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☆ Saudi's PIF pivot to domestic investment will help diversification: minister
▼ + stars: | 2024-10-31 | 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 EmailSaudi sovereign wealth fund's pivot to domestic investment will help accelerate diversification: ministerFaisal Alibrahim, Saudi Arabia's minister of economy and planning, says the kingdom is planting the seeds for steady growth, and is using "these seeds to attract more capital."

Persons: Faisal Alibrahim Organizations: Saudi

☆ Saudi says The Line will be the world's first 'eco-city.' Construction and design specialists aren't so sure.
▼ + stars: | 2024-08-02 | by ( Beatrice Nolan | Polly Thompson | ) www.businessinsider.com time to read: +7 min

Neom's flagship city, known as The Line, has grand plans to be a futuristic "eco-city." Experts told BI that these plans offered exciting solutions for issues like urban sprawl, excessive carbon emissions, and inefficient energy use. AdvertisementLovgreen pointed to issues "such as disrupting natural habitats, carbon emissions from building materials, and the transferring of these materials to areas remote from where they are produced." "Transportation accounts for less than a quarter of global carbon emissions, while the construction and operation of buildings represent nearly 40% of emissions," Baum said. She added that it can be particularly difficult to maintain sustainable construction in hot and dry regions of the world.

Persons: Mohammed bin Salman's, Giles Pendleton, Neom, Andreas Krieg, Philip Oldfield, Mona Lovgreen, Mara Baum, Baum, Krieg, Ben Bauer Organizations: Service, Saudi, Business, Wall Street Journal, The Journal, Lawrence Technological University, Institute of Middle Eastern, King's College London, UNSW Built Environment, Dialog Locations: Neom's, Saudi, Gulf, Sydney

☆ Brent crude trades above $87, sets highest levels since April
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Brent crude futures were up 21 cents, or 0.2%, at $87.55 a barrel by 1922 GMT. In the previous session, Brent gained 1.3% to settle at $87.34 for its highest close since April 30. Those gains followed a larger than expected decline in U.S. crude stocks.

Persons: Brent, WTI, Martin King, King, Tamas Varga, Rosneft Organizations: Brent, . West Texas, U.S, Independence, U.S . Energy Information Administration, Reuters, RBN Energy, U.S . Federal Reserve, Saudi Aramco, OPEC, UBS Locations: Gaza, France, United Kingdom, Novorossiisk, Saudi, Asia, Oman, Dubai, OPEC, Swiss

☆ 'Biggest barrier' to Saudi-Israeli normalization is the two-state solution, says ex-CIA director
▼ + stars: | 2024-05-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

A two-state solution to the Israel-Palestinian conflict is "elusive" right now, according to former CIA director David Petraeus, adding that it is also the "single biggest barrier" to normalizing relations between Israel and Saudi Arabia. "A solid path, a solid commitment to a two-state solution from Israel" is the biggest hurdle to Israel and Saudi's normalization plans, Petraeus, who is now chairman at KKR Global Institute, told CNBC's Dan Murphy. However, there have been discrete but growing cooperation between them in recent years, raising hopes for a normalization agreement. Palestinian militant group Hamas infiltrated Israel, killing more than 1,200 people and kidnapping dozens more. More than 35,000 people have been killed in the Palestinian enclave so far, according to the health ministry there which is run by Hamas.

Persons: David Petraeus, Petraeus, CNBC's Dan Murphy, Joe Biden's Organizations: KKR Global Institute, Hamas Locations: Israel, Saudi Arabia, CNBC's Dan Murphy . Saudi Arabia, Palestinian

☆ Neom wants to build a 1,500-foot infinity pool that's almost 4 times longer than one in Dubai
▼ + stars: | 2024-05-11 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Saudi Arabia is planning to build the world's longest infinity pool in Neom's Treyam region. The plans dwarf Dubai's 393-foot-long infinity pool that's suspended between twin skyscrapers. AdvertisementSaudi Arabia is planning a spectacular infinity pool that will be almost 1,500 feet long. #Treyam #NEOM pic.twitter.com/syJG7hCZ34 — NEOM (@NEOM) March 20, 2024In a statement, Neom said the design "represents a harmonious fusion of contemporary design and minimal environmental impact while promising guests an unparalleled retreat to unwind and rejuvenate amidst breathtaking natural vistas." NeomIf completed, the pool would dwarf nearby Dubai's offering — a 393-foot-long infinity pool suspended between twin skyscrapers.

