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#SaudiArabia Turns to Euro-Bond Amid Near Record-Low Yields - Bloomberg

Saudi Arabia Turns to Euro-Bond Amid Near Record-Low Yields - Bloomberg Saudi Arabia is tapping international bond markets for the second straight month, marketing euro-denominated debt to take advantage of ultra-low borrowing costs and help reduce its reliance on dollar debt.The world’s largest crude exporter is planning a two-part, benchmark-sized deal with a three-year and nine-year offering, according to a person familiar with the matter, who asked not to be identified because they’re not au...
Tags: Travel, Saudi Arabia, Bloomberg, HSBC Holdings Plc, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Samba Capital, Saudi Arabia Turns, BNP Paribas SA Goldman Sachs Group Inc


#Saudi Wealth Fund’s Spending Programs Will Boost Banks, S&P Says - Bloomberg

Saudi Wealth Fund’s Spending Programs Will Boost Banks, S&P Says - Bloomberg Saudi Arabia’s banks are expected to benefit from the sovereign wealth fund’s spending spree this year, although low interest rates and a rollback of central bank support may weigh on profits, S&P Global Ratings said.“Mortgage origination will remain buoyant and corporate lending is likely to pick up as Public Investment Fund programs create business for contractors,” the ratings agency said in a report.The sovereign in...
Tags: Travel, Bloomberg, Pif, Rupert Neil Bumfrey, Public Investment Fund, Bloomberg Saudi Arabia


Saudis, Russia Differ Again on Oil Strategy Before OPEC+ Meeting - Bloomberg

Saudis, Russia Differ Again on Oil Strategy Before OPEC+ Meeting - Bloomberg Saudi Arabia and Russia are once again heading into an OPEC+ meeting on opposite sides of a crucial debate about the oil market.Riyadh is publicly urging fellow members to be “extremely cautious,” despite prices rebounding to a one-year high. In private, the kingdom has signaled it would prefer that the group broadly holds output steady, delegates said. Moscow, on the other hand, is indicating that it still wants to pro...
Tags: Travel, Russia, Opec, Moscow, Riyadh, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, OPEC Meeting Bloomberg, Enverus, Bill Farren


Move In or Lose Out: #SaudiArabia’s Ultimatum Unsettles Firms - Bloomberg

Move In or Lose Out: Saudi Arabia’s Ultimatum Unsettles Firms - Bloomberg Saudi Arabia’s ultimatum for global companies to move their regional hubs to Riyadh by 2024 or lose business is the kind of decision making that has made some wary of investing there.The millions of dollars in costs, sudden policy changes and arbitrary legal rulings mean companies will need to weigh the risks of moving there with the potential rewards Crown Prince Mohammed bin Salman’s economic overhaul promises.Saudi Arab...
Tags: Travel, Saudi Arabia, Bloomberg, United Arab Emirates, Dubai, Gulf, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


#Saudi Wealth Fund Made $3.3 Billion Bet on Video-Game Makers - Bloomberg

Saudi Wealth Fund Made $3.3 Billion Bet on Video-Game Makers - Bloomberg Saudi Arabia’s sovereign wealth fund is pursuing investments in an industry long favored by Crown Prince Mohammed bin Salman: video games.The Riyadh-based Public Investment Fund acquired more than $3 billion worth of stock in three U.S. video-game makers during the fourth quarter, according to a regulatory filing. They include Activision Blizzard Inc., Electronic Arts Inc. and Take-Two Interactive Software Inc.The sovereign...
Tags: Travel, Bloomberg, Bloomberg Businessweek, Activision, Riyadh, Mohammed bin Salman, Take Two Interactive Software Inc, Rupert Neil Bumfrey, Public Investment Fund, Prince Mohammed, Bloomberg Saudi Arabia, MiSK Foundation, Samurai Shodown, Activision Blizzard Inc Electronic Arts Inc, Mohamed bin Salman Foundation, SNK Corp


#Saudi Oil Minister Urges Producer Caution Before OPEC+ Meeting - Bloomberg

Saudi Oil Minister Urges Producer Caution Before OPEC+ Meeting - Bloomberg Saudi Arabia urged fellow members of the OPEC+ oil alliance to remain cautious as they prepare to consider further output increases.Crude prices have rebounded to a one-year high above $60 a barrel in New York as fuel demand recovers and the 23-nation OPEC+ coalition constricts supply. Still, the ongoing pandemic poses a continuing threat to consumption, and oil-output losses in the U.S. caused by freezing storms are unli...
Tags: Travel, New York, Russia, Opec, Riyadh, Rupert Neil Bumfrey, Prince Abdulaziz Bin Salman, Bloomberg Saudi Arabia, OPEC Meeting Bloomberg, International Energy Forum


