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☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

☆ Saudi money is pouring into Hollywood and media, 5 years after the murder of Jamal Khashoggi. Here's who's cashing in and how.
▼ + stars: | 2023-03-15 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +13 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Even those media players that are comfortable with invetment from the Middle East may not find funds flowing, one Hollywood veteran said. A major live WWE event in Saudi Arabia is slated for May. Of the growing ties between US entertainment and media and Middle East investors, this person added, "Presumably media organizations got into this to help society make better decisions."

☆ Arch-rivals Iran and Saudi Arabia agree to revive ties, reopen embassies in China-brokered deal
▼ + stars: | 2023-03-10 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

"As a result of the talks, Iran and Saudi Arabia agreed to resume diplomatic relations and re-open embassies ...within two months," Iran's news agency IRNA reported Friday. Saudi Arabia's state Saudi Press Agency confirmed the announcement in its own statement. The Saudi statement profusely thanked Beijing for its leadership in the talks. The Saudi statement also expressed thanks to Riyadh's neighbors Iraq and Oman, which it said had hosted "rounds of dialogue that took place between both sides during the years 2021-2022." Saudi Arabia cut diplomatic ties with Iran in 2016, after Iranian protesters stormed the Saudi embassy in Tehran in response to Saudi authorities executing 47 dissidents, including a leading Shia cleric.

☆ 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.

☆ Saudi, UK ministers agree to study combat air cooperation -Saudi agency
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

March 1 (Reuters) - Saudi and British defence ministers have agreed to study future co-operation on combat air capabilities and potential industrial projects, the Saudi state news agency reported. Saudi Defence Minister Prince Khalid bin Salman and British Defence Secretary Ben Wallace met in Riyadh on Wednesday and signed a "declaration of intent regarding the participation of the Kingdom of Saudi Arabia in the Future Air Capabilities Program (FCAS)", it said. FCAS is an acronym widely used for next-generation fighter projects known as Future Combat Air Systems, including the British-led Tempest programme which was recently expanded to include Japan under a new framework called Global Air Combat Programme. It said identifying industrial participation projects and joint research and development projects were also included. The British Defence ministry said the statement of intent signed in Riyadh would initiate a "Partnering Feasibility Study to explore how we can best position our decades long combat air relationship for the future".

☆ 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.

☆ 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.

☆ Morgan Stanley analyst thinks Lucid is headed to an all-time low
▼ + stars: | 2023-01-31 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Lucid 's stock has boomed in recent days, but Morgan Stanley is warning of a bust on the horizon. Analyst Adam Jonas' price target of $5 implies the electric vehicle maker's stock will tumble 57.4% from where it closed Monday. That means Jonas, who carries an underweight investment recommendation, expects the stock to hit an all-time low sometime in the next 12 months. While Jonas said support from the Saudi Arabia could help the company long-term, he still sees a challenging road ahead for Lucid. The stock previously reached an intraday low of $6.09 and closing low of $6.17 earlier this month.

☆ An ex-Twitter employee was sentenced to 3.5 years in prison after spying for Saudi Arabia and handing over user info
▼ + stars: | 2022-12-15 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Ex-Twitter employee Ahmad Abouammo was sentenced to over 3 years in prison after spying for Saudi Arabia. He was found guilty of sharing confidential information about Twitter users with Saudi officials. 45-year-old Ahmad Abouammo was found guilty of sharing confidential information about Twitter users with Saudi officials, and receiving hundreds of thousands of dollars in exchange, the attorney's office said. This sentence sends a message to insiders with access to user information to safeguard it, particularly from repressive regimes, or risk significant time in prison." Abouammo was convicted alongside another ex-Twitter employee Ali Alzabarah, who fled the US before being charged, per Reuters.

☆ Saudi Arabia and China will align on everything from security to oil, but agree not to interfere on domestic issues
▼ + stars: | 2022-12-09 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +6 min

Riyadh and Beijing were keen to stress “the importance of stability in the world oil markets,” noting that Saudi Arabia is a reliable exporter of crude oil to its Chinese partner. China also affirmed its “opposition to any actions that would interfere in the internal affairs of the Kingdom of Saudi Arabia,” without adding more details. On Friday, Xi invited Saudi King Salman bin Abdulaziz Al-Saud to visit China, according to Saudi state TV. President Xi was given a warm welcome in Saudi Arabia with ceremonies on Thursday. Saudi Arabia “is pursuing a multipolar strategy of strong strategic ties,” added Shihabi.

