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☆ U.S. ignored evidence major U.K. bank was helping fund sanctioned Iranian groups, whistleblower says
▼ + stars: | 2024-06-04 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Recent documents submitted to a U.S. federal court allege that major British bank Standard Chartered helped finance sanctioned Iranian entities and terrorist groups, and that relevant evidence was ignored by American authorities. The latest court filings, provided by former Standard Chartered Bank (SCB) employee turned whistleblower Julian Knight, claim that U.S. officials lied by denying that he provided them with evidence of far greater wrongdoing by the bank. The officials then applied to dismiss his whistleblower case against the bank as "meritless" in 2019 in order to shield it, Knight alleged. Knight, who led a Standard Chartered transaction services unit between 2009 and 2011, was one of two whistleblowers who gave U.S. investigators confidential bank statements in 2012 and 2013. The authorities in question, including an FBI agent, said that the whistleblowers' claims "did not lead to the discovery of any new … violations."

Persons: Julian Knight, Knight Organizations: Chartered, Standard Chartered Bank, International Consortium of Investigative Journalists, Iran's Revolutionary Guard, Hamas, Hezbollah, United Arab, BBC, FBI, CNBC, U.S . Department of Justice, ., U.S Locations: U.S, London, Iran, New York, United Arab Emirates, Kuwait, Germany

☆ Turkey's inflation passes 75% in what economists believe is peak
▼ + stars: | 2024-06-03 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Inflation in Turkey topped 75% in May in what economists expect to be the peak before prices start to ease. Consumer prices rose 75.45% in May on an annual basis and 3.37% on a monthly basis, according to the Turkish Statistical Institute, a government agency. Economists had previously forecast that inflation in the country of 85 million would peak around 75%. Turkey's central bank has kept its interest rate at 50% since March, citing the continuing need to counter climbing inflation in the country. The bank said at the time that "tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed."

Organizations: Turkish Statistical Institute Locations: Turkey

☆ Airlines headed for record revenue in 2024 as travel soars, but profit margins remain thin
▼ + stars: | 2024-06-03 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

The International Air Transport Association (IATA) raised its profit forecast for the airline industry in 2024 and predicts a record revenue of $996 billion. "With a record five billion air travelers expected in 2024, the human need to fly has never been stronger. DUBAI, United Arab Emirates — The International Air Transport Association raised its profit forecast for the airline industry in 2024 and predicts revenue of $996 billion — a record high and a 9.7% jump on the previous year. But while revenues and profits are enjoying tailwinds, expenses are also soaring, leaving profit margins thin, the IATA report said. Total expenses for global airlines are expected to reach $936 billion, according to the industry body's projections — a 9.4% annual increase and a record high.

Persons: Willie Walsh, Walsh Organizations: International Air Transport Association, United Arab Emirates, Airlines Locations: Dubai, DUBAI, United Arab

☆ Oil giant Saudi Aramco begins massive share sale to raise around $12 billion
▼ + stars: | 2024-06-02 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Saudi state oil giant Aramco commenced its secondary public offering on Sunday as the company looks to raise in the region of $12 billion. At the midpoint of that range, the sale would total around $11.5 billion but could eventually reach up to $13.1 billion. Four more banks were added to the share offering, Reuters reported on Sunday, including Credit Suisse Saudi Arabia and BNP Paribas. The share sale is the company's second, after Aramco first entered public markets in 2019 and offered 1.5% of the company to investors. Aramco is the world's largest oil company in terms of both daily crude production and market cap.

Organizations: Aramco, Saudi Arabian Oil Group, World Petroleum Congress, Saudi, Reuters, Credit Suisse Saudi, BNP Locations: Saudi, Stampede, Calgary, Canada, Credit Suisse Saudi Arabia

☆ Dubai bling: Billions of dollars worth of African gold is being smuggled into the UAE each year, research finds
▼ + stars: | 2024-05-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

The vast majority of it goes to the United Arab Emirates, according to research published by the independent Switzerland-based aid and advocacy organization SwissAid. Most industrial gold exported from African countries goes to South Africa, Switzerland and India. Industrial gold, which makes up roughly 11% of all gold produced, is used in the medical, electronics, automotive, aerospace and defense industries. But the majority of artisanal and small-scale mining, or ASM, gold produced on the continent — to the tune of 80% to 85% — goes to the UAE, SwissAid wrote. A selection of gold jewellery displayed in the window of a store in the Dubai Gold Souk in Deira, in the United Arab Emirates.

