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☆ China’s Xi gets a warm welcome from MBS in Riyadh
▼ + stars: | 2022-12-08 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +2 min

Saudi state TV showed a grand ceremony laid out for the Chinese leader, as bin Salman, the kingdom’s de facto ruler known as MBS, received him at Al-Yamamah Palace. Chinese and Saudi Arabian flags dotted the premises as members of the Saudi Royal Guard lined up with swords and played music. The two leaders smiled warmly and looked on for photographs, a contrast to the atmosphere of US President Joe Biden’s visit to Saudi Arabia earlier in the year. Xi landed in the capital Riyadh on Wednesday, where he was received by Saudi Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region, and Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs. Saudi Crown Prince Mohammed bin Salman fist bumps US President Joe Biden upon his arrival at Al Salman Palace, in Jeddah in July.

☆ Saudi Arabia Hosts China's Xi Jinping in Apparent Snub to White House
▼ + stars: | 2022-12-08 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

Saudi Arabia is hosting China's President Xi Jinping at a lavish summit this week. This comes in the wake of a series of diplomatic spats between Saudi Arabia and the US. On Sunday, Saudi Arabia announced that it would be keeping the production cuts in place, but the country has also made diplomatic moves seemingly designed to placate the US. Saudi Arabia is China's main oil supplier, and this is an issue likely to feature prominently at the summit. Though Crown Prince Mohammed is seeking to steer a foreign policy less dependent on Washington, DC, it's unlikely either nation will want to significantly loosen ties any time soon, analysts say.

☆ China’s Xi Jinping Visits Saudi Arabia Amid Strained U.S. Ties
▼ + stars: | 2022-12-07 | by ( Stephen Kalin | ) www.wsj.com time to read: 1 min

Chinese President Xi Jinping, pictured wearing a tie, is set to meet with Saudi Crown Prince Mohammed bin Salman, also pictured, later this week. RIYADH, Saudi Arabia—Chinese leader Xi Jinping is headed to Saudi Arabia on Wednesday for a visit that could deepen the relationship between the world’s top oil importer and top oil exporter amid strained U.S.-Saudi ties and a global reshuffling of power accelerated by the Ukraine war. Both sides say their relations remain primarily economic. China is Saudi Arabia’s top trading partner and the biggest buyer of its oil, a trend that is only expected to accelerate. But growing military and geopolitical aspects of their interactions alarm Washington, long the dominant security force in an energy-rich region that is now seeking additional partners including U.S. rivals.

☆ High Oil Prices Lift Saudi Arabia, Bolster Prince’s Economic Plans
▼ + stars: | 2022-12-07 | by ( Stephen Kalin | Rory Jones | ) www.wsj.com time to read: 1 min

Saudi Arabia has one of the world’s fastest-growing economies thanks to higher crude sales; the Khurais oil field. RIYADH, Saudi Arabia—The Saudi government posted a $27 billion budget surplus Wednesday, as this year’s high oil prices accelerate Crown Prince Mohammed bin Salman ’s ambitious plans and boost resource-rich economies across the Persian Gulf. Buoyant crude prices helped the kingdom’s economy expand at one of the fastest rates globally, with the government spending $47 billion more than planned. In a year when global growth is pegged at 3.2%, the International Monetary Fund predicts growth of 7.6% this year in Saudi Arabia. The kingdom’s output is expected to reach $1 trillion for the first time, cementing its place among the world’s biggest economies.

RIYADH, Dec 7 (Reuters) - Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84% from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter's revenues. Spending is slightly lower than 1.132 trillion riyals this year. Revenues are expected at 1.13 trillion riyals, down from 1.234 trillion riyals in 2022 as oil prices are seen falling from this year's high levels. Public debt is seen falling 3.5% to 951 billion riyals next year, or 24.6% of GDP. Government reserves at the Saudi Central Bank are estimated to reach 399 billion riyals at the end of next year, the finance ministry said.

☆ Xi Jinping: Saudi's MBS rolls out the red carpet for China's president, in a not too subtle message to Biden
▼ + stars: | 2022-12-07 | by ( Tamara Qiblawi | ) edition.cnn.com time to read: +9 min

Saudi leaders will infuse the trip with a dose of spectacle. The Saudi king – or his powerful Crown Prince, Mohammed bin Salman – may bestow the Chinese leader with some honors and medals. Saudi Crown Prince Mohammed bin Salman fist bumps US President Joe Biden upon his arrival at Al Salman Palace, in Jeddah, Saudi Arabia, on July 15. Today, the US consumes only a fraction of that Saudi oil, and China is Saudi Arabia’s biggest client and trading partner. Over the last year, Gulf Arab countries appear to have ramped up their independent-minded policy.

