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Saudi Minister of Finance Mohammed al-Jadaan gestures during an interview with Reuters at the Ministry of Finance in Riyadh, Saudi Arabia, December 12, 2021. REUTERS/Ahmed Yosri/File Photo Acquire Licensing RightsRIYADH, Oct 25 (Reuters) - Saudi Arabia will implement its January 2024 deadline requiring international firms that wish to secure government contracts in the kingdom to locate their regional headquarters to Riyadh, the finance minister said on Wednesday. "The deadline is not new, and yes it will be implemented," Mohammed Al Jadaan told Reuters when asked whether the January deadline remained on track. Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia. While the government has given cash injections to the PIF in the past, Jadaan said cash transfers were "very limited" and were disbursed from surplus.

Persons: Mohammed, Ahmed Yosri, Jan, Mohammed Al Jadaan, Jadaan, Pesha Magid, Angus MacSwan, Josie Kao Organizations: Reuters, Ministry of Finance, REUTERS, Rights, United, Future Investment Initiative, Public Investment Fund, Saudi, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, United Arab Emirates, Brazil, Russia, India, China, South Africa

☆ Wall Street leaders appear at Saudi conference amid conflict
▼ + stars: | 2023-10-24 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. REUTERS/ Ahmed Yosri/File Photo Acquire Licensing RightsRIYADH/LONDON, Oct 24 (Reuters) - Wall Street's top financiers showed up in force at an annual financial conference in Saudi Arabia on Tuesday despite broad concerns over travel in the Middle East in the wake of an escalating conflict between Israel and Hamas militants. Goldman Sachs' (GS.N) David Solomon, JPMorgan's (JPM.N) Jamie Dimon and Citi's (C.N) Jane Fraser were among a group of high-profile bankers and asset managers speaking at the Future Investment Initiative (FII) conference at the Ritz Carlton Hotel in Riyadh. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation. This year, Saudi Telecom Corp took a near 10% stake in Spain's Telefonica.

Persons: Ahmed Yosri, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Hadeel Al Sayegh, Anousha Sakoui, Amanda Cooper Organizations: Future Investment Initiative, REUTERS, Rights, Ritz Carlton Hotel, Saudi Arabia's, Hamas, Saudi Telecom Corp, Spain's Telefonica, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, LONDON, Israel, Davos, Swiss, Spain's

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. The conflict could upset the stability of the Middle East just as regional powerhouse Saudi Arabia pours hundreds of billions of dollars into a vast economic transformation plan. Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war rages between Israel and Hamas. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation.

Persons: Ahmed Yosri, Ajay Banga, Banga, Laurence Fink, Fink, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Ray Dalio, Dalio, Noel Quinn, Bill Winters, Barack Obama, Yasser al, Salomon, Hess, Stephen Schwarzman, Schwarzman, Prince Mohammed bin Salman, Joe Biden's, Richard Attias, Rosario, Amanda Cooper, Alun John, Michael Georgy, Anousha, John O'Donnell, Susan Fenton Organizations: Future Investment Initiative, REUTERS, Rights, Saudi Arabia's, Hamas, BlackRock, Bridgewater Associates, HSBC, Former U.S, U.S, Saudi Telecom Corp, Telefonica, Investment Fund, Chevron, Blackstone Group, Investment Initiative, Saudi, FII, Reuters, Jorgelina, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Israel, Davos, Swiss, Gaza, Europe, Asia, London

☆ Saudi mega-city NEOM sets up $10 bln JV with Denmark's DSV
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

General view of NEOM in northwestern Saudi Arabia, January 11, 2021. REUTERS/Hamad I Mohammed/File photo Acquire Licensing RightsDUBAI, Oct 24 (Reuters) - Saudi Arabia's $500 billion flagship project NEOM on Tuesday set up a $10 billion joint venture (JV) with Denmark's DSV (DSV.CO), the world's third-largest freight forwarder, they said in a joint statement. "The partnership will focus on providing logistics services for NEOM in the coming years," the statement said, adding NEOM will hold 51% of the joint venture and DSV 49%. "The joint venture will provide end-to-end supply chain management, development and investments in transport and logistics assets and infrastructure as well as transport and delivery of goods and materials within NEOM," the companies said. The kingdom's sovereign wealth fund, the Public Investment Fund, is the cornerstone investor in NEOM, a 26,500-square-km (10,230-square-mile) high-tech development on the Red Sea.

