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☆ A startup hoping to build the next Concorde is on track to fly supersonic within weeks
▼ + stars: | 2024-11-20 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Its CEO said it's on track to fly supersonic by the end of the year. The Boom Overture could fly from New York to London twice as fast as conventional airliners. The return of supersonic commercial flights just got another step closer to reality. Boom Supersonic announced Saturday that its eighth test flight reached a new maximum altitude of 25,000 feet. Rolls-Royce had a contract with Boom before deciding it didn't want to prioritize commercial supersonic flight.

Persons: it's, Blake Scholl, Royce, Boom Organizations: Boeing, United Airlines, American Airlines, Japan Airlines, Saudi, Concorde, FTT, GE, Symphony Locations: New York, London, Newark, Jupiter , Florida, North Carolina

☆ Chinese robotaxi firm Pony AI files for U.S IPO
▼ + stars: | 2024-10-17 | by ( ) www.cnbc.com time to read: +2 min

Pony AI, in which Japan's Toyota owns a 13.4% stake, revealed that its revenue nearly doubled to $24.7 million in the first half of 2024. Net loss attributable to the company was $51.3 million in the same period, compared with $69.4 million last year. The number of Chinese companies that pursued stock market flotations in the U.S. dropped in the past few years after Beijing clamped down on offshore capital-raising in 2021. EV maker Zeekr's debut in May was the first big listing by a Chinese company in the U.S. since then. Pony AI has applied to list on the Nasdaq stock exchange under the ticker symbol "PONY."

Persons: Saudi Arabia's NEOM, BingEx, Goldman Sachs Organizations: Toyota, U.S . Federal Reserve, Japan's Toyota, Saudi Arabia's, Zeekr's, Nasdaq, BofA Securities, Deutsche Bank, Huatai Securities, Tiger, underwriters Locations: Beijing, China, U.S, Saudi

☆ Influencers and vloggers are showing off their lives in Saudi Arabia's Neom. It's falling flat.
▼ + stars: | 2024-09-18 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +5 min

Read previewSaudi Arabia's new city of the future, Neom, isn't looking quite so glamorous just yet. A wave of vloggers and micro-influencers have been posting on social media about their lives in the still-developing desert city — and their posts are kind of falling flat. AdvertisementThis publicity image shows a design for "The Line," a part of the planned Saudi Arabian desert megacity in Neom. NeomAnd then there's the reality of what living in Neom currently looks like. The city of Neom did not immediately respond to a request for comment from Business Insider, nor did Herman.

Persons: —, Saudi Arabia's Crown Prince Mohammed bin Salman, Jessica Herman, Herman, It's, Herman who's, vloggers, Sara Sarasid, Aida McPherson, Joshua Hind, Matt Bevan, Herman's, we've, Neom Organizations: Service, Saudi Arabia's Crown, Business, ABC News, BBC, Saudi, Wall, Variety Locations: Saudi, Neom, KSA

☆ Saudi Arabia's Neom project devolved into a wrestling match between bosses, report says
▼ + stars: | 2024-09-11 | by ( Tom Porter | ) www.businessinsider.com time to read: +1 min

A new report details chaos and feuds among bosses working on the Saudi Arabian Neom project. The Wall Street Journal said two people working on the project got into a physical fight. Saudi Arabia is plowing trillions of dollars into building the Neom megacity. Go to newsletter preferences Thanks for signing up! AdvertisementA dispute between a Neom executive and construction manager degenerated into a physical brawl, according to a report by The Wall Street Journal.

Persons: —, Antoni Vives Organizations: Street Journal, Service, Wall Street, Business Locations: Saudi Arabian, Saudi Arabia, Spain

☆ Saudi Arabia's Neom is getting electric shuttle ships that appear to hover over water to transport passengers in its waterways
▼ + stars: | 2024-08-23 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +1 min

Saudi Arabia's Neom ordered eight electric shuttles from Sweden-based Candela. The Candela P-12 shuttles are high-speed electric foil ships that sit above the water. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSaudi Arabia's "city of the future" is set to get its own ships of the future — electric passenger shuttles that appear to fly as they move through the water.

Persons: Saudi Arabia's Neom, Candela, — Organizations: Saudi, Service, Business Locations: Sweden, Saudi Arabia, Candela

☆ Saudi Arabia's Neom dreams collide with financial reality as budgets reportedly face big cuts
▼ + stars: | 2024-07-12 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Saudi Arabia is reportedly getting ready to slash Neom's budget. Saudi Arabia has been struggling to justify the enormous cost of megaprojects such as Neom. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The kingdom is set to cut billions of dollars in spending on some of its Vision 2030 megaprojects amid rumors of spiraling costs, Bloomberg reported. Crown Prince Mohammed Bin Salman's Vision 2030 aims to transform Saudi Arabia both economically and politically by reducing its dependence on oil revenues and pivoting toward technology.

Persons: —, Prince Mohammed Bin Salman's Organizations: Bloomberg, Service, Business Locations: Saudi Arabia

☆ MBS might be ready for some 'tough conversations' about 'recalibrating' Saudi Arabia's Neom and Vision 2030 projects
▼ + stars: | 2024-05-14 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Saudi Arabia's Crown Prince is reportedly open to having "tough conversations" about Vision 2030. MBS might be ready to discuss which projects should proceed first, the Financial Times reported. AdvertisementCrown Prince Mohammed bin Salman may finally be ready to have some "tough conversations" about his ambitious Vision 2030 project. The de-facto Saudi leader is open to discussing which projects should progress and which could wait, the Financial Times reported, citing a person familiar with the thinking at the Public Investment Fund — the sovereign wealth fund. Meanwhile, Saudi has started borrowing to help fund some Vision 2030 megaprojects including Neom, The Wall Street Journal reported.