Persons: —, Neom, Prince Mohammed bin Salman's Organizations: Service, Planners Locations: Saudi Arabia, Treyam, Neom's Treyam, unwind, Aqaba, Neom's, Saudi

☆ Saudi Arabia needs peace in the Middle East for its $500 billion Neom megaproject to succeed
▼ + stars: | 2024-05-07 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

In March 2023, Iran and Saudi Arabia brokered a deal to re-establish diplomatic relations. Related storiesThe US and Saudi Arabia are in the final steps of a new agreement on security guarantees and civilian nuclear assistance, Reuters reported last week. Many of Neom's projects aimed at capturing the luxury tourism market are located along the Red Sea coast. Set to open next year, Neom's luxury island resort of Sindalah is advertised as an "exclusive gateway to the stunning Red Sea." Saudi officials are already fighting to combat claims that Neom is facing delays and setbacks.

Persons: —, it's, Israel, Kristian Coates Ulrichsen, Ulrichsen, Robert Mogielnicki, Mogielnicki, Neom Organizations: Saudi, Service, Neom, New York Times, Reuters, Rice, Baker Institute for Public Policy, Gulf States Institute, Bloomberg, Business Locations: Saudi, Dubai, Israel, Gaza, Iran, Saudi Arabia, China, Palestinian, Israeli, Red, Jeddah

☆ Take a closer look at the main regions of Neom, Saudi's epic megacity project
▼ + stars: | 2024-04-11 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

Saudi Arabia is plowing on with its ambitious Neom project, despite reported setbacks. Here's a closer look at the main regions that officials plan to build as part of the project. AdvertisementSaudi Arabia's futuristic Neom project is one of the most ambitious in the world. According to Neom, the city will have no roads, cars, or emissions and run on 100% renewable energy. SindalahThe island of Sindalah, a yachting resort and part of the Neom project, will be open in 2024, say planners.

Persons: Here's, —, Neom, Denis Hickey, " Hickey, Saudi Arabia's Crown Prince Mohammed bin Salman, NEOM Organizations: Service, Street Journal, Bloomberg, Saudi Arabia's Crown Locations: Saudi Arabia, Saudi, Tabuk, Kingdom, Neom, Sindalah, Aqaba, Tabak Province

☆ Saudi Arabia is building the world's first Dragon Ball Z theme park
▼ + stars: | 2024-03-25 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Visitors try out the latest version of Dragon Ball Z Kakarot at the 2019 Gamescom gaming trade fair in Cologne, Germany. Saudi Arabia is set to become home to the first-ever Dragon Ball Z theme park — a 5.3 million square foot entertainment venue announced as part of the kingdom's huge Qiddiya project. Five of the rides at the Dragon Ball Z theme park will be "world firsts," according to the release, one of which will be a 230-foot-high roller coaster called Shenron, named after the series' magical dragon. Vision 2030, the name of this project, a brainchild of Saudi Crown Prince Mohammed bin Salman, has also set a target of 150 million tourists visiting the kingdom annually by 2030. Tourism reached a record for the country in 2023 at 106 million, according to its tourism ministry — an increase of 56% from 2019.

Persons: Prince Mohammed bin Salman, It's Organizations: Toei Animation, Saudi, Public Investment Fund, Nintendo, Tourism Locations: Cologne, Germany, Saudi Arabia, Japan, Riyadh —, Riyadh, City

☆ Saudi Arabia's $2B tennis investment 'feels like PGA Tour-LIV Golf all over again': Patrick Rishe
▼ + stars: | 2024-03-14 | 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 EmailSaudi Arabia's $2B tennis investment 'feels like PGA Tour-LIV Golf all over again': Patrick RishePatrick Rishe, Washington University in St. Louis director of sports business program and Sportsimpacts founder and president, joins 'Squawk Box' to discuss news of Saudi Arabia's $2 billion investment in tennis, potential impact of the investment on the men's and women's tours and top Grand Slam tournaments, concerns over Saudi's control over the sport, and more.

