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☆ Less ethical US foreign policy requires new logic
▼ + stars: | 2023-09-18 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Russia’s invasion of Ukraine and rising tensions with China are now driving U.S. foreign policy, and ethical considerations have taken a back seat. Even so, groups such as Amnesty International and Human Rights Watch are concerned. But the United States considers all to have poor records when judged against the Universal Declaration of Human Rights. While it may make sense for the United States to choose the lesser evil, it is now unclear what role human rights play in American foreign policy. Although he didn’t connect this idea to human rights, that seems to be part of the thinking.

Persons: Narendra Modi, Joe Biden, Evan Vucci, Biden, Antony Blinken, ”, Modi, Saudi Crown Prince Mohammed bin Salman, Blinken, It’s, Peter Thal Larsen, Thomas Shum Organizations: Indian, U.S, Bharat, REUTERS Acquire, Reuters, Amnesty, Human Rights, U.S ., Saudi Crown, Universal, United, United States, Reuters Graphics, Seven, Washington, Thomson Locations: New Delhi, India, Vietnam, Saudi Arabia, Ukraine, China, Asia, Beijing, Moscow, U.S, Hanoi, United States, Riyadh, Russia, United, East, Europe, Afghanistan, Iraq

"I will match your offer and commit today to open an office," Saudi Investment Minister Khalid Al Falih said after India's trade minister Piyush Goyal invited Saudi Arabia to set up an office of its sovereign wealth fund, Public Investment Fund (PIF), in GIFT City. Goyal also said he would suggest that his ministry starts an investment promotion office in Riyadh. During the Crown Prince's visit India and Saudi Arabia signed 50 initial pacts in various fields and agreed to form a joint task force for $100 billion in Saudi investment in India, originally announced by the Crown Prince in 2019. Half of the planned $100 billion is earmarked for a delayed refinery project along India's western coast, an Indian foreign ministry official said. He said Saudi Arabia is looking to invest in sectors including oil, gas, petrochemicals, new energy, technology, manufacturing and defence.

Persons: Amit Dave, Narendra Modi, Khalid Al Falih, Piyush Goyal, Prince Mohammed bin Salman's, Goyal, Crown Prince, Falih, Shivangi Acharya, Nidhi Verma, Blassy Boben, Ed Osmond, Susan Fenton Organizations: Gujarat International Finance Tec, REUTERS, Indian, Saudi Investment, Public Investment Fund, Crown, United Arab Emirates, Saudi Aramco, Thomson Locations: Gujarat, Gandhinagar, DELHI, Saudi Arabia, New Delhi, Dubai, Hong Kong, City, Falih, Delhi, Saudi, Riyadh, India, Indian, Maharashtra

☆ New Mideast corridor would include trains to India, Delhi says
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Saudi Arabia's Crown Prince Mohammed bin Salman inspects the honour guard during his ceremonial reception at the Rashtrapati Bhavan presidential palace in New Delhi, India, September 11, 2023. Asked about the proposals, Ausaf Sayeed, a secretary in the Foreign Ministry, spelled out that the corridor would include trains to India and not just links by port. Saudi Arabia is among the top exporters of petroleum to India. Sayeed said that new corridor will include ports, railways, better roads and also power, gas grids and optical fiber network. During their talks earlier in the day the Indian leader and the Saudi crown prince also discussed cooperation in space, semiconductors and collaboration in defence manufacturing as well.

Persons: Crown Prince Mohammed bin Salman, Stringer, Ausaf, Khalid Al Falih, Prince Mohammed bin Salman's, Sayeed, Shivam Patel, Krishn Kaushik, Ed Osmond, Angus MacSwan Organizations: Saudi, Crown, REUTERS, Foreign Ministry, European Union, United Arab, Initiative, Saudi Investment, Gulf Cooperation Council, Thomson Locations: New Delhi, India, DELHI, East, South Asia, Indian, Delhi, United States, Saudi Arabia, United Arab Emirates, Monday, Saudi

NEW DELHI (AP) — The Saudi crown prince once vilified by President Joe Biden has been elevated from a fist bump to a hearty handshake. Biden smiled and shook hands with the crown prince, who is often referred to by his initials MBS, as the announcement wrapped up. The cordial greeting was a sharp contrast to the last time Biden and the crown prince met, just over a year ago, in Jeddah, Saudi Arabia. During that encounter, Biden awkwardly greeted the crown prince with a fist bump, a moment roundly criticized by human rights activists, who were already upset at Biden's decision to meet with the Saudi leader. Biden refused to speak to Prince Mohammed at the start of his administration.

