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☆ EV maker Lucid's deliveries rise as special lower price aids demand
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File Photo Acquire Licensing RightsOct 17 (Reuters) - Lucid Group (LCID.O) posted a nearly 4% rise in third-quarter deliveries on Tuesday compared to the prior three months, benefiting from a special lower price to promote the sale of its Air luxury electric sedan. The loss-making startup also said more than 700 additional vehicles were in transit to its new plant in Saudi Arabia for final assembly. They have lost more than a fifth of their value this year over concerns that EV startups will bear the brunt of Tesla's price war. Reporting by Jaspreet Singh and Akash Sriram in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Hyunjoo Jin, Garrett Nelson, Lucid, Jaspreet Singh, Akash Sriram, Shilpi Majumdar Organizations: REUTERS, Saudi Arabia's Public Investment Fund, Reuters, Thomson Locations: Scottsdale , Arizona, U.S, United States, Saudi Arabia, Bengaluru

☆ LIV Golf loses its bid to earn ranking points over questions about a closed shop
▼ + stars: | 2023-10-10 | by ( ) www.cnbc.com time to read: +5 min

LIV Golf is playing only for cash, not world ranking points, after the Official World Golf Ranking board determined it could not fairly measure the 48-man league with the other 24 tours around the world. LIV Golf made its debut in June 2022, and the lack of world ranking points has taken an enormous toll. Among those no longer in the top 100 are Dustin Johnson, Bryson DeChambeau and Talor Gooch, who has three LIV Golf victories this year. LIV Golf can reapply to be part of the OWGR system, though the board made it clear that turnover, objective access to LIV Golf and relegating players who don't perform remain key points in getting ranking points. There's also the matter of the PGA Tour, European tour and Saudi backers of LIV Golf (Public Investment Fund) working out a commercial partnership announced in June.

Persons: LIV, LIV Golf, OWGR, Peter Dawson, They're, Jay Monahan, Keith Pelley, Keith Waters, Dawson, Phil Mickelson, Lee Westwood, Bubba Watson, Paul Casey, Ian Poulter, — Andy Ogletree —, Mito Pereira, Thomas Pieters, Cameron Smith, Smith, Brooks Koepka, Dustin Johnson, Bryson DeChambeau, Talor Gooch, Sergio Garcia, Sebastian Munoz, Koepka, Munoz, There's Organizations: Centurion, The Associated Press, International Federation of PGA, Augusta National, PGA of America, U.S . Golf Association, LIV, League, PGA Tour, British, Investment Fund Locations: St Albans, London, Saudi, U.S, Florida

GENEVA (AP) — Saudi Arabia formally informed FIFA of its wish to host the men’s World Cup in 2034 on Monday in a bidding contest that increasingly looks designed for the kingdom to win. That allows the 2034 edition to return to Asia 12 years after Qatar hosted the 2022 World Cup. Infantino has built close ties to Saudi Crown Prince Mohammed bin Salman on frequent visits to the oil-rich kingdom since before the 2018 World Cup. The Saudi soccer project has seen the sovereign wealth Public Investment Fund buy English club Newcastle in 2021. The FIFA Council which agreed to the 2034 World Cup bidding process included nine delegates from European soccer body UEFA, which now has the 2030 tournament.

Persons: “, ”, Gianni Infantino, Prince Mohammed bin Salman, PIF, Karim Benzema, ___ Organizations: GENEVA, FIFA, Oceania, Qatar, New Zealand, Saudi, Public Investment Fund, Newcastle, FIFA Council, UEFA Locations: Saudi Arabia, Saudi Arabian, Europe, Africa, South America, Spain, Portugal, Morocco, Argentina, Paraguay, Uruguay, United States, Mexico, Canada, Asia, Australia, Saudi, Qatar, Egypt

☆ Indian billionaire Ambani's Reliance Retail to raise $598 mln from ADIA
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave/File Photo Acquire Licensing RightsBENGALURU, Oct 6 (Reuters) - Billionaire Mukesh Ambani's Reliance Retail Ventures said on Friday it would raise 49.67 billion rupees ($598 million) from the Abu Dhabi Investment Authority, in the latest bet on India's largest retailer ahead of a potential stock market listing. "Reliance Retail has demonstrated strong growth and adaptability in a market that is evolving at an unprecedented pace," said Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA. The investment comes as Reliance set an internal target to raise $3.5 billion. ADIA and Singapore's GIC had invested $664 million each into the retail unit in 2020 as Reliance sold a 10.09% stake at a valuation of 4.68 trillion rupees. Morgan Stanley acted as financial adviser to Reliance Retail Ventures for the ADIA deal.

