DIRS.INFO The most relevant business & tech news

The kingdom's sovereign wealth fund reported an AUM of 1.98 trillion riyals for 2021. The PIF said it generated a total shareholders' return of 8% and established 25 companies in 2022, and locally deployed 120 billion riyals in that year in strategic sectors. The PIF said 23% of its AUM were international investments, while 68% were local investments and the remainder were treasury. PIF is the chosen vehicle of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, to drive an economic agenda aimed at cutting reliance on oil. The fund raised $5.5 billion in February from a green bond sale, following its inaugural green bond that raised $3 billion in October.

Persons: Yasir Othman Al, Mohammed Abdullah Al Jadaan, Ahmed Aqeel Al Khateeb, Ibrahim Abdulaziz Al, Prince Mohammed bin Salman, Majid Abdullah Al Qasabi, Khalid Abdulaziz Al Falih, PIF, Ahmed Elimam, Alex Richardson Organizations: Saudi Public Investment, Saudi Finance, Tourism, Investment, Read, Saudi, Public Investment Fund, Sunday, Aramco, Sanabil Investments, Thomson Locations: Saudi, DUBAI, London , New York, Hong Kong, Saudi Aramco

☆ Ukraine seeks progress towards peace at Saudi Arabia talks
▼ + stars: | 2023-08-05 | by ( Maha El Dahan | ) www.reuters.com time to read: +5 min

Ukrainian, Russian and international officials say there is no prospect of direct peace talks between Ukraine and Russia at present, with the war raging. The world's top oil exporter Saudi Arabia, which has maintained contacts with both sides since Russia invaded Ukraine last February, has played a role in convening countries that did not join earlier meetings, Western diplomats have said. SAUDI DIPLOMACYWestern officials and analysts said Saudi diplomacy had been important in securing China's presence at the talks. Zelenskiy attended an Arab League summit in Saudi Arabia last year where MbS voiced readiness to help mediate in the war. In March, Beijing brokered a resumption of ties between Saudi Arabia and its arch regional foe Iran.

Persons: Andriy Yermak, Volodymyr Zelenskyi, Volodymyr Zelenskiy's, Zelenskiy, Russia's, Eurasian Affairs Li Hui, Ajit Doval, Crown Prince Mohammed bin Salman, Xi Jinping, Kristian Coates Ulrichsen, Rice, Yun Sun, Sun, Lidia Kelly, Maha El Dahan, Omar Abdel, Michael Martina, Aftab Ahmed, Angus McDowall, Andrew Cawthorne Organizations: International, REUTERS, Saudi, Global, Kremlin, Eurasian Affairs, Indian National Security, Crown, Arab, MbS, Shanghai Cooperation Organization, Iran, Baker Institute, Stimson, Razek, Thomson Locations: Ukraine, Kyiv, China, India, Jeddah Ukraine, Russia, DUBAI, United States, Saudi Arabia, Ukrainian, Copenhagen, Beijing, Moscow, Jeddah, Riyadh, SAUDI, Saudi, Turkey, Middle East, Washington, Warsaw, Maha, Dubai, New Delhi

☆ Saudi’s MBS wants more than peace at his Ukraine summit
▼ + stars: | 2023-08-04 | by ( Nic Robertson | ) edition.cnn.com time to read: +7 min

“Our goal in Saudi Arabia is to develop a unified vision of the formula and to work out the possibilities of holding the future Global Peace Summit,” they said, referring to Ukraine’s peace plan. That summit produced no major headlines, nor a discernable drift to Ukraine’s prerequisite for peace that Russian troops exit Ukraine. Like the roads that led to Rome in its day, Saudi Arabia is increasingly at the confluence of competing global interests. In spring this year, Saudi Arabia and China announced a confidence-building peace plan with Iran to repair their hostile relationship. All of this of course is way outside the scope of the Jeddah peace summit and Russia’s unprovoked war of aggression in Ukraine.