Persons: Hamad I Mohammed, Saudi Arabia's Crown Prince Mohammed bin Salman, Yousef Saba, Jason Neely Organizations: REUTERS, Rights, Denmark's, Saudi Arabia's Crown, NEOM, Public Investment Fund, Thomson Locations: Saudi Arabia, Rights DUBAI, Saudi, NEOM

☆ South Korea's Hyundai, Saudi Aramco clinch $2.4 bln gas plant deal
▼ + stars: | 2023-10-24 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

[1/2] General view of the summit between President of South Korea, Yoon Suk-Yeol and Saudi Arabia's Crown Prince, Mohammed bin Salman in al Yamamah Palace in Riyadh, Saudi Arabia October 22, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsSEOUL, Oct 24 (Reuters) - South Korea's Hyundai Engineering & Construction (000720.KS) and Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco (2222.SE) to build a gas processing plant, Seoul's presidential office said on Tuesday. Jafurah is Saudi's largest unconventional non-oil associated gas field, with reserves estimated at 200 trillion cubic feet (5.7 trillion cubic metres) of raw gas. State-run Korea National Oil Corp also clinched a storage deal with Aramco during Yoon's visit that allows the Saudi company to store 5.3 million barrels of oil in South Korea's reserve facilities in the port of Ulsan for five years. After a four-day stay in Riyadh, Yoon left for Doha on Monday where he will attend an international horticultural expo before holding a summit on Tuesday with Qatar's Emir Sheikh Tamim bin Hamad al-Thani, his office said.

Persons: Yoon Suk, Saudi Arabia's Crown Prince, Mohammed bin Salman, Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Emir Sheikh Tamim bin Hamad, Hyonhee Shin, Tom Hogue Organizations: Saudi Arabia's Crown, Saudi Press Agency, Handout, REUTERS Acquire, Rights, Hyundai Engineering, Construction, Saudi Aramco, South Korean, Hyundai Motor Group, Hyundai, Aramco, Saudi Crown, Saudi, Hamas, Korea National Oil Corp, Doha, Thomson Locations: South Korea, al Yamamah, Riyadh, Saudi Arabia, Rights SEOUL, Saudi, Israel, South Korea's, Ulsan, Thani

☆ 'Large influx' of investments into Saudi Arabia's tourism sector over last 3 years, official says
▼ + stars: | 2023-10-23 | by ( Monica Pitrelli | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Large influx' of investments into Saudi Arabia's tourism sector over last 3 years, official saysMahmoud Abdulhadi, Saudi Arabia's deputy minister of tourism destinations enablement, says the country has "very ambitious targets."

Persons: Mahmoud Abdulhadi Locations: Saudi

☆ Saudi Arabia launches Esports World Cup - statement
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Saudi Arabia's Crown Prince, Mohammed bin Salman speaks with FOX News Channel, in an interview aired September 21, 2023, Neom, Saudi Arabia, Saudi Press Agency/Handout via REUTERS/File Photo Acquire Licensing RightsRIYADH, Oct 23 (Reuters) - Saudi Arabia said on Monday it was launching an annual Esports World Cup, which will include the most popular games in the world and have the largest prize pool in esports history. The competition will be held annually in Riyadh starting summer 2024, a statement from Saudi Crown Prince Mohammed bin Salman said. Clubs will compete across games from various genres to become the ultimate Esports World Cup champion, the statement said. Saudi Arabia's Savvy Games Group, owned by sovereign wealth fund PIF, said last year it will invest 142 billion riyals ($37.8 billion) in initiatives aimed at making Saudi Arabia a global hub for gaming. "The Esports World Cup is the natural next step in Saudi Arabia's journey to become the premier global hub for gaming and esports, offering an unmatched esports experience that pushes the boundaries of the industry," the crown prince was quoted in the statement as saying.