Persons: LIV, Patrick Rishe Patrick Rishe, Louis Organizations: Saudi, Washington University Locations: St, Saudi

☆ Saudi energy minister pins Aramco's oil capacity halt on green transition
▼ + stars: | 2024-02-12 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi energy minister Abdulaziz bin Salman on Oct. 5, 2022. And transitioning means that even our oil company, which used to be an oil company, became a hydrocarbon company. The Saudi energy minister on Monday qualified the decision was not made hastily and was the product of a continuous review of market conditions. "Why should we be the last country to hold energy capacity, or emergency capacity, when it is not appreciated? the Saudi energy minister said.

Persons: Abdulaziz bin Salman Organizations: Bloomberg, Getty, Aramco, Energy, International Petroleum Technology, Monday, of, Petroleum Locations: Aramco, Saudi, Dhahran, Saudi Arabia, Riyadh, Moscow

☆ US lawmakers question the loyalties of McKinsey and other big American consulting firms over their work in Saudi Arabia
▼ + stars: | 2024-02-08 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

American consulting shops like McKinsey & Co., BCG, Teneo, and M. Klein & Co. are helping Saudi Arabia diversify its oil-dependent economy through its lucrative Public Investment Fund. This story is available exclusively to Business Insider subscribers. Saudi Arabia, though, has imposed strict rules on what information the American consulting companies can share with the US government, and that's irked some American lawmakers. AdvertisementSo much so that Congress forced the heads of McKinsey, BCG, Teneo, and M. Klein & Co. to testify this week about their failure to comply with subpoenas regarding their firms' work with Saudi Arabia . BCG, Teneo, and M. Klein & Co. did not respond to a request for comment from Business Insider.

Persons: —, Cristiano Ronaldo, Sen, Richard Blumenthal, Bob Sternfels, Rich Lesser, Blumenthal, Michael Klein Organizations: Service, McKinsey & Co, Klein, Co, Public Investment Fund, Business, Saudi, Al, McKinsey, Investigations Locations: Saudi Arabia, United States, Saudi

☆ Dubai is the economic jewel of the Middle East — now its Gulf neighbors are coming for a piece of the pie
▼ + stars: | 2024-02-03 | by ( Pete Syme | Beatrice Nolan | ) www.businessinsider.com time to read: +8 min

According to Forbes' 2023 Travel Guide, Dubai has nine 5-star hotels , compared to Abu Dhabi's three and two in Qatar and Saudi Arabia. Saudi Arabia has made it clear that it wants in on international travel, stating it aims to attract 100-150 million visitors by 2030. Saudi Arabia is catching up with a new airlineThe competition is perhaps the most heated in the aviation industry. On its double-decker Airbus A380, Dubai's airline, Emirates, has top amenities like a shower for business-class passengers, plus an on-board bar. AdvertisementAnd even if it succeeds in attracting tourists to Saudi Arabia, it is unlikely to knock Emirates off its perch.

Persons: —, Saudi Crown Prince Mohammed bin Salman Al Saud, Saudi Arabia hasn't, Abu, Abu Dhabi, Forbes, Abu Dhabi's, Faisal Alibrahim, Alibrahim, Mohammed Bin Salman, Kristian Coates Ulrichsen, Ulrichsen, Skytrax, Pete Syme, Tony Douglas, Douglas, That's, OAG Organizations: Service, United Arab Emirates, Business, Saudi Crown, Etihad, Bloomberg, CNN, Saudi, Economic, Rice, Baker Institute for Public Policy, Emirates, Qatar Airways, Qatari, Etihad Airways, Riyadh Air, Air, Riyadh Air's Boeing, Boeing, Dubai International Airport Locations: Dubai, Gulf, Saudi, Saudi Arabia, Riyadh, Abu, UAE, Qatar, Davos, Neom, Emirates, Still, Kingdom of Saudi Arabia, Europe, Americas, Africa, Asia