Persons: Prince Mohammed bin Salman, ”, “, Jake Sullivan, Biden, Xi, Putin, It’s, Volodymyr Zelensky’s Organizations: CNN, Saudi, MBS, Peace, National, CNN US State Department, Danes, NATO, African Union Locations: Jeddah, stewing, Ukraine, Russia ”, India, Saudi Arabia, Moscow, ”, Kyiv, Denmark, Rome, Yemen, China, Iran, Russia, Washington, Saudi, Gulf, Israel, Europe, Africa, St Petersburg, Ukrainian

Ukrainian, Russian and international officials say there is no prospect of direct peace talks between Ukraine and Russia at the moment, as the war continues to rage and Kyiv seeks to reclaim territory through a counter-offensive. Neither the Jeddah gathering - which is expected to begin on Friday, with the main discussions on Saturday and Sunday - nor the peace summit would involve Russia, officials say. Saudi Arabia, along with Turkey, played a mediation role in a major prisoner swap between Ukraine and Russia last September. Zelenskiy attended an Arab League summit in Saudi Arabia in May this year, at which Saudi Crown Prince Mohammed bin Salman expressed his readiness to mediate in the war. A second senior EU official said Saudi Arabia reached "into parts of the world where (Ukraine's) classical allies would not get to as easily".

Persons: Volodymyr Zelenskiy, Leo Varadkar, Clodagh, Zhovkva, Zelenskiy, Saudi Crown Prince Mohammed bin Salman, Jake Sullivan, Matt Miller, there's, Dmitry Peskov, Olena Harmash, Carien du Plessis, Gabriela Baczynska, Daphne Psaledakis, Laurie Chen, Martin Pollard, Jon Boyle Organizations: Ireland's, REUTERS, Global, Reuters, European Commission, Chinese Foreign Ministry, Russia, Arab, Saudi Crown, EU, . National, U.S . State, Thomson Locations: Horodetskyi, Ukraine, Kyiv, Jeddah, China, BRUSSELS, LONDON, Saudi Arabia, Russia, India, Brazil, South Africa, Turkey, Moscow, Copenhagen, Riyadh, United States, U.S

☆ Saudi Arabia and Turkey are emerging as the new peace brokers of the Russia-Ukraine war
▼ + stars: | 2023-08-02 | by ( Natasha Turak | ) www.cnbc.com time to read: +7 min

Turkish President Recep Tayyip Erdogan welcomes Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud in Ankara, Turkey, on June 22, 2022. "We thank the Crown Prince and Government of Saudi Arabia for facilitating [the prisoner exchange]," Sullivan wrote in a separate post. "Saudi Arabia and Turkey are good examples of such mid-level powers now helping shape international realities in a way they rarely did during the Cold War." And Turkey, like Saudi Arabia, refuses to partake in sanctions against Russia, irking its Western allies. Saudi Arabian Crown Prince Mohammed bin Salman (R) meets Ukrainian President Volodymyr Zelenskyy (L) in Jeddah, Saudi Arabia on May 19, 2023.

Persons: Recep Tayyip Erdogan, Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud, Mustafa Kaya, Russian –, Vladimir Putin, –, Recep Tayyip Erdogan of, Crown Prince Mohammed bin Salman, Volodymyr Zelenskyy, Jake Sullivan, Putin, Sullivan, Hussein Ibish, Russia's Putin, Vilius Semeska, Selcuk Bayraktar, Haluk Bayraktar, Ibish, Saudi Arabia's Crown Prince Mohammed bin Salman, Saudi Arabian Crown Prince Mohammed bin Salman, Erdogan, Mohammed bin Salman, Ryan Bohl, Rane, Ayham Kamel Organizations: Saudi Arabia's Crown, Getty, Crown, Russia, Handout, Anadolu Agency, Twitter, Ukraine –, Prince, Saudi, Gulf States Institute, CNBC, NATO, Defence, Baykar, Saudi Arabian Crown, Saudi Foreign Ministry, Getty Images, Ukrainian, Arab, Russo, East, Global, Eurasia Group Locations: Ankara, Turkey, Xinhua, Russian, Russia, Recep Tayyip Erdogan of Turkey, Saudi Arabia, Kyiv, Ukraine, Ukrainian, Saudi, Jeddah, U.S, China, India, Brazil, Washington, Turkey's, Lithuanian, Istanbul, Turkish, , Washington, North Africa, Riyadh, Middle East

Tiger Woods wipes his driver grip on the 18th tee box during the first round of the PGA TOUR Champions PNC Championship at The Ritz-Carlton Golf Club on December 17, 2022 in Orlando, Florida. Ben Jared | PGA Tour | Getty ImagesThe PGA Tour on Tuesday said Tiger Woods would join its policy board, a concession meant to give players more input and oversight as negotiations continue for its controversial deal with Saudi-backed LIV Golf. Woods joins the board less than a month after former AT&T CEO Randall Stephenson resigned due to concerns regarding the Saudi investment. Until the proposed deal was announced, the PGA Tour and LIV were embroiled in antitrust lawsuits – lobbed at each other – as players left the tour for big paydays at LIV. The proposed deal has been met with ire and confusion from lawmakers, members of the tour and fans.