Persons: Amit Dave, Mukesh, Hamad Shahwan Aldhaheri, Singapore's GIC, Ambani, Morgan Stanley, Chris Thomas, Maju Samuel Organizations: Reliance Industries, REUTERS, Rights, Retail Ventures, Abu Dhabi Investment Authority, ADIA, Reliance, KKR, Qatar Investment Authority, Reuters, Saudi Arabia's Public Investment Fund, Reliance Retail Ventures, Thomson Locations: Ahmedabad, India, Abu Dhabi, ADIA, Singapore, Saudi Arabia, Bengaluru

☆ Tiger Woods and Rory McIlroy's TGL golf league will air on ESPN
▼ + stars: | 2023-10-05 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Disney' s ESPN has nabbed the broadcast rights to air matches from TGL, the startup golf league led by Tiger Woods and Rory McIlroy. TGL, which is in partnership with the PGA Tour, will have its debut Jan. 9 as part of a multiyear deal. Both TGL matches will air on traditional TV's ESPN and streamer ESPN+. The agreement between the PGA Tour and LIV has yet to be finalized. TGL, a new primetime, high-tech golf league created by Woods, McIlroy and former NBC Sports executive Mike McCarley, has attracted stars from the PGA Tour.

Persons: Rory McIlroy, Tiger Woods, TGL, LIV Golf, LIV, Woods, McIlroy, Mike McCarley, Jon Rahm, Justin Thomas, Collin Morikawa, Matt Fitzpatrick, Justin Rose, Adam Scott, Xander Schauffele, Max Homa, Rickie Fowler, Billy Horschel, Steve Cohen Organizations: Augusta National Golf Club, Disney, ESPN, PGA, ABC, College Football, NFL, Tour, Saudi Arabia's Public Investment Fund, Endeavor Group Holdings, Fenway Sports Group, CNBC, NBC Sports, Major League Baseball's New York Mets, New York, Private Ventures Locations: Augusta , Georgia, TGL, Palm Beach Gardens , Florida

☆ Lucid launches cheaper Air Pure electric sedan to boost demand
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

A Lucid Air electric vehicle is displayed at a shopping mall in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File Photo Acquire Licensing RightsOct 5 (Reuters) - Luxury electric-vehicle maker Lucid Group (LCID.O) on Thursday launched a cheaper, rear-wheel drive version of the Air Pure sedan starting at $77,400, as it looks to stoke demand. The new Lucid model, however, is more expensive than the world's most valuable automaker Tesla's (TSLA.O) Model S luxury sedan, which starts at about $75,000. The cheaper electric sedan will offer a range of 410 miles on a full charge and will be available immediately, Lucid said. The EV maker opened its first overseas production factory last month in Saudi Arabia and the Saudi government has agreed to buy up to 100,000 Lucid vehicles over the next decade.

Persons: Hyunjoo Jin, Tesla, Lucid, Akash Sriram, Arun Koyyur Organizations: REUTERS, Air, stoke, Sapphire, Saudi Arabia's Public Investment Fund, Saudi, Thomson Locations: Scottsdale , Arizona, U.S, Saudi Arabia, Newark , California, Bengaluru

☆ Saudi Arabia is pouring billions into soccer, golf, and Formula 1. Its crown prince doesn't care if anyone calls it 'sportswashing.'
▼ + stars: | 2023-09-30 | by ( George Glover | ) www.businessinsider.com time to read: +9 min

Saudi Arabia is pouring billions into sports in a bid to transform its economy. Crown Prince Mohammed bin Salman has made the sector a key part of his Vision 2030 plan. But the reality is that the crown prince has a grander ambition: to level up Saudi Arabia's economic growth. "But Saudi Arabia is piling into other sports too, because they want to achieve a lot in a short period of time." AdvertisementAdvertisementAs Crown Prince Mohammed made clear last week, all this forms part of a broader strategy to supercharge Saudi Arabia's economy through investment.

