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☆ Women prefer to play mobile games. China's Tencent sees an opportunity
▼ + stars: | 2024-11-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Tencent's Honor of Kings mobile game drew a record 33,000 fans to watch a final competition in Beijing on Nov. 16, 2024. Surprisingly, many in the crowd were young women, reflecting how interest in mobile games has broadened out from the stereotypical male player in the days of console and PC gaming. Honor of Kings, which claims 100 million players a day, uses a similar format with two teams of five players each. His analysis found that 95% of women prefer mobile games. A newly branded Honor of Kings global championship was held last month in Jakarta, Indonesia's capital, with Malaysian team Black Shrew Esports winning the $300,000 first prize.

Persons: Evelyn Cheng, Kings, Gao, of, Jackie Huang, Huang, Xiaofeng Zeng, Niko Partners, Zeng Organizations: Kings, CNBC, of Valor, of Kings, global, Tencent, Gaming, Riot, Malaysian Locations: Beijing, Evelyn Cheng BEIJING, China, Shanghai, Riyadh, Saudi Arabia, Chinese, North America, Europe, Japan, U.S, India, Malaysia, Indonesia, Southeast Asia, Jakarta

☆ Neom, Saudi Arabia's high-tech desert city, is heading for a dialed-down first stage as costs soar
▼ + stars: | 2024-11-14 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Amid rising costs, Saudi Arabia is scaling back Neom plans to focus on sports venues. The new city faces financial challenges, leadership changes, and scrutiny over human rights issues. AdvertisementSaudi Arabia is changing plans for mega-city Neom to cut costs and prioritize building for international sporting events. Governments and human rights groups have also scrutinized alleged human rights abuses, including of migrant workers building Neom. In July, Saudi Arabia rejected allegations that three men were sentenced to death because they criticized evictions to make way for the Neom project.

Persons: —, Neom, Francois Nel Organizations: Service, Reuters, Games, NEOM Beach, Neom Locations: Saudi Arabia, New York City, Saudi

☆ Long-time CEO of NEOM goes as Saudi Arabia scales back mega-projects
▼ + stars: | 2024-11-13 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

Nadhmi al-Nasr, the long-time chief executive of the $500 billion NEOM mega-project at the heart of Saudi Arabia’s drive to diversify away from oil, has departed, NEOM said on Tuesday without giving a reason. Crown Prince Mohammed bin Salman has poured hundreds of billions of dollars into development projects through the kingdom’s PIF sovereign wealth fund. Saudi Arabia, the world’s top oil exporter, is still heavily reliant on hydrocarbon revenues, and low oil prices and production have hit state coffers. He has been the head of the PIF’s Local Real Estate Division since 2018 and has a deep understanding of NEOM and its projects, NEOM said. In his role at PIF, Al-Mudaifer oversees all local real estate investments and infrastructure projects, and he is a board member of several prominent companies in the kingdom.

Persons: Nadhmi, Nasr, NEOM, Prince Mohammed bin Salman, Aiman, Mudaifer Organizations: Reuters, Al, Real, Division Locations: Saudi, Belgium, NEOM, Saudi Arabia, PIF, Al

☆ Saudi Arabia parts ways with the CEO of Neom, its new desert megacity
▼ + stars: | 2024-11-12 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The CEO of Neom, Nadhmi al-Nasr, has stepped down from the role after six years. Saudi Arabia's ambitious megacity scaled back targets earlier this year. AdvertisementThe CEO of Saudi Arabia's ambitious Neom project has abruptly stepped down after six years in the role. It's a key part of Saudi Arabia's Vision 2030 project that aims to diversify the kingdom's economy away from oil by launching new industries and attracting more tourists. Neom has also faced staffing challenges, with reports earlier this year that two executives were involved in a physical confrontation.

