DIRS.INFO The most relevant business & tech news

☆ Saudi Arabia deposits $5 bln in Turkey's central bank - statement
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 6 (Reuters) - Saudi Arabia has signed an agreement with Turkey to deposit $5 billion in the country's central bank through the Saudi Fund for Development (SFD), the fund said on Monday. Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan announced his country's intention to make the deposit in December. The Turkish central bank's net international reserves fell some $1.4 billion to $20.2 billion in the week to Feb. 24, data from the bank showed on Thursday. The Saudi deposit follows joint efforts by Ankara and Riyadh to mend ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi in 2018 at the kingdom's consulate in Istanbul. The deposit was signed between SFD Chairman Ahmed Aqeel Al-Khateeb, who is also Saudi Arabia's tourism minister, and Turkish Central Bank Governor Sahap Kavcioglu, the SFD statement said.

☆ Saudi Arabia drops $5 billion in Turkey's central bank to help its struggling economy
▼ + stars: | 2023-03-06 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Saudi Minister of Finance Mohammed Al-Jadaan speaks during a meeting of Finance ministers and central bank governors of the G20 nations in the Saudi capital Riyadh on February 23, 2020. Saudi Arabia agreed to deposit $5 billion into Turkey's central bank through its Saudi Fund for Development, the fund said in a statement Monday. The decision is "a demonstration of the Kingdom of Saudi Arabia's commitment to supporting Turkey's efforts to strengthen its economy," the statement said. Turkey's inflation is still above 55%, and its currency is hovering near record lows against the dollar after several years of policy intervention by Turkish President Recep Tayyip Erdogan, who resisted raising interest rates despite mounting inflation. In the years since, the countries had used various means to unofficially boycott each other's products and flights or block each other's media outlets.

☆ Gulf states have given billions in aid to Egypt. Now they want to see returns
▼ + stars: | 2023-03-01 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

He was referring to the tens of billions of dollars in bailouts his country has received from the wealthy Gulf monarchies over the past decade. Many of those assets have long been under the control of Egypt’s military, an economic behemoth and the backbone of Sisi’s power. This time, however, Gulf Arab allies – especially Saudi Arabia and the United Arab Emirates – want to see returns. Last year alone, Gulf states pledged $22 billion to Egypt as it faced an economic crisis caused partly by the fallout from the Ukraine war, Reuters reported. Analysts say that Egypt was pushed by Gulf states to accept the IMF’s conditions, especially those on privatization.

DAVOS, Switzerland, Jan 18 (Reuters) - Saudi Arabia's finance minister said on Wednesday the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally. "We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms," the minister said. Saudi Arabia and other Gulf Arab states like the United Arab Emirates and Qatar have increasingly moved towards investing rather than extending direct financial aid. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.

☆ Davos 2023: Saudi Arabia changing no-strings aid, finance minister says
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Switzerland, Jan 18 (Reuters) - Saudi Arabia's finance minister said on Wednesday the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally. "We used to give direct grants and deposits without strings attached and we are changing that," Mohammed al-Jadaan said at the World Economic Forum in Davos, adding Saudi Arabia was encouraging countries in the region to make reforms. We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part." Reporting by Yousef Saba in Dubai and Maha El Dahan in Davos; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Saudi finance minister says China 'very important', U.S. 'strategic partner'
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Switzerland, Jan 18 (Reuters) - Saudi Arabia's finance minister said on Wednesday that China "is very important for Saudi" and its largest trade partner, "but also the U.S. is a very important and strategic partner". "Our aim is really to bridge the divide, our aim is to be a force of communication and we are encouraging communication, whether it is China, the U.S. or others," Mohammed al-Jadaan said, speaking at the World Economic Forum in Davos. "We are playing our part and you can count on Saudi Arabia to continue playing that part," he said. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing hereReporting by Maha El Dahan in Davos; writing by Yousef Saba in Dubai; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Ronaldo v Messi: the last dance in Saudi Arabia or a fresh start?
▼ + stars: | 2023-01-18 | by ( Shady Amir | ) www.reuters.com time to read: +3 min

