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Saudi Press Agency/Handout via REUTERSDUBAI, Nov 10 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) is working with Lazard (LAZ.N) on funding options and a potential initial public offering of Masar, a $27 billion mega project in the holy city of Mecca, two sources with direct knowledge told Reuters. The PIF, Lazard and Masar did not respond to a Reuters query for comment. Bloomberg first reported Lazard was advising the sovereign wealth fund on NEOM. Masar is a 1.2 million square metre urban development project in the western part of Mecca. Reporting by Hadeel Al Sayegh;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

CNN —Two British-Iranian journalists working in the United Kingdom have been warned by police of a “credible” plot by Iran to kill them, according to their employer, London-based news channel Iran International. The Iranian government has labeled Iran International as a “terrorist organization,” Iran’s state-aligned news agency ISNA reported Tuesday, citing the country’s information ministry. CNN reached out to Iran International for comment. Iran International’s protest coverageFounded in 2017, Iran International has been at the forefront of covering the recent demonstrations with exclusive footage of events on the ground. The sanctioned entities included what Tehran referred to as “anti-Iranian TV channels” such as Iran International, Tasnim reported.

Chinese President Xi Jinping at The Great Hall of People in Beijing in October, he is planning to visit Saudi Arabia next month, according to people familiar with the matter. Chinese leader Xi Jinping is planning to visit Saudi Arabia before the end of the year, according to people familiar with preparations for the trip, as Beijing and Riyadh seek to deepen ties and advance a vision of a multipolar world where the U.S. no longer dominates the global order. Officials are completing the details for a summit between Mr. Xi and Saudi Crown Prince Mohammed bin Salman that would underline Beijing’s growing influence in the Middle East, where the U.S. long reigned supreme, and growing links between the oil-rich Saudis and Washington’s top global rivals.

☆ Saudi Arabia to Build Electric Vehicles With Apple Supplier Foxconn
▼ + stars: | 2022-11-03 | by ( Rory Jones | ) www.wsj.com time to read: 1 min

The fund has already invested in the Lucid Group, an electric-vehicle maker with plans to set up a factory in the kingdom. Saudi Arabia’s sovereign-wealth fund is partnering with the biggest assembler of Apple Inc. iPhones to manufactur electric vehicles, part of an effort to create an industrial sector that Crown Prince Mohammed bin Salman hopes can diversify his economy away from oil. The Public Investment Fund said Thursday it entered a joint venture with Taiwan-based Foxconn Technology Group to establish an electric-vehicle brand, called Ceer, that will license component technology from BMW to build cars. Foxconn, formally known as Hon Hai Precision Industry Co., will develop electronics in the vehicles with “infotainment, connectivity and autonomous driving technologies,” the Saudi fund said in a joint statement with Taiwanese firm.

☆ Saudi crown prince launches Ceer, first Saudi electric vehicle brand
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Nov 3 (Reuters) - Saudi Arabia's crown prince Mohammed bin Salman has launched Ceer, the first Saudi electric vehicle brand, expected to be available in 2025, the state news agency (SPA) reported on Thursday. Ceer will attract over $150 million of foreign direct investment and is projected to directly contribute $8 billion to the kingdom's GDP by 2034, SPA added. The company is a joint venture between Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), SPA said. Reporting by Alaa Swilam; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON — Sen. Chris Murphy on Monday called for an immediate investigation into the national security implications of Saudi Arabia's stake in Twitter after Elon Musk’s takeover of the social media company. “The purpose of these reviews is clear: to protect the national security interests of the United States and American citizens,” Murphy wrote to Treasury Secretary Janet Yellen, who leads CIFIUS. Late last week, Saudi Arabia’s Kingdom Holding Company and the private office of Prince Alwaleed bin Talal said they would help Musk finance his Twitter deal by rolling over their ownership of shares of the company worth about $1.89 billion, according to a statement tweeted by Alwaleed. Together all the way @Twitter,” Prince Alwaleed tweeted. Saudi Arabia’s sovereign wealth fund, led by Crown Prince Mohammed Bin Salman, owns nearly 17 percent of Kingdom Holding, according to Reuters.

☆ Democratic U.S. senator wants probe into Saudi firm's stake in Twitter
▼ + stars: | 2022-10-31 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Senator Chris Murphy said on Monday he wants a U.S. national security review of a Saudi Arabian conglomerate's stake in Twitter Inc after Elon Musk's takeover of the social media company. "The deal is in line with the long-term investment strategy which Kingdom Holding Company is known for," the statement said. Alwaleed's Kingdom Holding is 16.9% owned by Saudi Arabia's sovereign wealth fund, which is chaired by Crown Prince Mohammed bin Salman. Banks including Morgan Stanley (MS.N) and Bank of America Corp (BAC.N) committed to provide $13 billion in debt financing. Reporting by David Shepardson in Washington Editing by Franklin Paul and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Gulf states use new oil riches to gain regional influence
▼ + stars: | 2022-10-31 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +13 min

“Money talks,” Michael Maduell, president of the Sovereign Wealth Fund Institute in Las Vegas, told CNN. Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, last week announced that the nation’s wealth fund, the Public Investment Fund (PIF), is establishing five regional companies worth $24 billion across the Middle East. One of the key regional investment destinations for both Abu Dhabi and Riyadh has been Egypt. Once a regional rival, Turkey is now an economic ally of Saudi Arabia and the UAE. Despite a political thaw, Gulf investments in Iran and Syria are unlikely for the time being, say analysts.