Persons: Crown Prince, Mohammed bin Salman, Saudi Crown Prince Mohammed bin Salman, Aziz El Yaakoubi, Ros Russell Organizations: Saudi, Crown, FOX News, Saudi Press Agency, Handout, REUTERS, Rights, Saudi Crown, Clubs, Sports, Thomson Locations: Neom, Saudi Arabia, Rights RIYADH, Riyadh, Saudi

☆ Inside the implosion of dark kitchen startup Kbox Global, another pandemic-era boom beginning to bust
▼ + stars: | 2023-10-23 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +8 min

In 2019, after years of investing in and setting up food and beverage brands internationally, she founded dark-kitchen startup Kbox from London. But two years after this funding, large for an early-stage European startup, Vellani exited the business suddenly, citing health issues. "You're only judged on food quality, but if the chef is doing 10 times the work for same money, then it's a fundamental problem." Both Uber Eats and Deliveroo, after an initial burst of interest, would eventually go on to cut back on virtual brands. In an email comment, Vellani acknowledged her lack of direct technical experience but said she sought to fix this through other C-suite hires.

Persons: Salima Vellani, Uber, Travis Kalanick, Vellani, Butler, CloudKitchens, Kbox, MrBeast Burger, YouTuber MrBeast, Jimmy Donaldson, Influencer Jimmy Donaldson, Burger, Brexit, Vellani didn't, Karim Vellani, Karim, Ben Schultz, Nick Holloway, I've Organizations: Balderton, Hoxton Ventures, Reef Technologies, Lean, Network, United, Advisory Locations: London, Saudi, Revolut, COVID, Kbox, Sydney

☆ Gulf bourses drop amid hawkish Fed tone, Mideast conflict
▼ + stars: | 2023-10-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

REUTERS/Hamad I Mohammed/File photo Acquire Licensing RightsOct 22 (Reuters) - Stock markets in the Gulf fell on Sunday amid warnings of possible further interest rate hikes from the U.S Federal Reserve, and worries of escalation in the Middle East conflict. Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions because most regional currencies are pegged to the U.S. dollar. Saudi Arabia's benchmark index (.TASI) was down for a third consecutive session, ending 1.5% lower, with all sectors in the red. Elm Company (7203.SE) dropped 2.3%, while Al Rajhi Bank (1120.SE), the world's largest Islamic bank by assets, slipped 2.1%. The Qatari index (.QSI) fell for a fifth straight session, ending 0.9% lower, with Industries Qatar (IQCD.QA) dropping 2.2% and Qatar Navigation (QNNC.QA) sliding 3%.

Persons: Joe Biden, Hamad I Mohammed, Jerome Powell, Talaat Mostafa, Md Manzer Hussain, David Holmes Organizations: Bahrain Bourse, U.S, REUTERS, Stock, U.S Federal Reserve, Gulf Cooperation Council, U.S ., Elm Company, Al Rajhi Bank, Industries Qatar, Qatar Navigation, Qatar National Bank, Eastern Co, Gaza, Thomson Locations: Bahrain, Manama, Saudi, Israel, Lebanon, Syria

☆ Hyundai to build Saudi car plant jointly with Saudi wealth fund
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +1 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsRIYADH, Oct 22 (Reuters) - South Korea's Hyundai Motor Group (005380.KS) will build a car plant in Saudi Arabia jointly with the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, South Korea's President Yoon Suk Yeol said on Sunday. Hyundai Motor Group, the world's No. Yoon visited Saudi Arabia where he met with Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler. Yoon traveled with a delegation of business leaders including Hyundai Motor Group Executive Chair E.S.