☆ Saudi Arabia's sovereign wealth fund overtakes Singapore's GIC to top spending table
▼ + stars: | 2024-01-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Saudi Arabia's Public Investment Fund (PIF) was the top spender among global sovereign wealth funds last year, accounting for about a quarter of the $124 billion splashed by state-owned investors, according to a preliminary report by research consultancy Global SWF. The Saudi fund boosted its deal activities from a total of $20.7 billion in 2022 to $31.6 billion in 2023, the research said, even as most other counterparts tapered down their spending. Overall, global sovereign wealth funds deployed 20% fewer funds compared with 2022, despite most major stock markets seeing a rally last year. "This may signal an overly cautious approach, as there is no shortage of capital to put to work among these institutions," the report, which tracks activities across the world's sovereign funds, noted. The Saudi fund has sought frequent deals and joint ventures in its pursuit toward Vision 2030 — a plan originally launched in 2016 which aims to increase economic diversification away from oil.

Persons: spender, Saudi's, Saudi Crown Prince Mohammed bin Salman Organizations: Saudi, Public Investment Fund, Saudi Crown, Nintendo, Materials Locations: Saudi, Japan, Brazil

A huge billboard advertising Riyadh, Saudi Arabia as candidate of the World Expo 2030 is seen in Paris as the host country of The World Expo 2030 will be elected by BIE Member States that will gather in the 173rd General Assembly in Paris, France, November 25, 2023. South Korea's southeastern city of Busan is competing against Saudi Arabia's Riyadh and Italy's Rome. More than one vote will be necessary if no country gets a majority at the first ballot. Italian Prime Minister Giorgia Meloni personally got involved in trying to persuade international leaders to back the Rome bid, giving it her full political backing. Rome is looking to use the Expo as a way of attracting investment, much as Milan did when it successfully hosted the 2015 Expo.

Persons: Gonzalo Fuentes, Roberto Gualtieri, Crown Prince Mohammed bin, Prince Mohammed, Jamal Khashoggi, Yoon Suk Yeol, Giorgia Meloni, Michel Rose, Elizabeth Pineau, Crispian Balmer, Giselda Vagnoni, Hyonhee, Christina Fincher Organizations: BIE Member, 173rd, Assembly, REUTERS, PARIS, Saudi, City, Crown, Paris . South, Thomson Locations: Riyadh, Saudi Arabia, Paris, BIE, BIE Member States, France, Busan, Saudi's Riyadh, Italy's Rome, Italy, South Korea, South, Rome, Saudi, Lebanon, Paris ., Korea, Italian, Milan, Europe, Dubai, Osaka, Japan, Seoul

☆ Saudi Arabia's stake in Lucid dropped in value more than $50 billion as the EV startup struggles, report says
▼ + stars: | 2023-11-11 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +2 min

Saudi Arabia's sovereign fund has a 60% stake in Lucid Motors, an EV startup. Months after the company went public, the stake was valued at more than $55B, per Bloomberg. That value dropped about 90% to $5.4 billion as Lucid reports millions in net loss. The steep drop in the value of Saudi's stake coincides with Lucid's latest quarterly earnings. In 2018, PIF invested $1.3 billion in Lucid, and it seems the Saudis have more considerable expectations for the EV company.

Persons: —, Chris Bryant, Nora Naughton, Sherry House, PIF, Lucid Organizations: Lucid Motors, Bloomberg, Service, Public Investment Fund, EV Locations: Saudi, Saudi Arabia

☆ Saudi defense minister expected to visit White House on Monday, Axios reports
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +2 min

Saudi's new Defence Minister, Prince Khalid bin Salman chairs his first meeting with military officials in the Ministry of Defence in Riyadh, Saudi Arabia, September 28, 2022. Saudi Press Agency/Handout via REUTERS/File photo Acquire Licensing RightsWASHINGTON, Oct 28 (Reuters) - Saudi Arabian Defense Minister Prince Khalid bin Salman is expected to visit Washington on Monday for meetings with senior Biden administration officials, Axios reported on Saturday, citing three sources with knowledge of the trip. Khalid bin Salman is expected to meet with White House national security adviser Jake Sullivan, Secretary of Defense Lloyd Austin, Secretary of State Antony Blinken and several senators, according to the Axios report. The White House National Security Council told Reuters it had nothing to confirm when asked about the possible visit. U.S. President Joe Biden and Saudi Arabian Crown Prince Mohamed bin Salman on a call on Tuesday discussed efforts to prevent the Israel-Hamas conflict widening.