Persons: Woods, Ben Jared, Tiger Woods, LIV, Randall Stephenson, LIV Golf, Saudi Crown Prince Mohammed bin Salman, Patrick Cantlay, Charley Hoffman, Peter Malnati, Rory McIlroy, Webb Simpson, Monahan, Christian Petersen Organizations: PGA, PNC, Ritz, Carlton Golf Club, Saudi, Saudi Arabia Public Investment Fund, Saudi Crown, Augusta National Golf Club, Getty Locations: Orlando , Florida, Saudi, LIV, Augusta , Georgia

☆ Kremlin seeks more info about talks in Saudi, Ukraine says Moscow unwelcome
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +3 min

The meeting was first reported last Saturday in the Wall Street Journal, which said Saudi Arabia would invite Western states, Ukraine and major developing countries to talks focusing on Ukrainian President Volodymyr Zelenskiy's peace plan. The paper said Kyiv and Western countries hoped that the talks could lead to international backing for peace terms favouring Ukraine. Peskov, however, also restated Moscow's position that it currently saw no grounds for peace talks with Kyiv. "If there's acceptance from both Ukraine and Russia to look for solutions to achieve peace, we'll participate," he told reporters in Mexico City. Andriy Yermak, Zelenskiy's chief of staff, said Ukraine would be "boundlessly happy if West, East, South and North work in this format towards renewing a system of world security".

Persons: Volodymyr Zelenskiy's, Dmitry Peskov, Andres Manuel Lopez Obrado, we'll, Andriy Yermak, Yermak, Prince Mohammed bin Salman, Vladimir Putin, Gareth Jones, Ron Popeski, Stephen Coates Organizations: Press, State Emergency Service of, REUTERS, Street, Ukraine, Kyiv, Reuters, Thomson Locations: Russian, Ukraine, Kryvyi Rih, State Emergency Service of Ukraine, Handout, REUTERS MOSCOW, Saudi Arabia, Russia, Kyiv, Western, Mexico City, East, South, Saudi

☆ Saudi Arabia's economic growth slows as oil cuts, price drops bite into revenues
▼ + stars: | 2023-07-31 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Arabia's economy slowed in the second quarter, as crude output cuts and a drop in oil prices reined in one of the fastest growing nations of the G20. Riyadh's GDP expanded by an annual 1.1% in the second quarter, the Saudi General Authority for Statistics said Monday, down from 3.8% in the previous quarter and 11.2% in the same period of 2022. The non-oil sector — where Saudi Arabia is directing its socioeconomic reforms under Crown Prince Mohammed bin Salman's Vision 2030 economic diversification program — grew by 5.5% in the second quarter. But hydrocarbon-reliant Riyadh logged a 4.2% loss in non-oil GDP in the second quarter, bearing the brunt of lower global crude prices and voluntary oil production cuts. Oil prices spiked last year, as Moscow's full-scale invasion of Ukraine and ensuing international sanctions decoupled many Western consumers from Russian crude supplies.

Persons: Prince Mohammed bin Salman's, Brent Organizations: Saudi General Authority, Statistics, Saudi, Commodities, Organization of, Petroleum, Monetary Fund Locations: Saudi, Saudi Arabia, Riyadh, Ukraine, London, OPEC, Russia, East, Central

☆ Kremlin says it needs to understand aims of Ukraine talks reportedly planned in Saudi Arabia
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 31 (Reuters) - The Kremlin said on Monday it needed to find out the purpose of upcoming talks reportedly planned in Saudi Arabia about the war in Ukraine. The Wall Street Journal reported on Saturday that Saudi Arabia would invite Western states, Ukraine and major developing countries to the talks. The paper said Kyiv and Western countries hoped that the talks, which would exclude Russia, can lead to international backing for peace terms favoring Ukraine. Asked about the WSJ report, Kremlin spokesman Dmitry Peskov said: "Of course, Russia will follow this meeting. However, Peskov also restated Moscow's position that it currently saw no grounds for peace talks with Kyiv.

