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[1/2] The Boeing 787 Dreamliner airplane is seen in Long Beach, California March 14, 2012. REUTERS/Lucy NicholsonMarch 14 (Reuters) - Two Saudi Arabian airlines announced plans on Tuesday to order 78 Boeing 787 Dreamliners, a big win for Boeing (BA.N) that marks the fifth largest commercial order by value in its history. State-owned Saudi Arabian Airlines (Saudia) and new national airline Riyadh Air will each buy 39 widebody 787s from the U.S.-based planemaker. The deal contains options for 10 additional Dreamliners for Saudia and 33 for Riyadh Air. Calhoun said the planemaker was standing by its 787 production guidance announced in November "and we're confident we can do it."

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ Saudi Arabia has announced a new airline to bring in tourists as it tries to attract 100 million visitors to the kingdom by 2030
▼ + stars: | 2023-03-13 | by ( Taylor Rains | ) www.businessinsider.com time to read: +4 min

Saudi Arabia announced a new airline that will connect its capital city to over 100 destinations worldwide. On Sunday, Crown Prince Mohammed bin Salman announced Riyadh Air — a new national airline that will connect Saudi Arabia to over 100 destinations across the globe by 2030. But cultural clashes may deter tourists from entering Saudi Arabia's newly opened doors. However, some experts say travelers should look at the bigger picture before blacklisting Saudi Arabia as a leisure destination, and consider the opportunity as a learning experience. "Frankly, it would be hard to name a single destination with a clean record on the environment, animal welfare, and human rights."

[1/2] A Boeing 787-8 puts on a display at the Farnborough Airshow, in Farnborough, Britain July 16, 2018. REUTERS/Peter Nicholls/File PhotoWASHINGTON, March 13 (Reuters) - Boeing Co (BA.N) is expected to sell nearly 80 787 Dreamliner airplanes to two Saudi Arabian airlines, a source briefed on the matter said on Monday. State-owned Saudi Arabian Airlines (Saudia) and new national airline Riyadh Air will both be acquiring Boeing 787s, the source said. The airlines are expected to buy a total of 78 787s split between the two buyers and have options to buy another 43, the source said. The Saudi deal comes on the heels of a major December order from United Airlines (UAL.O) for 100 787 Dreamliners and 100 737 MAX jets.

☆ Saudi sculptor steps into limelight as religious curbs ease
▼ + stars: | 2023-03-13 | by ( Mohammed Benmansour | ) www.reuters.com time to read: +3 min

[1/3] Awatif Al-Keneibit, a Saudi artist, shows her art in her studio, an art-form previously frowned upon in the country but now gaining more acceptance, in Riyadh, Saudi Arabia, March 9, 2023. Her exposition includes ceramic faces, some with hollow eyes, others wearing eye glasses, and figurines of Saudi Arabian women, displayed on red bricks and coloured to reflect traditional desert dresses. "Who could have imagined that one day, this exhibition, which was in a basement, could be displayed in Olaya (downtown Riyadh)?" said Keneibit, 60, who is blazing a trail for women in the arts in Saudi Arabia's conservative male-dominated society. U.S.-educated Keneibit said she resorted to creating a private gallery at the bottom of her house for friends and guests after a public exhibition was banned in 2009.

☆ Abu Dhabi’s gas IPO displays the merits of caution
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

Shares of Abu Dhabi National Oil Company’s gas processing spinoff jumped 18% on their IPO debut on Monday, valuing the company at 214 billion dirhams ($58 billion). ADNOC Gas (ADNOCGAS.AD) may be the chunkiest Gulf listing since Saudi Aramco’s (2222.SE) $1.7 trillion equivalent in 2019, but it was more sensibly priced. Aramco’s problem was that Saudi Arabian Crown Prince Mohammed bin Salman had already decreed that it should be worth $2 trillion. ADNOC Gas, by contrast, has a prospective yield of 5.6%, in line with local rivals and more in keeping with Western energy rivals. If anything, ADNOC Gas could be worth even more.

☆ Most Middle Eastern stock markets in red as bank worries spread
▼ + stars: | 2023-03-12 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

March 12 (Reuters) - Most stock markets in the Middle East ended lower on Sunday, with the Egyptian bourse leading the declines, in response to Friday's fall in global shares over fears of contagion following the collapse of Silicon Valley Bank (SVB) (SIVB.O). The startup-focused lender became the largest bank to fail since the 2008 financial crisis on Friday, roiling global markets and leaving billions of dollars belonging to companies and investors stranded. In Qatar, the index (.QSI) slid 1.6%, as almost all the stocks were in negative territory including Qatar Islamic Bank (QISB.QA), which tumbled 3.9%. Saudi Arabia's benchmark index (.TASI) dropped 0.8%, weighed down by a 1.7% fall in Al Rajhi Bank (1120.SE) and a 0.8% decrease in Retal Urban Development CO (4322.SE). Outside the Gulf, Egypt's blue-chip index (.EGX30) tumbled 3.1%, with 28 of thirty one stocks on the index trading red, including top lender Commercial International Bank (COMI.CA), which was down 1.8%.