☆ Biden admin has discussed slow-rolling Saudi military aid as payback for oil production cut
▼ + stars: | 2022-10-29 | 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

The Biden administration has discussed slow-rolling military aid to Saudi Arabia, including shipments of advanced Patriot missiles, to punish the kingdom for leading OPEC’s decision to cut oil production, say two U.S. officials and a source familiar with the discussions. Some military officials support the idea, said the sources, but others want to make sure the military relationship between the U.S. and Saudi Arabia is kept separate from any retribution by the administration. OPEC’s move spurred a back and forth between the U.S. and Saudi Arabia, with Biden administration officials vowing there would be consequences for the Saudis. “There needs to be a balance between punishing the Kingdom of Saudi Arabia and not making life more difficult or dangerous for the U.S.,” one U.S. official said. One White House official said that while changes to security assistance are under consideration the Biden administration is not in a rush to take action.

☆ Saudi's Kingdom Holding company to maintain Twitter stake
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Oct 28 (Reuters) - Saudi Arabia's Kingdom Holding Company and the private office of Prince Alwaleed Bin Talal said on Friday that they will continue their ownership of Twitter (TWTR.N) shares valued at $1.89 billion after Elon Musk's takeover of the social media company, according to a statement tweeted by Prince Alwaleed. Alwaleed's Kingdom Holding is 16.9% owned by Saudi Arabia's sovereign wealth fund chaired by crown prince Mohammed Bin Salman. Prince Alwaleed bin Talal rose to international prominence after making a big successful bet on Citigroup Inc(C.N)in the 1990s and he was an early investor in Apple Inc. The prince has also made hundreds of millions of dollars by investing in companies such as Uber Technologies Inc (UBER.N) to Twitter Inc. Reporting by Lilian Wagdy, Writing by Hadeel Al Sayegh; Editing by David Goodman and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ America and Saudi Arabia are locked in a bitter battle over oil. The stakes are massive
▼ + stars: | 2022-10-28 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN Business —The relationship between the United States and Saudi Arabia is one of the most important on the planet. Biden visited Saudi Arabia over the summer and even fist-bumped Crown Prince Mohammed bin Salman. Saudi Arabia could respond to penalties from Washington with drastic steps of their own, ratcheting up the conflict further. Saudi Arabia is sitting on roughly $119 billion of US debt, according to Treasury Department data, making it the world’s 16th largest holder of Treasuries. All of this explains why a full-blown breakdown in relations between the United States and Saudi Arabia may be the last thing the fragile economy needs right now.

☆ Barrack testifies he told Trump to use Khashoggi murder to end Qatar blockade
▼ + stars: | 2022-10-27 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Barrack, 75, is not charged with acting as a Saudi agent, but the country is close with the UAE. U.S. intelligence says the murder of Khashoggi, a Saudi insider-turned-critic, was approved by Crown Prince Mohammed bin Salman, the de facto ruler. The blockade of Qatar by Saudi Arabia, the UAE and others began in 2017. Prosecutors say that during the blockade, Barrack told Rashid Al Malik - an associate also accused of being an Emirati agent - that the United States was considering hosting a summit to resolve the conflict. Al Malik, who is at large, then told UAE officials about the possible meeting, prosecutors say.

☆ The US and Saudi Arabia traded petty insults in an feud over oil after a reported secret deal fell apart
▼ + stars: | 2022-10-27 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

The US and Saudi Arabia are in a dispute over reports of an abandoned secret oil deal. Biden wants more oil output to drive down prices, but Saudi and its OPEC partners plan the opposite. The backdrop to the dispute is the decision in October by Saudi Arabia and other oil producers to cut output and keep prices high. "I think we as Saudi Arabia decided to be the maturer guys and let the dice fall," Abdulaziz told an international investors summit in Riyadh this week, according to Reuters. Biden said there will be "consequences" for Saudi Arabia over its decision to reduce oil supplies, but has not specified what they will be.