Persons: Dmitry Peskov, Peskov, Prince Mohammed bin Salman, Vladimir Putin, Volodymyr Zelenskiy, Gareth Jones, Mark Trevelyan Organizations: Street, Ukraine, Kyiv, Saudi, Thomson Locations: MOSCOW, Saudi Arabia, Ukraine, Kyiv, Western, Russia

☆ A Biden Peace Deal Between Saudi Arabia and Israel? - The New York Times
▼ + stars: | 2023-07-27 | by ( Thomas L. Friedman | ) www.nytimes.com time to read: +2 min

Help may be on the way from talks between the United States and Saudi Arabia. When I interviewed President Biden in the Oval Office last week, my column focused on his urging Netanyahu not to ram through the judicial overhaul without even a semblance of national consensus. The president is wrestling with whether to pursue the possibility of a U.S.-Saudi mutual security pact that would involve Saudi Arabia normalizing relations with Israel, provided that Israel make concessions to the Palestinians that would preserve the possibility of a two-state solution. Closing such a multinational deal would be time-consuming, difficult and complex, even if Biden decides to take it to the next level right away. But the exploratory talks are moving ahead now — faster than I thought — and they’re important for two reasons.

Persons: Benjamin Netanyahu’s, Biden, Netanyahu, that’s, Jake Sullivan, Antony Blinken, Brett McGurk, Sullivan, McGurk, Prince Mohammed bin Salman, — Organizations: White House Locations: United States, Saudi Arabia, U.S, Saudi, Israel

☆ Biden Takes His Battle for Democracy Case by Case
▼ + stars: | 2023-07-25 | by ( Peter Baker | More About Peter Baker | ) www.nytimes.com time to read: +1 min

President Biden has made it his mission to wage what he momentously calls “the battle between democracy and autocracy.” But what to do when the ones he believes are undermining democracy are friends? In the case of Israel, where Prime Minister Benjamin Netanyahu on Monday pushed through Parliament new curbs on an independent judiciary, Mr. Biden has chosen to speak out. The vote in Jerusalem, he declared, was “unfortunate,” the fourth time in a week he chastised Mr. Netanyahu for his drive to enhance his own power. But the president’s battle for democracy can be situational when it comes to America’s allies. Crown Prince Mohammed bin Salman of Saudi Arabia was rewarded with a visit and a presidential fist bump despite his murderous reign.

Persons: Biden, Benjamin Netanyahu, Mr, Netanyahu, Narendra Modi, Prince Mohammed bin Salman, ”, David J, Kramer, George W, Bush, “ Organizations: Monday, India, White Locations: Israel, Jerusalem, Saudi Arabia

☆ Microsoft and Google may have to surrender people's data to Saudi Arabia after signing huge deals there
▼ + stars: | 2023-07-24 | by ( Tom Porter | ) www.businessinsider.com time to read: +8 min

But Saudi Arabia has weak privacy laws and a track record of persecuting dissidents. They are warning tech giants like Microsoft and Google that they could be forced to hand over private citizen data to Saudi hitmen. Data handed over a silver platterMarwa Fatafta, an analyst with digital rights group Access Now, described Saudi Arabia as a country with a "dismal" human rights record. "Have they really [Google and Microsoft] investigated how they plan to mitigate potential human rights abuses or privacy violations, building such infrastructure?" Countries such as Saudi Arabia, he said, often told companies that "if you want to operate in this country, you've got to keep the data in this country.

Persons: Prince Mohammed bin Salman's, Rewan Al, Haddad, umOfUs, FAYEZ NURELDINE, Fatima al, Salma al, Alan Woodward, you've, James Lynch, Fairsquare, Crown Prince Mohammed, James, Lynch, Prince Mohammed, it's, Woodward Organizations: Microsoft, Google, Service, Saudi, Human Rights Watch, New York Post, Getty, Twitter, Leeds University, University of Surrey, Crown Locations: Saudi Arabia, Wall, Silicon, Riyadh, Saudi, AFP

☆ 3 reasons countries around the world want to break up with the dollar
▼ + stars: | 2023-07-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

The US dollar has been the world's reserve currency for decades, but its dominance is fading. US monetary policies, the strong USD, and structural shift in the global oil trade also contribute. Here are three other reasons countries around the world are attempting to line up plans to possibly move away from a dollar-dominated world. The arrangement was formalized in 1945 when the oil-giant country Saudi Arabia and the US reached a historic deal wherein Saudi Arabia would sell its oil to America only using the greenback. In return, Saudi Arabia would reinvest excess dollar reserves into US treasuries and companies.