The meeting between the global economic powerhouse and Gulf energy giant comes as Saudi ties with Washington are strained by U.S. criticism of Riyadh's human rights record and Saudi support for oil output curbs before the November midterm elections. China, the world's biggest energy consumer, is a major trade partner of Gulf oil and gas producers. Saudi Arabia is its top oil supplier and state-run Saudi Aramco has annual supply deals with half a dozen Chinese refiners. While economic ties remain anchored by energy interests, bilateral ties have expanded under the Gulf's infrastructure and technology push, part of diversification plans that have gained importance as the world turns away from fossil fuels. Saudi Arabia and its Gulf allies have said they would continue to expand partnerships to serve economic and security interests, despite U.S. reservations about their ties with both Russia and China.

Dec 6 (Reuters) - A federal judge in Washington on Tuesday dismissed a lawsuit filed by the fiance of slain journalist Jamal Khashoggi against Saudi Arabian Crown Prince Mohammed bin Salman, citing President Biden's grant of immunity. U.S. District Judge John Bates suggested he was reluctant to throw out the lawsuit but had no choice given the Biden administration's decision. Biden was criticized for fist-bumping the crown prince on a visit to Saudi Arabia in July to discuss energy and security issues. The White House said Biden had told Prince Mohammed that he considered him responsible for Khashoggi's killing. He had traveled to the Saudi consulate in Istanbul to obtain papers he needed to marry Cengiz, a Turkish citizen.

☆ U.S. court dismisses suit against Saudi crown prince in Khashoggi killing
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: +3 min

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. Khashoggi, a columnist for The Washington Post, had written critically of the harsh ways of Prince Mohammed, Saudi Arabia's de facto ruler. The U.S. intelligence community concluded the Saudi crown prince ordered the operation against Khashoggi. The Biden administration already had spared Prince Mohammed from government penalties in the case, again citing sovereign immunity. Rights groups and Saudi exiles argued that sparing Prince Mohammed from accountability in Khashoggi's killing would give the crown prince and other authoritarian rulers around the world a green light for future abuses.

☆ One of the best bets in real estate is no longer a sure thing
▼ + stars: | 2022-12-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

The sure thing that's no longer a sure thing. But the shine is starting to come off what is considered one of the safest, and smartest, bets in real estate. The two largest single-family rental REITs — Invitation Homes and American Homes for Rent — have recently seen their ratings downgraded by Wall Street analysts, Insider's Alex Nicoll reports. More on the potential deal, which also might have participation from a former Wall Street CEO. If you want to leave Wall Street but don't know where to start, read this.

☆ Credit Suisse's investment bank draws interest from Saudi crown prince, WSJ reports
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

Dec 4 (Reuters) - Investors including Saudi Arabia's crown prince and a U.S. private-equity firm run by a former Barclays CEO have shown interest in investing $1 billion or more in Credit Suisse's (CSGN.S) new investment banking unit, the Wall Street Journal reported on Sunday. Credit Suisse did not immediately respond to a request for comment. Seeking to restore vigor to a business that has been languishing, Credit Suisse in October said that it will reshape its investment bank by resurrecting the First Boston brand. Credit Suisse's history with the First Boston brand dates to 1978 when the pair linked up to operate in the London bond market. Some bankers and investors have expressed scepticism over its ability to regain its past glory in a shrinking market.

Saudi Arabia’s crown prince and a U.S. private-equity firm run by Barclays PLC’s former chief executive are among investors preparing to invest $1 billion or more into Credit Suisse ‘s new investment bank, people familiar with the matter said. Crown Prince Mohammed bin Salman is considering an investment of around $500 million to back the new unit, CS First Boston, and its CEO-designate, Michael Klein , some of the people said. Additional financial backing could come from U.S. investors including veteran banker Bob Diamond ‘s Atlas Merchant Capital, people familiar with that potential investment said. Credit Suisse previously said it had $500 million committed from an additional investor it hasn’t named.

☆ Saudi Exchange launches market-making framework to boost liquidity
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Dec 4 (Reuters) - Saudi Arabia's stock exchange said on Sunday it was launching a market-making framework for its stock and derivatives markets to help ensure liquidity and raise price-determination efficiency. Entities must be exchange members, derivatives exchange members or their clients to be market makers. "Market Makers have to ensure the availability of liquidity for a listed security by providing continuous quotes throughout market open session," the Saudi Exchange, also known as Tadawul, said. "The Saudi Exchange will monitor compliance with Market Maker obligations, and will provide incentives to the Market Maker after obligations are met." As of October, Tadawul was the world's ninth largest exchange by market capitalisation of listed companies at $2.86 trillion, just ahead of the London Stock Exchange, according to Statista.

