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☆ Saudi MBC Group signs deals with Turkish production companies as diplomatic ties thaw
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

MBC, which in March 2018 scrapped Turkish programmes including soap operas popular with Arab audiences, said in a statement that the deal would allow it to exclusively host content from Medyapim and Ay Yapim production houses, and produce original Arabic-language content in Saudi Arabia. Saudi Arabia and Turkey were at loggerheads during the 2011 "Arab Spring" over Ankara's support for political Islamist groups deemed a threat to the region's system of rule. MBC said Medyapim and Ay Yapim's content would be available to MBC channels and its online Shahid platform on their airing dates in Turkey. MBC will work with Medyapim and Ay Yapim to co-develop and commission a number of Arabic-language productions, scheduled to begin filming in Saudi Arabia and in the region in the coming years, it added. Medyapim and Ay Yapim dominate the TV industry in Turkey and beyond with prime-time shows that conquered Turkic countries, the Middle East and Latin America.

☆ Retired military officials are finding high-paying jobs with the Saudi government and can make up up to 7-figure salaries working for other foreign governments: WaPo
▼ + stars: | 2022-10-19 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

Hundreds of retired military officials took jobs in foreign governments since 2015, per WaPo report. Still, dozens of military personnel have accepted jobs contracted from Saudi Arabia since Khashoggi's killing. In an interview with The Post, Jones said that he was encouraged by the Trump administration to accept more contracts from the country's Defense Ministry. Eight are retired generals and admirals, and 32 are former lower-ranking military personnel, The Post reported. The Post also reported that some people negotiated jobs with foreign governments during active service.

☆ American sentenced to 16 years in prison in Saudi Arabia for tweets he sent while in United States, his son says
▼ + stars: | 2022-10-18 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

DUBAI, United Arab Emirates — An American citizen has been arrested in Saudi Arabia, tortured and sentenced to 16 years in prison over tweets he sent while in the United States, his son said Tuesday. Saad Ibrahim Almadi sits in a restaurant in the United States, circa August 2021. Ibrahim Almadi / AP fileState Department deputy spokesman Vedant Patel, speaking to reporters in Washington, confirmed Almadi’s detention Tuesday. A Saudi court recently sentenced a woman to 45 years in prison for allegedly damaging the country through her social media activity. Ibrahim said his father was sentenced to 16 years in prison on Oct. 3 on charges of supporting terrorism.

☆ Biden admin officials consider discouraging U.S. companies from expanding business ties with Saudi Arabia
▼ + stars: | 2022-10-18 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Carol-Lee-Circle-Byline-Template.Jpg | Carol E. Lee | ) www.nbcnews.com time to read: +8 min

WASHINGTON — Biden administration officials are considering trying to discourage American companies from expanding business ties with Saudi Arabia as part of a U.S. response to a recent Saudi-led push by oil-producing countries to cut global production, said three current and former U.S. officials familiar with the discussions. The Trump administration sent the treasury secretary to the conference, whereas last year the Biden administration sent Deputy Commerce Secretary Don Graves. “That’s going to be a key test, that OPEC meeting,” the senior administration official said. Early last year Riyadh announced that starting in 2024 only international companies with regional headquarters in Saudi Arabia could do business with the Saudi government. Before the OPEC+ decision this month, U.S. and Saudi officials spent hours discussing the future of oil prices, according to administration officials.

☆ Retired U.S. military officers find work as 'consultants' for Saudi government
▼ + stars: | 2022-10-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetired U.S. military officers find work as 'consultants' for Saudi governmentWashington Post investigative reporter Craig Whitlock joins Shep Smith to discuss a new investigation that found a number of retired U.S. generals and admirals working for the Saudi regime and Crown Prince Mohammed bin Salman.

☆ 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.

☆ Biden will act 'methodically' in re-evaluating Saudi relationship
▼ + stars: | 2022-10-16 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 16 (Reuters) - U.S. President Joe Biden will act "methodically" in deciding how to respond to Saudi Arabia over oil output cuts, but options include changes to U.S. security assistance, White House national security adviser Jake Sullivan said on Sunday. Sullivan, speaking on CNN, said no changes to the U.S.-Saudi relationship were imminent as Biden re-evaluates it. Senator Bob Menendez, a Democrat who chairs the Senate Foreign Relations Committee, called for a halt to most U.S. arms sales to Saudi Arabia after the OPEC+ move. Biden's options "include changes to our approach to security assistance to Saudi Arabia, but I'm not going to get ahead of the president. "The use of a nuclear weapon on the battlefield in Ukraine is the use of a nuclear weapon on the battlefield in Ukraine.