Persons: Valéry Giscard d'Estaing, —, Narendra Modi's, Luiz Inácio Lula da Silva, It's, Donald Trump, wasn't, Joe Biden, Prince Mohammed bin Salman, Jamal Khashoggi, Sarah Miller Organizations: Service, International Monetary Fund, Wilson, Reserve Bank of, Indian, Reuters, Allianz, Global, US, Washington Post, Energy Intelligence Locations: Russia, Wall, Silicon, Western, Ukraine, Washington, Brazil, Argentina, Bangladesh, India, France, Reserve Bank of India, China, South Africa, Saudi Arabia, America, Saudi

☆ Saudi Arabia and Turkey sign agreements on energy, defence and other fields
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

CAIRO, July 18 (Reuters) - Saudi Arabia and Turkey signed a number of memorandums of understanding in many fields including energy, direct investments and defence, Saudi state news agency SPA reported early on Tuesday. Turkey's President Tayyip Erdogan and Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, witnessed the signing ceremony of the bilateral agreements between the two countries, SPA said. Saudi Arabia signed two contracts with Turkish defence firm Baykar to buy drones "with the aim of enhancing the readiness of the Kingdom's armed forces and bolstering its defense and manufacturing capabilities," Saudi Defence Minister Prince Khalid bin Salman said in a tweet on Tuesday,The two countries also signed a defence cooperation plan, the minister added. Erdogan's Gulf tour, which also includes Qatar and the United Arab Emirates, is due to conclude on July 19. Reporting by Enas Alashray and Yomna Ehab; Editing by Jamie Freed and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Saudi Crown Prince Mohammed bin Salman, Baykar, Prince Khalid bin Salman, Erdogan, Enas Alashray, Jamie Freed Organizations: Saudi Crown, Turkish, Saudi Defence, United Arab, Thomson Locations: CAIRO, Saudi Arabia, Turkey, Saudi, Qatar, United Arab Emirates, Lincoln

☆ Saudi Arabia buys Turkish drones during Erdogan's visit
▼ + stars: | 2023-07-18 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

Erdogan and Saudi Crown Prince Mohammed bin Salman attended the signing ceremony between Turkish defence firm Baykar and the Saudi defence ministry, Saudi state news agency SPA reported. Erdogan arrived in the Saudi Red Sea city of Jeddah on Monday for the first stop of a Gulf tour. Saudi Arabia will acquire the drones "with the aim of enhancing the readiness of the kingdom's armed forces and bolstering its defense and manufacturing capabilities," Defence Minister Prince Khalid bin Salman said in a tweet on Tuesday. SPA said Erdogan and Prince Mohammed attended the signing of a defense cooperation plan by Prince Khalid and Turkish Defence Minister Yasar Guler. Developing a local military industry has been part of an ambitious plan by Prince Mohammed to diversify the kingdom's economy away from oil.

Persons: Tayyip Erdogan, Erdogan, Saudi Crown Prince Mohammed bin Salman, Baykar, Prince Khalid bin Salman, Haluk Bayraktar, Jamal Khashoggi, Prince Mohammed, Prince Khalid, Yasar Guler, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Enas Alashray, Daren Butler, Jamie Freed, Lincoln, Tomasz Janowski, Bernadette Baum Organizations: Saudi Crown, Defence, Investments, United, United Arab Emirates, Turkish Defence, Turkish, Thomson Locations: RIYADH, Saudi Arabia, Saudi, Saudi Red Sea, Jeddah, Ankara, United Arab Emirates, Turkey, East, North Africa, Istanbul, Qatar, United Arab, Riyadh, UAE, Nahyan, Cairo

☆ Japan and UAE agree innovation, climate change cooperation
▼ + stars: | 2023-07-17 | by ( Rachna Uppal | ) www.reuters.com time to read: +4 min

State news agency WAM also said the two leaders discussed a comprehensive strategic partnership between the UAE and Japan. Japan is actively developing greener and renewable energy technologies and aims to be carbon neutral by 2050. Kishida will also try to promote Japanese know-how as energy-producing countries have pledged to achieve a net zero transition, especially ahead of the COP28 climate summit to be held in Dubai in November. The GCC is a six-nation regional union that comprises Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. "The secure energy supply from the UAE has supported Japan's economic growth for many years," Kishida wrote in a piece published by UAE state news agency WAM on Sunday.