Persons: Nadhmi al, Nasr, Neom, —, Nadhmi, Aiman, Malcolm Aw, Abdul Rahim al, Antoni Vives Organizations: Service, Saudi, Street Journal, Public Investment Fund, Journal, Neom Locations: Saudi, Saudi Arabia

☆ FIFA must halt Saudi World Cup bid due to human rights issues, says Amnesty
▼ + stars: | 2024-11-11 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +5 min

FIFA must halt the process to pick Saudi Arabia as hosts of the 2034 World Cup unless major human rights reforms are announced before the vote next month, Amnesty International and the Sport & Rights Alliance (SRA) have said. A combined bid of Morocco, Spain and Portugal is the sole bid for 2030, while Saudi Arabia is the lone bidder for 2034. Amnesty and the SRA said they had evaluated the human rights strategies proposed by the bidding countries and concluded in a new report that neither bid adequately outlined how they would meet the human rights standards required by FIFA. “FIFA is implementing thorough bidding processes for the 2030 and 2034 editions of the FIFA World Cup,” a FIFA spokesperson said. However, it narrowly failed to win a seat on the United Nations Human Rights Council last month.

Persons: Steve Cockburn, Amnesty’s, “, ”, Hammad Albalawi, Cockburn, ” Cockburn Organizations: FIFA, Amnesty International, Sport & Rights Alliance, FIFA Congress, Amnesty, ” FIFA, Saudi, Britain’s Guardian, United Nations Human Rights Locations: Saudi Arabia, Morocco, Spain, Portugal, Australia, New Zealand, United States, Mexico, Canada, Brazil, Kingdom, Saudi, Qatar, Gulf

☆ Soldier with Yemen’s exiled government opens fire, killing 2 Saudi troops and wounding another
▼ + stars: | 2024-11-10 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +5 min

A soldier for Yemen’s exiled government opened fire on Saudi troops as they exercised in eastern Yemen, killing two of them and wounding another in a rare insider attack during the kingdom’s nearly decadelong war there, officials said Saturday. The assault in eastern Hadramawt province comes as a yearslong cease-fire between Saudi Arabia and Yemen’s Houthi rebels largely has held despite the militants’ ongoing attacks against shipping in the Red Sea corridor. The attack on the Saudi troops took place Friday night in Seiyun, a city some 310 miles east of Sanaa. As troops worked out at a Saudi-led base there, the soldier opened fire, killing an officer and a noncommissioned officer, the state-run Saudi Press Agency said, citing a military statement. A Saudi-led coalition entered the war on behalf of Yemen’s exiled government in 2015.

Persons: Yemen’s, Wolf, Saudi solider, Aidarous, Hamid Rizq, ” Rizq, Mohammad Bagheri, Fayyad bin Hamid Al, Ruwaili Organizations: Saudi, Saudi Press Agency, Joint Forces Command, Yemeni Ministry of Defense, Yemen’s successionist Southern Transitional Council, First, Seiyun . Police, Authorities, United, Associated Press, Saudi Arabian Locations: Saudi, Yemen, Hadramawt, Saudi Arabia, U.S, Seiyun, Sanaa, Yemen’s successionist Southern, United Nations, Iran, Israel, Gaza, Lebanon, Amran, Houthi, Tehran

☆ Saudi Arabia is pulling back on a global spending spree to focus on its own projects
▼ + stars: | 2024-10-30 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

Now the Kingdom plans to cut its foreign investment to prioritize domestic spending. AI is the new focus of investment as Saudi Arabia looks to position itself as a global technology hub. AdvertisementSaudi Arabia is pulling back on its global spending spree to focus on domestic investments. In September, Saudi Arabia held the third Global AI Summit, attracting a host of high-profile leaders and dealmakers. The new focus on domestic investment comes as Saudi Arabia's spending on Neom, its futuristic megacity in the desert, hit $1 trillion.

Persons: —, Yasir Al Rumayyan, we've, Al Rumayyan, Yasir Al, Rumayyan, Hamad I Mohammed, Uber, Andreessen Horowitz Organizations: Service, Public Investment Fund, Future Investment, Economic, REUTERS, Investors, Saudi Press Agency, Financial Times, Saudi, AI, Bloomberg, Sindalah Locations: Saudi, Saudi Arabia, Riyadh, Davos, Switzerland, Neom

☆ Saudi Arabia will reportedly give a select group of visitors a first glimpse of Neom, showing them Sindalah — a luxury island retreat in the Red Sea
▼ + stars: | 2024-10-25 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

Some guests at Saudi Arabia's annual investment conference will have the chance to visit part of Neom. A group of visitors will be taken to Sindalah, an island retreat in the Red Sea, Bloomberg reports. AdvertisementAs guests descend upon Saudi Arabia for a major annual investment conference, some will have the opportunity to see the country's futuristic megacity, Neom, firsthand. Days before the conference begins, a select group of guests has been invited to visit Sindalah Island, per Bloomberg. Sindalah is a luxury island complex in the Red Sea off Saudi Arabia's west coast designed as a "unique escape" for visitors to Neom.