Persons: Prince Khalid bin Salman, Axios, Khalid bin Salman, Jake Sullivan, Defense Lloyd Austin, Antony Blinken, Joe Biden, Mohamed bin Salman, Biden, Michael Martina, Daniel Wallis Organizations: Defence Minister, Ministry of Defence, Saudi Press Agency, Handout, REUTERS, Rights, Saudi Arabian Defense, Washington, Biden, Saturday, Hamas, White House, Defense, White House National Security Council, Reuters, Saudi Arabian, Palestinian, Thomson Locations: Riyadh, Saudi Arabia, Israel, Gaza

☆ South Korea's Hyundai, Saudi Aramco clinch $2.4 bln gas plant deal
▼ + stars: | 2023-10-24 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

[1/2] General view of the summit between President of South Korea, Yoon Suk-Yeol and Saudi Arabia's Crown Prince, Mohammed bin Salman in al Yamamah Palace in Riyadh, Saudi Arabia October 22, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsSEOUL, Oct 24 (Reuters) - South Korea's Hyundai Engineering & Construction (000720.KS) and Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco (2222.SE) to build a gas processing plant, Seoul's presidential office said on Tuesday. Jafurah is Saudi's largest unconventional non-oil associated gas field, with reserves estimated at 200 trillion cubic feet (5.7 trillion cubic metres) of raw gas. State-run Korea National Oil Corp also clinched a storage deal with Aramco during Yoon's visit that allows the Saudi company to store 5.3 million barrels of oil in South Korea's reserve facilities in the port of Ulsan for five years. After a four-day stay in Riyadh, Yoon left for Doha on Monday where he will attend an international horticultural expo before holding a summit on Tuesday with Qatar's Emir Sheikh Tamim bin Hamad al-Thani, his office said.

Persons: Yoon Suk, Saudi Arabia's Crown Prince, Mohammed bin Salman, Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Emir Sheikh Tamim bin Hamad, Hyonhee Shin, Tom Hogue Organizations: Saudi Arabia's Crown, Saudi Press Agency, Handout, REUTERS Acquire, Rights, Hyundai Engineering, Construction, Saudi Aramco, South Korean, Hyundai Motor Group, Hyundai, Aramco, Saudi Crown, Saudi, Hamas, Korea National Oil Corp, Doha, Thomson Locations: South Korea, al Yamamah, Riyadh, Saudi Arabia, Rights SEOUL, Saudi, Israel, South Korea's, Ulsan, Thani

☆ Britain's Sunak to visit Egypt for Israel, Gaza talks
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

British Prime Minister Rishi Sunak leaves 10 Downing Street to attend Prime Minister's Questions at the Houses of Parliament in London, Britain, October 18, 2023. REUTERS/Clodagh Kilcoyne/File Photo Acquire Licensing RightsLONDON, Oct 20 (Reuters) - British Prime Minister Rishi Sunak will travel to Egypt on Friday, part of a trip to the Middle East where he wants to press his message that there should be no escalation of violence in the region after the Hamas attack on Israel. Sunak was the latest Western leader to visit Jerusalem on Thursday to show support for Israel and to try to negotiate a way to secure the release of hostages taken by Hamas and ease the provision of humanitarian aid to people in Gaza. In the talks in Egypt, Sunak will stress "the imperative of avoiding regional escalation and preventing the further unnecessary loss of civilian life", his office said. (This story has been corrected to fix the name of the country in paragraph 1)Reporting by Andrew MacAskill; Editing by Elizabeth Piper and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishi Sunak, Clodagh, Sunak, Crown Prince Mohammed bin Salman, Andrew MacAskill, Elizabeth Piper, Raju Gopalakrishnan Organizations: British, REUTERS, Israel, Crown, Thomson Locations: London, Britain, Egypt, Israel, Jerusalem, Gaza, Saudi Arabia

