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☆ Endeavor, Fenway Sports consider investment in the PGA Tour
▼ + stars: | 2023-09-28 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

The PGA Tour logo is seen during the third round of the Travelers Championship at TPC River Highlands in Cromwell, Connecticut, on June 24, 2017. The discussions, which are in preliminary stages, stem from a PGA Tour investment vehicle created as part of the framework agreement for its proposed deal with PIF. "Throughout 2023, the PGA Tour has demonstrated its strength, reach and value as an enterprise. In June, the PGA Tour announced a proposed deal that would see it combine with rival LIV Golf following months of lawsuits and competition between the two. The deal between LIV and the PGA Tour has faced criticism and controversy.

Persons: LIV, Saudi Crown Prince Mohammed bin Salman, PIF Organizations: Investment, Endeavor Group Holdings, Fenway Sports Group, PGA Tour, PGA, Public Investment Fund, Endeavor, Fenway, Bloomberg, LIV Golf, Saudi Crown, LIV, UFC, Wrestling Entertainment, Major League Baseball's Boston Red Sox, Liverpool Football Club, National Hockey League's Pittsburgh Penguins Locations: Cromwell , Connecticut, Saudi

☆ Saudi Arabia announces crucial step forward in its nascent nuclear power plans
▼ + stars: | 2023-09-26 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

The announcement put the spotlight on the kingdom's nascent nuclear energy efforts — Saudi Arabia has a small nuclear reactor, a research unit set up with the help of Argentina, that it has not yet put into operation. The Saudi energy minister did not comment on whether his country would also join the IAEA's Additional Protocol, which requires more thorough oversight including snap inspections. Saudi Crown Prince Mohammed bin Salman said in a recent wide-ranging interview with Fox News that if Iran developed nuclear weapons, Saudi Arabia would too. U.S. assistance with a nuclear energy program is one of Saudi Arabia's key demands — but not everyone is happy about that. The multilateral Obama-era deal had allowed the lifting of economic sanctions on Iran in exchange for curbs to its nuclear program.

Persons: Crown Prince Mohammed bin Salman, Al, Mandel Ngan, Prince Abdulaziz bin Salman Al Saud, Rafael Grossi, Thomas Kronsteiner, Grossi, Saud, Prince Abdulaziz's, Prince Mohammed bin Salman, Mohammed bin Salman's, Saudi Arabian Crown Prince Mohammed bin Salman Al Saud, Joe Biden, Narendra Modi, Evelyn Hockstein, Yair Lapid, Donald Trump, ATTA KENARE Organizations: Saudi, Crown, AFP, Getty Images, International Atomic Energy Agency, IAEA, Saudi Energy, Governors, CSA, United, Fox News, CBS, West, Saudi Arabian Crown, Indian, Biden, Obama, Iranian, Getty Locations: Royal, Saudi, Jeddah, Getty Images Saudi Arabia, Vienna, Austria, Saudi Arabia, Argentina, United Arab Emirates, Iran, Russia, Ukraine, China, New Delhi, India, Riyadh, Washington, Israel, Tehran, Bushehr

☆ 'I don’t care': 'Sportswashing' comments from Saudi crown prince spark anger from rights groups
▼ + stars: | 2023-09-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Saudi Crown Prince Mohammed bin Salman lit up social media with his blunt response to accusations that his government is "sportswashing," or using sports to distract attention from its controversial human rights record. Human rights organizations immediately seized on the comments, criticizing what some said was proof of a state policy of hiding human rights violations behind an expensive veneer of big-ticket sports acquisitions and tournaments. "He's done more than say he doesn't care," Minky Worden, Human Rights Watch's director of global initiatives, told NBC News. "He's really endorsed the idea of sportswashing as a way of covering up the country's very serious human rights abuses. We've now heard from the top that this is state policy."

Persons: Prince Mohammed bin Salman, Minky Worden, He's, We've Organizations: Saudi, Fox News, Human Rights, NBC Locations: Saudi

☆ Saudi crown prince says he does not care about 'sportswashing' claims
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

U.S. Secretary of State Antony Blinken (not pictured) meets with Saudi Crown Prince Mohammed bin Salman, in Jeddah, Saudi Arabia, June 7, 2023. "If sportswashing (is) going to increase my GDP by 1%, then we'll continue doing sportswashing," the crown prince told Fox News. Saudi Arabia denies accusations of human rights abuses and says it protects its national security through its laws. When asked specifically about the term "sportswashing", the crown prince said: "I don't care. Saudi Arabia has been hosting a Formula One Grand Prix since 2021 and has also held boxing world title fights.