☆ 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 Arabia has suggested the United States asked it to wait a month before cutting oil production, defending a move heavily criticized by the White House as helping Russia's war in Ukraine. Bandar Al-Jaloud / AFP - Getty ImagesAs the de facto head of OPEC+, Saudi Arabia rejected that appeal, with the alliance instead announcing earlier this week it would be cutting global supply by 2 million barrels. John Kirby, National Security Council coordinator for strategic communications, said that Saudi Arabia was trying to "spin and deflect" on the issue. "Other OPEC nations communicated to us privately that they also disagreed with the Saudi decision, but felt coerced to support Saudi’s direction." Like many Western governments, Washington has long sought to balance reliance on Saudi Arabia, the world's second largest oil producer, with holding it to account on human rights.

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 administration asked Saudi Arabia to postpone its OPEC decision by a month, Saudis say
▼ + stars: | 2022-10-13 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

US President Joe Biden being welcomed by Saudi Arabian Crown Prince Mohammed bin Salman at Alsalam Royal Palace in Jeddah, Saudi Arabia on July 15, 2022. The Biden administration asked Saudi Arabia, the de-facto leader of oil producer group OPEC, to delay its decision on oil output by a month, the kingdom said in a statement. That means tighter supplies and higher prices at a time of already high inflation and worries of global recession, which angered U.S. lawmakers who are now calling for a "reevaluation" in relations with the Saudi kingdom. In a statement dated Wednesday, the Saudi government defended its move and said all OPEC decisions are based on economic forecasts and needs. The White House has not commented on nor confirmed the Saudi claims concerning the Biden administration's request for a one-month delay on the OPEC+ decision.

☆ 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.

☆ Biden escalates feud with Saudi Arabia, warning of 'consequences' for cutting oil production in coordination with Russia
▼ + stars: | 2022-10-12 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

Biden made an nonspecific threat to Saudi Arabia after its decision to cut oil output. The OPEC+ group includes Saudi Arabia and Russia — the two biggest oil producers after the US itself — as well as numerous other oil-producing countries. Biden spoke warned Saudi Arabia in an interview with CNN on Tuesday: "There's going to be some consequences for what they've done, with Russia." US officials warned Saudi Arabia that it would be seen as taking Russia's side if OPEC+ cut its production, but Saudi Arabia dismissed the warnings and proceeded, The Wall Street Journal reported. Biden's hardened stance on Saudi Arabia is a big shift from his repeated engagement with the Kingdom and Crown Prince Mohammed bin Salman.

In trying to keep inventories low through the cycle, OPEC+ risks worsening any global recession, and overtightening the market during the next upturn. Chartbook: Global petroleum inventoriesSEVERELY DEPLETED INVENTORIESThe extreme backwardation in Brent futures prices is a symptom global petroleum inventories have become uncomfortably low. BALANCING RISKS AMID UNCERTAINTYWhen spare capacity and inventories are both low, the volatility-reducing course is to put whatever spare capacity there is into production immediately to accumulate inventories pre-emptively. But the timing, duration and depth of the next downturn remains uncertain as does any reduction in oil consumption, either in absolute terms or relative to trend. Related columns:- OPEC+ cut draws hedge funds back into the oil market (Reuters, Oct. 10)- Oil investors ready for recession (Reuters, Oct 3)- Recession will be necessary to rebalance the oil market (Reuters, Sept. 22)- Oil prices and financial markets brace for recession (Reuters, Sept. 15)- John Kemp is a Reuters market analyst.

☆ 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 wealth fund's Savvy Games Group to invest $37.8 billion
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Sept 29 (Reuters) - Saudi Arabia's Savvy Games Group, owned by sovereign wealth fund PIF, will invest 142 billion riyals ($37.8 billion) in initiatives aimed at making the kingdom a global hub for gaming, state news agency SPA said on Thursday. The investments will include 70 billion riyals to take several minority stakes in companies that support Savvy's game development agenda and 50 billion riyals to acquire "a leading game publisher to become a strategic development partner". Another 20 billion riyals will be invested in mature industry partners who bring expertise to Savvy's portfolio and 2 billion riyals will target industry disruptors "to grow early-stage games and esports companies." The company's strategy is to invest in the electronic games industry and esports over a long timeline, including local and international programmes and infrastructure. It aims to set up 250 games companies in Saudi Arabia, which will create 39,000 jobs, and raise the sector's contribution to Saudi GDP to 50 billion riyals by 2030, SPA added.

☆ 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 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.

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