☆ Israel's Netanyahu says Hamas attack was aimed at derailing peace
▼ + stars: | 2023-10-18 | by ( Rami Amichai | ) www.reuters.com time to read: +5 min

REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsSummary Netanyahu says Hamas attack aimed at derailing peace bidSunak welcomes aid decision for GazaSunak due to meet Saudi crown princeJERUSALEM, Oct 19 (Reuters) - Israeli Prime Minister Benjamin Netanyahu said on Thursday the Hamas attack on Israel was aimed at preventing the expansion of peace in the Middle East, and called on British Prime Minister Rishi Sunak to keep supporting Israel's Gaza counteroffensive. Netanyahu said the attack from Gaza by Palestinian Islamist group Hamas, which killed 1,400 people in Israel, was aimed at derailing attempts to establish a wider peace in the region. At least nine British nationals have been killed and seven are still missing since the attack on Israel, Sunak's spokesperson said. In Israel, Sunak met the families of two of the missing, who are believed to have been taken hostage and held in Gaza. The last British prime minister to visit Israel and the occupied West Bank was David Cameron in 2014.

Persons: Benjamin Netanyahu, Joe Biden, Biden, Evelyn Hockstein, Netanyahu, Sunak, JERUSALEM, Rishi Sunak, Crown Prince Mohammed bin Salman, Isaac Herzog, Israel, Herzog, Sunak's, James, Sameh Shoukry, David Cameron, Rami Amichai, Kylie MacLellan, Sarah Young, William James, Alistair Smout, Sachin Ravikumar, Dan Williams, Elizabeth Piper, Angus MacSwan, Alison Williams, Jonathan Oatis Organizations: U.S, Hamas, REUTERS, British, Israel, Crown, Palestinian, West Bank, United Nations, Thomson Locations: Israel, Tel Aviv, Gaza, Saudi, Jerusalem, Saudi Arabia, U.S, British, Egypt, Turkey, Qatar, Britain, London, United States, North Africa, South Asia

☆ Saudi's crown prince snubbed the US Secretary of State by making him wait hours for a meeting before postponing it, report says
▼ + stars: | 2023-10-16 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Mohammed bin Salman reportedly kept Antony Blinken waiting for hours for a meeting, then didn't show, a report said. It came as Blinken, the US secretary of state, tried to persuade the Saudi ruler to condemn the Hamas terror attacks. AdvertisementAdvertisementSaudi Arabia's ruler kept US Secretary of State, Antony Blinken, waiting for hours for a meeting, then didn't show up until the next day, in an astonishing snub to the US' top diplomat, The Washington Post said. But Blinken reportedly got a cold reception in Riyadh, where key differences between the US and Saudis emerged. Last year, a diplomatic spat erupted when the Saudis snubbed the Biden administration and refused to increase oil production.

Persons: Mohammed bin Salman, Antony Blinken, —, Blinken, Mohamed bin Salman, Biden, Abdel Fattah el Organizations: Service, State, Washington Post, Saudi, Analysts, China Locations: Saudi, Israel, Riyadh, Gaza, Saudi Arabia

☆ Oil prices surge to highest level in more than a year
▼ + stars: | 2023-09-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Andrey Rudakov | Bloomberg | Getty ImagesOil prices surged to their highest level in over a year during Asian trading hours, after crude stocks at a key storage hub fell to their lowest since July last year. The U.S. West Texas Intermediate futures touched $95.03 per barrel during Asia trading hours, marking the highest since August 2022. He forecasts that oil prices will continue to remain at "high level" for the rest of the year, with an upside risk if global oil cartel OPEC+ continues to keep supplies tight. In September, OPEC+ kingpin Saudi Arabia extended its 1 million barrel per day voluntary crude oil production cut until the end of the year. The refinery crude throughput refers to the volume of crude oil a refinery can produce during a given period of time.

