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☆ Saudi Arabia confirms crown prince won't attend Arab summit in Algeria
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

RIYADH, Oct 23 (Reuters) - Saudi Crown Prince Mohammed bin Salman will not travel to Algeria next month to attend a summit of the Arab League on medical advice, the royal court confirmed in a statement on state media on Sunday. Doctors had advised Prince Mohammed, 37, to avoid long-haul flights that might affect his middle ear, said the royal court. It has not previously stated that the Crown Prince, Saudi Arabia's de facto ruler, had ear problems. Foreign Minister Prince Faisal bin Farhan Al Saud will head the kingdom's delegation to the summit instead. The Algerian presidency said late on Saturday that Prince Mohammed would not attend the event to be held on Nov. 1 in Algiers in compliance with a medical recommendation to avoid travel.

☆ Saudi crown prince not attending Arab summit on doctors' advice, Algerian presidency says
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Oct 23 (Reuters) - Saudi Crown Prince Mohammed bin Salman will not attend the Arab summit to be held on Nov. 1 in Algeria, in compliance with a doctors' recommendation to avoid travel, the Algerian presidency said in a statement late on Saturday. Prince Mohammed, the kingdom's de-facto ruler, "expressed his regret for not attending the Arab summit", in a phone call with Algerian President Abdelmadjid Tebboune, the statement said. The Saudi foreign ministry later issued a statement on the telephone conversation between the two leaders but did not mention that the Crown Prince was not attending the summit. Arab heads of state are expected to convene for their upcoming 31st summit to be held in Algiers on Nov. 1-2. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ahmad Elhamy and Omar Fahmy; Editing by Daniel Wallis and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ PGA Tour sues LIV Golf's Saudi backers to force evidence discovery
▼ + stars: | 2022-10-21 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The PGA Tour has filed a lawsuit against LIV Golf backers, the Saudi Arabia Public Investment Fund, an entity controlled by the Saudi crown prince, in an effort to force evidence discovery in ongoing legal battles. LIV Golf sued the tour alleging anti-competitive practices for banning its players, and the tour recently countersued LIV Golf, claiming the upstart league was itself stifling competition. "LIV Golf is just beginning its process and is in active discussions with several companies about broadcasting the LIV Golf League. Meanwhile, the PGA tour has taken to Washington D.C. to lobby against LIV Golf, and LIV Golf CEO Greg Norman, a former PGA Tour star, made his own visit to Capitol Hill in mid-September to "educate members on LIV's business model and counter the Tour's anti-competitive efforts." The LIV Golf championship will take place starting Oct. 28 at the Trump National Doral in Miami.

☆ Most Gulf markets subdued, Dubai set to snap four-day gaining streak
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - Major Gulf stock markets eased in early trade on Wednesday, tracking oil prices lower, with the Dubai index on course to snap four sessions of gains. Crude prices, a key catalyst for the Gulf's financial markets, turned negative and extended losses from the previous session. The United Arab Emirates is committed to increasing its oil production capacity, energy minister Suhail al-Mazrouei said on Tuesday. read moreState-owned Abu Dhabi National Oil Company (ADNOC) is aiming to produce the cleanest barrel on the planet, he told reporters. read more($1 = 3.7565 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Major Gulf bourses in red on volatile oil, global growth concerns
▼ + stars: | 2022-10-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - Major stock markets in the Gulf turned negative on Wednesday, amid volatile oil prices and concerns around global economic growth, with the Dubai index snapping four sessions of gains. The Dubai bourse was volatile as concerns about a global recession continued to weigh on traders' expectations, said Daniel Takieddine, CEO MENA BDSwiss. Register now for FREE unlimited access to Reuters.com Register"The market could see some price corrections if traders move to secure their gains." According to analyst Takieddine, the Qatari market fell on a slide in natural gas prices and remained exposed to more losses. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi crown prince launches National Industrial Strategy
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Oct 18 (Reuters) - Saudi Crown Prince Mohammed bin Salman on Tuesday launched the National Industrial Strategy, which aims to increase the industrial exports value to 557 billion riyals by 2030 ($148.34 billion), the country's state news agency, SPA, reported. The strategy is a plan to promote industry and attract investment in the kingdom's economy, leading to economic diversification and growth of non-oil exports and GDP. The strategy will also increase the total additional investments in the sector to 1.3 trillion riyals ($346.21 billion), the agency added. Register now for FREE unlimited access to Reuters.com Register"Through the National Industrial strategy and in partnership with the private sector, the kingdom will become a leading industrial powerhouse that contributes to securing global supply chains and exports high tech products to the world," the agency quoted Prince Mohammed as saying. The strategy also aims to increase factories in the kingdom from 10,640 at present to 36,000 by 2035, SPA said.