Persons: Prince Mohammed bin Salman, bankrolled, —, Cristiano Ronaldo, Phil Mickelson, Anthony Joshua, –, Jamal Khashoggi, they've, Steve Luciano, AP Ronaldo, Al Nassr, Ballon, Karim Benzema, Neymar, Sadio, PIF, LIV Golf, Mickelson, Dustin Johnson, Brooks Koepka, LIV, Joshua, that's, Tyson Fury, Oleksandr Usyk, Frank Warren, Prince Mohammed, Mohammed bin Salman, Leon Neal, Simon Chadwick, Chadwick, megastars, Ronaldo –, Salman, bin Salman, Saudi Arabia –, St Andrews, Nick Kyrgios, who've, Elsa, he'd, they'll Organizations: Newcastle United, Service, Washington Post, Saudi, Investment Fund, Premier League, UEFA Champions League, Saudi Public Investment Fund, Newcastle, AP, Saudi Pro League, Georgetown University Qatar, PGA, WWE, Fox News, SKEMA Business School, Indian Premier League, FIFA Locations: Saudi Arabia, Saudi, England, Riyadh, Brazil, Liverpool, Kingdom, Jeddah, Lille, France, Reiche, Iran, Miami, Augusta, bankroll

☆ Endeavor, Fenway Sports consider investment in the PGA Tour
▼ + stars: | 2023-09-28 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

The PGA Tour logo is seen during the third round of the Travelers Championship at TPC River Highlands in Cromwell, Connecticut, on June 24, 2017. The discussions, which are in preliminary stages, stem from a PGA Tour investment vehicle created as part of the framework agreement for its proposed deal with PIF. "Throughout 2023, the PGA Tour has demonstrated its strength, reach and value as an enterprise. In June, the PGA Tour announced a proposed deal that would see it combine with rival LIV Golf following months of lawsuits and competition between the two. The deal between LIV and the PGA Tour has faced criticism and controversy.

Persons: LIV, Saudi Crown Prince Mohammed bin Salman, PIF Organizations: Investment, Endeavor Group Holdings, Fenway Sports Group, PGA Tour, PGA, Public Investment Fund, Endeavor, Fenway, Bloomberg, LIV Golf, Saudi Crown, LIV, UFC, Wrestling Entertainment, Major League Baseball's Boston Red Sox, Liverpool Football Club, National Hockey League's Pittsburgh Penguins Locations: Cromwell , Connecticut, Saudi

Trading information and logo for Endeavor Group Holdings, Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 28 (Reuters) - Endeavor Group (EDR.N) and Boston Red Sox owner Fenway Sports Group have expressed interest in investing in the PGA Tour, according to a source familiar with the negotiations. After a very public war of words, PGA, DP World Tour and Saudi-backed LIV Golf circuit in June announced a shocking agreement to merge and form one unified commercial entity. PGA's talks with Endeavor and Fenway are still at an early stage, the source said, requesting anonymity because the matter is confidential. Both Fenway and Endeavor are already major players in the sporting industry.

Persons: Brendan McDermid, LIV, PGA's, Niket, Shilpi Majumdar, Shweta Agarwal Organizations: Endeavor Group Holdings, Inc, New York Stock Exchange, REUTERS, Endeavor, Boston Red Sox, Fenway Sports, PGA, Saudi Arabia's Public Investment Fund, U.S, Senators, Fenway, Bloomberg News, Public Investment Fund, Major League Baseball's Boston Red Sox, Premier League club Liverpool, World Wrestling Entertainment, Thomson Locations: New York City, U.S, Saudi, Bengaluru

☆ Lucid opens first international EV factory in Saudi Arabia
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 27 (Reuters) - Electric-vehicle maker Lucid Group (LCID.O) said on Wednesday it had opened its first international manufacturing plant in Saudi Arabia's Jeddah city, under a deal designed to further the Middle Eastern country's electrification push. Lucid announced plans for the Jeddah factory last year and said the kingdom had signed an agreement to buy up to 100,000 vehicles from the company over 10 years. In 2022, the kingdom launched its first EV brand Ceer and announced $6 billion in investments for a steel plate mill complex and an EV battery metals plant. Industry leader Tesla (TSLA.O) is also reportedly in early discussions to set up a manufacturing plant in Saudi Arabia. Lucid's other manufacturing plant is in Arizona, United States.