#Saudi Wealth Fund Joins #Qatar, #UAE Peers in Private Lending Rush - Bloomberg

Saudi Wealth Fund Joins Qatar, UAE Peers in Private Lending Rush - Bloomberg Saudi Arabia’s $400 billion Public Investment Fund became the latest sovereign investor to enter the growing market for direct lending.The PIF, as it’s known, will anchor a $300 million Shariah-compliant fund started by Dubai-based private equity firm NBK Capital Partners, according to a statement on Tuesday. Yaser Moustafa, senior managing director at NBK Capital, said in an interview that the vehicle will also involve...
Tags: Travel, Qatar, Bloomberg, Dubai, Kuwait, Rupert Neil Bumfrey, MOUSTAFA, Public Investment Fund, NBK Capital, NBK Capital Partners, Yaser Moustafa, Bloomberg Saudi Arabia


Largest #Saudi Chain of Dental Clinics Is Said to Explore Sale - Bloomberg

Largest Saudi Chain of Dental Clinics Is Said to Explore Sale - Bloomberg Saudi Arabia’s largest provider of dental and dermatology care is considering a range of strategic options including a full or partial sale, according to people familiar with the matter.Shareholders in Almeswak Dental Clinics, which operates around 80 centers across 20 cities in the kingdom, have hired investment bank EFG-Hermes Holding Co. to look at a range of alternatives, including a sale or even an initial public offe...
Tags: Travel, Bloomberg, Rupert Neil Bumfrey, EFG, Jadwa, Bloomberg Saudi Arabia, EFG Hermes Holding Co, Jadwa Investment Co, United Eastern Medical Services, Almeswak Dental Clinics, Almeswak


#Saudi Wealth Fund May Double Loan to $15 Billion for Deals - Bloomberg

Saudi Wealth Fund May Double Loan to $15 Billion for Deals - Bloomberg Saudi Arabia’s sovereign wealth fund may raise a loan that’s more than double what it sought late last year for new investments following strong demand from lenders, according to people familiar with the matter.The Public Investment Fund is set to increase the loan size to as much as $15 billion from an initial plan to raise $5 billion to $7 billion, the people said, asking not to be identified as the information is private. ...
Tags: Travel, Bloomberg, Pif, Rupert Neil Bumfrey, Public Investment Fund, Bloomberg Saudi Arabia


#Saudi Wealth Fund to Set Up Airline Company, Maaal Reports - Bloomberg

Saudi Wealth Fund to Set Up Airline Company, Maaal Reports - Bloomberg Saudi Arabia’s wealth fund plans to establish an airline company in collaboration with other investment entities, the online Maaal newspaper reported, citing unidentified people.The company will operate international and domestic flights, according to the report, which didn’t provide further details.State-owned Saudi Arabian Airlines is the biggest carrier in the kingdom. Others include low-cost carrier Flyadeal, owned by Sau...
Tags: Travel, State, Flynas, Rupert Neil Bumfrey, Saudi Arabian Airlines, Bloomberg Saudi Arabia, Alwaleed bin Talal Al Saud, Set Up Airline Company Maaal Reports Bloomberg, Flyadeal


#Saudi Sovereign Fund Sets Sky-High Targets for Tough Next Act - Bloomberg

Saudi Sovereign Fund Sets Sky-High Targets for Tough Next Act - Bloomberg Saudi Arabia’s $400 billion sovereign wealth fund will find it tough to repeat its success of recent years when it made its mark globally as a source of cash for asset managers, tech entrepreneurs and tycoons.Ahead of the kingdom’s flagship investment conference this week, Saudi Crown Prince Mohammed bin Salman laid out the fund’s strategy through 2025. It’ll spend at least $40 billion a year at home, creating new cities a...
Tags: Travel, Saudi Arabia, Bloomberg, Norway, Mohammed bin Salman, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