☆ Saudi Arabia launches new national airline
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

March 12 (Reuters) - Saudi Arabia's Crown Prince Mohammed bin Salman formally announced on Sunday the creation of a new national airline, Riyadh Air, with industry veteran Tony Douglas as its chief executive, as the kingdom moves to compete with regional transport and travel hubs. The new airline is expected to add $20 billion to Saudi Arabia's non-oil GDP growth and create more than 200,000 jobs both directly and indirectly, it said. The announcement may lead to a tougher battle for passengers, going head-to-head with regional giants Emirates, Qatar Airways and Turkish Airlines as the travel industry recovers from the pandemic. In October, Saudi Arabia was in advanced negotiations to order almost 40 A350 jets from Airbus (AIR.PA), with Boeing Co (BA.N) also lobbying for a slice of the kingdom's transportation expansion, industry sources had told Reuters. The head of state-owned Saudi Arabian Airlines (Saudia) told Reuters at the time that it was in talks with Boeing and Airbus on orders both for itself and a planned new carrier.

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

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

☆ Iran and Saudi Arabia: Key developments towards resumption of ties
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

March 10 (Reuters) - Iran and Saudi Arabia agreed on Friday to re-establish relations after a seven-year diplomatic rupture, according to a statement issued by Iran, Saudi Arabia and China. Here are key dates in Saudi-Iranian relations since the suspension of ties in 2016:Jan. 2, 2016: Saudi Arabia executes nearly 50 people including prominent Shi'ite cleric Nimr al-Nimr. Jan. 3, 2016: Saudi Arabia cuts ties with Iran. Jan. 7, 2016: Iran accuses Saudi Arabia of air strikes on its embassy in Yemen. Sept. 14, 2019: Saudi Arabia blames Iran for attacks on its oil installations that knocked out half of the kingdom's supply.

President Biden in a meeting with Crown Prince Mohammed bin Salman in Jeddah, Saudi Arabia, last year. Saudi Arabia is asking the U.S. to provide security guarantees and help to develop its civilian nuclear program as Washington tries to broker diplomatic relations between the kingdom and Israel, people involved in discussions between the two countries said. Striking a normalization deal between Israel and Saudi Arabia has become a priority for President Biden and Prime Minister Benjamin Netanyahu amid a looming confrontation with Iran over its nuclear program and military aid to Russia during the Ukraine war. The Biden administration is deeply involved in the complex negotiations, the people said, and any deal would reshape the Middle East’s political landscape.

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

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

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

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

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

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

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

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

☆ Saudi Arabia's crown prince once bragged Jared Kushner was 'in his pocket'. It's getting harder to convince people otherwise.
▼ + stars: | 2023-02-17 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

It's a move that, even if technically legal, appears designed to help obscure Kushner's financial relationship with the Saudis, and fuels longstanding suspicions over Kushner's relationship with the crown prince. During his time as a senior advisor in his father-in-law's administration, Kushner's relationship with the Saudi ruler repeatedly raised alarm among top US officials. Jabin Botsford/The Washington Post via Getty ImagesThe Post report also said Trump benefited financially from ties with the Saudis after leaving office. A report by The Intercept in 2018 claimed that Crown Prince Mohammed boasted about having secured an extraordinary level of influence over Kushner, reportedly remarking that he had Kushner "in his pocket." The report said that Kushner may have even handed US intelligence on internal critics to Crown Prince Mohammed.

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

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

☆ First Saudi aid plane lands in Syria’s govt-held areas - state media
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

[1/3] A Saudi aid plane is seen, in the aftermath of a deadly earthquake, at Aleppo airport, Syria February 14, 2023. REUTERS/Firas MakdesiBEIRUT, Feb 14 (Reuters) - A Saudi aid plane landed at a Syrian airport held by the government of President Bashar al-Assad on Tuesday in the first such shipment from the kingdom that has backed the armed opposition to Assad during the country's 11-year civil war. It said the operation was carried out on the orders of Saudi Arabia's King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman. The person, who was not identified, said that Tuesday's plane was the first of several set to arrive over the next days. Reporting by Timour Azhari, Kinda Makieh and Nayera Abdallah; Editing by Tom Hogue and Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