Messi's Paris St Germain take on a combined Al Hilal-Al Nassr team in an exhibition match, giving Ronaldo and Messi a chance to rekindle their old 'El Clasico' rivalry when they played for Real Madrid and Barcelona, respectively. Mohammed Al-Jadaan, Saudi Arabia's Minister of Finance, had recently indicated that the door was open for moves by Saudi clubs to try and sign both of soccer's biggest stars. Messi and Ronaldo won every Ballon d'Or award from 2008-2017 until Real Madrid midfielder Luka Modric broke their hegemony and the Argentine has since won two more to lead 7-5 over his Portuguese rival in the race to be the world's best player. Should the Argentine move to Saudi Arabia, Thursday's encounter between the sport's two biggest stars of the modern era could signal the dawn of a new age in Asian football. Reporting by Shady Amir; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ Why Egypt is asking its people to eat chicken feet
▼ + stars: | 2023-01-18 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +17 min

Abu Dhabi CNN —Egypt’s economic situation is so dire that the government is asking people to eat chicken feet. In Egypt, chicken feet are seen as the cheapest of meat items, considered by most as animal waste rather than food. After the recommendation to switch to chicken feet, the price of one kilogram of the product reportedly doubled to 20 Egyptian pounds ($0.67). But those firms don’t operate like private companies, enjoying special privileges without disclosing their financial data to the public. Experts have questioned why international creditors had not leveraged their loans to drive Egypt’s military out of the economy.

☆ Top business leaders discuss financial innovation at the World Economic Forum
▼ + stars: | 2023-01-17 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 2:30 a.m. Please refresh the page if you do not see a player above at that time.] Moderated by CNBC's Steve Sedgwick, top business leaders discuss at Davos, Switzerland, how financial actors respond to ongoing disruptions while keeping pace with technological advancement. Joining CNBC is Ronald P. O'Hanley, the chairman and chief executive officer at State Street Corporation, Lynn Martin, president of NYSE Group Inc., Dan Schulman, the president and chief executive officer at PayPal, Mark Suzman, the chief executive officer of the Bill & Melinda Gates Foundation and Mohammed Al-Jadaan, the minister of finance for Saudi Arabia. Subscribe to CNBC on YouTube.

☆ Saudi Arabia can 'bridge the gap' between the U.S. and China, finance minister says
▼ + stars: | 2023-01-16 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

watch nowSaudi Arabia can help be a conduit between the U.S. and China at a time of heightened geopolitical tensions, Saudi Finance Minister Mohammed al-Jadaan said Monday at the World Economic Forum in Davos, Switzerland. "I really think that we need to focus on collaboration, cooperation, avoiding more geopolitical tensions, and calling for calm and political solutions to geopolitical tensions," al-Jadaan told CNBC's Hadley Gamble. Mohammed Al-Jadaan, Saudi Arabia's finance minister, at the World Economic Forum in Davos, Switzerland Jason Alden | Bloomberg | Getty ImagesAsked about Saudi Arabia's ability to facilitate dialogue between adversarial powers like the U.S. and China, al-Jadaan said: "I would say absolutely yes. We have a very strategic relationship with the U.S., and we have a close relationship with China, and we think we can bridge the gap." The U.S. has military installments in Saudi Arabia, selling advanced weaponry and providing training and joint operations with the Saudi military.

☆ Likely to see inflation going down, Saudi Arabia finance minister says
▼ + stars: | 2023-01-16 | 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 EmailLikely to see inflation going down, Saudi Arabia finance minister saysMohammed Al-Jadaan, Saudi Arabia's finance minister, speaks to CNBC's Hadley Gamble at the World Economic Forum in Davos to discuss recession risks.

☆ Saudi Arabia can bridge the gap between the U.S. and China, finance minister says
▼ + stars: | 2023-01-16 | 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 EmailSaudi Arabia can bridge the gap between the U.S. and China, finance minister saysMohammed Al-Jadaan, Saudi Arabia’s finance minister, says Saudi Arabia can bridge the gap between the U.S. and China.

☆ Saudi Arabia's GDP grows 8.8% year-on-year in Q3 -statistics authority
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 11 (Reuters) - Saudi Arabia's economy grew by 8.8% in the third quarter of 2022 compared to the same period a year earlier, mainly due to a sharp increase in oil-related activity, according to official estimates released on Sunday. Oil activities grew by 14.2% year-on-year in the third quarter, but GDP growth was also boosted by 6% growth in non-oil activities, the General Authority of Statistics data showed, though non-oil activity fell 0.5% quarter-on-quarter. The statistics authority said GDP at current prices amounted to 1.036 trillion riyals ($275.53 billion) in the third quarter, with crude petroleum and natural gas activities contributing 35.2%. The non-oil private sector contributed 50.7% to overall GDP. ($1 = 3.7600 riyals)Reporting by Rachna Uppal; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

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.