Persons: Waldo Swiegers, SwissAid, Yui Mok Organizations: Rand, Bloomberg, Getty Images, United Arab Emirates, Dubai Gold, United, CNBC, UAE's Ministry Locations: Germiston, South Africa, Getty Images DUBAI, United Arab, Africa, Switzerland, UAE, India, Dubai, Dubai Gold Souk, Deira, United Arab Emirates

☆ Saudi Aramco to reportedly sell $10 billion to $20 billion worth of shares in new offering
▼ + stars: | 2024-05-29 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. Saudi Arabian state oil giant Aramco plans to offer a fresh sale of between $10 and $20 billion of its stock as soon as this week, the Wall Street Journal reported late Tuesday, citing individuals with knowledge of the matter. Aramco is the world's largest oil company in terms of both daily oil production and market cap. If the offering goes ahead, it would relieve some financial pressure on the kingdom, at least in the near-term, the Journal reported. Saudi Arabia in May forecast a budget deficit of 79 billion Saudi riyals ($21 billion) for the year, as well as a fiscal deficit in 2025 and 2026.The stock sale could still be delayed or canceled, the Journal reported.

Persons: chalked Organizations: Aramco, Plaza Conference, Wall Street Journal, Public Investment Fund, CNBC, Saudi Locations: Dhahran, Saudi Arabia, Saudi Arabian, Saudi

☆ Ukraine war live updates: Russian-occupied territory comes under attack; Hungary accused of blocking Ukraine support
▼ + stars: | 2024-05-28 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Hungarian Prime Minister Viktor Orban delivers his speech at the occasion of Hungary's Revolution and Independence Day outside the Hungarian National Museum on March 15, 2024 in Budapest, Hungary. EU foreign ministers are increasingly frustrated with Hungary's frequent opposition to measures by the bloc that are meant to provide aid to Ukraine and kick start EU accession talks for Kyiv. Lithuania's foreign minister Gabrielius Landsbergis accused Budapest of implementing a "systematic approach towards any efforts by the EU to have any meaningful role in foreign affairs." The Russian-occupied eastern Ukrainian territory of Luhansk came under attack overnight, Russian officials said, causing a fire and drawing emergency services to the scene. A senior Russian diplomat said he suspected the attack was followed by a second shelling of the area by Ukrainian forces.

Persons: Viktor Orban, Gabrielius Landsbergis Organizations: Hungarian National Museum, Kyiv, EU, CNBC Locations: Budapest, Hungary, Ukraine, Luhansk, Russian, Ukrainian

☆ 'This can no longer be justified': International outcry over Rafah attack piles more pressure on Israel
▼ + stars: | 2024-05-28 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

A Palestinian child plays with the rubble after Israel bombs Palestinians' tents and shelters in Rafah, Gaza on May 27, 2024. The Israel Defense Force initially said it used "precise munitions" and "intelligence" to target two senior Hamas leaders in the area. There are no safe areas in Rafah for Palestinian civilians," Macron's post read, adding: "I call for full respect for international law and an immediate ceasefire." The U.S., meanwhile, called the images coming out of the attack were "devastating" and "heartbreaking," but refrained from demanding a stop to the Rafah operation. The attack comes two days after the International Court of Justice, the United Nations' top court, asked Israel to "immediately halt" its military offensive in Rafah, citing the "disastrous" humanitarian situation.

