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☆ Saudi money is pouring into Hollywood and media, 5 years after the murder of Jamal Khashoggi. Here's who's cashing in and how.
▼ + stars: | 2023-03-15 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +13 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Even those media players that are comfortable with invetment from the Middle East may not find funds flowing, one Hollywood veteran said. A major live WWE event in Saudi Arabia is slated for May. Of the growing ties between US entertainment and media and Middle East investors, this person added, "Presumably media organizations got into this to help society make better decisions."

☆ Saudi crown prince is plotting to get US nuclear secrets by playing the White House, Russia, and China off against each other, report says
▼ + stars: | 2023-03-15 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Saudi Arabia has snubbed the US and drawn closer to rivals including China. In recent months, Saudi Arabia has provoked the ire of the US, traditionally its closest international ally, while drawing closer to US adversaries including China and Russia. According to The Wall Street Journal, Crown Prince Mohammed may be using its relations with China and Russia to establish a closer US security relationship. Last week, it brokered talks between Saudi Arabia and Iran, which have long been involved in proxy conflicts. US officials are wary of providing nuclear technology to Saudi Arabia, The New York Times reported, as they believe the Saudis could seek to develop nuclear weapons, amid fears that Iran is again gearing up its nuclear program.

☆ Saudi Crown Prince Test Drives Nonaligned Foreign Policy
▼ + stars: | 2023-03-14 | by ( Stephen Kalin | Summer Said | ) www.wsj.com time to read: 1 min

Saudi Arabia’s Crown Prince Mohammed bin Salman whose decision making has been criticized in the past as erratic. RIYADH, Saudi Arabia—Flush with cash from an oil boom, Saudi Crown Prince Mohammed bin Salman is making foreign-policy and business moves that test whether it is possible not to take sides in the rivalries between the U.S. and Russia and China. Last week’s China-brokered agreement to renew diplomatic relations with Saudi Arabia’s rival Iran demonstrated a shrewd pragmatism from the 37-year-old de facto ruler, whose decision making has been criticized in the past as erratic. The deal would cool tensions across the Persian Gulf and bring Saudi Arabia closer to its biggest trading partner, China, without alienating its top security partner in Washington, where officials said they saw the detente as positive.

☆ Saudi Arabia making peace with Iran in a deal brokered by China is a 'middle finger to Biden'
▼ + stars: | 2023-03-10 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +5 min

Iran and Saudi Arabia have agreed to restore diplomatic relations in a deal brokered by China. The US and Saudi Arabia have a close relationship and have been security partners for years. Saudi Arabia ultimately moved to cut oil production instead, which was viewed as a diplomatic embarrassment for the Biden administration and sparked outrage in Congress. Bandar Algaloud/ReutersThe deal also comes as the US contends with historic tensions with both Iran and China. The agreement also has the potential to throw a wrench in efforts to normalize relations between Saudi Arabia and Israel, given the latter and Iran are longtime enemies.

☆ AI might revolutionize how we borrow money. But is that a good thing?
▼ + stars: | 2023-03-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But a recent report by Credit Suisse on the use cases for both ChatGPT and AI in finance caught my eye. AI models are only as good as the data they receive, which leaves them susceptible to bias, just like humans. A top-performing hedge fund is looking to team up with one of the hottest tech tools. Izzy Englander's Millennium Management told clients that it'll expect to get paid regardless of whether the hedge fund actually makes money for its investors, according to Bloomberg. The billionaire hedge fund manager believes all signs are pointing towards a recession.

☆ Inside the germy, sneeze-filled meeting between Morgan Stanley's CEO and the Saudi crown prince at the onset of COVID-19
▼ + stars: | 2023-03-08 | by ( Liz Hoffman | ) www.businessinsider.com time to read: +8 min

James Gorman, CEO of Morgan Stanley, met with the Saudi crown prince at the onset of the pandemic. The young royal kept sneezing during the meeting — and Gorman's fear of a deadly pathogen began to grow. He was in the royal palace in Riyadh, Saudi Arabia, seated to the right of the country's crown prince, Mohammed bin Salman. Given their recent experience with a deadly virus, Gorman took the caution of his Kuwaiti hosts as a sign that the West was underestimating the dangers of this one. And now, as Gorman chatted with the controversial 34-year-old crown prince about ways Saudi Arabia could diversify its economy and reduce its reliance on oil, the young royal kept sneezing.