Persons: Andrey Rudakov, Cushing, Bart Melek, Melek, Malek Organizations: Tuapsinsky, Rosneft Oil, Bloomberg, Getty, U.S . Energy Information Administration, U.S . West Texas, Brent, bbl, TD Securities, CNBC, OPEC, Securities Locations: Tuapse, Russia, Cushing , Oklahoma, U.S, Asia, Saudi Arabia

☆ 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

☆ 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

☆ Saudi Arabia is spending billions on sports, tech and everything in between for a post-oil world
▼ + stars: | 2023-09-10 | by ( Beatrice Nolan | Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

Saudi Arabia sparked international outrage in 2018 after Washington Post columnist Jamal Khashoggi was murdered at the Saudi consulate in Istanbul, and continues to face accusations of human rights violations. Despite this, little has been able to stop Saudi Arabia from exerting more and more influence on the global stage. GettyImages/Unsplash/NeomLike many countries, Saudi Arabia's economy suffered when the pandemic struck in 2020, but the only way has been up since then. Chris Trotman/LIV Golf via Getty ImagesBoth at home and far away, Saudi Arabia hasn't shied away from investing boatloads of cash. The total hit 32.2 million in May with a median age of 29, according to Saudi Arabia's General Authority for Statistics.

Persons: Prince Mohammed Bin Salman, Jamal Khashoggi, It's, Ahmed Jadallah, Saudi Arabia's, Sergio Garcia, Chris Trotman, LIV, Saudi Arabia hasn't, Yasir Al, Jasmin Merdan, Abdullah Al, Prince Abdulaziz bin Salman al, Saud, JOE KLAMAR Organizations: Service, Washington Post, Bank, IMF, REUTERS, Saudi Aramco, King, King Abdullah Economic City, Getty, Public Investment Fund, MBS, Newcastle United, LIV, PGA, Saudi, Reuters, Saudi Arabia's, Authority, Statistics, Gulf States Energy, United Arab Emirates, Arab League Locations: Saudi Arabia, Wall, Silicon, Gulf, Saudi, Istanbul, Gulf Kingdom, Ahmed Jadallah Saudi Arabia, King Abdullah, Jasmin Merdan Saudi's, Riyadh, Arab, Vienna, AFP, Kuwait, UAE, Qatar

☆ Saudi Arabia wants to buy its way into a major 6th-gen fighter jet project, but not all its potential partners are welcoming
▼ + stars: | 2023-09-07 | by ( Paul Iddon | ) www.businessinsider.com time to read: +6 min

Saudi Arabia reportedly wants to join the effort, but Japan is said to be wary of letting Riyadh in. A senior British defense told The Financial Times that the UK views "Saudi Arabia as a key partner in the fighter program and we are working to ensure strong progress as soon as possible." AdvertisementAdvertisementJapan also fears Saudi Arabia might want to export the cutting-edge jet to adversaries, such as China and Russia, or use its veto power to prevent Tokyo from exporting it to one of its allies. Indonesia, for example, has joined South Korea's KF-21 Boramae project, which aims to produce a quasi-stealth fighter jet by the late 2020s. AdvertisementAdvertisementOn the other side of Asia, Azerbaijan recently joined Turkey's TF Kaan stealth fighter project.

Persons: Bill Bostock, milch, Shigeto Kondo, Pascal Rossignol, GCAP, Tempest, China's, Paul Iddon Organizations: Service, Global Combat Air Program, The Financial Times, Financial Times, Britain's Telegraph, Japanese Institute of, Eastern, Al, KF, Indo, Getty, South Korea's KF, Turkey's TF, JF, 51st Paris Air Show, REUTERS, Rafale Locations: Italy, Japan, Saudi Arabia, Riyadh, Wall, Silicon, Tokyo, British, London, Saudi, China, Russia, Jakarta, AFP, Indonesia, Asia, Azerbaijan, Ankara, Pakistan, Baku

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