Persons: Mohamed bin Zayed Al Nahyan, Kishida, Ryan Carter, Fumio Kishida's, Sheikh Mohammed bin Zayed Al Nahyan, WAM, Saudi Crown Prince Mohammed bin Salman, Hikariko Ono, Rachna Uppal, Sakura Murakami, Andrew Mills, Aziz El Yaakoubi, Conor Humphries, David Evans, Alex Richardson, Jacqueline Wong Organizations: United Arab Emirates, United, UAE, United Arab, Japan, Qatar, Saudi Crown, Cooperation Council, GCC, Abu Dhabi National Oil Company, Thomson Locations: Japan, Qasr Al Watan, Abu Dhabi, United Arab, ABU DHABI, United Arab Emirates, UAE, State, Dubai, Saudi Arabia, Riyadh, Tokyo, Saudi, Qatar, Kuwait, Oman, Bahrain

Saudi state-run al-Ekhbariya television showed several Saudi officials welcoming Erdogan as he arrived at the venue of a Saudi-Turkish business forum in the Red Sea city of Jeddah. Erdogan is expected to meet with Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, later on Monday. "Turkey will have a serious investment opportunity in the defence industry, infrastructure and superstructure investments in the three countries," he said. Ekhbaria carried live footage showing Saudi Investment Minister Khaled al-Falih addressing dozens of businessmen from both sides at the Saudi-Turkish business forum in Jeddah. Turkey's budget deficit surged to 219.6 billion lira ($8.37 billion) in June, seven times the deficit a year earlier, data showed on Monday.

Persons: Tayyip Erdogan, Erdogan, Saudi Crown Prince Mohammed bin Salman, Ekhbaria, Khaled al, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Yilmaz, Huseyin Hayatsever, Ali Kucukgocmen, Daren Butler, Aziz El Yaakoubi, William Maclean Organizations: Saudi Crown, . Investments, United, Turkish, Saudi Investment, Thomson Locations: ISTANBUL, RIYADH, Saudi Arabia, Turkey, Saudi, Turkish, Red Sea, Jeddah, Ankara, United Arab Emirates, Istanbul, Qatar, UAE, Nahyan

☆ Saudi Arabia is exploring plans to raise $2.7 billion for its futuristic mega-city in an effort to complete most of the construction by 2030
▼ + stars: | 2023-07-17 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

Saudi Arabia is seeking a $2.7 billion loan from local lenders for its Neom project, per Bloomberg. Saudi Arabia's mega-city project is reportedly seeking to raise a 10 billion riyal, or $2.7 billion, loan to help fuel the development of the kingdom's futuristic city in the desert. The Neom development is expected to include two huge buildings as part of a project known as The Line. Plans for the Neom development were unveiled in 2017 but progress has been slow. The Crown Prince told Bloomberg in 2018 that the city would be completed in 2025.

Persons: Prince Mohammed bin Salman, Prince Mohammed bin Salman's, Prince, Neom Organizations: Bloomberg, Street Journal Locations: Saudi Arabia, Saudi, West

☆ Kuwait to set up new sovereign fund to develop mega projects and local economy
▼ + stars: | 2023-07-16 | by ( Ahmed Hagagy | ) www.reuters.com time to read: +2 min

KUWAIT CITY, July 16 (Reuters) - Kuwait plans to establish a new sovereign fund to develop its local economy, spearhead mega projects, and attract funds from foreign investors and the private sector, according to a government plan seen by Reuters on Sunday. The government has tasked the Ministry of Finance and the Kuwait Investment Authority (KIA) with studying plans for the proposed fund, dubbed Ciyada, Arabic for sovereign, the document says. Ciyada Development Fund will be used to spearhead domestic investments, intended to fuel economic development and diversify Kuwait's economy, the document says. Ciyada would accelerate Kuwait's economic growth, promote transformation and progress in various fields of development, through strategic planning and implementation of major development projects, the document says. Abu Dhabi for instance in 2002 created Mubadala Development Co to diversify the emirate's economy and accelerate development.