Persons: Andrew Kelly, Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Chung, Prince Mohammed, Pesha Magid, Heekyong Yang, Aziz El Yaakoubi, John Stonestreet, David Holmes Organizations: Hyundai Motor, New York, REUTERS, Rights, Hyundai Motor Group, Public Investment Fund, South, Hyundai, South Korean, Saudi Crown, Thomson Locations: Manhattan , New York City, U.S, Rights RIYADH, KS, Saudi Arabia, Saudi, Riyadh, Gulf

☆ Russia makes up 40% of Indian oil imports, dents OPEC's share
▼ + stars: | 2023-10-20 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

Russia was the top oil supplier to India in April to September, followed by Iraq and Saudi Arabia. India's imports from Iraq and Saudi Arabia fell by 12% and about 23% to 928,000 bpd and 607,500 bpd, respectively, during the April-September period, the data showed. Imports from the Middle East in April-September declined by about 28% to 1.97 million bpd, dragging down the region's share in India's overall oil imports to 44% from 60% during the same year-ago period. India's oil imports from various regionsLower purchases from the Middle East dragged down the share of OPEC in India's overall imports to the lowest in 22 years. India's oil imports Opec's share of India's oil imports drop to record lowReporting by Nidhi Verma; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nidhi Verma, Miral Organizations: Saudi, Imports, Commonwealth of Independent States, CIS, Organization of, Petroleum, Thomson Locations: DELHI, India, Moscow, Ukraine, Middle, Russia, Iraq, Saudi Arabia, Azerbaijan, Kazakhstan, East, Africa

Since then, Omar Abou Nabout has sought accountability over his father’s killing while forging a new life in France. Legal cases have been filed against the Syrian regime before. The Syrian regime used them extensively, and indiscriminately, in densely populated areas at the height of the civil war, which was considered a form of prohibited indiscriminate attack under international humanitarian law. It may deny targeting civilians, but Abou Nabout says the new indictments are a victory for him and others fighting impunity. I was part of it … I watched people die including friends,” Abou Nabout said.

Persons: Paris CNN — Omar Abou Nabout, Bashar al, Assad, Salah Abou Nabout, Omar Abou Nabout, Abou Nabout’s, ”, Mohamad Abazeed, Abou Nabout, Salah, Muhammed Yusuf, ” Abou Nabout, “, Mazen Darwish, Mark Esplin, CNN Abou Nabout, Darwish, Anwar Raslan, –, SANA, Fahed, ” Darwish, there’s Ali Abdullah Ayoub –, Ahmad Balloul, Ali al, Safatli, Saudi Arabia's Crown Prince Mohammed bin Salman, he’s, ” Assad, … Organizations: Paris CNN, CNN, Getty, Anadolu Agency, Syrian Network for Human, Sorbonne University, French Foreign Ministry, Syrian Center for Media, Syrian Defense, Syrian, Air Force, Saudi Arabia's Crown, Arab League Summit, Saudi Royal Court, Reuters, International Criminal Court, ICC, UN Security Council Locations: Paris, France, Daraa, Syrian, AFP, Syria, Russian, Tareek, France –, Europe, Germany, Fraij, Damascus, ”, Jeddah, Saudi Arabia, Bandar Algaloud, Netherlands, Russia

☆ Chinese attendance at Saudi conference doubles as Riyadh courts Beijing
▼ + stars: | 2023-10-19 | by ( Pesha Magid | ) www.reuters.com time to read: +2 min

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. REUTERS/ Ahmed Yosri/File Photo Acquire Licensing RightsRIYADH, Oct 19 (Reuters) - Around 300 Chinese "decision makers" are attending Saudi Arabia's flagship investment conference this year, organisers said on Thursday, double last year's attendance as Riyadh deepens its relationship with China despite U.S. concerns. In defiance of its key Western ally, Prince Mohammed invited Chinese President Xi Jinping to visit the kingdom and launched a Chinese-Arab summit. In August, the BRICs group of nations, which includes China, invited Saudi Arabia to become a new member of the bloc. Saudi Arabia is halfway through an ambitious economic transformation plan - Vision 2030 - to wean the economy off oil by creating new industries, generating jobs for citizens, and luring in foreign capital and talent.