☆ Too late for a Saudi rethink? Critics say oil cut was a predictable blow for Biden
▼ + stars: | 2022-10-15 | by ( Hyder Abbasi | ) www.nbcnews.com time to read: +6 min

The cut is also seen as helping Russia, the world’s second-largest oil exporter, finance its war in Ukraine. “It failed both on blood and on oil,” Dr. Khalid Aljabri, a Saudi rights activist, told NBC News Thursday by telephone. Lina Alhathloul / TwitterAs a presidential candidate, Biden made no bones about his stance on the U.S.-Saudi relationship. Shortly after announcing his candidacy, he declared he was going to “cancel the blank check” the Trump administration had given Saudi Arabia during its war in Yemen, in which thousands of people have lost their lives. The U.S. has several options on how it can respond to Saudi Arabia, such as “freezing all arms sales and security cooperation, to withdrawing U.S. troops from Saudi Arabia,” Sheline said.

☆ Saudi Arabia announces $400 mln humanitarian aid to Ukraine
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

Saudi Crown Prince Mohammed bin Salman meets with Greek Prime Minister Kyriakos Mitsotakis (not pictured) at the Maximos Mansion in Athens, Greece, July 26, 2022. REUTERS/Louiza VradiOct 15 (Reuters) - Saudi Arabia will provide $400 million in humanitarian aid to Ukraine, Saudi state news agency SPA said, adding that Crown Prince Mohammed bin Salman made a phone call to Ukrainian President Volodymyr Zelenskiy on Friday. The crown prince expressed the kingdom's readiness to continue efforts of mediation and support everything that contributes to de-escalation, SPA added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yomna Ehab; Writing by Nayera Abdallah; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ How Not to Punish the Saudis on Oil Prices
▼ + stars: | 2022-10-13 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

President Biden and Democrats in Congress are furious at Saudi Arabia for pushing the OPEC cartel to reduce oil production, and they’re threatening “consequences.” The ingenious plan seems to be to tell the Saudis that unless they do what Mr. Biden wants, the U.S. will shoot itself in the head. The Saudis last week joined OPEC, Russia and other oil producers in cutting their output by two million barrels a day. As the Journal reported this week, Saudi Crown Prince Mohammed bin Salman made the decision despite U.S. entreaties to wait at least until after the November election.

Saudi Crown Prince Mohammed bin Salman receives U.S. President Joe Biden at Al Salman Palace upon his arrival in Jeddah, Saudi Arabia, July 15, 2022. Still, the U.S.-Saudi rift is widening as Saudi Crown Prince Mohammed bin Salman, widely known as MbS, flags his country's -- and his own -- importance on the world stage. "He has made a great effort since day 1 to signal to the U.S. that he wants excellent ties. Prince Mohammed, the kingdom's de facto ruler, is aware of Riyadh's oil market power and position as a counterweight to Iran, and may stand firm in the face of U.S. criticism. It says it faces a threat from Iran and its proxies, especially after 2019 attacks that temporarily hit Saudi oil output and shook energy markets.

☆ Biden administration officials are worried OPEC+ has undermined plans for a Russian oil price cap, report says
▼ + stars: | 2022-10-13 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Officials in the Biden administration are growing concerned that a Russian oil price cap could backfire. Sources told Bloomberg that OPEC+'s oil production quota cut is undermining the Western effort to punish Russia. The cartel's move has already added to volatility in markets, and a price cap on Russian oil could trigger a spike in crude, they said. Putin has already signaled that the Kremlin will not sell oil to countries that participate in the price cap effort. The US has been leading the effort on the Russian oil price cap, which would coincide with the European Union's embargo on seaborne Russian oil imports that's due to take effect on December 5.

☆ Biden threatens 'consequences' for Saudi Arabia after OPEC cut, but his options are limited
▼ + stars: | 2022-10-12 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

Washington has since the 1940s provided billions of dollars in military and security aid to Saudi Arabia. A file photo of cannisters containing Patriot missiles to intercept missiles fired at Saudi Arabia or its neighboring countries. We must pull all US troops out of Saudi Arabia, stop selling them weapons & end its price-fixing oil cartel." "The White House has few good options despite Biden's warning of 'consequences' after the cut," he said, noting U.S. lawmakers' threats of anti-trust legislation and removal of U.S. military assets from Saudi Arabia. While both courses of action would send a clear message, this could backfire for both the U.S. and for crude prices.