Persons: Mubadala, Prince Mohammed Bin Salman's, Ahmed Hagagy, Hadeel Al Sayegh, David Holmes Organizations: KUWAIT CITY, Reuters, Sunday, Ministry of Finance, Kuwait Investment Authority, Ciyada, Kuwait Investment Office, Reserve Fund, Fund, Government, International Petroleum Investment Co, Mubadala, Saudi Arabia's Public Investment Fund, Thomson Locations: KUWAIT, Kuwait, Abu Dhabi

☆ Japan, Saudi Arabia set to agree on rare earth resources joint development - Nikkei
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 15 (Reuters) - Japan and Saudi Arabia are expected to agree on joint investment to develop rare earth resources during Prime Minister Fumio Kishida's visit to the Middle East starting Sunday, Nikkei reported. Kishida plans to visit oil producers Saudi Arabia and United Arab Emirates, as well as liquefied natural gas producer Qatar - the three major energy suppliers to resources-poor Japan - on July 16-18. Rare earth resources are essential for decarbonisation and production of electric vehicles in particular as Japan aims to be carbon-neutral by 2050 and Saudi Arabia is also actively trying to diversify its oil-reliant economy. According to Nikkei on Saturday, Kishida and Saudi Crown Prince Mohammed bin Salman are set to agree on rare earth resources cooperation on Sunday to jointly explore development projects in other countries. Japan will also help to speed-up development of resources currently being explored in Saudi Arabia and namely copper, iron and zinc, Nikkei added.

Persons: Fumio Kishida's, Kishida, Saudi Crown Prince Mohammed bin Salman, Katya Golubkova, Michael Perry Organizations: East, Nikkei, United, Saudi Crown, Thomson Locations: TOKYO, Japan, Saudi Arabia, United Arab Emirates, Qatar, Kishida

☆ Saudi golf shot plays through CFIUS hazards
▼ + stars: | 2023-07-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

U.S. congressional lawmakers scrutinized PGA Tour officials on Tuesday this week about the group’s tie-up with a rival golf tournament owned by Saudi Arabia. Enter the Saudis, who launched an upstart golf tournament last year, LIV Golf, that competed with the U.S.-based PGA Tour and its European counterpart DTP. There are worries that Saudi Arabia, a regime viewed as hostile to women and LGBTQ groups, would have significant sway over golf’s culture. LIV Golf is owned by Saudi Arabia Public Investment Fund. Former AT&T Chief Executive Randall Stephenson resigned from the PGA Tour policy board, the Washington Post reported on July 9.

Persons: State Condoleezza Rice, Darla Moore, Covid, LIV Golf, Phil Mickelson, Brooks Koepka, Yasir Al, Ed Herlihy, Wachtell, Lipton, Katz, hasn’t, Randall Stephenson, Jamal Khashoggi, ”, Richard Blumenthal, –, Sherrod Brown, Maxine Waters, Janet Yellen, LIV Golf’s, Joe Biden hasn't, Saudi Arabian Crown Prince Mohammed bin Salman, Khashoggi, Uncle Sam, Refinitiv, China’s ByteDance, LIV, Stephenson, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Public Investment Fund, Augusta National Golf Club, State, U.S, PGA, LIV, Rosen, Breakingviews, Former AT, PGA Tour, Saudi, Department of Justice, Foreign Investment, U.S . Treasury, Saudi Arabian Crown, Walmart, Visa, Uber Technologies, Nation Entertainment, National Basketball League, Houston Rockets, People’s, NBA, backtrack, FIFA, Qatar, The Justice Department, Treasury, Committee, Homeland Security, Governmental Affairs, Saudi Arabia Public Investment Fund, T, Washington Post, Thomson Locations: Saudi Arabia, United States, American, U.S, South Carolina, Iran, China, Saudi, Hong Kong, People’s Republic, Beijing

☆ PGA official pledges golfers will be able to criticize Saudi Arabia if the tour merges with the Saudi-backed LIV Golf
▼ + stars: | 2023-07-11 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

A top PGA official said golfers would still be able to criticize Saudi Arabia if the tour merges with LIV Golf. Blumenthal also accused the PGA of selling out to the controversial Saudi league. Blumenthal pointed to the fact that initial agreement between the PGA and LIV Golf has a broad non-disparagement clause. Blumenthal cited this record in calling out the PGA for selling out for the LIV merger. He and PGA Tour member Jimmy Dunne, who helped broker an initial agreement with LIV Golf, also repeatedly stressed that the PGA felt it had little choice but to try to find as peace with LIV.