☆ Saudi Arabia and U.A.E. Clash Over Oil, Yemen as Rift Grows
▼ + stars: | 2023-03-03 | by ( Summer Said | Stephen Kalin | ) www.wsj.com time to read: 1 min

Middle East leaders at a regional event in January. DUBAI—When Abu Dhabi hosted a summit of Middle East leaders at a seaside palace in January, there was a glaring absence: Saudi Crown Prince Mohammed bin Salman . Prince Mohammed and U.A.E. President Sheikh Mohammed bin Zayed al Nahyan steered clear of each other’s events intentionally, Gulf officials said, even as the rulers of Jordan, Egypt, Qatar and others attended. The snubs exposed a growing rift between neighboring U.S. security partners that for years marched in lockstep on Middle East foreign policy.

☆ LIV Golf Fight Stirs Up Questions About Saudi Ownership of Newcastle United
▼ + stars: | 2023-03-02 | by ( Joshua Robinson | Louise Radnofsky | ) www.wsj.com time to read: 1 min

LONDON—When Saudi Arabia’s sovereign-wealth fund took a majority interest in English soccer team Newcastle United in 2021, the Premier League set out a clear condition before approving the sale. Newcastle, the league said, couldn’t in any way be controlled by the government of Saudi Arabia. The Saudi Public Investment Fund assured the league that the team’s operations would be free of state influence, despite the fund’s chairman being Saudi Crown Prince Mohammed bin Salman.

☆ Saudi companies to invest $51 billion under government-backed plan
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

RIYADH, March 2 (Reuters) - Saudi Arabia has launched 192 billion riyals ($51.2 billion) of investments led by local companies, including oil giant Aramco (2222.SE), SABIC (2010.SE) and Ma'aden (1211.SE), under a government-backed initiative, state news agency SPA reported. Other investments in the telecommunications and logistics will also receive Shareek support. Prince Mohammed had announced 12 trillion riyals of investments that the kingdom is planning by 2030, which include the Shareek programme, 3 trillion riyals from the Public Investment Fund (PIF) and 2 trillion in foreign investment. As part of the plans, officials have also pressed international companies to invest in Saudi Arabia and move their regional headquarters to Riyadh in order to benefit from government contracts. ($1 = 3.7524 riyals)Reporting by Alaa Swilam; Writing by Aziz El Yaakoubi; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ UAE gas IPO’s $50 bln valuation looks like a floor
▼ + stars: | 2023-02-22 | by ( Karen Kwok | ) www.reuters.com time to read: +3 min

LONDON, Feb 22 (Reuters Breakingviews) - The United Arab Emirates’ bumper gas listing inevitably invites comparisons with Saudi Aramco (2222.SE). As with the five other subsidiaries which ADNOC has listed, including its distribution arm and Borouge (BOROUGE.AD), ADNOC Gas comes with juicy shareholder payouts. While ADNOC Gas benefits from a 25-year agreement with its parent to provide gas for its needs, ADNOC takes a share of the resulting profit. That said, with over two thirds of its gas serving local customers who contribute one-third of its operating profit after tax, ADNOC Gas earnings are arguably more predictable. ADNOC Gas envisages an equity valuation of at least $50 billion, people familiar with the situation told Reuters Breakingviews.

☆ Trump and Kushner's Saudi Ties Are an Ethical Minefield: Watchdog
▼ + stars: | 2023-02-15 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +12 min

Weeks after leaving office, Jared Kushner obtained a $2 billion investment from the Saudi government. The Saudi support came despite the kingdom's own financial advisers urging against any investment in Kushner's new company, citing the "inexperience" of its top brass. Let's start with Jared Kushner before we get into the LIV Golf situation. You have John Bolton, Trump's own national security advisor, making it very clear that you had somebody, like Jared — and President Trump, apparently — working to promote their business interests. Trump, not only did he keep his company, the Trump Organization, but he's a transactional president, right?

☆ Jared Kushner's private equity firm concealed the origins of Saudi-backed funds and used the SEC's own rules to help them do it, report says
▼ + stars: | 2023-02-13 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +5 min

In April 2022, The New York Times reported Jared Kushner received $2.5 billion in Saudi-backed funds. A new Washington Post report reveals how Kushner's company concealed the source of the funds. On an SEC form, a box reading "Sovereign wealth funds and foreign official institutions" was blank. In the form, Kushner lists Affinity as an "other business name." Kushner and his father-in-law, Trump, have received a fair share of scrutiny for their ties to the Saudi prince and his allies.