Persons: Joe Biden, Biden, Mohammed bin Salman, Narendra Mod, Bin Salman, Jamal Khashoggi, Fred Ryan, year's Biden, Prince Mohammed, ” Khashoggi Organizations: DELHI, Group, MBS, Indian, The Washington Post Locations: Saudi, New Delhi, India, East, Europe, Jeddah, Saudi Arabia, U.S, Ukraine

A man walks past an installation on a skywalk ahead of the G20 Summit in New Delhi, India, September 6, 2023. The plans for a sweeping, multi-national ports and rail deal would come at a critical time. It also comes as the Biden administration seeks a broader diplomatic deal in the Middle East that would have Saudi Arabia recognize Israel. The negotiations over a multi-country infrastructure deal were first reported by Axios. Beyond the diplomatic implications, officials said they hope such an infrastructure deal could reduce shipping times, cost, the use of diesel and make trade faster and cheaper.

Persons: Francis Mascarenhas, Joe Biden, Narendra Modi, Saudi Crown Prince Mohammed Bin Salman, Biden, Steve Holland, Trevor Hunnicutt, Heather Timmons, Jamie Freed Organizations: REUTERS, Rights, United Arab, Indian, Saudi Crown, Washington, Axios, Thomson Locations: New Delhi, India, U.S, Saudi Arabia, South Asia, United Arab Emirates, Europe, Israel

[1/5] A Municipal Corporation of Delhi (MCD) official catches a stray dog using a rod with a loop, near Indira Gandhi International Airport ahead of the G20 summit in New Delhi, India, September 5, 2023. The Municipal Corporation of Delhi (MCD) did not directly link the removal of stray dogs to the summit, stating that the canines are being picked up "only on an urgent need basis". Reuters' witnesses saw MCD teams capturing dogs using rods with a loop at one end. Sanjay Mohapatra, founder of the House of Stray Animals NGO, termed the action "needless". "If delegates see people feeding stray dogs, it will actually create a good impression of the country," he said.

Persons: Anushree, Joe Biden, Rishi Sunak, Prince Mohammed Bin Salman, Justin Trudeau, Fumio Kishida, Ambika Shukla, Sanjay Mohapatra, Friendicoes, Geeta Seshamani, Anushree Fadnavis, Sakshi Dayal, Raju Gopalakrishnan Organizations: Municipal Corporation of Delhi, Indira Gandhi, Airport, REUTERS, Authorities, U.S, British, Canadian, Japanese, Reuters, Animals, Stray Animals, Thomson Locations: New Delhi, India, DELHI, Delhi, Saudi

[1/3] Traffic moves past the 'Bharat Mandapam', the main venue of the G20 Summit in New Delhi, India, September 5, 2023. U.S. President Joe Biden, British Prime Minister Rishi Sunak, Saudi Crown Prince Mohammed Bin Salman, Canadian Prime Minister Justin Trudeau and Japanese Prime Minister Fumio Kishida are expected to be part of the gathering in New Delhi. For years, Ambani and Adani have competed across a wide range of industries from telecoms to media, and energy to finance. Adani Group has denied any wrongdoing. Reliance Industries, Adani Enterprises, Tata Sons, Bharati Airtel, Aditya Birla Group and the Indian government did not reply to emails seeking comment on the invitation.

Persons: Mandapam, Adnan Abidi, Mukesh Ambani, Gautam Adani, Narendra Modi, Joe Biden, Rishi Sunak, Prince Mohammed Bin Salman, Justin Trudeau, Fumio Kishida, N, Kumar Mangalam Birla, Sunil Mittal, Ambani, Xi Jinping, Vladimir Putin, Modi, Adani, Sarita Chaganti Singh, Shivangi, Clarence Fernandez Organizations: REUTERS, British, Canadian, Japanese, Tata, Bharti Airtel, Reliance Industries, Adani, Hindenburg Research, Adani Enterprises, Tata Sons, Bharati Airtel, Aditya Birla Group, Thomson Locations: New Delhi, India, DELHI, Saudi

☆ Netanyahu Is Unilaterally Changing the U.S.-Israel Relationship - The New York Times
▼ + stars: | 2023-09-05 | by ( Thomas L. Friedman | ) www.nytimes.com time to read: +1 min

Because finding a way to balance the different interests of all four of these parties makes quantum mechanics look as easy as tic-tac-toe. Alas, though, this is not the version that Prime Minister Benjamin Netanyahu of Israel is trying to sell us. So, I want to appeal directly to President Biden and the Saudi crown prince, Mohammed bin Salman: Do not let Netanyahu make you his useful idiots. You cannot have normalization with an Israeli government that is not normal. It will never be a stable U.S. ally or Saudi partner.