☆ Xi Jinping: Chinese president lands in Saudi Arabia amid tensions with US
▼ + stars: | 2022-12-07 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +5 min

CNN —Chinese President Xi Jinping landed in the Saudi Arabian capital Riyadh on Wednesday for a multiple-day visit, China’s official news agency Xinhua reported, amid frayed ties between the two countries and the United States. A purple carpet was rolled out for the Chinese president, and canons were fired. But Saudi Arabia’s grand reception of the Chinese president is only emblematic of the magnitude of their growing relationship, specifically around oil, trade and security. Saudi Arabia has also traditionally been China’s top oil supplier, with Saudi barrels making up around 17% of total Chinese oil imports as of last year, according to the Saudi-backed Arab News. Apart from oil exports, Saudi Arabia has this year ramped up its Chinese investments, which culminated in Aramco’s whopping $10 billion dollar investment into a refinery and petrochemical complex in China’s northeast.

☆ Saudi Arabia extends $3 bln deposit term to cash-strapped Pakistan
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Dec 2 (Reuters) - Saudi Arabia on Friday extended the term of a $3 billion deposit it made to Pakistan's foreign reserves, state news agency SPA and Pakistan's central bank said. Saudi Arabia deposited the money in Pakistan's central bank late last year as a loan to shore up the cash-strapped country's reserves. The central bank reserves stood at $7.5 billion as of Nov 25 this year. "Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of 3 billion dollars to the State Bank of Pakistan," the bank said in a statement. Reporting by Alaa Swilam in Cairo and Asif Shahzad in Islamabad; Editing by Alex Richardson, William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Cognite: 2022 Top Startups for the Enterprise
▼ + stars: | 2022-11-07 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

Cognite is an industrial software company focused on the oil and gas, power and utilities, renewable energy, and manufacturing sectors, helping with the digital transformation of heavy-asset industries and increasing the safety, sustainability and efficiency of their operations. In May 2021, Cognite closed a $150 million investment round led by TCV that valued the company at $1.6 billion. Saudi Aramco acquired a 7.4% stake in the company in February, and Cognite launched a joint venture with the energy company in June to support industrial digitalization in the Kingdom of Saudi Arabia and the wider Middle East and North Africa region. The 2022 Top Startups for the Enterprise list is powered and inspired by the members of CNBC's Technology Executive Council (TEC). Learn more about CNBC Councils.

☆ 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.

☆ Biden administration considers hindering military aid to Saudi Arabia in a 'punishing' response to it cutting oil production, report says
▼ + stars: | 2022-10-29 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +3 min

The Biden administration is considering deliberately delaying military aid to Saudi Arabia, NBC reports. The move is being considered in response to the Kingdom's decision to cut oil production. It could include shipments of Patriot 104-E guided ballistic missiles, of which Saudi Arabia has a contract to purchase 300 of from the US. Along with hindering military aid, another option is to exclude Saudi Arabia from upcoming military exercises and regional engagements, the outlet said. Sen. Chris Murphy, a Connecticut Democrat, previously suggested moving US air-defense systems from Saudi Arabia to Ukraine in response to the oil decision.

☆ U.S. firm Safanad to co-invest $200 million in MENA education
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Oct 26 (Reuters) - Safanad, a New York-based private investment firm, will co-invest with Global School Management (GSM) $200 million in the education sector in the Middle East and North Africa, they said on Wednesday. They committed "to invest significantly beyond this to acquire, manage and develop multiple charter, online, early learning, and K-12 private schools independently and in partnership with regional governments," the firms said in a statement. GSM, set up in 2014 with Safanad as a founding investor, has more than 50,000 students in 165 schools and academies, mainly in the United States, Europe and Africa, the statement said. "We also hope to serve as a strategic partner to regional governments by cooperating with them in public private partnership initiatives," GSM CEO Ron Packard said in the statement. The firm announced the investment commitment at Saudi Arabia's FII investment conference.

☆ Saudi Arabia frees senior Hamas official
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

GAZA, Oct 19 (Reuters) - Saudi authorities released a senior official of the Palestinian Islamist group Hamas after over three years in detention, an official of the Islamist faction said. Ezzat El-Reshiq, a member of the Hamas political bureau, said in a statement the official, Mohammad Al-Khodary, 83, whom Saudi authorities detained in 2019 along with dozens of others, was on board a plane heading to Jordan. Register now for FREE unlimited access to Reuters.com RegisterThere was no immediate reply from Saudi officials on a Reuters request for comment. Saudi Arabia, the United Arab Emirates and Egypt have cracked down against the Brotherhood, which they view as a threat to their systems of rule. Register now for FREE unlimited access to Reuters.com RegisterWriting by Nidal al-Mughrabi Editing by Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ Lockheed beats estimates on F-35 sales, maintains guidance
▼ + stars: | 2022-10-18 | by ( Mike Stone | ) www.reuters.com time to read: +3 min

The company maintained its 2022 revenue guidance of $65.25 billion despite lingering supply chain related headwinds. That, coupled with a fresh $14 billion multi-year share repurchase authorization plan adopted on Monday, means Malave expects earnings per share to increase in 2023. The Bethesda, Maryland-based company posted $6.71 in earnings per diluted share for the quarter, versus analysts' estimates of $6.67, according to Refinitiv data. Compared to the same quarter a year ago sales at aeronautics, which makes the F-35, rose 7.6% to $7.1 billion. And despite recent turbulence between the U.S. and Saudi Arabia over a cut to oil production, Malave said Lockheed had not been asked to alter deliveries to the Kingdom of Saudi Arabia.