Persons: Andrew Kelly, Lucid, Tesla, Yuvraj Malik, Devika Organizations: Nasdaq, Lucid Motors, Churchill Capital Corp, REUTERS, Industry, King Abdullah Economic City, Saudi's Public Investment Fund, EV, Thomson Locations: New York City , New York, U.S, Saudi Arabia's Jeddah, Jeddah, China, United States, Saudi Arabia, King Abdullah, Arizona, Bengaluru

☆ California-based EV maker Lucid opens first-ever auto plant in Saudi Arabia
▼ + stars: | 2023-09-27 | by ( Tom Foster | ) edition.cnn.com time to read: +2 min

CNN —Californian EV-maker Lucid has opened the first ever car manufacturing plant in Saudi Arabia, as the kingdom looks to establish itself as a global player in the EV race. The factory — the company’s first international plant — will initially focus on re-assembling vehicle kits sent over from the United States. “We look forward to delivering Saudi-assembled cars to customers in Saudi Arabia and beyond.” Saudi Arabia’s powerful Public Investment Fund (PIF), controlled by the Saudi government, is Lucid’s largest shareholder. Saudi Arabia wants 30% of new car sales in the kingdom to be electric by 2030. Earlier this month, The Wall Street Journal reported that Saudi Arabia had also held talks with Tesla over an EV factory in the kingdom.

Persons: Lucid, ”, Peter Rawlinson, Tesla, Elon Musk Organizations: CNN, King Abdullah Economic, Saudi, Public Investment Fund, Siemens, Street Journal, EV Locations: Saudi Arabia, King Abdullah, Jeddah, United States, Saudi

☆ PGA Tour says LIV merger attracts unsolicited investor interest
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

A view shows the logo of PGA Tour during the Canadian Open’s Championship Pro-Am after news was released of a new partnership between the PGA Tour and Saudi-backed LIV Golf circuit, at Oakdale Golf and Country Club in Toronto, Ontario, Canada June 7, 2023. REUTERS/Nick Lachance/File Photo Acquire Licensing RightsSept 27 (Reuters) - PGA Tour said its planned merger with Saudi-backed LIV Golf and DP World Tour has garnered unsolicited interest from investors as it continues to finalise an agreement with the Public Investment Fund and the DP World Tour. The PGA said that while it did not solicit additional investment interest, it has a responsibility to members, sponsors and fans to thoroughly evaluate all potential options. Any investments that come from the talks will be made into PGA Tour Enterprises, a subsidiary of the PGA Tour, which it would permanently control. PGA said additional investor interest is not about politics, but because the PGA Tour has, for the first time, created an investment vehicle in PGA TOUR Enterprises and its business is strong.

Persons: LIV, Nick Lachance, LIV Golf, Juby Babu, Chris Reese Organizations: Tour, Canadian, PGA Tour, Oakdale, Country Club, REUTERS, Saudi, Public Investment Fund, PGA, PGA Tour Enterprises, Bloomberg, Enterprises, Saudi Arabia's Public Investment Fund, Thomson Locations: Saudi, Toronto , Ontario, Canada, U.S, Washington, Bengaluru

☆ Saudi Arabia and the UAE are battling to become the Middle East's economic superpower
▼ + stars: | 2023-09-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +11 min

Saudi Arabia's crown prince is shaking up his economy in a move escalating its UAE rivalry. In March, Saudi Arabia unveiled Riyadh Air , a new airline serving as an alternative to the UAE's Emirates and Etihad Airways. If you want to do business with Saudi Arabia or Saudi state-owned entities, you've got to base your regional HQ in Saudi Arabia." "Saudi Arabia sees the separation project in Yemen as a way to let the Houthis control the north and therefore have a more-threatening border at the south of Saudi Arabia." Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSHow far the rivalry between the two nations goes largely depends on Saudi Arabia's actions.