☆ Trump ally Barrack can be questioned on Khashoggi comments, Saudi nuclear plans
▼ + stars: | 2022-10-26 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +4 min

While Barrack is not charged with acting as a Saudi agent, the country and the UAE are close allies. Cogan also said he would let prosecutors ask Barrack about a plan he pushed in the early days of the Trump administration to construct 40 nuclear plants in Saudi Arabia and elsewhere in the Middle East. Barrack is not charged with any crimes over the civil nuclear plan, which fell through. One of prosecutors' major charges is that Emirati officials provided input to Barrack on what Trump should say in the speech. Reporting by Luc Cohen in New York; editing by Jonathan Oatis and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ White House officials thought they'd struck a secret oil deal with Saudi Arabia only for Biden to be humiliated when the kingdom abandoned it: NYT
▼ + stars: | 2022-10-26 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

White House officials believed they'd struck a secret oil deal with Saudi Arabia, per NY Times. The Saudi decision to cut oil output before the midterms angered the White House, per NY Times. Saudi Arabia also enraged Democratic lawmakers and White House officials earlier this month by announcing plans to cut production along with Russia and other OPEC nations, pushing up oil prices. Biden has said there will be consequences for Saudi Arabia as a result of the decision, without specifying what they might be. The White House did not immediately respond to Insider's request for comment.

☆ America's top bankers worry more about the world than a recession
▼ + stars: | 2022-10-25 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

“The relationships of the Western world would have me far more concerned than whether there’s a mild or slightly severe recession [in the United States],” he added. “Saudi Arabia and the United States have been allies for 75 years. Fix social media but keep innovatingSchwarzman also highlighted rising interest rates and “the problems of relationships among countries” as the major challenges facing businesses. To that list he added social media. “One of the things that we’re almost not aware of is how difficult it is for governments to function in a world of social media,” Schwarzman said.

RIYADH, Saudi Arabia—An unwritten pact binding the U.S. and Saudi Arabia has survived 15 presidents and seven kings through an Arab oil embargo, two Persian Gulf wars and the Sept. 11 terrorist attacks. Now, it is fracturing under two leaders who don’t like or trust each other. Saudi Crown Prince Mohammed bin Salman , the kingdom’s 37-year-old day-to-day ruler, mocks President Biden in private, making fun of the 79-year-old’s gaffes and questioning his mental acuity, according to people inside the Saudi government. He has told advisers he hasn’t been impressed with Mr. Biden since his days as vice president, and much preferred former President Donald Trump, the people said.

☆ Boeing and Airbus facing off to win 80-aircraft order for new Saudi airline, report says
▼ + stars: | 2022-10-24 | by ( Stephen Jones | ) www.businessinsider.com time to read: +2 min

Saudi Arabia's Public Investment Fund is negotiating with Airbus and Boeing for new planes, per a report. Fund officials want to order about 80 planes for a new national airline, Bloomberg reported. The country's Public Investment Fund (PIF) is in negotiations with Airbus and Boeing to secure orders for as many as 80 new planes for the airline, Bloomberg reported. In September 2022, Arabian Business reported the airline would be named RIA and could use Boeing 737s and Airbus A320s. It's not clear whether the order reported by Bloomberg will be exclusive to one company, or split between the two.

☆ Airbus eyes Saudi deal for almost 40 A350 jets - sources
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

A Airbus A350 aircraft during a display at the Farnborough International Airshow, in Farnborough, Britain, July 20, 2022. REUTERS/Peter CziborraPARIS/DUBAI, Oct 23 (Reuters) - Saudi Arabia is in advanced negotiations to order almost 40 A350 jets from Europe's Airbus (AIR.PA) as part of strategic efforts to launch a new airline and challenge heavyweight carriers in the Gulf, industry sources said. Any commercial deal must still win political approval and also depends n complex engine negotiations, one of the sources said. The choice of supplier is widely seen as politically charged as the Saudi gathering takes place amid deepening tensions between Washington and Riyadh, two industry sources said. Reuters first reported in August that Saudi Arabia was discussing a significant order for wide-body jets.

☆ Saudi Arabia launches bid to attract $10 billion in supply chain investment
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

RIYADH, Oct 23 (Reuters) - Saudi Arabia's crown prince on Sunday launched an initiative to attract investments in supply chains to and from the kingdom, with an aim of raising an initial 40 billion riyals ($10.64 billion). The initiative by Prince Mohammed bin Salman will include allocating about 10 billion riyals in incentives for supply chain investors, state news agency SPA reported, without elaborating. Register now for FREE unlimited access to Reuters.com RegisterThe latest supply chain initiative includes establishing a number of special economic zones, said a statement on SPA that also referred to ongoing "legislative and procedural" reforms. Prince Mohammed's Vision 2030 plan aims to modernise Saudi Arabia and wean its economy off oil revenues. ($1 = 3.7580 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Moataz Mohamed in Cairo; Editing by William Maclean and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. JPMorgan and Goldman Sachs made nearly $77 million and $42 million respectively in investment banking fees in Saudi Arabia last year, Refinitiv data showed. "For the most part, I do not see U.S. companies actively avoiding Saudi Arabia due to recent political tensions," said Adel Hamaizia, managing director at Highbridge Advisory and a visiting fellow at Harvard University. FDI FLATForeign direct investment still lags behind targets, though there has been movement in new sectors as the kingdom opens up. As Boeing netted an $80 million defence contract last year, Fedex announced a $400 million 10-year investment plan in the country, the Arab world's biggest economy.

☆ 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.

☆ 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.

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