Persons: Neom, —, BlackRock's Larry Fink, Goldman Sachs, David Solomon, Citigroup's Jane Fraser, Julia Hoggett, Ken Griffin, Sindalah, Prince Mohammed bin Salman, Malcolm Aw Organizations: Saudi, Bloomberg, Service, Investment Initiative, London Stock, Solar, Business Locations: Neom, Red, Saudi, Saudi Arabia, Riyadh, Sindalah

☆ Iran aided Russia against Ukraine. Now it needs to call in the favor
▼ + stars: | 2024-10-21 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +8 min

Russia is unlikely to offer military intervention against Israel on behalf of the Iranians, Saab said, given it is already "too bogged down in Ukraine." In return for Iran's support, Russia has bolstered Iran's military capabilities in several areas, they noted: "Iran has made notable progress in acquiring advanced conventional weaponry from Russia, allowing it to achieve some of its defense officials' long-standing goals. Iranian protesters shout anti-Israeli slogans while burning an Israeli flag in a celebration for Iran's missile attack against Israel, in Tehran, Iran, on October 1, 2024. That shared antipathy toward the U.S. and desire to create a "new world order" are what largely binds Iran and Russia. Russia cannot — and will not — save Iran in its confrontation with Israel and the United States," he noted.

Persons: Vladimir Putin, Masoud Pezeshkian, Israel, Bilal Y, They've, Saab, It's, Karim Sadjadpour, Nicole Grajewski, Su, John Kirby, Morteza, Mikhail Svetlov, Bashar al, Nikita Smagin, Saudi Arabian Crown Prince Mohammed bin Salman Organizations: Getty, CNBC, Saab, North Africa, Israel, Kremlin, Carnegie Endowment, International Peace, Security, Ukraine, Nurphoto, United, Base, Russian International Affairs Council, Saudi Arabian Crown, Royal, Anadolu Locations: Ashgabat, Turkmenistan, Iran, Ukraine, Tehran, Russia, Islamic Republic, East, United States, Russian, U.S, Ukrainian, Gaza, Lebanon, Israel, Iranian, Yemen, Syria, Saudi Arabia, United Arab Emirates, Syria's, Moscow, Saudi, Al Yamamah, Riyadh

☆ Lucid shares tumble following public offering of nearly 262.5 million shares
▼ + stars: | 2024-10-16 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Shares of Lucid Group dropped by more than 10% during after-hours trading following the electric vehicle startup announcing a public offering of nearly 262.5 million shares of its common stock. Following the transaction, Ayar is expected to maintain its approximate 58.8% ownership of Lucid's outstanding common stock, Lucid said in a release. Lucid said the transaction is subject to "certain conditions, at the same price per share initially to be paid by the underwriter for the public offering." BofA Securities is acting as the sole underwriter for the public offering. The EV maker intends to grant the firm a 30-day option to purchase up to nearly 39.37 million additional shares of Lucid's common stock as well.

Persons: Lucid, PIF Organizations: Saudi, Public Investment Fund, Investment Co, BofA Securities Locations: San Francisco , California, BofA

☆ Saudi Arabia’s coveted Masters 1000 tennis tournament has stalled as Six Kings arrives in Riyadh
▼ + stars: | 2024-10-16 | by ( Matthew Futterman | ) www.nytimes.com time to read: +11 min

After years of pushing, everything looks ready for Saudi Arabia’s billion-dollar move to become a major force in tennis to take off — with one major hitch. The Ministry of Sport of Saudi Arabia, the Saudi Tennis Federation (STF) and the WTA Tour then announced a three-year deal to host the tour finals. These moves raised Saudi Arabia’s tennis profile, but its potential new tournament at the start of the season was seen as the most important of its tennis investments — and its most divisive. It would cement Saudi Arabia’s place at the center of the sport, bringing with it an extensively criticized human rights record. Saudi Arabia’s moves into tennis have roiled the organisations behind the Grand Slam tournaments.