Persons: Ahmed Yosri, Richard Attias, Attias, Prince Mohammed bin Salman, Joe Biden, Prince Mohammed, Xi Jinping, ” Attias, Morgan, Jamie Dimon, Citi's Jane Fraser, Yoon Suk Yeol, William Ruto, Paul Kagame, Pesha Magid, Aziz El Yaakoubi, Christina Fincher Organizations: Future Investment Initiative, REUTERS, Rights, Saudi, FII Institute, Wall Street, Washington, Wall, HSBC, Standard Chartered, Kenyan, Rwandan, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, China, Gaza, Asia

☆ EV maker Lucid's deliveries rise as special lower price aids demand
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File Photo Acquire Licensing RightsOct 17 (Reuters) - Lucid Group (LCID.O) posted a nearly 4% rise in third-quarter deliveries on Tuesday compared to the prior three months, benefiting from a special lower price to promote the sale of its Air luxury electric sedan. The loss-making startup also said more than 700 additional vehicles were in transit to its new plant in Saudi Arabia for final assembly. They have lost more than a fifth of their value this year over concerns that EV startups will bear the brunt of Tesla's price war. Reporting by Jaspreet Singh and Akash Sriram in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Hyunjoo Jin, Garrett Nelson, Lucid, Jaspreet Singh, Akash Sriram, Shilpi Majumdar Organizations: REUTERS, Saudi Arabia's Public Investment Fund, Reuters, Thomson Locations: Scottsdale , Arizona, U.S, United States, Saudi Arabia, Bengaluru

☆ Lucid shares fall after third-quarter EV deliveries disappoint
▼ + stars: | 2023-10-17 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Analysts polled by FactSet had expected Lucid to deliver about 2,000 vehicles in the third quarter. Lucid's third-quarter deliveries compare with 1,404 deliveries in the second quarter and 1,398 deliveries in the third quarter of 2022. That compares to 2,173 Airs built in the second quarter and 2,282 Airs a year earlier. Through the end of September, Lucid produced 6,037 EVs in 2023, not including the units in transit to Saudi Arabia at quarter-end. Lucid will report its third-quarter results after the U.S. markets close Nov. 7.

Persons: FactSet, Lucid, Sherry House Organizations: Lucid, CNBC Locations: Saudi Arabia, Saudi, Monday's, U.S

☆ Oil prices edge higher ahead of Biden Middle East trip
▼ + stars: | 2023-10-17 | by ( Nicole Jao | ) www.reuters.com time to read: +3 min

SummaryCompanies Biden travels to Middle East on WednesdayBiden trip will balance Israel support with containing warUS-Venezuela talks could see oil sanctions easeUPCOMING - U.S. oil inventory data from API and EIANEW YORK, Oct 17 (Reuters) - Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Fears the Middle East conflict could widen drove big gains in both oil benchmarks last week. The U.S. government has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time because of a lack of investment. Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the government's Energy Information Administration (EIA) on Wednesday.

Persons: Companies Biden, Joe Biden, Brent, Biden's, Edward Moya, Nicolas Maduro's, Washington, Phil Flynn, Nicole Jao, Paul Carsten, Sudarshan, Kim Coghill, Ed Osmond, Jan Harvey, Barbara Lewis Organizations: Companies, Middle East, Wednesday Biden, U.S, Israel, Hamas, . West Texas, Brent, Wednesday, OPEC, Organization of Petroleum Exporting, Price Futures, Saudi Aramco, American Petroleum Institute, government's Energy Information Administration, Thomson Locations: Middle, Israel, Venezuela, Iran, Lebanon, Washington, U.S, Saudi, OPEC, Russia, New York, London, Singapore