☆ Saudis aren’t weaponizing oil like Americans claim, top official says
▼ + stars: | 2022-10-12 | by ( Joshua Berlinger | ) edition.cnn.com time to read: +6 min

Experts also fear that continued high oil prices could make it more difficult for the US to tamp down inflation, which has already skyrocketed this year. “Saudi Arabia is taking the side of trying to ensure the stability of the oil markets.”“Saudi Arabia does not politicize oil. Saudi officials have insisted that the production cut is being done to protect the country’s economic interests. Democratic Sen. Richard Blumenthal of Connecticut on Wednesday called for immediate action on his bill that would stop US arm sales to Saudi Arabia. When asked about growing calls in Washington to limit ties with Saudi Arabia, al-Jubeir said he hoped that such talk was motivated by domestic politics ahead of the midterms.

☆ A top Senate Democrat threatens to block US cooperation with Saudi Arabia as MBS deepens ties with Putin
▼ + stars: | 2022-10-10 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +4 min

Sen. Bob Menendez threatened to block cooperation with Saudi Arabia. Menendez went on to excoriate Saudi Arabia, OPEC's leading member, accusing it of helping "underwrite Putin's war through the OPEC+ cartel." The Kingdom of Saudi Arabia chose the latter in a terrible decision driven by economic self-interest," Menendez said. Relations between the US and Saudi Arabia have been on shaky ground for years, largely since the brutal 2018 murder of Jamal Khashoggi by agents of the Saudi government. On the campaign trail, President Joe Biden pledged to make Saudi Arabia a "pariah" over Khashoggi's murder.

☆ Fury at Saudi Arabia revives calls for US to throw the book at OPEC
▼ + stars: | 2022-10-07 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

New York CNN Business —OPEC+’s decision to slash oil production has set off bipartisan fury in Washington directed at the Saudi Arabia-led group, raising calls for a hard-hitting US response. And as Democratic Congressman Ro Khanna told CNN earlier this week, in some ways the United States is less dependent on Saudi Arabia and other OPEC nations than in the past. US oil production has skyrocketed over the past 15 years, driving down foreign oil imports. Last year, US crude oil imports from OPEC nations stood at just 798,000 barrels per day. OPEC nations are among the only countries with the firepower to fill any gap created by the potential loss of Russian supply.

☆ Everything you want to know as OPEC+ agrees to cut oil production
▼ + stars: | 2022-10-06 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +7 min

OPEC+ agreed to cut production. But the group — which includes Saudi Arabia, the United Arab Emirates, and Russia — agreed Wednesday to slash daily oil production by 2 million barrels, in a bid to send crude prices higher. But OPEC+ defended their decision, saying it was in response to "uncertainty that surrounds the global economic and oil market outlooks." At a news conference after the meeting, the Saudi energy minister added: "We would rather be pre-emptive than be sorry," the New York Times reports. The country's deputy prime minister, Alexander Novak, said the EU's plan could lead to Russia temporarily cutting oil production further — a move that would see crude prices rise, and gasoline follow.

☆ Saudi Arabia just won a bid for the 2029 Asian Winter Games. The $500 billion city they're set to be hosted in doesn't exist yet.
▼ + stars: | 2022-10-05 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +3 min

Saudi Arabia is set to become the first country in West Asia to host the Winter Asian Games. But, like the rest of Neom, Trojena doesn't exist yet; it's slated to be completed in 2026, per the AFP. Neom, Saudi Arabia, on January 12, 2021. The Asian Winter Games are held every four years. Saudi Arabia stands to be the first West Asian country to host the event, which was most recently held in Sapporo, Japan, in 2017.

☆ Saudi Crown Prince Mohammed bin Salman Named Prime Minister
▼ + stars: | 2022-09-28 | by ( Summer Said | ) www.wsj.com time to read: 1 min

Saudi Crown Prince Mohammed bin Salman is leading an economic overhaul to reduce the kingdom’s dependence on oil, while also punishing dissent and limiting free speech. Saudi Arabia’s King Salman Tuesday named his son, Crown Prince Mohammed bin Salman , as prime minister Tuesday, boosting the profile of the 37-year-old day-to-day ruler of the kingdom as he tries to end years of international isolation over a journalist’s killing. Prime minister, a title traditionally held by the Saudi monarch, will extend Prince Mohammed’s tight grip on power, as he already oversees the country’s most sensitive portfolios—the economy, defense and oil. King Salman also sees his son as a national figure who represents the kingdom’s restless younger generation.

☆ Saudi NEOM's tech unit rebrands, invests $1 bln in 2022 -CEO
▼ + stars: | 2022-09-27 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

Saudi Crown Prince Mohammed Bin Salman announces a zero-carbon city called "The Line" to be built at NEOM in northwestern Saudi Arabia, January 10, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS/File PhotoRIYADH, Sept 27 (Reuters) - NEOM Tech & Digital, a subsidiary of the $500 billion signature NEOM project of the Saudi crown prince, has invested $1 billion in 2022 in AI, including a metaverse platform, its chief executive said on Tuesday. NEOM is Crown Prince Mohammed bin Salman's most ambitious project yet, although it has also met with scepticism from some observers. "NEOM is really becoming, in my opinion, the innovation engine for the GCC," he said in an interview with Reuters. Subscriptions to NEOM's metaverse platform will help people from around the world to virtually visit before physically investing in the city, Bradley said.