Persons: Carlos Alcaraz, Rafael Nadal, Daniil Medvedev, Holger Rune, —, Novak Djokovic, Turki Alalshikh, Rome —, ”, Nadal, Sinclair, Chris Evert, Martina Navratilova, “, Jamal Khashoggi, Henry Nicholls, Iga Swiatek, Adam Pretty Organizations: St, Saudi Arabia’s General Entertainment Authority, WTA, Saudi, ATP, Public Investment Fund, SURJ Sports Investment, U.S ., ”, Sport, Saudi Tennis Federation, WTA Tour, Sinclair, Tennis, Rights Watch, Athletic, Wimbledon, Getty, Australia, Tennis Australia, Laver Locations: Hotel, Riyadh, Saudi, Jeddah, Saudi Arabia, U.S, Indian Wells, Madrid, Rome, provisionality, PIF, Istanbul, Turkey, Australia, New Zealand

☆ Why oil and gas markets are dreading the risk of supply disruption in the Strait of Hormuz
▼ + stars: | 2024-10-08 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

In 2022, oil flow in the Strait of Hormuz averaged 21 million barrels per day, according to the U.S. Energy Information Administration (EIA). Saul Kavonic, senior research analyst at MST Financial, said supply disruptions along the Strait of Hormuz could send oil prices significantly higher. Oil prices traded more than 3% on Monday, extending gains even after notching their sharpest weekly gain since early 2023 last week. "But seeing where the oil price sits right now the market doesn't seem to hold much probability for such a development at all," he added. "A significant disruption to these flows would be enough to push oil prices to new record highs, surpassing the record high of close to $150/bbl in 2008," he added.

Persons: Alan Gelder, Wood Mackenzie, CNBC's, Iraq —, Gelder, Saul Kavonic, Kavonic, Bjarne Schieldrop, SEB, Brent, Schieldrop, Warren Patterson, Patterson Organizations: Nurphoto, U.S . Energy Information Administration, Energy, Brent, U.S, West Texas, ING, bbl, United Arab Emirates, Space Shuttle Columbia Locations: Persian, Bushehr, Iran, Hormuz, Oman, Strait, Israel, Saudi Arabia, Kuwait, Iraq, UAE, Gulf, Muscat

☆ Oil prices could surge 161% if Middle East conflict wipes out Iran's energy infrastructure, commodity chief says
▼ + stars: | 2024-10-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Oil prices could surge past $200 a barrel if Iran's oil installations are taken offline, a chief commodities expert said. AdvertisementOil prices could roar past $200 a barrel if escalating tensions in the Middle East decimate Iran's crude output, a chief commodities analyst told CNBC. In the $200 per barrel scenario, Brent crude, the international benchmark, would gain 161% from its current price. Still, some investors are betting on the possibility of damaged oil output, Bloomberg reports. These restrictions were introduced to prop up oil prices, but have cost the alliance market share.

Persons: —, SEB's Bjarne Schieldrop, Schieldrop, Brent, Bob McNally, haven't Organizations: Service, CNBC, Traders, Bloomberg Locations: Iran, Hormuz, Israel, Lebanon, Libya, OPEC, Saudi Arabia, Riyadh

☆ Jeddah Tower: Construction of world’s tallest skyscraper resumes
▼ + stars: | 2024-10-03 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

CNN —Construction of Saudi Arabia’s kilometer-high Jeddah Tower, which will become the world’s tallest skyscraper upon completion, has resumed almost seven years after work ground to a halt amid a kingdom-wide anti-corruption purge. His family’s firm, which also owns a stake in the Jeddah Tower project, has been rehired to complete the construction work. Designed for extremesFormerly known as Kingdom Tower, the skyscraper broke ground in 2013 and was initially expected to be completed by 2020. The architect’s Chicago-based practice, Adrian Smith + Gordon Gill, has said the tower’s shape “evokes a bundle of leaves shooting up from the ground.”Work halted on the unfinished Jeddah Tower in 2018. Jeddah Tower will be the crown jewel of a wider 57-million-square-foot, $20-billion development dubbed Jeddah Economic City.