Persons: Emmanuel Macron, Guido Crosetto, Benjamin Netanyahu, Israel Organizations: United Nations Relief, Works Agency for Palestine Refugees, Global, Israel Defense Force, National Security, Reuters, International Court of Justice, United Nations Locations: Rafah, Gaza, Gazan, Palestinian, U.S, Israel

☆ 'Drone wall' against Russia: Six NATO countries announce border defense plan
▼ + stars: | 2024-05-27 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Pilots of the "Sharp Kartuza" division of FPV kamikaze drones prepare drones for a combat flight on May 16, 2024 in the Kharkiv region, 8 km from the border with Russia. Six NATO countries neighboring Russia are joining forces to build a "drone wall" to protect their borders, Lithuania's interior minister announced on Friday. In an interview with Finnish television channel Yle, cited by the Financial Times, Finland's Interior Minister Mari Rantanen said that the drone wall plan would "improve in time." The interior ministers of the six countries taking part in the drone wall project met in the Latvian capital of Riga on May 23 and 24. "The phenomenon of instrumentalized migration on the EU's external borders is a common challenge for our countries.

Persons: Agne Bilotaite, Bilotaite, Mari Rantanen, Rantanen Organizations: NATO, Yle, Financial Times, Finland's, EU Locations: Kharkiv, Russia, Norway, Poland, Lithuanian, Baltic, Latvia, Estonia, Finland, Latvian, Riga, Belarus, Africa

☆ Turkish markets are 'on the verge of a renaissance moment,' Citi says
▼ + stars: | 2024-05-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

After more than half a decade of dramatically depreciating currency, burning through FX reserves and unorthodox monetary policy, Turkey's economy is battle-scarred. New economic and central bank team appointments since roughly a year ago appear dedicated to reversing Turkey's fortunes, no matter how painful the process. The central bank oversaw an aggressive cumulative rate increase of 3,650 basis points between May 2023 and January 2024. It said at the time that "tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed." "The authorities' shift towards policy normalization has galvanized investor interest in Turkish assets," according to a Citi report published Thursday.

Persons: Recep Tayyip Erdogan Organizations: Citi Locations: Turkey

☆ Ukraine war live updates: Russia cannot swallow the West whole, Orban says; G7 finance chiefs meet with Ukraine on agenda
▼ + stars: | 2024-05-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Governor of the Bank of Italy Fabio Panetta (L), Italy's Minister of Economy and Finance Giancarlo Giorgetti (R) and President of the European Central Bank Christine Lagarde pose on the sidelines of the G7 Finance Ministers meeting in Stresa on May 24, 2024. Earlier this week, U.S. Treasury Secretary Janet Yellen told Sky News she saw the "possibility" that G7 nations could assist Ukraine with as much as $50 billion in loans linked to frozen Russian assets. "The Russian assets are not earning interest anymore, but they are generating returns for Euroclear. That alone could be given to Ukraine that would be repaid over several years by that flow of interest," Yellen added. It remains to be seen whether G7 nations can strike consensus on such a loan and what final sum will be extended to support Kyiv's military effort.

Persons: Bank of Italy Fabio Panetta, Finance Giancarlo Giorgetti, European Central Bank Christine Lagarde, Janet Yellen, Yellen Organizations: Bank of Italy, Italy's, Economy, Finance, European Central Bank, Ukraine, Treasury, Sky News, Euroclear Locations: Stresa, Italy, Ukraine

☆ Norway, Ireland and Spain to recognize Palestinian statehood
▼ + stars: | 2024-05-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Norway, Ireland and Spain will recognize an independent Palestinian state, the three countries' prime ministers said Wednesday, in the hope of bringing about a peaceful resolution to a conflict that has raged for more than 75 years. Spain's Prime Minister Pedro Sanchez said on social media that his country will approve the recognition of a Palestinian state in the Council of Ministers on May 28, according to a CNBC translation. Irish Prime Minister Simon Harris also confirmed the news in a press conference: "Today, Ireland, Norway, and Spain are announcing that we recognize the state of Palestine. Each of us will now undertake whatever national steps are necessary to give effect to that decision." "I'm confident that further countries will join us in taking this important step in the coming weeks," he said.

