomatic counterparts, are attending. They include senior ministers from Qatar and Egypt, which have been the two Arab mediators in multiple rounds of talks over a potential hostage agreement between Israel and Hamas. The forum’s website says Mr. Blinken will be in a half-hour public “conversation” starting at 12:45 p.m. on Monday, the final day of the conference.
Persons: Antony J, Blinken, , Matthew Miller Organizations: State Department, Economic, Hamas Locations: Riyadh, Saudi Arabia, Israel, Gaza, Qatar, Egypt
Many Fortune 500 CEOs have previously worked at McKinsey. The firm has become known as a CEO factory, but has sparked controversy in the past, too. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.
Persons: Sundar Pichai, Sheryl Sandberg, , it's Organizations: McKinsey, Service, Street, Department of Justice, Enron, Business Locations: Saudi
U.S. diplomacy to end the Gaza war and forge a new relationship with Saudi Arabia has been converging in recent weeks into a single giant choice for Israel and Prime Minister Benjamin Netanyahu: What do you want more — Rafah or Riyadh? Do you want to mount a full-scale invasion of Rafah to try to finish off Hamas — if that is even possible — without offering any Israeli exit strategy from Gaza or any political horizon for a two-state solution with non-Hamas-led Palestinians? If you go this route, it will only compound Israel’s global isolation and force a real breach with the Biden administration. Or do you want normalization with Saudi Arabia, an Arab peacekeeping force for Gaza and a U.S.-led security alliance against Iran? And what I find both disturbing and depressing is that there is no major Israeli leader today in the ruling coalition, the opposition or the military who is consistently helping Israelis understand that choice — a global pariah or a Middle East partner — or explaining why it should choose the second.
Persons: Benjamin Netanyahu, Biden, Israel, Organizations: Israel, Hamas, Iran, Palestinian Locations: Gaza, Saudi Arabia, Rafah, Riyadh, Arab, U.S, Israel, East
Beijing CNN —US Secretary of State Antony Blinken said the US has seen evidence of Chinese attempts to “influence and arguably interfere” with the upcoming US elections, despite an earlier commitment from leader Xi Jinping not to do so. Then, Xi had pledged that that China would not do so, according to CNN reporting. The US believes that Chinese support is enabling Russia to ramp up production of tanks, munitions and armored vehicles – and to continue its onslaught on Ukraine. Instead, they characterized this as trade with Russia and said Moscow’s success didn’t depend on China, Blinken added. He also stressed the importance of such expression in democracies, without explicitly noting the lack of such freedoms in China.
Persons: Antony Blinken, Xi Jinping, Blinken, Kylie Atwood, Xi, Joe Biden, ” Blinken, Biden, , Russia Blinken, Wang Yi, , who’ve, we’ve, it’s, that’s, Jennifer Hansler Organizations: Beijing CNN —, Moscow, CNN, Biden, Russia, , Israel Locations: Beijing, China, American, San Francisco, Canada, Russia, Ukraine, Gaza, Iran, Israel, Palestinian, Saudi Arabia
Using scientific models, the team was unable to determine precisely how much more likely climate change had made the floods. Changing circulation patterns driven by global warming are also increasing rainfall intensity, the analysis noted. Global warming was the only remaining reason they could identify to explain the heavier downpour. However, the focus must be on slowing climate change, she added. “While we can’t stop El Niño, we can stop climate change,” Otto said.
Persons: Amr Alfiky, , Sonia Seneviratne, Mansour Almazroui, King Abdulaziz University’s, Friederike Otto, Niño, Otto said, El, ” Otto, Francois Nel, Sultan Al, Jaber, CNN’s Abbas Al Lawati Organizations: CNN, United Arab, United Arab Emirates, Global, Reuters “, Institute for Atmospheric, Science, King Abdulaziz University’s Center, Excellence, Change, Grantham Institute, International Energy Agency Locations: United Arab Emirates, Oman, El, Dubai, UAE, Dubai’s, Zurich, Jeddah, Saudi Arabia, London, Paris, deadlier
World leaders are gathering in Ottawa, Ontario, this week to hash out a global treaty to end plastic pollution. This story is available exclusively to Business Insider subscribers. AdvertisementHundreds of businesses and countries support cutting plastic production. Lin represents the Business Coalition for a Global Plastics Treaty, which includes more than 200 companies. Cutting plastic production would also hit the bottom line of oil majors such as Exxon.
Persons: Carroll Muffett, Jose Fernandez, Biden, Allison Lin, Lin, Stewart Harris, Harris, Neil Nathan, Nathan, He's Organizations: Service, Business, Center for International Environmental Law, Organization for Economic Co, Lawrence Berkeley National Laboratory, State Department, Mars Inc, Business Coalition, Global Plastics, Walmart, PepsiCo, International Council of Chemical Association, Oxford Economics, Exxon, The International Energy Agency, UC Santa Barbara, US Locations: Ottawa , Ontario, Russia, Iran, Saudi Arabia, Washington, DC, Paris, Ottawa, Belgium
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