Persons: Biden, they’ll, It’s, Benjamin Netanyahu, Mohammed bin Salman, Netanyahu Locations: United States, Saudi Arabia, Israel, Saudi, U.S

☆ Indonesia offers its first 'golden visa' to OpenAI CEO Sam Altman, allowing him to skip airport lines and stay in the country for up to 10 years
▼ + stars: | 2023-09-05 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Indonesia has said OpenAI Sam Altman will get the country's first "golden visa." The visa allows the CEO to stay in the country for up to 10 years, along with several other perks. It's unclear whether Altman applied for the visa or plans to stay in Indonesia for long periods. AdvertisementAdvertisementIndonesia has granted tech titan Sam Altman the country's first "golden visa." According to a translation of the statement, Karim said the OpenAI CEO has an "international reputation and may bring benefits to Indonesia."

Persons: Sam Altman, Altman, Silmy Karim, Karim, Bill Gates, Jeff Bezos Altman Organizations: Trump, Oprah Locations: Indonesia, Saudi, Jakarta, Bali

India's Prime Minister Narendra Modi speaks during a joint press conference with Greek Prime Minister Kyriakos Mitsotakis at the Maximos Mansion in Athens, Greece, August 25, 2023. A "mid-20th century approach cannot serve the world in the 21st century", Modi, who will host a summit of the Group of 20 big economies from next weekend, told the Press Trust of India news agency. "International institutions need to recognise changing realities, relook at their priorities," Modi said, adding it was critical to ensure the representation of voices. "India's G20 presidency also sowed seeds of confidence in countries of so-called third world." Modi, 72, said India's G20 presidency has led to the recognition that anti-inflation policies in one country do not harm others.

Persons: Narendra Modi, Kyriakos Mitsotakis, Stelios Misinas, Modi, Joe Biden, Emmanuel Macron, Olaf Scholz, Saudi Crown Prince Mohammed bin Salman, cryptocurrency, Arpan Chaturvedi, William Mallard Organizations: India's, Greek, REUTERS, Indian, United, Press Trust of India, . Security, African Union, Saudi Crown, Thomson Locations: Athens, Greece, DELHI, United Nations, U.S

☆ A Saudi-Israel deal could dramatically reshape the Middle East — but don't expect it anytime soon
▼ + stars: | 2023-09-01 | by ( Natasha Turak | ) www.cnbc.com time to read: +7 min

Saudi Arabia doesn't recognize Israel as a state and has refused to do so since the latter's independence in 1948. A deal between Israel and Saudi Arabia could dramatically reshape the geopolitics of the Middle East. Saudi Arabia wants military promisesAnother big challenge is what Saudi Arabia is demanding of Washington. But even if a security guarantee and more advanced weapons access demands are met, U.S. backing for a Saudi nuclear program is likely more challenging. Any deal on this is also complicated by the fact that Saudi Arabia has its own natural supplies of uranium and intends to mine them itself.

Persons: Prince Mohammed bin Salman, Louiza Vradi, Israel –, Saudi Arabia doesn't, Mahmoud Abbas, Benjamin Netanyahu, Amir Cohen, Biden, Sanam Vakil, Netanyahu, Mustafa Hassona, Hussein Ibish, Saudi Crown Prince Mohammed bin Salman, Vakil, Mohammed bin Salman, Fayez Nureldine, Ryan Bohl, Rane Organizations: Wall Street Journal, Palestinian Authority, Biden, Palmachim Air Force Base, Reuters, Saudi, Chatham House, CNBC, Bloomberg, Anadolu Agency, Getty, Gulf States Institute, United Nations, Saudi Crown, Nurphoto, Republicans, Artillery, Defense, Afp, U.S, government's, United Arab Emirates, Middle East Locations: Saudi, Athens, Greece, Saudi Arabia, Israel, Iran, Riyadh, Rishon Lezion, U.S, East, North Africa, Palestine, Mecca, Medina, Gaza City, West Bank, Nablus, Gaza, Washington, Beit Lahia, Yemen