Persons: Antony Blinken, Saudi Crown Prince Mohammed bin Salman, Saudi Arabian Crown Prince Mohammed bin Salman, we'll, PIF, LIV, Hritika Sharma, Michael Perry Organizations: Saudi Crown, Saudi Royal Court, REUTERS, Saudi Arabian Crown, Fox News, Public Wealth Fund, Premier League, Newcastle United, PGA, Saudi Pro League, Thomson Locations: Jeddah, Saudi Arabia, Bandar, Saudi, Hyderabad

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

Saudi Crown Prince Mohammed bin Salman smiles during the New Global Financial Pact Summit at the Palais Brongniart in Paris, on June 22, 2023. Ludovic Marin | AFP | Getty ImagesSaudi Crown Prince Mohammed bin Salman said the prospect of normalizing relations with Israel is getting closer by the day, but signaled that the treatment of Palestinians remains a clinching point. Prince Mohammed dismissed reports that the two countries had suspended talks and acknowledged progress in negotiations. "Every day we get closer," he said in an Fox News interview aired on Wednesday — a rare sit-down with a Western media outlet for the Saudi crown prince. The two leaders agreed to work toward securing diplomatic ties between Saudi Arabia and Israel.

Persons: Prince Mohammed bin Salman, Ludovic Marin, Prince Mohammed, Joe, Abraham, Donald Trump, Benjamin Netanyahu, Biden, Netanyahu Organizations: New Global Financial, Palais, AFP, Getty, Saudi, Fox News, Israel, United, Wednesday, United Nations Locations: Saudi, Paris, Israel, Riyadh, Bahrain, United Arab Emirates, Sudan, Morocco, Washington, New York, Saudi Arabia

☆ Saudi crown prince says he will keep 'sportswashing' as criticism of the practice grows
▼ + stars: | 2023-09-21 | by ( Drew Richardson | ) www.cnbc.com time to read: +4 min

Call it whatever you want, we're going to get that one and a half percent," the crown prince said. The Saudi Public Investment Fund (PIF), an entity controlled by Crown Prince Mohammed, has backed Saudi soccer clubs and LIV Golf. The LIV Golf merger with the PGA Tour has faced widespread scrutiny. Key U.S. lawmakers have criticized the pending golf merger as an attempt by the kingdom to distract from its human rights record. Prior to the deal, LIV Golf sued the PGA Tour for alleged anticompetitive practices, which prompted the PGA Tour to countersue, saying LIV Golf was stifling competition.

Persons: Saudi Arabian Crown Prince Mohammed bin Salman Al Saud, Prince Mohammed bin Salman, sportswashing, I'm, Critics, Jamal Khashoggi, Cristiano Ronaldo, Dustin Johnson, Bryson DeChambeau, LIV Golf, Crown Prince Mohammed, LIV, Osama bin Laden, It's, Sen, Richard Blumenthal, Conn, Jimmy Dunne, Ron Price, Price, Benjamin Freeman, — CNBC's Lillian Rizzo, Chelsey Cox Organizations: Saudi, Saudi Arabian Crown, Partnership, Global Infrastructure, Fox News, Washington Post, Neymar, PGA Tour, Saudi Public Investment Fund, Crown, Reuters, PGA, Key U.S, Homeland Security, Governmental Affairs, Tour, Quincy Institute, Responsible Locations: Saudi Arabian, New Delhi, India, Saudi, Europe, Saudi Arabia, Key, Yemen

Meanwhile, failed uprisings in Bahrain and eastern Saudi Arabia were followed by years-long crackdowns and a continuing civil war in Syria. “What we’re beginning to see in Saudi Arabia right now is the emergence of a new social contract. Saudi Arabia is the world’s biggest exporter of crude oil, and nearly two-thirds of its income still comes from selling fossil fuels. If Saudi Arabia can become a hub for major sporting events, then that’s a way of attracting interest to the country,” said Maguire. In response to previous criticism about Saudi Arabia’s purported “sportswashing,” the kingdom’s sports minister Prince Abdulaziz bin Turki Al-Faisal said: “People that don’t know Saudi Arabia, have never been to Saudi Arabia, go out and talk about it as if they’ve lived there for 30 years, 40 years.