☆ Will the Saudi prince get his 1.5% GDP growth from sports?
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The PIF, with estimated assets of around $700 billion, has also flexed its financial muscle in golf, tennis, boxing and motorsport, to name a few, along with a slew of music and entertainment ventures. These investments are all part of Saudi Arabia's Vision 2030 program, an ambitious plan to diversify the country's economy away from its traditional reliance on oil and gas exports. Saudi Arabia's growing presence in sport and entertainment around the world has given rise to allegations of "sportswashing" — with critics claiming the regime is using sport to launder its international reputation against the backdrop of a dismal human rights record. In a recent interview, Saudi Crown Prince Mohammed bin Salman, the country's de facto leader and architect of Vision 2030, said he was happy to sportswash if it boosted the kingdom's GDP. But what role does this sporting spending spree play in the kingdom's efforts to secure its economic future, and will it work?

Persons: Prince Mohammed bin Salman Organizations: Saudi, Public Investment Fund, English Premier League, Newcastle United Locations: Europe's, Saudi

☆ The Israel-Hamas war is exposing the new limits and challenges to US power
▼ + stars: | 2023-10-17 | by ( Tom Porter | ) www.businessinsider.com time to read: +7 min

Russia and China are seeking to exploit the Israel-Hamas war. The US is embarking on a mission to prevent the war from escalating into a wider conflict. AdvertisementAdvertisementAmid the brutal war between Israel and Hamas, US President Joe Biden has sought to project strength. But the new conflict threatens to starkly expose the limits of the US' influence in the region, where for decades it was the unchallenged international power. AdvertisementAdvertisementInto the perceived power vacuum, Russia and China have stepped, seeking to project their influence and undermine the US.

Persons: —, Joe Biden, Sergei Lavrov, Khaled Mechaal, NATALIA KOLESNIKOVA, Vladimir Putin, Xi Jinping, Israel, Biden, Antony Blinken, Crown Prince Mohammed bin Salman, Mohamed bin Salman, Gordon Flake Organizations: Service, Hamas, Saudi Arabia —, Getty Images, US, Crown, U.S, Royal, Anadolu, Getty, The Washington Post, USAsia, University of Western, Wall Street Locations: Russia, China, Israel, Saudi Arabia, Iran, Russian, Moscow, AFP, Getty Images Russia, Syria, Beijing, Ukraine, Europe, Taiwan, Gaza, The Tehran, Riyadh, Saudi, Qatar, Gulf, University of Western Australia

☆ Saudi's crown prince snubbed the US Secretary of State by making him wait hours for a meeting before postponing it, report says
▼ + stars: | 2023-10-16 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Mohammed bin Salman reportedly kept Antony Blinken waiting for hours for a meeting, then didn't show, a report said. It came as Blinken, the US secretary of state, tried to persuade the Saudi ruler to condemn the Hamas terror attacks. AdvertisementAdvertisementSaudi Arabia's ruler kept US Secretary of State, Antony Blinken, waiting for hours for a meeting, then didn't show up until the next day, in an astonishing snub to the US' top diplomat, The Washington Post said. But Blinken reportedly got a cold reception in Riyadh, where key differences between the US and Saudis emerged. Last year, a diplomatic spat erupted when the Saudis snubbed the Biden administration and refused to increase oil production.

Persons: Mohammed bin Salman, Antony Blinken, —, Blinken, Mohamed bin Salman, Biden, Abdel Fattah el Organizations: Service, State, Washington Post, Saudi, Analysts, China Locations: Saudi, Israel, Riyadh, Gaza, Saudi Arabia

☆ 'Time to set the record straight': Saudi minister defends China's lending to developing nations
▼ + stars: | 2023-10-13 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Kristalina Georgieva, managing director of the International Monetary Fund (left), Ajay Banga, president of the World Bank Group (center) and Mohammed Al-Jadaan, Saudi Arabia's finance minister, during a panel session at the annual meetings of the International Monetary Fund and World Bank in Marrakesh, Morocco, on Thursday, Oct. 12, 2023. "Maybe it's time to set the record straight," Finance Minister Mohammed al-Jadaan said Thursday at the World Bank and International Monetary Fund joint conference in Marrakesh, Morocco. China built infrastructure that they cannot carry with them to China, it will actually be in Africa. China took the risks, when people didn't want to take the risks," he said at a panel discussion on debt reform priorities. He was speaking on a Marrakesh panel discussion, which included the heads of both the World Bank and International Monetary Fund, as well as Zambia's Minister of Finance and National Planning, Situmbeko Musokotwane.