☆ Saudi Arabia will soon make $5 bln deposit with Turkey -Saudi finance minister
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

RIYADH, Dec 8 (Reuters) - Saudi Arabia will place a $5 billion deposit at Turkey's central bank "within days," the kingdom's finance minister, Mohammed al-Jadaan, said on Wednesday. The decision was taken between us and Turkey," he told reporters, saying discussions were on remaining details and the deposit could happen "within days." "There is great improvement in our relationship with Turkey and we aspire for investment opportunities in Turkey and other countries," he said. A Saudi finance ministry spokesman told Reuters on Nov. 22 that the two states were in "final discussion" on the deposit. The momentum of talks between the countries' central banks comes after Ankara and Riyadh's joint effort to mend ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi in 2018 at the kingdom's Istanbul consulate.

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.

[1/3] A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/FilesRIYADH, Oct 26 (Reuters) - Oil giant Saudi Aramco launched a $1.5 billion fund to support an inclusive global energy transition on Wednesday while Saudi officials said the switch from hydrocarbons could take decades, necessitating continued investment in conventional resources. What we need is an optimal, realistic transition plan," Aramco CEO Amin Nasser told a business forum, where he announced the new fund managed by Aramco Ventures. Saudi Finance Minister Mohammed al-Jadaan told the FII gathering that thinking around the global energy transition has "now became more realistic that actually transition will take... possibly 30 years", and that conventional resources remained important to ensure security of supply. Saudi sovereign wealth fund the Public Investment Fund (PIF) has established five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, PIF said on Wednesday, following a similar move for an investment subsidiary in Egypt.

☆ Energy transition could take 30 years, Saudi finance minister says
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Oct 26 (Reuters) - Saudi Arabia's finance minister said on Wednesday the energy transition away from fossil fuels would take years, possibly 30 years. Finance Minister Mohammed al-Jadaan was speaking at Saudi Arabia's flagship investment conference FII. Reporting by Aziz El Yaakoubi and Rachna Uppal in Riyadh and Nadine Awadalla in Dubai; Writing by Yousef Saba; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Aramco says its energy transition is not delivering and launches a $1.5 billion fund for a more 'realistic' plan
▼ + stars: | 2022-10-26 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Saudi Arabia's state-run oil giant is investing $1.5 billion in a new energy transition plan. Saudi Aramco's CEO Amin Nasser said the current framework is "flawed." Saudi Aramco chief executive Amin Nasser told a business conference Wednesday that the current framework in place "is not really delivering," while promoting "an optimal, realistic transition plan." The plan falls in line with the Kingdom's efforts to strengthen its green energy investments, and the Kingdom last year announced a goal of net zero emissions by 2060. Meanwhile Mohammed al-Jadaan, Saudi Arabia's finance minister, told the conference that the thinking around a plan to transition away from fossil fuels has "now became more realistic that actually transition will take... possibly 30 years."

☆ Factbox: Mixed fortunes for producers as petrodollars flow
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +6 min

Data on Saudi Arabia, Russia, Nigeria and Iraq shows how not all the big producers are cashing in on the oil price bonanza. In February 2022, oil and gas sales were $1.26 billion but NNPC remitted $0 in March. RUSSIARussia's oil and gas budget revenues in January-August increased by 43% compared with a year ago, providing authorities with room to step up public spending aimed at limiting the impact of sweeping Western sanctions. In January-August, Russia's oil and gas revenues totalled 7.3 trillion roubles ($121,7 billion), or 82% of such revenues it envisaged for 2022. But in July-August, oil and gas revenues fell year on year.

☆ 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.

☆ Petrodollar rush may disappoint Western financiers
▼ + stars: | 2022-09-20 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

Yet Western financiers hoping to share in the spoils of a 1970s-style petrodollar boom will be disappointed. In previous petrodollar booms, energy producers have recycled their windfalls into the Western financial system. These financial flows, known as petrodollar recycling, mean that the money Westerners spend on fuel eventually makes its way back into their economies through energy producers’ financial investments. Either way, it would mean that Westerners miss out on some of the spoils of the new petrodollar boom. A more muted petrodollar boom might not be such a bad thing after all.

Search resuls for: "Jadaan"

22 mentions found