Persons: Saudi Arabia's, Mohammed bin Salman, Sheikh Mohamed bin Zayed Al Nahyan, MBZ, Obama, You've, Kristian Ulrichsen, Rice, Sheikh Mohamed, Prince Mohammed, Sheikh Mohamed —, —, Leon Neal, Shaybah, Ulrichsen, Sheikh Zayed, Sultan Al Nahyan, Abu, Prince Mohammed bin Salman, Neom, Abishur Prakash, Jorg Greuel, Abdullah Alaoudh, Prakash, you've, Saudi Crown Prince Mohammed, Ludovic Marin, Mohammed's, Jamal Khashoggi, Biden, Baker Institute's Ulrichsen, Alaoudh, wouldn't Organizations: United Arab Emirates, UAE, Service, Baker Institute, Saudi, UAE —, Qatar, Dubai, United, Freedom Initiative, UAE's Emirates, Etihad Airways, Saudi Public Investment Fund, Newcastle United FC, English Premier League, Manchester City, Saudi Crown, Getty, Ritz Carlton, Saudi Royal Court, REUTERS, Saudi Aramco, United Nations Locations: Saudi, Wall, Silicon, Saudi Arabia, East, Washington, London, UAE, Persian, Al Ain, British, Qatar, Abu Dhabi, United Arab, Riyadh, Manchester City . Saudi Arabia, New Delhi, Istanbul, Yemen, Iran, Saudi Arabia's, Bandar, Ukraine

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

☆ Saudi crown prince says he will keep 'sportswashing' as criticism of the practice grows
▼ + stars: | 2023-09-21 | by ( Drew Richardson | ) www.cnbc.com time to read: +4 min

Call it whatever you want, we're going to get that one and a half percent," the crown prince said. The Saudi Public Investment Fund (PIF), an entity controlled by Crown Prince Mohammed, has backed Saudi soccer clubs and LIV Golf. The LIV Golf merger with the PGA Tour has faced widespread scrutiny. Key U.S. lawmakers have criticized the pending golf merger as an attempt by the kingdom to distract from its human rights record. Prior to the deal, LIV Golf sued the PGA Tour for alleged anticompetitive practices, which prompted the PGA Tour to countersue, saying LIV Golf was stifling competition.

Persons: Saudi Arabian Crown Prince Mohammed bin Salman Al Saud, Prince Mohammed bin Salman, sportswashing, I'm, Critics, Jamal Khashoggi, Cristiano Ronaldo, Dustin Johnson, Bryson DeChambeau, LIV Golf, Crown Prince Mohammed, LIV, Osama bin Laden, It's, Sen, Richard Blumenthal, Conn, Jimmy Dunne, Ron Price, Price, Benjamin Freeman, — CNBC's Lillian Rizzo, Chelsey Cox Organizations: Saudi, Saudi Arabian Crown, Partnership, Global Infrastructure, Fox News, Washington Post, Neymar, PGA Tour, Saudi Public Investment Fund, Crown, Reuters, PGA, Key U.S, Homeland Security, Governmental Affairs, Tour, Quincy Institute, Responsible Locations: Saudi Arabian, New Delhi, India, Saudi, Europe, Saudi Arabia, Key, Yemen

Meanwhile, failed uprisings in Bahrain and eastern Saudi Arabia were followed by years-long crackdowns and a continuing civil war in Syria. “What we’re beginning to see in Saudi Arabia right now is the emergence of a new social contract. Saudi Arabia is the world’s biggest exporter of crude oil, and nearly two-thirds of its income still comes from selling fossil fuels. If Saudi Arabia can become a hub for major sporting events, then that’s a way of attracting interest to the country,” said Maguire. In response to previous criticism about Saudi Arabia’s purported “sportswashing,” the kingdom’s sports minister Prince Abdulaziz bin Turki Al-Faisal said: “People that don’t know Saudi Arabia, have never been to Saudi Arabia, go out and talk about it as if they’ve lived there for 30 years, 40 years.