Persons: Hilal, Kylian Mbappé, Germain, Neymar Jr, Ballon d’Or, Cristiano Ronaldo, Nassr, Patricia de Melo Moreira, it’s, Saudi Crown Prince Mohammed bin Salman –, Leon Neal, Ballon, Karim Benzema, Al Hilal, spender, –, Carlo Nohra, Jordan Henderson, Henderson, “, ’ ” Simon Chadwick, “ We’ve, ” Chadwick, King Salman bin Abdulaziz Al Saud, Al Nassr, Stringer, you’re, Kieran Maguire, they’re, Everybody’s, ” Maguire, Chadwick, Ronaldo, Maguire, … Mohammed bin Salman, ” James Dorsey, ”, Chadwick –, Mohammed bin Salman, Saudi Arabia’s, Prince Abdulaziz bin Turki Al, Faisal, don’t, they’ve, LIV Golf, Jimmy Dunne, LIV, Dunne, Aleksander Ceferin, Erling, Haaland, Jurgen Klopp, Michael Emenalo, Steven Gerrard, Nohra, ” “ They’ve Organizations: CNN, Saudi, Al, Paris Saint, PSG, Saudi Pro League, Ligue, Liga, Serie, Bundesliga, English Premier League, Deloitte, Investment Fund, AFP, Getty, SPL, Saudi Crown, Spanish, Arsenal, CNN Sport, English, Newcastle United, Liverpool, The Athletic, SKEMA Business School, Argentina, Zamalek, King Fahd Sports City, Anadolu Agency, Chelsea, Manchester United, Manchester City, Football, AFC Asian, FIFA, Greece, Royal Spanish Football Federation, Spanish Super, ”, Amnesty International, Amnesty, Middle East Soccer, Saudi Ministry, Sport, PGA Tour, European, UEFA, Premier League, Ettifaq Media, Reuters New Saudi Pro League, Major League Soccer, La Liga, Peterson Institute for International Economics, Russian Direct Investment Fund, Investigations, PGA Locations: Saudi Arabian, Brazil, Saudi, Ittihad, Al, Ahli, Real Madrid, England, France, Germany, Spain, Italy, Saudi Arabia, Liverpool, China, Qatar, Taif, Egypt, Spanish, East, North Africa, Libya, Yemen, Tunisia, Bahrain, Syria, “, ”, Europe, ” Liverpool

WASHINGTON (AP) — Saudi Crown Prince Mohammed bin Salman said in a rare interview with Fox News on Wednesday that negotiations over Israel means the prospects of normalized relations between both countries “get closer" every day, but that treatment of Palestinians remains a “very important” issue to be resolved. Saudi Arabia is discussing a major agreement with the United States to normalize relations with Israel in exchange for a U.S. defense pact and aid in developing its own civilian nuclear program. We think it’s good not just for Israel and Saudi Arabia, we think it’s good for the whole region,” Kirby said. Saudi Arabia has made major progress in winding down its devastating war with Iranian-backed Houthi rebels in Yemen, this week hosting a rebel delegation in the capital, Riyadh. The 38-year-old bin Salman assumed day-to-day rule after the aging King Salman named him next in line to the throne in 2017.

Persons: Prince Mohammed bin Salman, “, Bret Baier ”, Joe Biden, Benjamin Netanyahu, Biden, Netanyahu, ”, bin Salman, we’ve, John Kirby, Saudi Arabia “, ” Kirby, Bin Salman, ” Bin Salman, Jamal Khashoggi, ” bin Salman, Jared Kushner, Donald Trump’s, PIF, Salman, King Salman Organizations: WASHINGTON, —, Fox News, MBS, Israeli, General Assembly, West Bank, National Security, Washington Post, Saudi, Fox News Channel, White House, Saudi Arabia's Public Investment Fund, Trump, Arab League Locations: — Saudi, Israel, Saudi Arabia, United States, Palestinian, Saudi, New York, Asia, East, Europe, Iran, Saudi Arabi, Western, Yemen, Riyadh, Syria, America

[1/4] 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. Biden would also score a foreign policy win as he seeks re-election in November 2024. The focus is on Biden’s fellow Democrats who have condemned Saudi Arabia over human rights but whose support would be needed if any agreement requires congressional approval. Though foreign policy rarely sways U.S. elections, Biden, facing a re-election fight against Republican former president Donald Trump, may be thinking of his legacy. Murphy, a Democrat on the Senate Foreign Relations Committee, said he favors Israeli-Saudi normalization and is open to reviewing any broader agreement but would not be easily convinced.