☆ Analysis: Saudi prince seeks Mideast leadership, independence with Xi's visit
▼ + stars: | 2022-12-04 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +7 min

The Saudi government did not respond to requests for comment on Xi's visit and its agenda. It is China's top oil supplier, although fellow OPEC+ producer Russia has increased its Chinese market share with lower-priced fuel. The Chinese delegation is expected to sign dozens of agreements with Saudi Arabia and other Arab states covering energy, security and investments, diplomats have told Reuters. U.S. officials have declined to comment when asked about Saudi-China bilateral relations ahead of Xi's visit. "The relationships with China pale versus those with the United States in terms of both complexity and intimacy," he said.

☆ Biden vowed 'consequences' for Saudi Arabia after oil production cut. But the U.S. has no plans to follow through.
▼ + stars: | 2022-12-03 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Courtney-Kube-Circle-Byline-Template.Jpg | Courtney Kube | ) www.nbcnews.com time to read: +4 min

Nearly two months after President Joe Biden vowed "there will be consequences" for Saudi Arabia’s actions to cut oil production, the U.S. is not actively considering any significant retaliatory actions against the kingdom, according to two U.S. officials. U.S. and Saudi relations hit a low point after Saudi Arabia pushed OPEC members to cut oil production by 2 million barrels per day at their Oct. 6 meeting. Officials, however, also anticipate calls for imposing a cost on Saudi Arabia to ramp back up if OPEC again cuts oil production. The Biden administration's about-face on the oil issue is not the first time it has failed to follow through on a threat to Saudi Arabia. In the lead-up to the 2020 election, Biden vowed to treat Saudi Arabia as a "pariah" state in response to the killing of Washington Post columnist Jamal Khashoggi.

☆ Why Saudi Arabia is hosting one of the world's biggest raves
▼ + stars: | 2022-11-30 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +14 min

The kingdom’s Soundstorm music festival, which began in 2019, is back again for its fourth year and will start on Thursday. “(It) is a particularly powerful example because it seeks to bring together young people and women from across Saudi Arabia and the world,” she said. By contrast, Las Vegas’ Electric Daisy Carnival, considered North America’s biggest dance music festival, had an attendance of over 400,000 this year. Last year, Human Rights Watch (HRW) said that performers should either “speak up” about Saudi Arabia’s human rights violations or not attend the festival at all. Some however argue that opening up countries to international norms and values can allow for better discussion on human rights shortcomings.

"There is a big solidarity between us, Morocco, Tunisia, Qatar and Saudi Arabia. "Look at what Saudi Arabia and Morocco have done. We hope that it will be crowned with a Tunisian and Saudi victory today," he said. "It's a good feeling, the first time (a World Cup is hosted) in an Arabian country," said Ali Abbas Moussa, a 30-year-old pharmacist from Iraq. Some Arab leaders attending the World Cup have echoed the sense of pan-Arab solidarity during matches.

☆ Arab fans unite after surprise wins in Qatar
▼ + stars: | 2022-11-29 | by ( Muath Freij | ) www.reuters.com time to read: +3 min

That chance to make history has forged a sense of solidarity among Arab supporters in Doha. "When Saudi Arabia play I am Saudi and when Morocco play, all the Arab people..." said Mansouri "...are Moroccans!" Mansouri said it felt as if Morocco and Saudi Arabia were both playing on home ground in Qatar, something which may have helped them reach new heights. All Arab and Gulf people support any (Arab) team," said Saudi supporter Khaled al-Asaimi, echoing the tone set by the leaders of Qatar and Saudi Arabia at the start of the tournament. Tensions between the two neigbours led Saudi Arabia and its allies to declare a travel and trade embargo on Qatar in 2017, a move only rescinded last year.

☆ Saudi Arabia announces plans for six-runway hub airport in Riyadh
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

RIYADH, Nov 28 (Reuters) - Saudi Crown Prince Mohammed bin Salman announced on Monday plans to transform Riyadh airport into a massive aviation hub with six parallel runways and designed to accommodate up to 120 million travellers by 2030, state news agency SPA reported. Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), will build King Salman International Airport, which should stretch over 57 square kilometres (22.01 square miles) and include current King Khaled airport, SPA said. Aviation is part of a government strategy to become a global transportation and logistics hub by 2030, with Riyadh airport as the operation base of a brand new airline, RIA, that would compete with regional heavyweights Emirates and Qatar Airways. The kingdom has set itself high targets for diversifying its economy and reducing its dependence on oil, pouring hundreds of billions of dollars into a plan called Vision 2030 initiated by the kingdom's de facto ruler Prince Mohammed. It added King Salman airport would create 103,000 direct and indirect jobs, handle 185 million travellers and process 3.5 million tons of cargo by 2050.