Persons: Jonas Gahr Stoere, Pedro Sanchez, Simon Harris, Harris Organizations: Reuters, Spain's, Ministers, CNBC, Irish Locations: Norway, Ireland, Spain, Palestinian, Palestine

☆ Iran's President Raisi is dead. What does the leadership void mean for the country and the world?
▼ + stars: | 2024-05-20 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

The President of Islamic Republic of Iran Seyyed Ebrahim Raisi during the meeting with Secretary-General Antonio Guterres UN Headquarters. Lev Radin | Lightrocket | Getty ImagesThe sudden death of Iranian President Ebrahim Raisi in a helicopter crash plunges Tehran into fresh uncertainty at a time when it already faces deep economic decline, popular discontent, and war. The helicopter carrying President Raisi suffered a hard landing on Sunday while returning from Azerbaijan in poor weather conditions, Iranian state media reported on Monday. "That interim presidency ... [is] going to potentially pave the way for even more IRGC control over policies." "When it comes to the relationship with the U.S., and likely [with] Israel, nothing is really going to change there.

Persons: Islamic Republic of Iran Seyyed Ebrahim Raisi, Antonio Guterres, Lev Radin, Lightrocket, Ebrahim Raisi, Raisi, Hossein Amirabdollahian, Yemen's, Ayatollah Khamenei, Mohammed Mokhber, Nader Itayim, Itayim, Joe Biden Organizations: Islamic, Antonio Guterres UN, Iran's, Hamas, Hezbollah, Islamic Revolutionary Guard Corps, Iranian, Guardian Council, Argus Media, U.S, Palestinian Locations: Islamic Republic of Iran, Tehran, Azerbaijan, Lebanese, Iran, Mideast, Israel, U.S, Gaza

☆ Emirates airline chalks record annual profit as travel demand booms
▼ + stars: | 2024-05-13 | by ( Natasha Turak | ) www.cnbc.com time to read: 1 min

DUBAI, United Arab Emirates — Dubai-based carrier Emirates airline on Monday reported record annual profit of 17.2 billion dirhams ($4.7 billion) for the 2023-2024 financial year, up 63% from the year prior. The flag carrying airline of the UAE's glitzy commercial capital has enjoyed a consistently recovering travel sector, expanding its route network to meet booming demand. The latest figures from world's largest long-haul airline were the best in its history and were "driven by the voracious appetite for travel across customer segments," the Emirates Group said in a statement. Emirates carried 51.9 million passengers in the 2023-24 financial year, a 19% increase from the year prior, with reported seat capacity up by 21%. Revenue for the airline rose 13% to 121.2 billion dirhams and airline capacity increased by 20%, "closing [the] gap to pre-pandemic levels," the statement said.

Organizations: United Arab Emirates, Emirates, Emirates Group, Revenue Locations: DUBAI, United Arab, Dubai

☆ No 'credible plan': U.S.' Blinken issues harshest criticism yet of Israel's Gaza operations
▼ + stars: | 2024-05-13 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

"One, you have to have a clear, credible plan to protect civilians, which we haven't seen. Second, we also need to see a plan for what happens after this conflict in Gaza is over, and we still haven't seen that." The Israel-Hamas war has killed more than 34,000 people in Gaza, according to Palestinian health authorities in the besieged enclave. We're seeing parts of Gaza that Israel has cleared of Hamas where Hamas is coming back, including in the north, including in Khan Younis," Blinken said. Smoke rises after Israeli airstrikes in eastern Rafah, Gaza on May 07, 2024.