Persons: Kristalina Georgieva, Ajay Banga, Mohammed Al, Mohammed al, Jadaan Organizations: International Monetary Fund, World Bank Group, World Bank, Finance, National Locations: Saudi, Marrakesh, Morocco, Saudi Arabia, China, Beijing, Africa, Musokotwane

Unlike Russia, one of the world's top oil and gas producers, Israel has very modest energy production. But there is a risk the war could spread to major energy producers in the Middle East and affect oil and gas flows. Second, a deal being brokered by Washington to normalise relations between Saudi Arabia and Israel, which could see the kingdom increase oil output, could be derailed. Saudi Arabia told the White House it is willing to boost oil production early next year to help secure the deal, the Wall Street Journal reported last week. Russian Deputy Prime Minister Alexander Novak added on Thursday that current oil prices factored in the conflict and reflected the market's belief that risks posed by the clashes were not that high.

Persons: Dado Ruvic, Brent, David Goldwyn, Rob Thummel, Janet Yellen, Iranian Oil Minister Javad Owji, Joe Biden, Helima Croft, Biden, Ben Cahill, Prince Abdulaziz, Alexander Novak, Vladimir Putin, Natalie Grover, Ahmad Ghaddar, Alex Lawler, Laura Sanicola, Kirsten Donovan, Cynthia Osterman Organizations: REUTERS, Hamas, U.S . State Department, Tortoise, Iran, U.S, Treasury, Iranian Oil Minister, RBC Capital Markets, Macquarie, SAUDI, Israel, Wall Street, Washington, Strategic, International Studies, Saudi Arabia's Energy, CNBC, OPEC, Organization of, Petroleum, Thomson Locations: Israel, Ukraine, Russia, U.S, Iran, Hormuz, Washington, Saudi Arabia, Strait, Riyadh, Moscow, United States, Tehran, Washington . Saudi Arabia, Saudi, OPEC, London, New York

☆ Biden's Saudi-Israel normalization plans appear distant as Israel pounds Gaza in offensive
▼ + stars: | 2023-10-12 | by ( Natasha Turak | ) www.cnbc.com time to read: +7 min

A "big victim" of the escalating Israel-Hamas war "is efforts at Saudi and Israel normalization," Fred Kempe, CEO of the Atlantic Council, told CNBC. Iran's mission to the United Nations has denied Tehran's involvement in the militant group's attack on Israel on Saturaday. "More timely for Tehran is that it is looking to slow down Israeli Saudi normalization and through the attack, it might have achieved that," Vakil said. With the Hamas attack on Israel, "it's very clear that Saudi Arabia will take a more gradual approach to normalization," she said. And Iran is consistently messaging to its Gulf neighbors that any attack on Iran from Israel will lead to a domino attack on the Gulf.

Persons: Prince Mohammed bin Salman, Louiza Vradi, Biden, –, Joe Biden's, he'd, Antony Blinken, Benjamin Netanyahu, Jacquelyn Martin, Netanyahu, Fred Kempe, That's, Bashar Taleb, Sanam Vakil, Israel, Vakil, Ilia Yefimovich Organizations: Reuters, Saudi, Palestinian, Hamas, United Nations, Israel's, Israeli Defence Ministry, AFP, Getty Images, Bloomberg, Atlantic Council, CNBC, Afp, Getty, Saudi Foreign Ministry, Iran, Chatham House, . Locations: Saudi, Athens, Greece, Israel, Gaza, Israeli, Tel Aviv, Getty Images Saudi Arabia, Mecca, Medina, Saudi Arabia, Gaza City, Palestinian, Iran, East, North Africa, Tehran, Saturaday ., Be'eri