Persons: Hilal, Kylian Mbappé, Germain, Neymar Jr, Ballon d’Or, Cristiano Ronaldo, Nassr, Patricia de Melo Moreira, it’s, Saudi Crown Prince Mohammed bin Salman –, Leon Neal, Ballon, Karim Benzema, Al Hilal, spender, –, Carlo Nohra, Jordan Henderson, Henderson, “, ’ ” Simon Chadwick, “ We’ve, ” Chadwick, King Salman bin Abdulaziz Al Saud, Al Nassr, Stringer, you’re, Kieran Maguire, they’re, Everybody’s, ” Maguire, Chadwick, Ronaldo, Maguire, … Mohammed bin Salman, ” James Dorsey, ”, Chadwick –, Mohammed bin Salman, Saudi Arabia’s, Prince Abdulaziz bin Turki Al, Faisal, don’t, they’ve, LIV Golf, Jimmy Dunne, LIV, Dunne, Aleksander Ceferin, Erling, Haaland, Jurgen Klopp, Michael Emenalo, Steven Gerrard, Nohra, ” “ They’ve Organizations: CNN, Saudi, Al, Paris Saint, PSG, Saudi Pro League, Ligue, Liga, Serie, Bundesliga, English Premier League, Deloitte, Investment Fund, AFP, Getty, SPL, Saudi Crown, Spanish, Arsenal, CNN Sport, English, Newcastle United, Liverpool, The Athletic, SKEMA Business School, Argentina, Zamalek, King Fahd Sports City, Anadolu Agency, Chelsea, Manchester United, Manchester City, Football, AFC Asian, FIFA, Greece, Royal Spanish Football Federation, Spanish Super, ”, Amnesty International, Amnesty, Middle East Soccer, Saudi Ministry, Sport, PGA Tour, European, UEFA, Premier League, Ettifaq Media, Reuters New Saudi Pro League, Major League Soccer, La Liga, Peterson Institute for International Economics, Russian Direct Investment Fund, Investigations, PGA Locations: Saudi Arabian, Brazil, Saudi, Ittihad, Al, Ahli, Real Madrid, England, France, Germany, Spain, Italy, Saudi Arabia, Liverpool, China, Qatar, Taif, Egypt, Spanish, East, North Africa, Libya, Yemen, Tunisia, Bahrain, Syria, “, ”, Europe, ” Liverpool

☆ Elon Musk denied a report that Tesla planned to build a factory in Saudi Arabia. It's the latest development in his complicated history with the nation.
▼ + stars: | 2023-09-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +8 min

Elon Musk has denied a report suggesting Tesla has plans to set up a factory in Saudi Arabia. It marks the latest twist in a long and complex history between Musk and Saudi Arabia. "Obviously, the Saudi sovereign fund has more than enough capital needed to execute on such a transaction." Funding secured. Funding secured."

Persons: Elon Musk, Tesla, Musk, — Elon, Yasir al, hadn't, Jty05oJUTk, Saudi Prince Alwaleed bin Talal, Yasir Organizations: Street Journal, Service, Wall, Journal, Democratic, Saudi, Public Investment Fund, Tesla, New York Times, Lucid Motors, JPMorgan, Financial Times, Lucid, @elonmusk, Twitter, Kingdom Holding Co, Reuters, Bloomberg Locations: Saudi Arabia, Wall, Silicon, Democratic Republic of the Congo, Saudi, Here's, Tesla, Saudi Prince, San Francisco

WASHINGTON (AP) — Saudi Crown Prince Mohammed bin Salman said in a rare interview with Fox News on Wednesday that negotiations over Israel means the prospects of normalized relations between both countries “get closer" every day, but that treatment of Palestinians remains a “very important” issue to be resolved. Saudi Arabia is discussing a major agreement with the United States to normalize relations with Israel in exchange for a U.S. defense pact and aid in developing its own civilian nuclear program. We think it’s good not just for Israel and Saudi Arabia, we think it’s good for the whole region,” Kirby said. Saudi Arabia has made major progress in winding down its devastating war with Iranian-backed Houthi rebels in Yemen, this week hosting a rebel delegation in the capital, Riyadh. The 38-year-old bin Salman assumed day-to-day rule after the aging King Salman named him next in line to the throne in 2017.

Persons: Prince Mohammed bin Salman, “, Bret Baier ”, Joe Biden, Benjamin Netanyahu, Biden, Netanyahu, ”, bin Salman, we’ve, John Kirby, Saudi Arabia “, ” Kirby, Bin Salman, ” Bin Salman, Jamal Khashoggi, ” bin Salman, Jared Kushner, Donald Trump’s, PIF, Salman, King Salman Organizations: WASHINGTON, —, Fox News, MBS, Israeli, General Assembly, West Bank, National Security, Washington Post, Saudi, Fox News Channel, White House, Saudi Arabia's Public Investment Fund, Trump, Arab League Locations: — Saudi, Israel, Saudi Arabia, United States, Palestinian, Saudi, New York, Asia, East, Europe, Iran, Saudi Arabi, Western, Yemen, Riyadh, Syria, America

☆ Tesla, Saudi Arabia in early talks for EV factory - WSJ
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. One of the proposals the kingdom is considering involves extending financing to commodities trader Trafigura for a flailing Congo cobalt and copper project, which could help provide a Tesla factory with supplies, the WSJ report said. Tesla did not immediately respond to Reuters requests for comment, while Saudi Arabia's sovereign fund, the Public Investment Fund, declined to comment. Musk said in May Tesla would probably pick a location for a new factory by the end of 2023. Tesla has a goal to sell 20 million vehicles a year by 2030, up from around 1.3 million in 2022.