Persons: Saudi Crown Prince Mohammed bin Salman, Joe Biden, Biden, Joe Biden’s, Israel, “, ”, Jonathan Panikoff, government’s, Biden’s, Washington, Benjamin Netanyahu, Donald Trump, Aaron David Miller, Prince Mohammed bin Salman, Jamal Khashoggi, Chris Murphy, Murphy, Jared Kushner, Trump, Abraham, Netanyahu, Matt Spetalnick, Steve Holland, Patricia Zengerle, Dan Williams, Nick Zieminski Organizations: Saudi Crown, Al, Saudi Royal Court, REUTERS, Rights, Atlantic Council, Saudi, Israel, Republicans, Israeli, Republican, Carnegie Endowment, International Peace, SAUDI, MbS, NATO, Reuters, Democrat, Senate Foreign Relations, Abraham Accords, Middle, General, Trump, Biden, Thomson Locations: Jeddah, Saudi Arabia, Bandar, Israel, U.S, Riyadh, Iran, Gulf, East, Russia, Ukraine, Saudi, Yemen, “, United States, Washington, Jerusalem

He has sought to boost Brazil's cred with each state visit and speech, one multilateral forum after another. PUSHING FOR GLOBAL GOVERNANCE — BRAZIL-STYLEDuring Lula’s travels, he has pushed for global governance that gives greater heft to the Global South and advocating diminishing the dollar’s dominance in trade. After the International Criminal Court issued a warrant for Russian President Vladimir Putin's arrest, Lula said he would review Brazil's membership in the court. Some in Washington had initially hoped Lula could be helpful in advancing a shared agenda in Venezuela, Winter said. As they stood embracing, Lula remained seated while applauding a few feet away and nearly out of the camera frame.

Persons: Luiz Inacio Lula da Silva's, Brazil —, —, Lula, Bolsonaro, ”, Oliver Stuenkel, Getulio Vargas, Ukraine’s, Vladimir Putin's, “, Brian Winter, Biden, Winter, ” Biden, Jake Sullivan, Narendra Modi, Saudi Crown Prince Mohammed bin Salman, Cuba “, ” Lula, Nicolás Maduro, LULA, Lula isn't, Modi, Thomas Traumann, Azali Assoumani, Assoumani's, Paulo Peres, Said Peres, Eleónore Hughes, Madhani, David Biller Organizations: UNITED NATIONS, —, General, Getulio, Getulio Vargas Foundation, Global, . National, Bolsonaro, Indian, Saudi Crown, Biden, Federal University of Rio, . Security, Associated Press Locations: Brazil, United States, China, Italy, India, Argentina, Angola, Sao Paulo, — BRAZIL, Washington, Western Europe, U.S, York, Americas, New York, Ukraine, New Delhi, Cuba, Havana, Venezuela, ”, Brazilian, Federal University of Rio Grande do Sul, Rio de Janeiro

☆ Less ethical US foreign policy requires new logic
▼ + stars: | 2023-09-18 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Russia’s invasion of Ukraine and rising tensions with China are now driving U.S. foreign policy, and ethical considerations have taken a back seat. Even so, groups such as Amnesty International and Human Rights Watch are concerned. But the United States considers all to have poor records when judged against the Universal Declaration of Human Rights. While it may make sense for the United States to choose the lesser evil, it is now unclear what role human rights play in American foreign policy. Although he didn’t connect this idea to human rights, that seems to be part of the thinking.

Persons: Narendra Modi, Joe Biden, Evan Vucci, Biden, Antony Blinken, ”, Modi, Saudi Crown Prince Mohammed bin Salman, Blinken, It’s, Peter Thal Larsen, Thomas Shum Organizations: Indian, U.S, Bharat, REUTERS Acquire, Reuters, Amnesty, Human Rights, U.S ., Saudi Crown, Universal, United, United States, Reuters Graphics, Seven, Washington, Thomson Locations: New Delhi, India, Vietnam, Saudi Arabia, Ukraine, China, Asia, Beijing, Moscow, U.S, Hanoi, United States, Riyadh, Russia, United, East, Europe, Afghanistan, Iraq

"I will match your offer and commit today to open an office," Saudi Investment Minister Khalid Al Falih said after India's trade minister Piyush Goyal invited Saudi Arabia to set up an office of its sovereign wealth fund, Public Investment Fund (PIF), in GIFT City. Goyal also said he would suggest that his ministry starts an investment promotion office in Riyadh. During the Crown Prince's visit India and Saudi Arabia signed 50 initial pacts in various fields and agreed to form a joint task force for $100 billion in Saudi investment in India, originally announced by the Crown Prince in 2019. Half of the planned $100 billion is earmarked for a delayed refinery project along India's western coast, an Indian foreign ministry official said. He said Saudi Arabia is looking to invest in sectors including oil, gas, petrochemicals, new energy, technology, manufacturing and defence.