Persons: Antony Blinken, Mike Herzog, Evelyn Hockstein, Blinken, Biden, Joe Biden, Ashraf Amra, Benjamin Netanyahu, Khan Younis, Abed Rahim Khatib, We've Organizations: Ben, Reuters U.S, CBS, Israel, Administration, Anadolu, Getty, Hamas, State Department, NBC Locations: U.S, Ben Gurion, Tel Aviv, Israel, Gaza, Rafah, Deir, Balah, Palestinian, America, Egypt

☆ Biden and Netanyahu's fraught relationship hits new low after U.S. pauses weapons shipment
▼ + stars: | 2024-05-10 | by ( Natasha Turak | ) www.cnbc.com time to read: +7 min

"There's real skepticism in the administration that Rafah will bring about a deal for the hostages, like the Israelis have been saying." Pentagon confirms weapons shipment pause to IsraelThe Pentagon confirmed on Wednesday that the administration paused the delivery to Israel of a shipment of 1,800 two-thousand-pound bombs and 1,700 five-hundred-pound bombs. Netanyahu remains undeterred, saying that Israel will "stand alone" and fight "with our fingernails" if U.S. weapons shipments stopped. Israeli Defense Minister Yoav Gallant (L) visits army units on the border between Israel and Gaza Strip near Rafah, Gaza on May 07, 2024. Israeli Ministry of Defense | Anadolu | Getty ImagesItamar Ben Gvir, Israel's far-right wing national security minister, posted on X simply writing: "Hamas [heart emoji] Biden."

Persons: Ahmad Gharabli, Richard Haass, Joe Biden, Haass, George W, Bush, Benjamin Netanyahu, Khan Yunis, Ashraf Amr, Biden, Defense Lloyd Austin, Washington's, Austin, Netanyahu, Yoav Gallant, Itamar Ben Gvir, emoji, It's, Will, Avi Melamed, Melamed, Clayton Allen, Independent Sen, Bernie Sanders, Vermont, Sanders, Ali Jadallah Organizations: Hamas, AFP, Getty, U.S, Foreign Relations, Haaretz, Qatari, United Nations, WHO, Anadolu, CNN, Pentagon, Biden, Defense, Israel, Israeli, Ministry of Defense, Congress, Eurasia Group, Independent, CNBC Locations: Israel, Gaza, Rafah, Palestinian, Israeli, Khan, I'm, al, Hamas, Iran, U.S, United States

☆ Boeing cargo plane lands without front nose gear in Istanbul; investigation launched
▼ + stars: | 2024-05-09 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

A general view of a FedEx Airlines Boeing 767 BA.N cargo plane, that landed at Istanbul Airport on Wednesday without deploying its front landing gear but managed to stay on the runway and avoid casualties, on a runway in Istanbul, Turkey, May 8, 2024. An investigation is underway after a FedEx Airlines Boeing 767 cargo plane was forced to make an emergency landing without its front landing gear at Istanbul Airport, after the aircraft's nose gear failed to deploy. The plane managed to stay on the runway, and there were no casualties, according to Turkey's Ministry of Transport. The ministry said that the cargo jet, flying from Paris' Charles de Gaulle Airport, alerted the Istanbul Airport control tower that its landing gear was not opening and was able to land with guidance from the tower, according to reporting from Reuters. The ministry also said that its teams were carrying out examinations at the scene, while the U.S. National Transport Safety Board (NTSB) announced it will send its own investigators to Istanbul.

Persons: Charles de Gaulle Organizations: FedEx Airlines Boeing, Istanbul Airport, Turkey's Ministry of Transport, Reuters, U.S . National Transport Safety Board Locations: Istanbul, Turkey, Paris, U.S

☆ Emirates' chairman has a message for Boeing: 'Get your act together'
▼ + stars: | 2024-05-07 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

With 245 passenger planes and five 778 freighters on order, Emirates is Boeing's largest customer in terms of wide-body jets. Emirates airlines Boeing 777-31H(ER) takes off from Los Angeles international Airport on January 13, 2021. Al Maktoum, who sits at the helm of the world's largest long-haul airline and helped launch it in 1985, echoed the sentiments of many other airline CEOs when it comes to expectations for Boeing. Asked if he had a message for the plane maker, Al Maktoum said: "I always say, you know, get your act together and just do it. The chairman did not indicate that Emirates would cancel the Boeing orders or move them to its French rival, Airbus .