☆ Saudi king names crown prince as prime minister
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Saudi Crown Prince Mohammed bin Salman meets with Greek Prime Minister Kyriakos Mitsotakis (not pictured) at the Maximos Mansion in Athens, Greece, July 26, 2022. REUTERS/Louiza VradiSept 27 (Reuters) - Saudi Arabia's King Salman bin Abdulaziznamed his son and heir Prince Mohammed bin Salman as the kingdom's prime minister and his second son Prince Khalid as defense minister, a royal decree said on Tuesday. The reshuffle kept another son, Prince Abdulaziz bin Salman, as energy minister, theroyal decree, carried by state news agency SPA, said. Foreign Minister Prince Faisal bin Farhan Al Saud, Finance Minister Mohammed al-Jadaan and Investment Minister Khalid al-Falih remained unchanged, the decree showed. Prince Khalid bin Salman, MbS's younger brother, previously served as deputy defense minister.

☆ Saudi Arabia's wealth fund hires banks for debut green bonds
▼ + stars: | 2022-09-27 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterDUBAI, Sept 27 (Reuters) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan (JPM.N) to arrange a debut issuance of multi-tranche U.S. dollar-denominated green bonds, a document showed on Tuesday. Sources told Reuters earlier this month that PIF would issue the long-planned green bonds this month or in October. Register now for FREE unlimited access to Reuters.com RegisterA debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. "PIF is acting as the key vehicle to achieve KSA (the Kingdom of Saudi Arabia) green aspirations," the presentation said, referring to an ambitious economic reform agenda to wean the economy off oil. read more($1 = 3.7620 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Louise Heavens and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

The crown prince of Saudi Arabia, Russian oligarch Roman Abramovich , and a jet-set Ukrainian negotiator played key roles in months of talks that led to the release of more than 250 prisoners by Russia and Ukraine this week in a broader deal involving Turkey, according to U.S. and Saudi officials and others familiar with the negotiations. Mr. Abramovich personally accompanied 10 prisoners, including British and American detainees captured by Russia in Ukraine, on a private jet that took them to Riyadh, Saudi Arabia, from Russia earlier this week, Saudi officials said. Other people familiar with the situation confirmed Mr. Abramovich’s involvement.

☆ Saudi crown prince meets with Turkish officials- SPA
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterSaudi Crown Prince Mohammed bin Salman looks on during a signing ceremony at the Maximos Mansion, in Athens, Greece, July 26, 2022. REUTERS/Louiza VradiSept 24 (Reuters) - Saudi Arabia's Crown Prince Mohammed bin Salman met with Turkey's Finance Minister Nureddin Nebati and Ibrahim Kalin, Turkish President Tayyip Erdogan's spokesman and chief foreign policy adviser, in Jeddah on Saturday, Saudi state news agency SPA reported. Turkey is hoping for a currency swap deal with Saudi Arabia, after it established one with the United Arab Emirates earlier this year. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Nayera Abdallah Editing by Peter GraffOur Standards: The Thomson Reuters Trust Principles.

The crown prince of Saudi Arabia, Russian oligarch Roman Abramovich , and a top Ukrainian negotiator played key roles in months of talks that led to the release of more than 250 prisoners by Russia and Ukraine this week in a broader deal involving Turkey, according to U.S., Ukrainian and Saudi officials and others familiar with the negotiations. Mr. Abramovich personally accompanied 10 prisoners, including British and American detainees captured by Russia in Ukraine, onto a private jet that took them to Riyadh, Saudi Arabia, from Russia earlier this week, Saudi officials said. Other people familiar with the situation confirmed Mr. Abramovich’s involvement.

☆ Analysis: Saudi prince's Ukraine mediation signals 'useful' Russia ties - analysts
▼ + stars: | 2022-09-23 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +5 min

With Prince Mohammed's mediation, Russia on Wednesday released 10 foreigners it had captured in Ukraine, including five Britons and two Americans. He denied the Crown Prince had become involved to rehabilitate his reputation. U.S. citizens Alexander Drueke, 39, and Andy Huynh, 27, both from Alabama, are expected to leave Saudi Arabia within days, officials said. But Saudi Arabia has shown little readiness to join the effort to isolate Russia. U.S. National Security Adviser Jake Sullivan, Secretary of State Antony Blinken and British Prime Minister Liz Truss thanked the Saudi crown prince for his role.

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