Persons: Amit Dave, Narendra Modi, Khalid Al Falih, Piyush Goyal, Prince Mohammed bin Salman's, Goyal, Crown Prince, Falih, Shivangi Acharya, Nidhi Verma, Blassy Boben, Ed Osmond, Susan Fenton Organizations: Gujarat International Finance Tec, REUTERS, Indian, Saudi Investment, Public Investment Fund, Crown, United Arab Emirates, Saudi Aramco, Thomson Locations: Gujarat, Gandhinagar, DELHI, Saudi Arabia, New Delhi, Dubai, Hong Kong, City, Falih, Delhi, Saudi, Riyadh, India, Indian, Maharashtra

☆ New Mideast corridor would include trains to India, Delhi says
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Saudi Arabia's Crown Prince Mohammed bin Salman inspects the honour guard during his ceremonial reception at the Rashtrapati Bhavan presidential palace in New Delhi, India, September 11, 2023. Asked about the proposals, Ausaf Sayeed, a secretary in the Foreign Ministry, spelled out that the corridor would include trains to India and not just links by port. Saudi Arabia is among the top exporters of petroleum to India. Sayeed said that new corridor will include ports, railways, better roads and also power, gas grids and optical fiber network. During their talks earlier in the day the Indian leader and the Saudi crown prince also discussed cooperation in space, semiconductors and collaboration in defence manufacturing as well.

Persons: Crown Prince Mohammed bin Salman, Stringer, Ausaf, Khalid Al Falih, Prince Mohammed bin Salman's, Sayeed, Shivam Patel, Krishn Kaushik, Ed Osmond, Angus MacSwan Organizations: Saudi, Crown, REUTERS, Foreign Ministry, European Union, United Arab, Initiative, Saudi Investment, Gulf Cooperation Council, Thomson Locations: New Delhi, India, DELHI, East, South Asia, Indian, Delhi, United States, Saudi Arabia, United Arab Emirates, Monday, Saudi

A man walks past an installation on a skywalk ahead of the G20 Summit in New Delhi, India, September 6, 2023. The plans for a sweeping, multi-national ports and rail deal would come at a critical time. It also comes as the Biden administration seeks a broader diplomatic deal in the Middle East that would have Saudi Arabia recognize Israel. The negotiations over a multi-country infrastructure deal were first reported by Axios. Beyond the diplomatic implications, officials said they hope such an infrastructure deal could reduce shipping times, cost, the use of diesel and make trade faster and cheaper.

Persons: Francis Mascarenhas, Joe Biden, Narendra Modi, Saudi Crown Prince Mohammed Bin Salman, Biden, Steve Holland, Trevor Hunnicutt, Heather Timmons, Jamie Freed Organizations: REUTERS, Rights, United Arab, Indian, Saudi Crown, Washington, Axios, Thomson Locations: New Delhi, India, U.S, Saudi Arabia, South Asia, United Arab Emirates, Europe, Israel

[1/5] A Municipal Corporation of Delhi (MCD) official catches a stray dog using a rod with a loop, near Indira Gandhi International Airport ahead of the G20 summit in New Delhi, India, September 5, 2023. The Municipal Corporation of Delhi (MCD) did not directly link the removal of stray dogs to the summit, stating that the canines are being picked up "only on an urgent need basis". Reuters' witnesses saw MCD teams capturing dogs using rods with a loop at one end. Sanjay Mohapatra, founder of the House of Stray Animals NGO, termed the action "needless". "If delegates see people feeding stray dogs, it will actually create a good impression of the country," he said.

Persons: Anushree, Joe Biden, Rishi Sunak, Prince Mohammed Bin Salman, Justin Trudeau, Fumio Kishida, Ambika Shukla, Sanjay Mohapatra, Friendicoes, Geeta Seshamani, Anushree Fadnavis, Sakshi Dayal, Raju Gopalakrishnan Organizations: Municipal Corporation of Delhi, Indira Gandhi, Airport, REUTERS, Authorities, U.S, British, Canadian, Japanese, Reuters, Animals, Stray Animals, Thomson Locations: New Delhi, India, DELHI, Delhi, Saudi

[1/3] Traffic moves past the 'Bharat Mandapam', the main venue of the G20 Summit in New Delhi, India, September 5, 2023. U.S. President Joe Biden, British Prime Minister Rishi Sunak, Saudi Crown Prince Mohammed Bin Salman, Canadian Prime Minister Justin Trudeau and Japanese Prime Minister Fumio Kishida are expected to be part of the gathering in New Delhi. For years, Ambani and Adani have competed across a wide range of industries from telecoms to media, and energy to finance. Adani Group has denied any wrongdoing. Reliance Industries, Adani Enterprises, Tata Sons, Bharati Airtel, Aditya Birla Group and the Indian government did not reply to emails seeking comment on the invitation.