Persons: Prince Mohammed bin Salman’s, JEC, Saudi Prince Alwaleed bin Talal, Alwaleed, “, Bakr, Laden, Osama bin Laden, Adrian Smith, Gordon Gill, Amel, ” Adrian Smith, JEC’s, Hisham Jomah, ”, Jomah Organizations: CNN, Jeddah Economic Company, Saudi, Kingdom Holding Company, ”, Kingdom Holding, Saudi Binladen Group, Newsweek, Maxar, Jeddah Economic Locations: Saudi, Jeddah, Saudi Prince, Dubai, Burj Khalifa, Chicago, Medina, Mecca, “

☆ Adam Neumann's new startup is reworking WeWork's old business model
▼ + stars: | 2024-10-03 | by ( Grace Eliza Goodwin | Geoff Weiss | ) www.businessinsider.com time to read: +6 min

Workflow has a different business strategy than Neumann's previous company, Bloomberg reports. Neumann told the outlet that investors at Andreessen Horowitz will help keep him disciplined. Ben Bergman/BI"The lack of community and the disconnection that people feel is even more relevant today" than in the days of WeWork, Neumann told Bloomberg of Workflow. Neumann says he's learned his lessonCritics didn't just zero in on WeWork's business model but also on Neumann's management. We're really not sure that we know the answer, therefore we're taking our time," Neumann told Bloomberg.

Persons: Adam Neumann, Neumann, Andreessen Horowitz, —, WeWork, he's, WeWork's, Insider's Ben Bergman, Ben Bergman, Justin Sullivan, Ben Horowitz, Marc Andreessen, Andreessen, Noam Galai, TechCrunch Neumann, We're Organizations: Bloomberg, Service, Fort, Business, Flow, TechCrunch Locations: Fort Lauderdale, Miami, Atlanta, Nashville, Riyadh, Saudi Arabia, WeWork's

☆ Podcast: How pro video gaming, or esports, is taking off with big dollars behind it
▼ + stars: | 2024-09-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +25 min

Finally, and most importantly, for the subject for this week's podcast, he's the Esports World Cup CEO. So if I would have any idea, any understanding on video games, right, I would watch that too. There's always a clear qualifying way to go to the Esports World Cup, right? I mean, in stadiums, security is being paid by the state for big competition, like a World Cup, right? Arjun KharpalAnd Ralf are you likely to keep the Esports World Cup in Saudi if you renew this next year?

Persons: Ralf Reichert, CNBC's, Tom Chitty, Reichert, Paris, Ralf Reichart, you've, it's, Arjun Kharpal Ralf, I've, I'd, There's, Arjun Kharpal, we're, haven't, Ralf Reichart It's, what's, Tom Chitty Ralf, What's, I'm, esports, we've, We've, Ralf, Ralf Reichart I'd, that's, Arjun, Tom, we'll Organizations: Sports League Gaming, MLS, Premier League, esports, Saudi Locations: esports, Riyadh, Saudi, German, Gothenburg, Sweden, Bangladesh, China, East, Africa, Saudi Arabia

We’ve had challenges getting the prime minister across the line. “We stay up nights trying to figure out a way to get across the line on this ceasefire and hostage deal. And we have spoken out directly about our concern when we’ve seen the prime minister not take steps that we think are necessary to get to that deal,” he said. Vice President Kamala Harris has frequently cited the importance of reaching a ceasefire and hostage deal but hasn’t detailed any new approach in reaching an agreement. “Ultimately the thing that is going to unlock everything else in that region is getting this deal done,” she said last week.