☆ Saudi Arabia wants its investors to own Manchester United and Liverpool
▼ + stars: | 2022-11-25 | by ( Rob Harris | ) www.cnbc.com time to read: +5 min

Cristiano Ronaldo of Manchester United in action during the Premier League match between Manchester United and Liverpool FC on Aug. 22, 2022 in Manchester, England. Ash Donelon | Manchester United | Getty ImagesSaudi Arabia says it wants its investors to take over Manchester United and Liverpool – and hopes Cristiano Ronaldo comes to play in its domestic league. More from Sky Sports:Glazers open to selling Manchester United; Club valued around £5 billionWill Manchester United and Liverpool sales turn into bidding war? Manchester United sale Q&A: Who are the contenders? Cristiano Ronaldo of Manchester United walks on the pitch during a Premier League match between Manchester United and Liverpool FC on Aug. 22, 2022 in Manchester, England.

☆ Prince Abdulaziz bin Turki Al-Faisal: 'I'm waiting for someone to wake me up,' says Saudi sports minister after remarkable win over Argentina
▼ + stars: | 2022-11-23 | by ( Zeena Saifi | ) edition.cnn.com time to read: +6 min

CNN —A day after Saudi Arabia’s historic win against Argentina at the Qatar World Cup, the Kingdom’s sports minister Prince Abdulaziz bin Turki Al-Faisal says he’s “waiting for someone to wake me up.”“It’s been an unbelievable result. Saudi Arabia's victory is the most famous in the Arab world, alongside Algeria's victory over West Germany in 1982. People that don’t know Saudi Arabia, have never been to Saudi Arabia, go out and talk about it as if they’ve lived there for 30 years, 40 years. In honor of the team’s historic win, Saudi Arabia’s King Salman bin Abdulaziz Al Saud ordered a national public holiday for a day on Wednesday. Asked if Saudi Arabia would put in a bid, similar to its takeover of Newcastle United last year, Prince Abdulaziz didn’t confirm nor deny.

Prince Mohammed was not seen at the match but had been front and centre at the tournament opening on Sunday. It was also a sweet moment for host Qatar, facing intense criticism over human rights in the conservative Muslim country. "The fact that the World Cup is in Qatar and we're Arabs - it gives us a lot of energy and excitement." TOLERANCEBefore the match kicked off, the issue of tolerance arose at a news conference between Qatar's foreign minister and his American counterpart. The Gulf Arab state, which denies discrimination and points to labour reforms enacted, welcomes everyone, its Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani said.

[1/2] Saudi Arabia Crown Prince and Prime Minister Mohammed bin Salman Al Saud arrives to attend the APEC Leader's Informal Dialogue with Guests during the APEC 2022 in Bangkok, Thailand, 18 November 2022. U.S. Secretary of State Antony Blinken said on Tuesday the immunity decision did not speak to a review of Washington's relationship with Saudi Arabia, which was ongoing. HISTORIC LOWSaudi ties with the United States and the wider West are still at a historic low point. When Saudi Arabia consequently took its security into its own hands with its war in Yemen, it saw Western criticism as hypocritical. Saudi Arabia would likely still prefer to have a U.S. security umbrella.

☆ Saudi denies oil output hike discussion, says OPEC+ may cut if needed
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. Oil prices, which had slid more than 5% to below $83 a barrel after the Wall Street Journal report , pared losses following the minister's comments. Last month, OPEC+ unexpectedly decided to reduce output targets sharply. It would be unusual for the group to increase production at a time of declining prices and growing concern about the economic outlook. Prince Abdulaziz was also quoted as saying OPEC+ was ready to reduce output further if needed.

☆ Saudi Arabia eyes OPEC+ production increase - WSJ
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Saudi Arabia and other OPEC oil producers are discussing an output increase, the Wall Street Journal reported on Monday, citing unidentified delegates within the group. An increase of up to 500,000 barrels per day is now under discussion for OPEC+'s Dec. 4 meeting, the report said. Last month, OPEC+ unexpectedly decided to reduce output targets sharply and it would be unusual for the group to increase production at a time of declining prices and concern about the economic outlook. The WSJ said talk of a production increase has emerged after U.S. President Joe Biden's administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should have sovereign immunity from a U.S. federal lawsuit related to the killing of Saudi journalist Jamal Khashoggi. The energy minister for Saudi Arabia, the OPEC+ de-facto leader, was quoted as saying earlier this month the group will remain cautious.

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