Persons: Prince, —, Mohammed bin Salman Organizations: Saudi, MBS, Financial Times, Service, Public Investment Fund —, Bloomberg, Street Journal, Neom, Business Locations: Saudi

☆ Saudi Arabia's Neom is looking to fill 262 job vacancies. The roles show just how futuristic the megacity could be.
▼ + stars: | 2024-05-12 | by ( Polly Thompson | ) www.businessinsider.com time to read: +7 min

Saudi Arabia's sprawling megacity, Neom, is billed as a chance to live in the "new future." AdvertisementOfficials say Neom will be a "cognitive city." The chosen candidate will control and operate the fish laboratory, ensuring high standards of fish welfare and supporting surveillance and investigation activities into fish health and disease control. Developers have said they want the island resort Sindalah to act as an "exclusive gateway to the stunning Red Sea." An image showing a nighttime view of mountains in the region in northwest Saudi Arabia where planners say Neom will be built.

Persons: —, Neom, Prince Mohammed bin Salman's, Neom's Organizations: Service, Tech, NEOM Community School Locations: Saudi, Saudi Arabia, Tabuk, Sindalah, Gulf, Aqaba, Neom, Oxagon

☆ Neom's planners are reportedly worried people won't want to live at the bottom of a 1,640-foot horizontal skyscraper
▼ + stars: | 2024-05-10 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Neom planners are worried about The Line as costs skyrocket, The Wall Street Journal reported. Planners are reportedly concerned the horizontal skyscraper's design might not appeal to some people. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe cost of Saudi Arabia's Neom project seems to be spiraling — and that's not the only issue concerning planners. According to Neom's website, the city will have no roads or vehicles and run entirely on renewable energy.

Persons: —, that's Organizations: Street Journal, Planners, Service, Saudi, Wall Street, World Trade, Business Locations: New York City

☆ Saudi Arabia will 'downscale' some Vision 2030 projects amid 'challenges,' minister says
▼ + stars: | 2024-04-30 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Saudi Arabia's Neom project secured a $2.7 billion credit line from local lenders. The Saudi finance minister said the kingdom was "very pleased" with progress on Vision 203 goals. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSaudi Arabia is trying to counter reports that its Neom project is struggling.

Persons: —, Mohammed Al Jadaan Organizations: Saudi, Service, Business Locations: Saudi, Saudi Arabia, Riyadh, Sunday

☆ Saudi Arabia's $500 billion Neom megacity is reportedly seeking new sources of cash
▼ + stars: | 2024-04-17 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Saudi Arabia's Neom is planning its first bond sale, Bloomberg reported. The issuance could take place later this year and raise up to $1.3 billion, per the outlet. AdvertisementSaudi Arabia's Neom project is set to issue bonds for the first time as its developers seek new funding sources, Bloomberg reported. The $500 billion desert megacity could raise up to $1.3 billion by selling Islamic bonds, or sukuk, the outlet reported on Wednesday, citing unnamed sources. The sukuk issuance may take place later this year, according to Bloomberg.

Persons: Prince Mohammed Bin Salman's, — Organizations: Saudi, Bloomberg, Service, Business

☆ Saudi Arabia goes big in Davos as it looks to become a top AI tech hub for the Middle East
▼ + stars: | 2024-01-19 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +7 min

A pop-up showcasing Saudi Arabia's Neom development features among the most prominent on the Davos promenade in 2024. But Saudi Arabia is keen to capture some of the limelight, and talent, from its neighbor on the Arabian Peninsula — an ambition laid bare on the Davos Promenade this year. "He's driving entrepreneurship, he's diversifying the economy ... And there are a lot of people that are really interested in working in Saudi Arabia," said Bremmer. "In the Emirates and in Saudi Arabia, you have millions of people that need upskilling, particularly Saudi Arabia which has a much larger population," Hidary said. Hidary, who was recently in Saudi Arabia, says that the UAE and Saudi Arabia are looking at countries like Singapore and Israel that have supported start-ups and are driven by technology.

Persons: Mohammed al, Jadaan, Prince Mohammed bin Salman's, Ian Bremmer, he's, Bremmer, Jamal Khashoggi, King Abdullah, KAUST, Harri Jarvelainen, Vera Futorjanski, Futorjanski, Israel Jack Hidary, Hidary, — CNBC's Karen Gilchrist Organizations: Saudi, CNBC, United Arab, prince's, —, Economic, Al, U.S, Eurasia Group, MBS, World Bank, Research Technology Centers, King, King Abdullah University of Science, Technology, UCLA, Riyadh's, Center, AI Research, AI, Artificial Intelligence Authority, Veritas Ventures, Emirates Locations: Davos, CNBC DAVOS, Switzerland, United Arab Emirates, Saudi Arabia, Neom, Saudi, Riyadh, China, Istanbul, UAE, Singapore, Israel, Emirates

☆ 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

☆ Saudi Arabia's Neom is a $500B futuristic city being built in the desert — but it could morph into a surveillance dystopia
▼ + stars: | 2023-04-26 | by ( Bill Bostock | Tom Porter | ) www.businessinsider.com time to read: +1 min

Saudi Arabia is building a futuristic mega-city called Neom deep in a desert bordering the Red Sea. But critics fear that sophisticated technology could be used to surveil residents. Saudi Arabia hopes to build a futuristic mega-city 33 times the size of New York City from scratch. It's called Neom, a planned 16-borough city on the Red Sea coast in the northwestern Saudi province of Tabuk. As Insider reported, they believe that the Saudis could be preparing to use sophisticated Chinese surveillance technology to tightly monitor and control Neom's residents.

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