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

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

☆ US Soccer to 'voice concerns' over Saudi sponsorship at Women's World Cup
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - The U.S. Soccer Federation (USSF) said on Wednesday it would voice its concerns to FIFA over a reported Saudi Arabian sponsorship deal for the Women's World Cup. "While we cannot control how other organisations manage sponsorship selections for the tournaments we compete in, we can voice our concerns and will continue to support our players." The United States are FIFA's top ranked team and won the last two editions of the World Cup. The Guardian report triggered outrage in both host countries, with human rights activists and sportswomen saying Saudi sponsorship would be at odds with the tournament's messaging on empowerment of women and girls. Veteran U.S. forward Alex Morgan, who won the World Cup in 2015 and 2019, described the potential sponsorship as "bizarre".

☆ Fact Check-Video of Jeddah building demolition falsely linked to Turkey earthquake
▼ + stars: | 2023-02-08 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A video of a building demolition in the Saudi city of Jeddah has been mistaken on social media for a building collapsing during an earthquake in Turkey. In the brief clip, a building is seen collapsing next to a busy road. But the video can be traced back on social media to at least January 2023, weeks before the earthquake (here). Its exact location can also be pinpointed to Old Mecca Road in Jeddah, Saudi Arabia (see bit.ly/3I8Vz2c and the same location on YouTube here ). The video can be traced back to at least January 2023 in Saudi Arabia.

☆ Saudi Arabia says tech giants to invest more than $9 billion in kingdom
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

RIYADH, Feb 6 (Reuters) - Saudi Arabia has attracted more than $9 billion in investments in future technologies, including by U.S. giants Microsoft (MSFT.O) and Oracle Corp (ORCL.N), which are building cloud regions in the kingdom, a government minister said on Monday. Saudi Minister of Communication and Information Technology Abdullah Alswaha said Microsoft will invest $2.1 billion in a global super-scaler cloud, while Oracle has committed $1.5 billion to build a new cloud region in Riyadh. Saudi officials have pressed international companies to invest in the kingdom and move their regional headquarters to Riyadh in order to benefit from government contracts. The minister said China's Huawei (HWT.UL) will also invest $400 million in cloud infrastructure for its services in Saudi Arabia and another cloud region in partnership with oil giant Aramco (2222.SE). An additional $4.5 billion was invested in global and local assets across multiple sectors at the forum, Alswaha added.

Saudi officials have pressed international companies to invest in the kingdom and move their regional headquarters to Riyadh in order to benefit from government contracts. "We are finalising the plans for opening the Riyadh region. He added that Oracle would also expand the capacity of its cloud region in Jeddah, which the company first opened in 2020. The company made the announcement as global tech companies gathered for a major tech conference in the Saudi capital. Though Oracle lags its bigger rivals in the race to corner the cloud computing market, it was among the first large tech companies to open a data centre in Saudi Arabia.

☆ Former decision-maker Dodd questions FIFA over Saudi tourism deal
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

Feb 4 (Reuters) - Ex-Australia international and former FIFA Council member Moya Dodd has accused soccer's governing body of a lack of understanding of the women's game amid reports Saudi Arabia's tourism authority will sponsor the Women's World Cup. Australia and New Zealand, co-hosts of this year's tournament, wrote to FIFA on Wednesday seeking urgent clarification after the Guardian reported Visit Saudi will be named as a major sponsor of the event. "For FIFA to tell LGBTQ players and fans they should 'Visit Saudi' is to send them to a jurisdiction where they are regarded as criminals. FIFA and Visit Saudi have declined to comment on sponsorship of the World Cup, which will be held from July 20 to Aug. 20. "If FIFA is seriously proposing to these fans and players that they should 'Visit Saudi', then they profoundly misunderstand either their own community, or the laws in Saudi Arabia."

☆ HSBC embarks on Saudi Arabia hiring spree amid deals boom
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 2 (Reuters) - HSBC (HSBA.L) is hiring dealmakers as "fast as it can" in Saudi Arabia to capitalise on a wave of financing activity in the country, the global head of its investment bank told Reuters. The lender aims to increase headcount in its global banking and markets business in Saudi Arabia by 10-15% this year, Greg Guyett, the division's chief executive, told Reuters. HSBC declined to comment on how many such bankers it already employs in Saudi Arabia. HSBC's investment banking business made $65 million in profit in Saudi Arabia in 2021, according to company filings, the smallest such contribution among named countries aside from loss-making France. Saudi Arabia also sold $5 billion in bonds last October, its first international debt sale in almost a year.

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