Persons: Biden, Joe Biden, State James Baker, George Mitchell’s, “, ”, Bill Burns, Antony Blinken, Brett McGurk –, Blinken, Benjamin Netanyahu, We’ve, we’re, Jake Sullivan, we’ve, Sinwar, they’re, it’ll, Kamala Harris, “ I’m, I’ve, Yahya Sinwar Organizations: CNN, Hamas, State, United Nations, State Department, CIA, MSNBC, UN Locations: Gaza, Lebanon, East, Northern Ireland, New York, Israel, United States, American, Saudi Arabia

☆ Fact check: Trump won’t stop telling a lie that there were no terror attacks during his presidency
▼ + stars: | 2024-09-24 | by ( Daniel Dale | ) edition.cnn.com time to read: +4 min

Washington CNN —During his presidency, Donald Trump talked repeatedly about the terrorist attacks that occurred in the United States on his watch. Now, though, he keeps saying he presided over no terror attacks at all. Throughout his 2024 presidential campaign, Trump has lied that there were zero terror attacks during his presidency. There were numerous terror attacks during his presidency, including high-profile jihadist attacks in his hometown of New York City. Other terror attacks under TrumpThere were a variety of other terrorist attacks during Trump’s presidency.

Persons: Donald Trump, ”, Trump, “, Steve Scalise Organizations: Washington CNN, CNN, New, Trump, ISIS, ” Trump’s, Department, White, Republican, Democratic Locations: United States, New York, “, Pittsburgh, El Paso, California, Pennsylvania, New York City, Saudi, Florida, al Qaeda, Virginia, Texas

☆ Eddie Hearn: Boxing promoter predicts possible 2025 clash between Anthony Joshua and Tyson Fury
▼ + stars: | 2024-09-21 | by ( Ben Morse | Amanda Davies | ) edition.cnn.com time to read: +4 min

CNN —Two of British boxing’s biggest names in recent years – Anthony Joshua and Tyson Fury – have seemed destined to face off for a while now. But the plan has always been to see Anthony Joshua become undisputed,” Hearn told CNN’s Amanda Davies. “I mean, is there a person in the world who doesn’t want to see Tyson Fury fight Anthony Joshua? Richard Pelham/Getty Images“And I don’t think AJ can retire, I don’t think Fury can retire, I don’t think I can retire either until we get those two in the ring. “As he’s now 34, he’s long in the game, he’s very experienced, I don’t think he’s afraid to let people know how desperately he wants to win.

Persons: – Anthony Joshua, Tyson Fury –, Daniel Dubois, Eddie Hearn, Joshua, Dubois, Fury, Oleksandr Usyk, Hearn, we’ll, Anthony Joshua, ” Hearn, CNN’s Amanda Davies, Tyson Fury, Turki Al, AlShaikh, Richard Pelham, AJ, Dubois . Dubois, –, Filip Hrgović, Liam Gallagher, Noel, Hearn didn’t, Wladimir Klitschko, – Hearn, he’s, “ Organizations: CNN, British, IBF, Wembley, CNN Sport, Saudi Arabia’s General Entertainment Authority, Getty Locations: Riyadh, Dubois ., Usyk, British

☆ 5 things to know about billionaires, from a personal assistant to the uber-wealthy
▼ + stars: | 2024-09-16 | by ( Madeline Berg | ) www.businessinsider.com time to read: +6 min

Now, he places personal and executive assistants with CEOs, billionaires, and celebrities. Here are five things to know about billionaires, according to a billionaire whisperer. Brian Daniel worked as a personal assistant for ultra-high-net-worth clients — including members of the royal family of Saudi Arabia. "A lot of billionaires like bragging rights, where they want access to things that other people can't get access to." Advertisement"They can afford to pay the bill to have the celebrities come to their parties and be on their yachts," Daniel said.