☆ House Oversight Democrats ask GOP to subpoena Affinity Partners, Jared Kushner's $3 billion Saudi-backed private equity fund
▼ + stars: | 2023-08-31 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +4 min

Shortly after leaving the White House, Jared Kushner got $2 billion in funding from the Saudi government for his private-equity fund. Mohammed bin Salman, the Saudi crown prince who developed close ties to Kushner, pushed the deal through, the New York Times reported. Now, Democrats on the House Oversight Committee are asking the GOP to investigate with the same zeal they've applied to Hunter Biden. The letter puts special focus on a $2 billion investment from Saudi Arabia's Public Investment Fund. AdvertisementAdvertisementBut MBS, who chairs the fund, intervened to push the deal through, according to the Times' repoAffinity Partners now has an office in Miami.

Persons: Jared Kushner, Mohammed bin Salman, Kushner, they've, Hunter Biden, Jamie Raskin, Joe Biden's, Raskin, Donald Trump's, James Comer, Comer, Prince Mohammed bin Salman, Lockheed Martin, Jamal Khashoggi, Abraham, Austin Hacker, Hacker Organizations: White, New York Times, Service, Democratic, GOP, Affinity Partners, White House, Democrats, Saudi Arabia's Public Investment Fund, MBS, Trump, Intercept, The New York Times, Lockheed, National Security Council, Saudi, Times, Abraham Accords, Trump White House, Affinity, CNN Locations: Saudi, Wall, Silicon, Maryland, Saudi Arabia, Miami

☆ Vision 2030 is Saudi Arabia's grand plan to future-proof its oil-based economy. Experts say it's a huge risk.
▼ + stars: | 2023-08-27 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +9 min

Vision 2030 is Saudi Arabia's grand plan to transform its economy and reduce its reliance on oil. The centerpiece of Vision 2030 is Neom, which includes a $1 trillion megacity known as The Line. But time is ticking: Seven years after announcing Vision 2030, Saudi Arabia has reached the midway point of its timeline, with just seven years left to the finish line. That said, much of this is being financed by the Public Investment Fund, Saudi Arabia's powerful sovereign wealth fund, which manages assets worth about $700 billion. NeomA key factor that could determine this project's success involves Saudi Arabia's changing appeal to the West.

Persons: Saud, who's, Simon Mabon, Prince Mohammed Bin Salman, Saudi Crown Prince Mohammed bin Salman, McKinsey —, —, Gerald Feierstein, Barack Obama, Feierstein, Richard Callis, Prince Mohammed, Yasir Othman al, Mabon, Prince Mohammed's, there's, Muslimi, they're Organizations: Foreign Policy Center, Saudi Royal Court, REUTERS, Saudi Crown, McKinsey, Middle East Institute, Public Investment Fund, Saudi, SoftBank's Vision, Newcastle United soccer, Newcastle United FC, Saudi Aramco, International Monetary Fund, Chatham House, Neom, United, Bloomberg, Amnesty International Locations: Saudi, Dhahran, Saudi Arabia, London, NEOM, Bandar, Yemen, Ukraine, Riyadh, Jeddah, they're, United Arab Emirates, Neom

☆ Media and entertainment companies are finding more investment from the Middle East, but it can come with controversy. Here are 11 of the most notable deals.
▼ + stars: | 2023-08-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

Insider broke down 11 top media companies with Middle Eastern backing or partnerships. Middle Eastern investment has poured into US media and entertainment, and US media companies have been eager recipients. Here's a rundown of 11 key Western media and entertainment companies, listed alphabetically, that have licensing and investment partnerships with Middle Eastern entities. Jimmy Finkelstein's news startup The Messenger has Middle Eastern funding via its acquisition of IMI-backed startup Grid, which is now shuttered. The North Road, Peter Chernin and Providence Equity's production roll-up, took a $150 million investment in January from the Qatar Investment Authority, Qatar's main investment vehicle, to support its expansion.