☆ Iran's president, Saudi crown prince speak for first time since diplomatic ties restored
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

Iranian President Ebrahim Raisi speaks during a meeting with the cabinet in Tehran, Iran, October 8, 2023. Iran's Presidency/WANA (West Asia News Agency)/Handout via REUTERS/File Photo Acquire Licensing RightsOct 11 (Reuters) - Iranian President Ebrahim Raisi and Saudi Crown Prince Mohammed bin Salman discussed the Palestinian-Israeli conflict on Wednesday, in the first telephone call between the two leaders since a China-brokered deal between Tehran and Riyadh to resume ties. Raisi and the Saudi crown prince discussed the "need to end war crimes against Palestine," Iranian state media said. The Saudi crown prince, for his part, "affirmed that the Kingdom is making all possible efforts in communicating with all international and regional parties to stop the ongoing escalation," Saudi state news agency SPA said. He also reiterated Saudi Arabia's rejection of targeting civilians in any way, SPA added.

Persons: Ebrahim Raisi, Saudi Crown Prince Mohammed bin Salman, Raisi, Chris Reese, Diane Craft Organizations: Iran's, West Asia News Agency, REUTERS, Saudi Crown, Palestine, Saudi, Dubai, Thomson Locations: Tehran, Iran, China, Riyadh, Saudi, Saudi Arabia, Gulf, Yemen, Syria

☆ Benzema tempted by Saudi Arabia's 'huge' football project
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO:Saudi Arabian soccer team Al Ittihad player Karim Benzema arrives in Jeddah, Saudi Arabia, in this handout photo obtained by Reuters June 7, 2023. "When the football project started here, it seemed like a huge project in all respects, and I wanted to be a part of it and help advance the game in Saudi Arabia, and this is one of the reasons that made me come here," Benzema said in an interview with the Saudi Pro League, posted on messaging platform X. "Also, Saudi Arabia is a Muslim country and they welcomed me with open hands, and I felt loved immediately. I am really surprised by the level in Saudi Arabia because in Europe we don't watch a lot of football matches here," the 35-year-old added. "But now there are lots of people (in Europe) who are watching the Saudi league after many big names were brought in."

Persons: Karim Benzema, Benzema, N'Golo Kante, Fabinho, Jota, Ittihad, Al, Ahmed El Khashab, Hatem Maher, Ed Osmond Organizations: Saudi Arabian soccer, Al, Reuters, REUTERS, Real Madrid, Saudi Pro League, Real, Saudi, Thomson Locations: Saudi, Al Ittihad, Jeddah, Saudi Arabia, Handout, Al, Ittihad, Mecca, Europe, Hilal

The IMF said it expects global economic growth to slow to 2.9% in 2024 from an expected 3% this year. “The global economy is limping along, not sprinting," IMF chief economist Pierre-Olivier Gourinchas said at a news conference during the organization's annual meeting in Marrakech, Morocco. If sustained, a 10% increase in oil prices would reduce global economic growth by 0.15% and increase global inflation by 0.4%, Gourinchas said. So far, the increase in oil prices has been “fairly muted,” said Commerzbank commodities analyst Carsten Fritsch. The United States is a standout in the IMF’s latest World Economic Outlook, which was completed before the outbreak of war between Israel and Hamas.

Persons: Pierre, Olivier Gourinchas, “, Gourinchas, “ We’ve, ”, Carsten Fritsch Organizations: Hamas, International Monetary Fund, IMF, United Arab, U.S . Federal Reserve, Saudi Locations: Ukraine, Israel, Marrakech, Morocco, Palestinian, Gaza, Saudi Arabia, United Arab Emirates, Kuwait, Iraq, United States, U.S, Europe, Russia, Beijing

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