Persons: We're, it's, Sheikh Ahmed bin Saeed Al Maktoum, CNBC's Dan Murphy, Bauer, Griffin, Al Maktoum Organizations: United Arab Emirates, Dubai's, Emirates, Arabian, Boeing, Los Angeles, Airport, Aaronp, CNBC, Airbus, Alaska Airlines Flight, National Transportation Safety Board, NTSB, Reuters Locations: DUBAI, United Arab, Dubai, Emirates, Los, Alaska, Portland , Oregon, U.S

☆ Saudi Aramco upholds dividend despite drop in first-quarter profits
▼ + stars: | 2024-05-07 | by ( Natasha Turak | ) www.cnbc.com time to read: 1 min

Saudi Aramco's first-quarter net profit fell 14% year-on-year amid lower oil prices and production. Net income for the three months up to March 31 came in at $27.3 billion, down from $31.9 billion for the same period last year, the company reported. The figure was in line with analyst expectations, according to Reuters. Aramco announced its free cash flow for the quarter at $22.8 billion, down from $30.9 billion in the first quarter of 2023, and cash flow from operating activities at $33.6 billion compared to last year's $39.6 billion. Still, the Saudi state oil giant will be delivering a total $31 billion dividend to the Saudi government and other shareholders, comprised of a $20.3 billion base dividend and a "fourth performance-linked dividend distribution of $10.8 billion" which will be paid in the second quarter, the company's earnings statement said.

Persons: Saudi Aramco's Organizations: Saudi, Aramco Locations: Saudi

☆ Israeli military tells Palestinian civilians in parts of Rafah to 'evacuate immediately'
▼ + stars: | 2024-05-06 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Israel's military on Monday said it has begun evacuating Palestinians from parts of Gaza's southern city of Rafah, ahead of an expected military operation where roughly half of the enclave's entire population is sheltering. "The IDF will act with extreme force against terrorist organizations in your areas of residence, as it has done so far. Anyone who is close to terrorist organizations puts his life and the life of his family at risk," the post said. The White House — as well as the United Nations, WHO and other multinational organizations — has urged Israel against an offensive in Rafah, warning of catastrophic humanitarian consequences. Israeli President Benjamin Netanyahu said that an operation there is essential to his country winning the war against Hamas.

Persons: Khan, Al Mawasi, —, Benjamin Netanyahu Organizations: Palestinian Hamas, Israel Defense, United Nations, WHO Locations: Khan Yunis, Rafah, Gaza, Egypt, Israel, Palestinian, Gaza's, Al

☆ Turkey's inflation accelerates to nearly 70% in April
▼ + stars: | 2024-05-03 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Turkey's inflation accelerated to 69.8% annually for the month of April, the Turkish Statistical Institute reported Friday. On a monthly basis, Turkey's inflation increased 3.18%, led by price rises in alcoholic beverages and tobacco, and hotels, cafes and restaurants. April's inflation rate marks the highest annual increase since November 2022, when inflation was around 85%. But any hopes of interest rate cuts are a long way off, economists said. Turkey's central bank has hiked its key interest rate to 50%, citing the continuing need to counter climbing inflation in the country.

Persons: Kemal Ataturk, April's, Liam Peach Organizations: Turkish, Turkish Statistical Institute, Economics Locations: Turkish, Sisli, Istanbul, Turkey, London

☆ Abu Dhabi AI firm Presight buys majority stake in technology joint venture AIQ
▼ + stars: | 2024-05-02 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

A general view of the city skyline at sunset from Dhow Harbour on February 5, 2015 in Abu Dhabi, United Arab Emirates. DUBAI — Abu Dhabi artificial intelligence firm Presight bought a 51% stake in AIQ, a joint technology venture between the Abu Dhabi National Oil Company (ADNOC) and G42, a major Abu Dhabi-based AI and cloud company. The new ownership structure will see ADNOC holding 49% of the company and giving it a valuation of $1.4 billion, according to a joint company press release. ADNOC will in turn get a 4% stake in Presight, as it aims to integrate AI into more of its operations and services. AIQ uses AI and machine learning to improve processes in the oil and gas industry.