Persons: Peter Chernin, Jeff Zucker, Uber, Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, hasn't, Mohammed bin Salman, SRMG, Abu, Abu Dhabi's, Jimmy Finkelstein's, BeIn, Stone, Ian Orefice, WBD Organizations: Providence, North, IMI, ex, CNN, Public Investment Fund, Blackstone, Washington Post, Saudi Crown, Saudi, Guardian, Media, Bloomberg Media, Saudi Research, Media Group, Media Investments, CNN Business, Abu Dhabi Media Investment Corporation, Sky News Arabia, Business, Independent, SRMG, Miramax, BeIn, Paramount, Qatar Investment Authority, Penske Media Corporation, Billboard, Variety, Penske, Vox Media, New York, Billboard Arabia, RedBird Capital, Mideast, MBC Group, MBC, Fortress Investment Group, Investment, Warner Bros Locations: Saudi Arabia, Qatar, UAE, West, Saudi, Abu Dhabi, ViacomCBS, SRMG

☆ A potential first-of-its-kind fighter jet purchase could be a sign Saudi Arabia isn't happy with what it's getting from the US
▼ + stars: | 2023-08-21 | by ( Paul Iddon | ) www.businessinsider.com time to read: +8 min

Saudi Arabia is reportedly considering a large number of French-made Dassault Rafale fighter jets. In July, Germany announced it would not allow additional Eurofighter Typhoon fighter jets to be delivered Saudi Arabia. The Saudi air force's 72 Eurofighters are its second most numerous fighter type behind its US-made F-15s. Bandar Algaloud/ReutersIn the near-term, Saudi Arabia may find Rafales more burdensome than beneficial, given its extensive investment in US and British aircraft. A Saudi Air Force F-15 taxis for takeoff at King Faisal Air Base in February 2021.

Persons: France's, Toni Anne Barson, Sebastien Roblin, Prince Mohammed bin Salman, Joe Biden, Roblin, Salman, FAYEZ NURELDINE, Ryan Bohl, RANE, Rafales, Jamal Khashoggi, Bohl, Justin Bronk, Katherine Walters, Paul Iddon Organizations: Dassault Rafale, Saudi, Service, Privacy Policy, France's La Tribune, Eurofighter Typhoon, United Arab, La Tribune, French Dassault Rafale, Saudi Eurofighter Typhoon, Getty, East, NATO, Bandar Algaloud, Reuters, British, Royal Saudi Air Force, Royal United Services Institute, Saudi Air Force, King Faisal Air Base, US Air Force, Staff, Rafale, Washington Locations: Saudi Arabia, British, Riyadh, Wall, Silicon, Privacy Policy Saudi Arabia, Saudi, Germany, United Arab Emirates, Qatar, French, Provence, Washington, Yemen, Iran, China, France, AFP, London, Russia, North Africa, NATO, United States, Bandar, Croatia, Egypt, India, Indonesia, Greece

☆ Saudi binge is fiscal free kick for European clubs
▼ + stars: | 2023-08-18 | by ( Streisand Neto | ) www.reuters.com time to read: +3 min

The Saudi binge may help European teams raise funds and meet tough new financial rules. The Roshn Saudi League is a top scorer in the football transfer market. UEFA, the governing body for European football, has introduced new rules limiting clubs’ spending on wages, transfers and agent fees to 70% of revenue. European clubs should take the money before the referee's whistle blows. Saudi clubs have spent over 550 million euros buying players from European clubs in the 2023/2024 transfer season, according to Transfermarkt.

Persons: Al Hilal's, Neymar, Fahd bin Saad Al, Neymar da Silva Santos Júnior, Germain, Rúben Neves, Prince Mohammed bin Salman, Len Blavatnik, China’s, Oscar, Marouane, Hilal, Cristiano Ronaldo, Karim Benzema, Neil Unmack, Thomas Shum, Pranav Kiran Organizations: Soccer, Al, Saudi Pro League, REUTERS Acquire, Reuters, Paris Saint, Saudi, Saudi Public Investment Fund, Britain’s Premier League, Premier League, Deloitte’s Sports Business, UEFA, Deloitte, Reuters Graphics Reuters, Bloomberg, BBC, Thomson Locations: Al Hilal, Paris, France, Saudi, Hilal, Saudi League, Al, Ittihad, Saudi Arabia, Riyadh, Kingdom, Saudi Arabian

☆ Saudi crown prince meets Iran's foreign minister as relations thaw
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +3 min

Footage of the meeting on Iranian state media showed MbS and Amirabdollahian smiling as they spoke, while Prince Faisal and the Iranian delegation looked on. Saudi state news agency SPA said they discussed international and regional developments. [1/3]Saudi Crown Prince, Mohammed bin Salman meets with Iranian Foreign Minister Hossein Amir-Abdollahian in Jeddah, Saudi Arabia August 18, 2023. Prince Faisal visited Tehran in June and said he hoped Iranian President Ebrahim Raisi would visit the kingdom at the "appropriate time". Saudi Arabia had meanwhile lost confidence in U.S. commitment to shared regional security concerns and wanted to bolster ties with China, which has retained good relations with Iran.