☆ Trump probably won't win his $50 million lawsuit against Bob Woodward with experts saying the suit 'turns the First Amendment on its head'
▼ + stars: | 2023-02-02 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +9 min

Former President Trump claims he owns the audio rights to interviews conducted by Bob Woodward. But legal experts say it's unlikely a court will agree with Trump, who claims he's owed $50 million. "The case centers on Mr. Woodward's systematic usurpation, manipulation, and exploitation of audio of [former] President Trump," states the complaint, filed with a federal court in Florida. The audiobook didn't go on sale for another two years — after, Woodward says, he decided its release served the public interest. "Filing a lawsuit over publishing those interviews turns the First Amendment on its head."

☆ Washington Post publisher slams Pompeo calling Jamal Khashoggi an 'activist' in new book, fires back that CIA 'concluded Jamal was brutally murdered'
▼ + stars: | 2023-01-24 | by ( Brent D. Griffiths | Kimberly Leonard | ) www.businessinsider.com time to read: +4 min

A Washington Post official blasted Mike Pompeo for his portrayal of Jamal Khashoggi in his new book. Post publisher Fred Ryan said Pompeo "outrageously" misrepresents "the life and work" of Khashoggi. "As the CIA — which Pompeo once directed — concluded, Jamal was brutally murdered on the orders of Saudi Crown Prince Mohammed Bin Salman." The report also described that later in his life Khashoggi's ties to the group were "ambiguous." Hanan Elatr Khashoggi, Khashoggi's widow, told NBC News that Khashoggi' was never part of the group.

U.S. Secretary of State Michael Pompeo speaks during a press conference with Iraq's Foreign Minister Fuad Hussein at the State Department in Washington on Aug. 19, 2020. A demonstrator holds a poster with a picture of Saudi journalist Jamal Khashoggi outside the Saudi Arabia consulate in Istanbul, Turkey October 25, 2018. "And as even the New York Times reported, Khashoggi was cozy with the terrorist-supporting Muslim Brotherhood," Pompeo wrote. I confirm it to you," Khashoggi's widow, Hanan Elatr Khashoggi, told NBC News on Monday. Hanan Elatr Khashoggi Widow of journalist Jamal Khashoggi

☆ LIV Golf reaches broadcast rights deal with CW Network
▼ + stars: | 2023-01-19 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +3 min

Signage on a golf ball at the LIV golf tournament on Thursday, Sept. 15, 2022, at Rich Harvest Farms in Sugar Grove, Illinois. LIV Golf reached a multi-year deal to make CW Network the exclusive U.S. broadcast partner of the Saudi-funded professional golf tour that launched last year with dozens of golfers, including Phil Mickelson and Bubba Watson. CW Network President Dennis Miller in a press release said the partnership "marks a significant milestone in our goal to re-engineer the network." As its name suggests, LIV Golf tournaments feature 54 holes instead of the more common 72. The PGA Tour previously suspended 17 players for playing in the inaugural LIV Golf tournament in June, which LIV called an "effort to stifle competition."

☆ Why Egypt is asking its people to eat chicken feet
▼ + stars: | 2023-01-18 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +17 min

Abu Dhabi CNN —Egypt’s economic situation is so dire that the government is asking people to eat chicken feet. In Egypt, chicken feet are seen as the cheapest of meat items, considered by most as animal waste rather than food. After the recommendation to switch to chicken feet, the price of one kilogram of the product reportedly doubled to 20 Egyptian pounds ($0.67). But those firms don’t operate like private companies, enjoying special privileges without disclosing their financial data to the public. Experts have questioned why international creditors had not leveraged their loans to drive Egypt’s military out of the economy.

As the Covid-19 pandemic sent global markets swooning in early 2020, Saudi Arabia’s Crown Prince Mohammed bin Salman, sensing opportunity, pressed the country’s sovereign-wealth fund to go on an international stock-buying spree. The board of the Public Investment Fund, or PIF, resisted the move as too risky, but soon found itself overruled by an even higher authority, Prince Mohammed’s father, King Salman, according to an October podcast by the PIF governor, Yasir al-Rumayyan.

☆ A VIP Boeing 747 Jumbo jet that spent just 42 hours in the air is being scrapped, report says
▼ + stars: | 2022-12-26 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

A Boeing 747-8 that spent just 42 hours in the air is being dismantled, a report says. The $280 million jet was ordered for a Saudi prince, who died before it was delivered. Boeing repurchased the plane in April, but failed to find a new buyer and decided to scrap it. But when the crown prince died, no other member of the Saudi royal family expressed interest in taking on the jet. However, no buyer emerged for the jet and it is now be scrapped at the Arizona "boneyard".