Persons: Mandapam, Adnan Abidi, Mukesh Ambani, Gautam Adani, Narendra Modi, Joe Biden, Rishi Sunak, Prince Mohammed Bin Salman, Justin Trudeau, Fumio Kishida, N, Kumar Mangalam Birla, Sunil Mittal, Ambani, Xi Jinping, Vladimir Putin, Modi, Adani, Sarita Chaganti Singh, Shivangi, Clarence Fernandez Organizations: REUTERS, British, Canadian, Japanese, Tata, Bharti Airtel, Reliance Industries, Adani, Hindenburg Research, Adani Enterprises, Tata Sons, Bharati Airtel, Aditya Birla Group, Thomson Locations: New Delhi, India, DELHI, Saudi

India's Prime Minister Narendra Modi speaks during a joint press conference with Greek Prime Minister Kyriakos Mitsotakis at the Maximos Mansion in Athens, Greece, August 25, 2023. A "mid-20th century approach cannot serve the world in the 21st century", Modi, who will host a summit of the Group of 20 big economies from next weekend, told the Press Trust of India news agency. "International institutions need to recognise changing realities, relook at their priorities," Modi said, adding it was critical to ensure the representation of voices. "India's G20 presidency also sowed seeds of confidence in countries of so-called third world." Modi, 72, said India's G20 presidency has led to the recognition that anti-inflation policies in one country do not harm others.

Persons: Narendra Modi, Kyriakos Mitsotakis, Stelios Misinas, Modi, Joe Biden, Emmanuel Macron, Olaf Scholz, Saudi Crown Prince Mohammed bin Salman, cryptocurrency, Arpan Chaturvedi, William Mallard Organizations: India's, Greek, REUTERS, Indian, United, Press Trust of India, . Security, African Union, Saudi Crown, Thomson Locations: Athens, Greece, DELHI, United Nations, U.S

☆ A Saudi-Israel deal could dramatically reshape the Middle East — but don't expect it anytime soon
▼ + stars: | 2023-09-01 | by ( Natasha Turak | ) www.cnbc.com time to read: +7 min

Saudi Arabia doesn't recognize Israel as a state and has refused to do so since the latter's independence in 1948. A deal between Israel and Saudi Arabia could dramatically reshape the geopolitics of the Middle East. Saudi Arabia wants military promisesAnother big challenge is what Saudi Arabia is demanding of Washington. But even if a security guarantee and more advanced weapons access demands are met, U.S. backing for a Saudi nuclear program is likely more challenging. Any deal on this is also complicated by the fact that Saudi Arabia has its own natural supplies of uranium and intends to mine them itself.

Persons: Prince Mohammed bin Salman, Louiza Vradi, Israel –, Saudi Arabia doesn't, Mahmoud Abbas, Benjamin Netanyahu, Amir Cohen, Biden, Sanam Vakil, Netanyahu, Mustafa Hassona, Hussein Ibish, Saudi Crown Prince Mohammed bin Salman, Vakil, Mohammed bin Salman, Fayez Nureldine, Ryan Bohl, Rane Organizations: Wall Street Journal, Palestinian Authority, Biden, Palmachim Air Force Base, Reuters, Saudi, Chatham House, CNBC, Bloomberg, Anadolu Agency, Getty, Gulf States Institute, United Nations, Saudi Crown, Nurphoto, Republicans, Artillery, Defense, Afp, U.S, government's, United Arab Emirates, Middle East Locations: Saudi, Athens, Greece, Saudi Arabia, Israel, Iran, Riyadh, Rishon Lezion, U.S, East, North Africa, Palestine, Mecca, Medina, Gaza City, West Bank, Nablus, Gaza, Washington, Beit Lahia, Yemen

☆ Vision 2030 is Saudi Arabia's grand plan to future-proof its oil-based economy. Experts say it's a huge risk.
▼ + stars: | 2023-08-27 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +9 min

Vision 2030 is Saudi Arabia's grand plan to transform its economy and reduce its reliance on oil. The centerpiece of Vision 2030 is Neom, which includes a $1 trillion megacity known as The Line. But time is ticking: Seven years after announcing Vision 2030, Saudi Arabia has reached the midway point of its timeline, with just seven years left to the finish line. That said, much of this is being financed by the Public Investment Fund, Saudi Arabia's powerful sovereign wealth fund, which manages assets worth about $700 billion. NeomA key factor that could determine this project's success involves Saudi Arabia's changing appeal to the West.