Persons: Saudi Arabian Crown Prince Mohammed bin Salman, Hossein Amirabdollahian, Amirabdollahian, Prince Faisal bin Farhan, Mohammed bin Salman, Prince Faisal, Saudi Crown Prince, Hossein Amir, Ebrahim Raisi, Ayatollah Ali Khamenei, General Antony Blinken, Angus McDowall, Mark Potter, Conor Humphries Organizations: Saudi Arabian Crown, Saudi, MbS, Saudi Crown, Iranian, Iran's Foreign, West Asia News Agency, REUTERS Acquire, Iran's, U.S, Dubai Newsroom, Thomson Locations: DUBAI, Saudi, Jeddah, United States, Iraq, Syria, Lebanon, Yemen, Bahrain, Abdollahian, Saudi Arabia, China, Tehran, Iran, Ukraine, Beijing, East

☆ Saudi crown prince meets Iran's foreign minister
▼ + stars: | 2023-08-18 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsSaudi crown prince meets Iran's foreign ministerPostedSaudi Arabian Crown Prince Mohammed bin Salman met Iranian Foreign Minister Hossein Amirabdollahian in Jeddah on Friday (August 18) in the highest level talks since the countries reconciled after years of bitter rivalry that destabilised the region.

Persons: Saudi Arabian Crown Prince Mohammed bin Salman, Hossein Amirabdollahian Organizations: Saudi Arabian Crown Locations: Saudi, Iranian, Jeddah

☆ Saudi soccer league lures Brazilian star Neymar as it seeks to attract 'exceptional players only'
▼ + stars: | 2023-08-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Saudi Arabia also recruited soccer legends Cristiano Ronaldo and Karim Benzema with contracts worth hundreds of millions of dollars, and it's expected to bid to host the 2030 World Cup. Portuguese football star Cristiano Ronaldo poses for a photo with the jersey after signing with Saudi Arabia's Al-Nassr Football Club in Riyadh, Saudi Arabia on December 30, 2022. Sports analysts are doubtful that Saudi Arabia will see its ambitions to have a top soccer league realized, even with all the money it can offer to top-tier players. Charles Laberge | LIV Golf | Getty ImagesOther criticism comes from an attitude among many that a Saudi league could never be a serious arena for athletes. Emenalo, himself a former defender for Nigeria's national soccer team and former technical director at English club team Chelsea, called the criticisms "outrageous."

Persons: Kylian Mbappe, Neymar Jr, Jean Catuffe, Neymar, Germain, Cristiano Ronaldo, Karim Benzema, Kalidou, Lyon's Moussa Dembele, Michael Emenalo, Saudi Arabia's, Al, Hilal, Kylian Mbappé, LIV, shockwaves, Saudi Crown Prince Mohammed bin Salman, Captain Brooks Koepka, Ricky Elliott, Charles Laberge, LIV Golf, Emenalo, it's, Khalid Al, Falih, that's Organizations: PSG, UEFA Champions League, Celtic Glasgow, Paris Saint Germain, Celtic Park, Getty, Getty Images, Saudi, Al, Paris Saint, Brazil national, L'Equipe, Manchester, Saudi Pro League, Nassr Football Club, Al Nassr Football, Anadolu Agency, France national, Sports, American PGA Tour, Saudi Crown, CNBC, Royal Greens, & Country Club, King Abdullah Economic, Nigeria's, soccer team, Chelsea, Saudi League, Guardian, Saudi Investment, Public Investment Fund Locations: Getty Images Saudi Arabia, Hilal, Barcelona, Saudi, Saudi Arabia, Riyadh, Europe, Jeddah, King Abdullah, King Abdullah Economic City

☆ Saudi’s swelling fund has scope for foreign binge
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 7 (Reuters Breakingviews) - Saudi Arabia’s big sovereign wealth fund is getting bigger. The Public Investment Fund’s assets under management swelled to 2.23 trillion riyals ($603 billion) in 2022 from 1.98 trillion riyals the year before. PIF’s international assets, which range from UK soccer club Newcastle United to struggling carmaker Lucid (LCID.O), shrank from 576 to 512 billion riyals. Still, PIF has big ambitions: it hopes to boost its total assets to a whopping 4 trillion riyals by 2025, of which 24% will be international. If so, its foreign assets could yet double to 960 billion riyals, according to Breakingviews calculations, making it a key player in global finance.