Persons: Matthew Childs, Tayyip Erdogan, Tesla, Elon Musk, Benjamin Netanyahu, Musk, Samrhitha Arunasalam, Arpan Varghese, Arun Koyyur Organizations: REUTERS, U.S, Tesla, Wall Street, Democratic, Lucid, Public Investment Fund, Thomson Locations: London, Britain, Saudi Arabia, Turkey, California, Democratic Republic of Congo, Congo, Saudi, Mexico, Nuevo Leon, Bengaluru, Rachna, Dubai

Legendary golfer Gary Player thinks government and sports shouldn't mix, as the golf world goes through a major merger that has triggered antitrust concerns. He was an ambassador for Golf Saudi, an organization pushing to make the Kingdom of Saudi Arabia a more prominent force in the sport. Player also said he supports the proposed merger between Saudi-backed LIV Golf and the PGA Tour, which has drawn criticism and scrutiny from regulators and lawmakers, not to mention golfers. (Previously, Player has spoken out against players leaving the PGA Tour to join LIV Golf, saying it's for "guys that can't win one the regular tour any more.") Last week, a U.S. Senate subcommittee held its second hearing on the proposed merger.

Persons: Gary Player, We've, LIV Golf, Connecticut Sen, Richard Blumenthal Organizations: CNBC, Golf Saudi, Aramco, PGA Tour, U.S, Connecticut, Democratic, Saudi Public Investment Fund, soccer team Locations: Kingdom of Saudi Arabia, Saudi

☆ Ambani’s retail backers dispel only a little doubt
▼ + stars: | 2023-09-15 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Asia’s richest man is raising fresh funds to trim debt and expand the shopping unit of his flagship Reliance Industries (RELI.NS). Ambit Capital, a broking firm, for example ascribes Reliance Retail a $57 billion valuation in a sum of the parts analysis, almost half Bernstein’s estimated $111 billion. Any financial haze around Reliance Retail will naturally clear whenever it publishes a detailed listing prospectus. U.S. private equity giant KKR will invest 20.7 billion rupees ($250 million) into Reliance Retail Ventures, the company’s parent Reliance Industries said on Sept. 11. Reliance Retail is a subsidiary of Reliance Industries.

Persons: Mukesh Ambani, Thakore, Singapore’s GIC, Bernstein, Una Galani, Thomas Shum Organizations: Reuters, Reliance Industries, KKR, Abraham, Qatar Investment, U.S, Reliance Retail, Abu Dhabi Investment Authority, Saudi Arabia’s Public Investment Fund, Reliance, HK, India’s Reliance Industries, Reliance Retail Ventures, Thomson Locations: MUMBAI, Qatar, Abu Dhabi, China, Singapore, Saudi Arabia

The behind-the-scenes details on the IPO pricing decision are based on interviews with three people familiar with the discussions. Together with other previously unreported deliberations, they shed new light on why SoftBank took a conservative approach in valuing Arm in the IPO. SoftBank, which had owned 75% of Arm, agreed to buy the remaining 25% from its $100 billion Vision Fund at a $64 billion valuation last month. Representatives for Arm, SoftBank, PIF, Mubadala and Raine either declined to comment or did not immediately respond to requests for comment. VISION FUND BOUNCEBACKThe Vision Fund returned to profitability in the latest quarter thanks to investors' excitement around artificial intelligence boosting the value of some of the startups in which it invested.