Persons: —, They're, Brian Daniel, he's, Warren Buffett, there's, Daniel, Damien Hirst, Jeff Bezos —, they're, doesn't, they've, I've, didn't Organizations: Service, Business Locations: Hollywood, Saudi Arabia, Europe

☆ 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

☆ How Saudi Arabia's ruler used chaos in the Middle East to get what he wants from the US
▼ + stars: | 2024-09-10 | by ( Tom Porter | ) www.businessinsider.com time to read: +8 min

Read previewPresident Joe Biden came to power having pledged to make Saudi Arabia's maverick new ruler, Mohammed bin Salman, a global pariah. Analysts say that MBS has navigated increasing regional and global chaos to emphasize Saudi Arabia's importance to Washington. Related storiesUS President Joe Biden gives a fist bump to Saudi Crown Prince Mohammed bin Salman in 2022. AdvertisementSaudi Arabia's importanceBut global instability, economic change, and the war in Gaza have made clear to the White House Saudi Arabia's indispensability. Crown Prince Mohammed has condemned Israel's attack on Gaza but has not ruled out a normalization deal with Israel.

Persons: —, Joe Biden, Mohammed bin Salman, Biden, Kamala Harris, Prince Mohammed, Crown Prince, Jamal Khashoggi, Giorgio Cafiero, Prince Mohammed bin Salman, Mohammed bin Salman's, Saad Hariri, Khashoggi, He's, Mohammed Hamoud, Trump, Abraham, Israel, Jon Alterman Organizations: Service, Business, Crown, Democratic, MBS, Saudi, Gulf, Analytics, Saudi Arabia's, Royal, Anadolu Agency, White, White House Saudi, Abraham Accords, Israel, Center for Strategic, International Studies Locations: Saudi, November's, Saudi Arabia, Yemen, Istanbul, Washington, Gaza, Israel, Iran, West, Riyadh, Lebanese, Russia, China, Beijing, Ukraine, UAE, Bahrain, Palestinian, United States, Red, Jeddah

☆ Middle East wealth funds are scrambling to rescue their big bets on the future
▼ + stars: | 2024-08-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. A particular focus for these funds built on the back of petrodollars has been to build ownership and influence in the tech sector. FETHI BELAIDOver the past week, PIF and Mubadala have been busy figuring out what to do when their unbridled ambitions for tech companies face reality. Reports from the Financial Times and Bloomberg have shone a light on efforts being made by the sovereign wealth fund to boost returns in European startups in which it has invested billions of dollars. AdvertisementSeveral of these nascent tech companies, such as the insurance firm WeFox, have been bruised by shifting sentiment in the markets in recent years.

Persons: —, Abu Dhabi's Mubadala, SoftBank's, ByteDance, Prince Mohammed bin Salman, Peter Rawlinson, Lucid, John Keeble, Rawlinson, PIF, it's, Mubadala Organizations: Service, Saudi, Public Investment Fund, Business, PIF, Financial Times, Bloomberg Locations: Middle, petrodollars, Saudi, California

☆ Some of Saudi Arabia's 15 stadiums proposed for the 2034 FIFA World Cup look straight out of a video game
▼ + stars: | 2024-08-04 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +1 min

FIFA unveiled Saudi Arabia's plans for the 2034 FIFA World Cup. One of the stadiums will be built inside the country's ambitious eco skyscraper, The Line. 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 . AdvertisementFIFA released Saudi Arabia's ambitious plans for the 2034 World Cup, and it involves building 11 new stadiums, including a 46,000-seat venue inside the country's planned horizontal skyscraper, The Line.

Persons: — Organizations: FIFA, Service, Saudi, Business Locations: Saudi, Saudi Arabia

☆ Equinox signs up for Neom, Saudi Arabia's futuristic desert city
▼ + stars: | 2024-07-26 | by ( Dan Latu | ) www.businessinsider.com time to read: +1 min

Equinox announced a resort in Neom, the desert project in Saudi Arabia. The resort will feature high-end restaurants, a floating bridge, and 450-meter pool. Equinox opened its first hotel in 2019 in New York City, where rooms can go for $900 per night. AdvertisementEquinox is joining Crown Prince Mohammed bin Salman of Saudi Arabia in dreaming of a desert paradise as the company announces plans for a resort in Neom, the kingdom's utopia project. The luxury accommodations promise to feature high-end restaurants, a pool the length of 9 Olympic-sized courses, a floating bridge suspended 40 meters above a lagoon, and, of course, a signature Equinox gym.

Persons: —, Crown Prince Mohammed bin Salman Organizations: Equinox, Service, Crown Prince Locations: Neom, Saudi Arabia, New York City

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