Persons: Saudi Crown Prince Mohammed Bin Salman, PIF, Neil Unmack, headwinds, Lisa Jucca, Pranav Kiran Organizations: Reuters, Investment, Saudi, Saudi Crown, Newcastle United, Twitter, Adidas, InBev, Thomson Locations: Saudi, Riyadh, Saudi Aramco, Neom

The kingdom's sovereign wealth fund reported an AUM of 1.98 trillion riyals for 2021. The PIF said it generated a total shareholders' return of 8% and established 25 companies in 2022, and locally deployed 120 billion riyals in that year in strategic sectors. The PIF said 23% of its AUM were international investments, while 68% were local investments and the remainder were treasury. PIF is the chosen vehicle of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, to drive an economic agenda aimed at cutting reliance on oil. The fund raised $5.5 billion in February from a green bond sale, following its inaugural green bond that raised $3 billion in October.

Persons: Yasir Othman Al, Mohammed Abdullah Al Jadaan, Ahmed Aqeel Al Khateeb, Ibrahim Abdulaziz Al, Prince Mohammed bin Salman, Majid Abdullah Al Qasabi, Khalid Abdulaziz Al Falih, PIF, Ahmed Elimam, Alex Richardson Organizations: Saudi Public Investment, Saudi Finance, Tourism, Investment, Read, Saudi, Public Investment Fund, Sunday, Aramco, Sanabil Investments, Thomson Locations: Saudi, DUBAI, London , New York, Hong Kong, Saudi Aramco

☆ How Saudi Arabia and UAE learned to stop worrying and love Turkey's Bayraktar drones
▼ + stars: | 2023-08-06 | by ( Paul Iddon | ) www.businessinsider.com time to read: +8 min

Saudi Arabia and the UAE have signed multibillion-dollar deals for Turkish drones in recent months. Azeri Ministry of DefenseSaudi Arabia previously showed interest in procuring Turkish drones and securing rights for local production. Bakir told Insider that Turkish drones have gained "global recognition" due to their "affordability, efficiency, and lethal capabilities" and documented successes over modern battlefields. "Moreover, Saudi Arabia could use such capabilities to balance Iran's drone technology in the long run," Ozeren said. Ozeren said the Saudi deal could help Baykar "monopolize" drone technology in Turkey but noted that crucial details about the agreement remain unknown.

Persons: Recep Tayyip Erdogan, Baykar, Abu Dhabi's, Loong, Loongs, Abu Dhabi, Abu, Ali Bakir, Erdogan, Mohammed bin Salman, Murat Kula, Bakir, Suleyman Ozeren, It's, Ozeren, Ali Atmaca, Sheikh Mohammed bin Zayed, Murat Centinmuhurdar, Bashar Assad, Paul Iddon Organizations: UAE, Service, United, United Arab Emirates, Turkey's Baykar Defense, Ministry of Defense, Anadolu Agency, Getty, Dassault Rafales, Ibn Khaldon, NATO, European Union, American University, Orion Policy Institute, Ataturk Airport, Security Initiative, Atlantic Council Locations: Saudi Arabia, Wall, Silicon, United Arab, Turkish, Riyadh, East, North Africa, South Caucasus, Ukraine, Armenian, Ministry of Defense Saudi Arabia, Republic of Turkey, Kuwait, UAE, Saudi, Istanbul, Yemen, Libya, Abu, Turkey, China, France, Qatar, Jeddah, Anadolu, Nahyan, Abu Dhabi

Ukrainian, Russian and international officials say there is no prospect of direct peace talks between Ukraine and Russia at the moment, as the war continues to rage and Kyiv seeks to reclaim territory through a counter-offensive. Neither the Jeddah gathering - which is expected to begin on Friday, with the main discussions on Saturday and Sunday - nor the peace summit would involve Russia, officials say. Saudi Arabia, along with Turkey, played a mediation role in a major prisoner swap between Ukraine and Russia last September. Zelenskiy attended an Arab League summit in Saudi Arabia in May this year, at which Saudi Crown Prince Mohammed bin Salman expressed his readiness to mediate in the war. A second senior EU official said Saudi Arabia reached "into parts of the world where (Ukraine's) classical allies would not get to as easily".