Persons: LIV Golf, Democratic Sen, Richard Blumenthal, Blumenthal, Ron Price, Price, Sen, LIV, Prince Mohammed bin Salman, Jamal Khashoggi, Khashoggi, Jimmy Dunne, Ron Johnson, Johnson Organizations: Democratic, Saudi, Service, PGA, Connecticut Democrat, Public Investment Fund, FIFA, Amnesty, MBS, Washington, Wilson, Republican Locations: Saudi Arabia, Wall, Silicon, of Saudi Arabia, Saudi, Qatar

☆ Lucid, Activision, EA, Uber: Here's where Saudi Arabia's sovereign wealth fund has invested
▼ + stars: | 2023-07-11 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Saudi Arabia's sovereign wealth fund, known as the Public Investment Fund, is an active player in U.S. public and private markets. But among the documents disclosed in the recent PGA-LIV merger hearings was a previously unreported list of the sovereign wealth fund's top public equity holdings, valued at about $35.5 billion. The list, which was updated as of March 31, shows a $8.9 billion stake in electric automaker Lucid , constituting about 25% of PIF's equity holdings. PIF's second-largest stake, in Activision Blizzard , was valued at $3.3 billion and amounted to 9.1% of PIF's public equity holdings. Google accounts for 2.87% of the Nasdaq by weight but made up a mere 1.2% of the PIF's $35.51 billion public portfolio.

Persons: PIF, PIF's, Prince Mohammed bin Salman Organizations: Public Investment Fund, Activision Blizzard, Trade, Electronic Arts, Nasdaq, Meta, Booking Holdings Locations: Saudi, Saudi Arabia

☆ The Saudi-back LIV golf league is moving its possible last ever championship to Trump's Doral golf course
▼ + stars: | 2023-07-10 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

LIV Golf will host its championship tournament at a Trump-owned golf course for its second straight year. The golf league moved the championship from Saudi Arabia where it was initially scheduled. The PGA has said it will merge with the controversial Saudi-backed golf league. The decision means that for the second straight year, LIV's golf championship will be held at Trump's Doral course. Before their merger, LIV and the PGA were in fierce competition to retain some of the sport's most successful golfers.

Persons: LIV, Donald Trump's Trump, Trump, Jamal Khashoggi, Prince Mohammed bin Salman, Randall Stephenson, Rory McIlroy, Dustin Johnson, they're, Johnson Organizations: Trump, Service, Donald Trump's Trump Doral, Golf Club, Doral, Capitol, PGA, Golf, ESPN, Saudi, Washington Post Locations: Saudi Arabia, Saudi, Wall, Silicon, Miami, Jeddah

SummarySummary Companies Russia to cut oil exports 500,000 bpd in AugustRussia's Novak announces cut just after Saudis extend their cutOil prices rise 1.6% on Saudi and Russian announcementsPutin spoke to Crown Prince Mohammed bin Salman on June 27MOSCOW, July 3 (Reuters) - Russia will cut oil exports by 500,000 barrels per day (bpd) in August, President Vladimir Putin's point man on oil said on Monday, as Moscow seeks to nudge up global oil prices in concert with Saudia Arabia. Novak's spokeswoman declined to say whether Russian oil output would decline by the same amount as its exports. It has already pledged to reduce its output by 500,000 barrels per day (bpd) to 9.5 million bpd from March until year-end. Russia is the world's second largest oil exporter after Saudi Arabia, whose crown prince, Mohammed bin Salman, spoke to Putin on June 27. Sechin said some OPEC+ countries were exporting as much as 90% of their output, whereas Russia puts only half of its production onto the global market.

Persons: Russia's Novak, Putin, Prince Mohammed bin Salman, Vladimir Putin's, Brent, Alexander Novak, Novak's, Mohammed bin Salman, Igor Sechin, Sechin, Guy Faulconbridge, Kevin Liffey Organizations: Saudia, Thomson Locations: Saudi, MOSCOW, Russia, Moscow, Saudi Arabia, Riyadh, Russian Urals

Search resuls for: "Prince Mohammed bin Salman"

25 mentions found