Persons: Presight, ADNOC, CNBC's Dan Murphy, Chris Cooper, We've, Cooper Organizations: United, United Arab Emirates, Abu Dhabi National Oil Company Locations: Harbour, Abu Dhabi, United Arab, DUBAI, AIQ, Presight, ADNOC

☆ BlackRock is opening a Saudi investment firm with initial $5 billion from PIF
▼ + stars: | 2024-05-01 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The BlackRock logo is displayed at the company's headquarters in New York City on Nov. 14, 2022. Asset manager BlackRock will launch an investment platform in Riyadh with the help of a $5 billion anchor investment from Saudi Arabia's Public Investment Fund (PIF), the kingdom's sovereign wealth fund. BlackRock, the world's largest asset manager with $10 trillion in assets under management, will "launch investment strategies across asset classes for the Saudi market, including both public and private markets, managed by a Riyadh-based investment team," a joint press release from the firm and the PIF read. The new platform will be called BlackRock Riyadh Investment Management, or BRIM. BRIM aims to help bring foreign institutional investment into Saudi Arabia as well as develop the Saudi asset management industry, expand local capital markets and investor diversification, and support the development of the kingdom's asset management talent, the release said.

Organizations: BlackRock, Saudi Arabia's Public Investment Fund, Saudi, BlackRock Riyadh Investment Management Locations: BlackRock, New York City, Riyadh, Saudi, Saudi Arabia

☆ Dubai's new airport will be five times the size of its current one and aims to be the largest in the world
▼ + stars: | 2024-04-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Digital render of the planned entrance of Dubai's Al Maktoum International Airport, set to be the biggest in the world upon completion. DUBAI, United Arab Emirates — Dubai's leadership approved a 128 billion dirham ($35 billion) plan to build a new passenger terminal at the emirate's Al Maktoum International Airport, which will make it five times bigger than Dubai's main international airport in terms of size — and the biggest in the world. For reference, Dubai International Airport in 2023 serviced 86.9 million passengers, the second-highest in the world after Atlanta's Hartsfield-Jackson International Airport in the U.S.All of the operations at Dubai International Airport, currently the second-busiest in the world by passenger traffic, will be transferred to it in the coming years, the statement said, adding that the new airport will have 400 aircraft gates and five parallel runways. An entirely new city will be built around the airport, which the Dubai ruler said will create demand for housing for a million people. Dubai will be the world's airport, its port, its urban hub, and its new global center."

Persons: Dubai's Al, United Arab Emirates —, Al, Sheikh Mohammed bin Rashid Al Maktoum, Atlanta's, Sheikh Maktoum, Sheikh Ahmed bin Saeed Al Maktoum, Al Maktoum Organizations: Dubai's Al Maktoum International Airport, United Arab Emirates, Al Maktoum International Airport, Al Maktoum International, Dubai International Airport, Atlanta's Hartsfield, Jackson International Airport, U.S, The Dubai Media Office, Dubai's, Emirates Airline, Dubai Locations: Dubai's, Dubai's Al Maktoum, DUBAI, United Arab, Al Maktoum, Dubai, UAE, @emirates

☆ Saudi Arabia says all NEOM megaprojects will go ahead as planned despite reports of scaling back
▼ + stars: | 2024-04-29 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Saudi Arabia's economy minister rejected recent reports that the kingdom's $1.5 trillion NEOM megaproject, a futuristic desert development on the Red Sea coast, is scaling back some of its plans. "All projects are moving full steam ahead," Faisal Al Ibrahim told CNBC's Dan Murphy on Monday at the World Economic Forum's special meeting in Riyadh. "We set out to do something unprecedented and we're doing something unprecedented, and we will deliver something that's unprecedented." Al Ibrahim stressed that the projects would be delivered according to plan, but with the qualification that decisions were being made for "optimal economic impact." "We see feedback from the market, we see more interest from the investors and we'll always prioritize to where we can optimize for optimal economic impact," he said.

Persons: Faisal Al Ibrahim, CNBC's Dan Murphy, Al Ibrahim, we'll Organizations: Bloomberg, Saudi, NEOM, Public Investment Fund Locations: Saudi, Riyadh

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