Persons: Volodymyr Zelenskiy, Leo Varadkar, Clodagh, Zhovkva, Zelenskiy, Saudi Crown Prince Mohammed bin Salman, Jake Sullivan, Matt Miller, there's, Dmitry Peskov, Olena Harmash, Carien du Plessis, Gabriela Baczynska, Daphne Psaledakis, Laurie Chen, Martin Pollard, Jon Boyle Organizations: Ireland's, REUTERS, Global, Reuters, European Commission, Chinese Foreign Ministry, Russia, Arab, Saudi Crown, EU, . National, U.S . State, Thomson Locations: Horodetskyi, Ukraine, Kyiv, Jeddah, China, BRUSSELS, LONDON, Saudi Arabia, Russia, India, Brazil, South Africa, Turkey, Moscow, Copenhagen, Riyadh, United States, U.S

☆ Saudi Arabia and Turkey are emerging as the new peace brokers of the Russia-Ukraine war
▼ + stars: | 2023-08-02 | by ( Natasha Turak | ) www.cnbc.com time to read: +7 min

Turkish President Recep Tayyip Erdogan welcomes Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud in Ankara, Turkey, on June 22, 2022. "We thank the Crown Prince and Government of Saudi Arabia for facilitating [the prisoner exchange]," Sullivan wrote in a separate post. "Saudi Arabia and Turkey are good examples of such mid-level powers now helping shape international realities in a way they rarely did during the Cold War." And Turkey, like Saudi Arabia, refuses to partake in sanctions against Russia, irking its Western allies. Saudi Arabian Crown Prince Mohammed bin Salman (R) meets Ukrainian President Volodymyr Zelenskyy (L) in Jeddah, Saudi Arabia on May 19, 2023.

Persons: Recep Tayyip Erdogan, Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud, Mustafa Kaya, Russian –, Vladimir Putin, –, Recep Tayyip Erdogan of, Crown Prince Mohammed bin Salman, Volodymyr Zelenskyy, Jake Sullivan, Putin, Sullivan, Hussein Ibish, Russia's Putin, Vilius Semeska, Selcuk Bayraktar, Haluk Bayraktar, Ibish, Saudi Arabia's Crown Prince Mohammed bin Salman, Saudi Arabian Crown Prince Mohammed bin Salman, Erdogan, Mohammed bin Salman, Ryan Bohl, Rane, Ayham Kamel Organizations: Saudi Arabia's Crown, Getty, Crown, Russia, Handout, Anadolu Agency, Twitter, Ukraine –, Prince, Saudi, Gulf States Institute, CNBC, NATO, Defence, Baykar, Saudi Arabian Crown, Saudi Foreign Ministry, Getty Images, Ukrainian, Arab, Russo, East, Global, Eurasia Group Locations: Ankara, Turkey, Xinhua, Russian, Russia, Recep Tayyip Erdogan of Turkey, Saudi Arabia, Kyiv, Ukraine, Ukrainian, Saudi, Jeddah, U.S, China, India, Brazil, Washington, Turkey's, Lithuanian, Istanbul, Turkish, , Washington, North Africa, Riyadh, Middle East

Tiger Woods wipes his driver grip on the 18th tee box during the first round of the PGA TOUR Champions PNC Championship at The Ritz-Carlton Golf Club on December 17, 2022 in Orlando, Florida. Ben Jared | PGA Tour | Getty ImagesThe PGA Tour on Tuesday said Tiger Woods would join its policy board, a concession meant to give players more input and oversight as negotiations continue for its controversial deal with Saudi-backed LIV Golf. Woods joins the board less than a month after former AT&T CEO Randall Stephenson resigned due to concerns regarding the Saudi investment. Until the proposed deal was announced, the PGA Tour and LIV were embroiled in antitrust lawsuits – lobbed at each other – as players left the tour for big paydays at LIV. The proposed deal has been met with ire and confusion from lawmakers, members of the tour and fans.

Persons: Woods, Ben Jared, Tiger Woods, LIV, Randall Stephenson, LIV Golf, Saudi Crown Prince Mohammed bin Salman, Patrick Cantlay, Charley Hoffman, Peter Malnati, Rory McIlroy, Webb Simpson, Monahan, Christian Petersen Organizations: PGA, PNC, Ritz, Carlton Golf Club, Saudi, Saudi Arabia Public Investment Fund, Saudi Crown, Augusta National Golf Club, Getty Locations: Orlando , Florida, Saudi, LIV, Augusta , Georgia

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