☆ 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.

☆ Democratic senator seeks 'freeze' on U.S.-Saudi cooperation after OPEC cuts production
▼ + stars: | 2022-10-11 | by ( Zoë Richards | Zoë Richards Is The Evening Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

The top Democrat on the Senate Foreign Relations Committee is calling on the Biden administration to "immediately freeze" U.S. cooperation with Saudi Arabia after OPEC+ announced it would reduce daily oil production. The Kingdom of Saudi Arabia chose the latter in a terrible decision driven by economic self-interest," Menendez said. “The United States must immediately freeze all aspects of our cooperation with Saudi Arabia, including any arms sales and security cooperation beyond what is absolutely necessary to defend U.S. personnel and interests,” he added. The alliance said it would cut oil production by 2 million barrels a day, which is likely to increase gas prices. 2 Democrat in the Senate, accused Saudi Arabia of “conspiring with Vladimir Putin to punish the U.S. with higher oil prices” last week.

☆ Senior U.S. senator wants 'freeze' on Saudi cooperation, blasts Riyadh
▼ + stars: | 2022-10-10 | by ( Patricia Zengerle | ) www.reuters.com time to read: +2 min

"The United States must immediately freeze all aspects of our cooperation with Saudi Arabia, including any arms sales and security cooperation beyond what is absolutely necessary to defend U.S. personnel and interests," Senator Bob Menendez said in a statement. "As Chairman of the Senate Foreign Relations Committee, I will not green-light any cooperation with Riyadh until the Kingdom reassesses its position with respect to the war in Ukraine. "The Kingdom of Saudi Arabia chose the latter in a terrible decision driven by economic self-interest." The leaders of the Senate Foreign Relations and House Foreign Affairs committees review major international arms deals, which generally do not go ahead without their approval. Saudi Arabia is the largest customer for U.S.-made military equipment.

☆ 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.

On Wednesday, OPEC+, the oil cartel led by Saudi Arabia and Russia, agreed to slash production by 2 million barrels per day, twice as much as analysts had predicted, in the biggest cut since the Covid-19 pandemic. “Saudi Arabia is looking to head off a repeat of 2008 when the market crash sent the global economy into a recession and oil prices suddenly plummeted, requiring emergency action by OPEC,” said Wald. Analysts also say Saudi Arabia cannot afford to let oil prices go below a certain level for budgetary reasons. For its budget to break even, global oil prices must be at around $79 a barrel, according to the International Monetary Fund. That was a warning sign for Saudi Arabia and other oil exporters, who depend on oil for a majority of their revenue.

☆ 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.

☆ U.S. to resupply Saudi and UAE missile defense systems
▼ + stars: | 2022-08-02 | by ( Mike Stone | ) www.reuters.com time to read: +2 min

Aug 2 (Reuters) - The U.S. State Department approved the potential sale of Terminal High Altitude Area Defense (THAAD) missile interceptors to the United Arab Emirates and Patriot missile interceptors to Saudi Arabia in separate deals worth as much as $5.3 billion, the Pentagon said on Tuesday. The potential deals, which would resupply key missile defense systems for the two countries, came just weeks after President Joe Biden's July trip to the region. read moreDespite approval by the State Department, notification to the U.S. Congress of the deals does not indicate that a contract has been signed or that negotiations have concluded. The U.S. State Department approved the potential sale of 300 MIM-104E Guidance Enhanced Missile-Tactical Ballistic Missiles (GEM-T) for the Patriot missile defense system as well as support equipment, spares and technical support to the Kingdom of Saudi Arabia, the Pentagon said. Separately the State Department approved the potential sale of 96 THAAD missile defense system interceptors and support equipment to the United Arab Emirates along with spares and technical support, the Pentagon said.

Persons: Joe Biden's, Biden, Lockheed Martin, Mike Stone, Ismail Shakil, Jonathan Oatis, Josie Kao Organizations: U.S . State Department, Area Defense, United Arab Emirates, Patriot, Pentagon, State Department, U.S, Congress, Tactical Ballistic Missiles, Raytheon Technologies, United, Thomson Locations: Saudi Arabia, Kingdom of Saudi Arabia, United Arab Emirates, Washington, Ottawa

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