Persons: Saud, who's, Simon Mabon, Prince Mohammed Bin Salman, Saudi Crown Prince Mohammed bin Salman, McKinsey —, —, Gerald Feierstein, Barack Obama, Feierstein, Richard Callis, Prince Mohammed, Yasir Othman al, Mabon, Prince Mohammed's, there's, Muslimi, they're Organizations: Foreign Policy Center, Saudi Royal Court, REUTERS, Saudi Crown, McKinsey, Middle East Institute, Public Investment Fund, Saudi, SoftBank's Vision, Newcastle United soccer, Newcastle United FC, Saudi Aramco, International Monetary Fund, Chatham House, Neom, United, Bloomberg, Amnesty International Locations: Saudi, Dhahran, Saudi Arabia, London, NEOM, Bandar, Yemen, Ukraine, Riyadh, Jeddah, they're, United Arab Emirates, Neom

☆ Media and entertainment companies are finding more investment from the Middle East, but it can come with controversy. Here are 11 of the most notable deals.
▼ + stars: | 2023-08-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

Insider broke down 11 top media companies with Middle Eastern backing or partnerships. Middle Eastern investment has poured into US media and entertainment, and US media companies have been eager recipients. Here's a rundown of 11 key Western media and entertainment companies, listed alphabetically, that have licensing and investment partnerships with Middle Eastern entities. Jimmy Finkelstein's news startup The Messenger has Middle Eastern funding via its acquisition of IMI-backed startup Grid, which is now shuttered. The North Road, Peter Chernin and Providence Equity's production roll-up, took a $150 million investment in January from the Qatar Investment Authority, Qatar's main investment vehicle, to support its expansion.

Persons: Peter Chernin, Jeff Zucker, Uber, Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, hasn't, Mohammed bin Salman, SRMG, Abu, Abu Dhabi's, Jimmy Finkelstein's, BeIn, Stone, Ian Orefice, WBD Organizations: Providence, North, IMI, ex, CNN, Public Investment Fund, Blackstone, Washington Post, Saudi Crown, Saudi, Guardian, Media, Bloomberg Media, Saudi Research, Media Group, Media Investments, CNN Business, Abu Dhabi Media Investment Corporation, Sky News Arabia, Business, Independent, SRMG, Miramax, BeIn, Paramount, Qatar Investment Authority, Penske Media Corporation, Billboard, Variety, Penske, Vox Media, New York, Billboard Arabia, RedBird Capital, Mideast, MBC Group, MBC, Fortress Investment Group, Investment, Warner Bros Locations: Saudi Arabia, Qatar, UAE, West, Saudi, Abu Dhabi, ViacomCBS, SRMG

☆ A potential first-of-its-kind fighter jet purchase could be a sign Saudi Arabia isn't happy with what it's getting from the US
▼ + stars: | 2023-08-21 | by ( Paul Iddon | ) www.businessinsider.com time to read: +8 min

Saudi Arabia is reportedly considering a large number of French-made Dassault Rafale fighter jets. In July, Germany announced it would not allow additional Eurofighter Typhoon fighter jets to be delivered Saudi Arabia. The Saudi air force's 72 Eurofighters are its second most numerous fighter type behind its US-made F-15s. Bandar Algaloud/ReutersIn the near-term, Saudi Arabia may find Rafales more burdensome than beneficial, given its extensive investment in US and British aircraft. A Saudi Air Force F-15 taxis for takeoff at King Faisal Air Base in February 2021.

Persons: France's, Toni Anne Barson, Sebastien Roblin, Prince Mohammed bin Salman, Joe Biden, Roblin, Salman, FAYEZ NURELDINE, Ryan Bohl, RANE, Rafales, Jamal Khashoggi, Bohl, Justin Bronk, Katherine Walters, Paul Iddon Organizations: Dassault Rafale, Saudi, Service, Privacy Policy, France's La Tribune, Eurofighter Typhoon, United Arab, La Tribune, French Dassault Rafale, Saudi Eurofighter Typhoon, Getty, East, NATO, Bandar Algaloud, Reuters, British, Royal Saudi Air Force, Royal United Services Institute, Saudi Air Force, King Faisal Air Base, US Air Force, Staff, Rafale, Washington Locations: Saudi Arabia, British, Riyadh, Wall, Silicon, Privacy Policy Saudi Arabia, Saudi, Germany, United Arab Emirates, Qatar, French, Provence, Washington, Yemen, Iran, China, France, AFP, London, Russia, North Africa, NATO, United States, Bandar, Croatia, Egypt, India, Indonesia, Greece

☆ Saudi binge is fiscal free kick for European clubs
▼ + stars: | 2023-08-18 | by ( Streisand Neto | ) www.reuters.com time to read: +3 min

The Saudi binge may help European teams raise funds and meet tough new financial rules. The Roshn Saudi League is a top scorer in the football transfer market. UEFA, the governing body for European football, has introduced new rules limiting clubs’ spending on wages, transfers and agent fees to 70% of revenue. European clubs should take the money before the referee's whistle blows. Saudi clubs have spent over 550 million euros buying players from European clubs in the 2023/2024 transfer season, according to Transfermarkt.