☆ UAE will look to a world beyond OPEC
▼ + stars: | 2022-12-19 | by ( George Hay | ) www.reuters.com time to read: +3 min

The UAE has chafed at OPEC restrictions before, in 2020 and 2021. OPEC’s alliance with Russia, as part of the wider OPEC+ group, similarly risks lumping its members in with a wider anti-Western bloc. But ADNOC’s accelerated oil production timetable is arguably more in keeping with a different outlook, preferred by the International Energy Agency, whereby oil demand peaks much sooner. If MbZ were to use the COP28 conference to make that more explicit, it could push the UAE further away from OPEC. And quitting OPEC to pump more oil would be awkward while hosting a climate conference.

☆ Saudi Arabia and China will align on everything from security to oil, but agree not to interfere on domestic issues
▼ + stars: | 2022-12-09 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +6 min

Riyadh and Beijing were keen to stress “the importance of stability in the world oil markets,” noting that Saudi Arabia is a reliable exporter of crude oil to its Chinese partner. China also affirmed its “opposition to any actions that would interfere in the internal affairs of the Kingdom of Saudi Arabia,” without adding more details. On Friday, Xi invited Saudi King Salman bin Abdulaziz Al-Saud to visit China, according to Saudi state TV. President Xi was given a warm welcome in Saudi Arabia with ceremonies on Thursday. Saudi Arabia “is pursuing a multipolar strategy of strong strategic ties,” added Shihabi.

☆ China, Saudi Arabia stress importance of oil market stability as Xi visits Riyadh
▼ + stars: | 2022-12-09 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. China and Saudi Arabia stressed the importance of global oil market stability and Riyadh's role in achieving this balance, following a three-day Saudi visit by Chinese President Xi Jinping. China is the world's largest crude oil importer, while Saudi Arabia is the greatest exporter of such resources and chairs the influential OPEC+ producers' alliance. Xi met both King Salman bin Abdul-Aziz Al Saud and his heir, Crown Prince and Saudi Prime Minister Mohammed bin Salman, according to Chinese official news agency Xinhua. The Chinese head of state has extended an invitation for King Salman to visit China "at a mutually convenient time," the statement said.

☆ US slaps down Saudi claim it helped secure Brittney Griner's release, undermining Riyadh's efforts to be a global power player
▼ + stars: | 2022-12-09 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

The US pushed back after Saudi Arabia and the UAE said they helped free Brittney Griner. The White House insisted that the only two parties to the prisoner swap were it and Russia. Saudi Arabia has repeatedly upset the US with attempts to take a bigger, independent global role. The Saudi Arabia and the UAE in a joint statement Thursday said that UAE President Sheikh Mohammed bin Zayed and Saudi Crown Prince Mohammed bin Salman had helped mediate the exchange. When asked about it at a White House press briefing, press secretary Karine Jean Pierre pushed back.

DUBAI, Dec 8 (Reuters) - Saudi Arabia and China have signed memorandums of understanding on hydrogen energy and the encouragement of direct investment between the two states, state news agency (SPA) said on Thursday, during a state visit by Chinese President Xi Jinping to Riyadh. Xi and Saudi Crown Prince Mohammed bin Salman also signed an agreement for harmonization between the kingdom's 2030 vision and Beijing's belt and road initiative, SPA added. Reporting by Riham Alkousaa; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ China’s Xi Jinping to Meet Saudi Crown Prince in Pivotal Visit
▼ + stars: | 2022-12-08 | by ( Stephen Kalin | ) www.wsj.com time to read: 1 min

Chinese President Xi Jinping, here arriving in Riyadh, Saudi Arabia, on Wednesday, is set to meet Thursday with Crown Prince Mohammed bin Salman, who runs the kingdom’s daily affairs. RIYADH, Saudi Arabia—Chinese President Xi Jinping will meet Saudi leaders Thursday and sign agreements worth more than $29 billion as this desert kingdom deepens ties with global partners, including U.S. rivals, amid doubts about Washington’s commitment to the Middle East. No details about the deals were made available, but progress in talks about pricing some Saudi oil sales in yuan, which The Wall Street Journal reported accelerated this year, would draw intense U.S. scrutiny as would any new weapons deals or further cooperation on 5G and 6G telecommunications networks.

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