Persons: Dado Ruvic, Masayoshi Son, Raine Group, Son, SoftBank, Fund's, Abu Dhabi's Mubadala, Raine, Didi Global, Echo Wang, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: REUTERS, SoftBank, Wednesday, Arm Holdings, Nasdaq, Vision Fund, Investors, Saudi Arabia's Public Investment Fund, Vision, Reuters, Nvidia Corp, Thomson Locations: San Francisco, New York, Mubadala, China, United States

Reliance Retail is India's largest retailer and is led by Asia's richest person Mukesh Ambani. Of that, QIA last month announced a $1 billion investment and KKR & Co (KKR.N) this week $250 million. Reliance sold a 10.09% stake in its retail unit in 2020, valuing it at 4.68 trillion rupees ($56.4 billion). When ADIA invested in Reliance Retail in 2020, it said it was part of its strategy of targeting market leading businesses in Asia linked to the region's consumption-driven growth. Reliance Retail reported a consolidated net profit of 91.81 billion rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Singapore's GIC, Mukesh Ambani, QIA, ADIA, PIF, Marks, Spencer, Ambani, Sriram, Aditya Kalra, Yantoultra Ngui, Alexander Smith Organizations: Reliance, Asia's, Reuters, KKR, Co, Abu Dhabi Investment Authority, Saudi Arabia's Public Investment Fund, Reliance Industries, Reliance Retail, Unilever, Thomson Locations: MUMBAI, DELHI, DUBAI, Singapore, Abu Dhabi, Saudi Arabia, GIC, Asia

Senator Richard Blumenthal, D-CT, speaks during a Senate Judiciary Committee hearing on the January 6th insurrection, in the Hart Senate Office Building on Capitol Hill in Washington, DC, March 2, 2021. WASHINGTON — Bipartisan members of a Senate subcommittee on homeland security demanded transparency Wednesday from a Saudi Arabian investment fund at its second hearing on the controversial deal to merge PGA Tour and Saudi-backed LIV Golf. "Saudi Arabia's bid to buy professional golf in America is not just one investment in a vacuum," Sen. Richard Blumenthal, D-Conn., chairman of the Permanent Subcommittee on Investigations, said on Capitol Hill. Blumenthal announced that he had issued a subpoena on Wednesday to USSA International LLC, the PIF's wholly-owned U.S. subsidiary, for documents related to the PGA Tour-LIV Golf deal and other U.S. investments. A PGA Tour representative declined to comment.

Persons: Richard Blumenthal, LIV Golf, Sen, Conn, Blumenthal, LIV, Benjamin Freeman, Joey Shea, LIV didn't Organizations: WASHINGTON, Saudi, Investigations, Capitol, USSA, PGA, Quincy Institute, Responsible, United, Human Rights Watch Locations: Hart, Washington , DC, Saudi Arabian, Saudi, America, Saudi Arabia, China, Russia, United States, United Arab Emirates

☆ US Senate issues subpoena to PIF subsidiary regarding PGA Tour deal
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

A view shows the logo of PGA Tour during the Canadian Open’s Championship Pro-Am after news was released of a new partnership between the PGA Tour and Saudi-backed LIV Golf circuit, at Oakdale Golf and Country Club in Toronto, Ontario, Canada June 7, 2023. REUTERS/Nick Lachance/File photo Acquire Licensing RightsSept 13 (Reuters) - The U.S. Senate has issued a subpoena to the Saudi Arabian Public Investment Fund's (PIF) U.S. subsidiary over its planned partnership with the PGA Tour, it said on Wednesday. The subpoena calls for the release of documents related to PIF's framework agreement with the PGA Tour and other investments throughout the United States, the U.S. Senate said in a news release. The announcement came ahead of Wednesday's hearing by the U.S. Senate Permanent Subcommittee on Investigations (PSI), which is expected to focus on PIF's investments and efforts to gain influence in the United States. "The Saudi's Public Investment Fund cannot have it both ways - if it wants to engage with the United States commercially, it must be subject to United States law and oversight," Senator Richard Blumenthal, chair of the PSI, said.

Persons: LIV, Nick Lachance, Richard Blumenthal, Blumenthal, Greg Norman, LIV Golf, Yasir al, Jamal Khashoggi, Frank Pingue, David Holmes Organizations: Tour, Canadian, PGA Tour, Oakdale, Country Club, REUTERS, U.S . Senate, Saudi Arabian Public Investment, PGA, Investigations, Public Investment, United, Senate, Saudi, LIV Golf, Washington Post, Thomson Locations: Saudi, Toronto , Ontario, Canada, United States, Washington, Saudi Arabia, Toronto

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