Persons: Al Hilal's, Neymar, Fahd bin Saad Al, Neymar da Silva Santos Júnior, Germain, Rúben Neves, Prince Mohammed bin Salman, Len Blavatnik, China’s, Oscar, Marouane, Hilal, Cristiano Ronaldo, Karim Benzema, Neil Unmack, Thomas Shum, Pranav Kiran Organizations: Soccer, Al, Saudi Pro League, REUTERS Acquire, Reuters, Paris Saint, Saudi, Saudi Public Investment Fund, Britain’s Premier League, Premier League, Deloitte’s Sports Business, UEFA, Deloitte, Reuters Graphics Reuters, Bloomberg, BBC, Thomson Locations: Al Hilal, Paris, France, Saudi, Hilal, Saudi League, Al, Ittihad, Saudi Arabia, Riyadh, Kingdom, Saudi Arabian

☆ Saudi soccer league lures Brazilian star Neymar as it seeks to attract 'exceptional players only'
▼ + stars: | 2023-08-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Saudi Arabia also recruited soccer legends Cristiano Ronaldo and Karim Benzema with contracts worth hundreds of millions of dollars, and it's expected to bid to host the 2030 World Cup. Portuguese football star Cristiano Ronaldo poses for a photo with the jersey after signing with Saudi Arabia's Al-Nassr Football Club in Riyadh, Saudi Arabia on December 30, 2022. Sports analysts are doubtful that Saudi Arabia will see its ambitions to have a top soccer league realized, even with all the money it can offer to top-tier players. Charles Laberge | LIV Golf | Getty ImagesOther criticism comes from an attitude among many that a Saudi league could never be a serious arena for athletes. Emenalo, himself a former defender for Nigeria's national soccer team and former technical director at English club team Chelsea, called the criticisms "outrageous."

Persons: Kylian Mbappe, Neymar Jr, Jean Catuffe, Neymar, Germain, Cristiano Ronaldo, Karim Benzema, Kalidou, Lyon's Moussa Dembele, Michael Emenalo, Saudi Arabia's, Al, Hilal, Kylian Mbappé, LIV, shockwaves, Saudi Crown Prince Mohammed bin Salman, Captain Brooks Koepka, Ricky Elliott, Charles Laberge, LIV Golf, Emenalo, it's, Khalid Al, Falih, that's Organizations: PSG, UEFA Champions League, Celtic Glasgow, Paris Saint Germain, Celtic Park, Getty, Getty Images, Saudi, Al, Paris Saint, Brazil national, L'Equipe, Manchester, Saudi Pro League, Nassr Football Club, Al Nassr Football, Anadolu Agency, France national, Sports, American PGA Tour, Saudi Crown, CNBC, Royal Greens, & Country Club, King Abdullah Economic, Nigeria's, soccer team, Chelsea, Saudi League, Guardian, Saudi Investment, Public Investment Fund Locations: Getty Images Saudi Arabia, Hilal, Barcelona, Saudi, Saudi Arabia, Riyadh, Europe, Jeddah, King Abdullah, King Abdullah Economic City

☆ Saudi’s swelling fund has scope for foreign binge
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 7 (Reuters Breakingviews) - Saudi Arabia’s big sovereign wealth fund is getting bigger. The Public Investment Fund’s assets under management swelled to 2.23 trillion riyals ($603 billion) in 2022 from 1.98 trillion riyals the year before. PIF’s international assets, which range from UK soccer club Newcastle United to struggling carmaker Lucid (LCID.O), shrank from 576 to 512 billion riyals. Still, PIF has big ambitions: it hopes to boost its total assets to a whopping 4 trillion riyals by 2025, of which 24% will be international. If so, its foreign assets could yet double to 960 billion riyals, according to Breakingviews calculations, making it a key player in global finance.

Persons: Saudi Crown Prince Mohammed Bin Salman, PIF, Neil Unmack, headwinds, Lisa Jucca, Pranav Kiran Organizations: Reuters, Investment, Saudi, Saudi Crown, Newcastle United, Twitter, Adidas, InBev, Thomson Locations: Saudi, Riyadh, Saudi Aramco, Neom

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