#Saudi Central Bank Governor Is Replaced With His Predecessor - Bloomberg

Saudi Central Bank Governor Is Replaced With His Predecessor - Bloomberg Saudi Arabia replaced its central bank governor on Sunday night and named his predecessor to replace him.In a series of royal orders published on Sunday, Ahmed Alkholifey was removed from his position heading the monetary authority. Fahad Al-Mubarak, who was central bank governor from 2011 to 2016, was appointed to take his place.Al-Mubarak had most recently been a minister of state and the kingdom’s sherpa for the Group of...
Tags: Travel, Saudi Arabia, Bloomberg, Al Mubarak, Rupert Neil Bumfrey, Fahad al Mubarak, Bloomberg Saudi Arabia, Alkholifey, Ahmed Alkholifey, Saudi Central Bank


#SaudiArabia’s Top Bank Follows #UAE Rivals to Dollar Bond Market - Bloomberg

Saudi Arabia’s Top Bank Follows UAE Rivals to Dollar Bond Market - Bloomberg Saudi Arabia’s National Commercial Bank hired advisers to tap the dollar bond market, joining rivals in the neighboring United Arab Emirates to take advantage of investors’ appetite for yield.The bank mandated Citigroup Inc., Emirates NBD PJSC, Goldman Sachs Group Inc., JPMorgan Chase & Co., Mitsubishi UFJ Financial Group, NCB Capital and Standard Chartered Plc as lead managers and bookrunners for the potential Islamic ...
Tags: Travel, Saudi Arabia, Bloomberg, United Arab Emirates, Dubai, Emirates NBD, Rupert Neil Bumfrey, National Commercial Bank, First Abu Dhabi Bank PJSC, Bloomberg Saudi Arabia, Top Bank Follows UAE


Saudis Slash Oil Supply to Some Buyers After Pledged OPEC+ Curbs - Bloomberg

Saudis Slash Oil Supply to Some Buyers After Pledged OPEC+ Curbs - Bloomberg Saudi Arabia slashed crude oil supplies to at least nine refiners in Asia and Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March.Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors as much as 20%-30% less than they had sought, according to company officials who received the notices but asked not to be identified a...
Tags: Travel, Asia, Europe, Japan, Saudi Arabia, Opec, Malaysia, Aramco, State, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, OPEC Curbs Bloomberg


#SaudiArabia Aims to Raise Over $5 Billion in Bond-Market Return - Bloomberg

Saudi Arabia Aims to Raise Over $5 Billion in Bond-Market Return - Bloomberg Saudi Arabia is preparing to return to global capital markets with a bond sale aimed at raising about $5 billion to help cover financing needs heightened by last year’s slide in oil prices, according to people with knowledge of the plan.The kingdom is close to hiring banks for a sale earmarked for as early as this month, the people said, declining to be identified because the matter is private. No final decision on the ...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Finance Ministry, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


#SaudiArabia's Oil Production Cuts Will End Up Protecting Revenue - Bloomberg

Saudi Arabia's Oil Production Cuts Will End Up Protecting Revenue - Bloomberg Saudi Arabia’s decision last week to deliver a surprise cut of 1 million barrels a day in its crude production shocked the oil market.In abandoning a policy of collective responsibility and letting other members of the OPEC+ grouping increase output while reducing its own, the kingdom took the entire burden of balancing supply and demand on its shoulders. While choking off its own oil wells, Saudi Arabia is offering fr...
Tags: Travel, Saudi Arabia, Russia, Opec, Iran, Riyadh, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


#Saudi Crown Prince Plans Car-Free City for Future Beyond Oil - Bloomberg

Saudi Crown Prince Plans Car-Free City for Future Beyond Oil - Bloomberg Saudi Arabia’s crown prince unveiled his latest vision for a future beyond oil in the kingdom: a car- and road-free city with zero carbon emissions.The 170 kilometer-long (106 miles) development called “The Line” will be part of a previously-announced $500 billion mega-project called “Neom,” Crown Prince Mohammed bin Salman said in a televised speech on Sunday. Construction is planned to start in the first quarter of this y...
Tags: Travel, Bloomberg, Mohammed, Mohammed bin Salman, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


OPEC: The Real Price of #SaudiArabia’s Oil Cuts - Bloomberg

OPEC: The Real Price of Saudi Arabia’s Oil Cuts - Bloomberg Saudi Arabia’s $3 billion insurance premium to protect against falling oil prices will end up being a lot smaller than it seems at first sight. That holds even if demand turns out to be stronger than the kingdom seems to fear.This week’s OPEC+ meeting of oil producers broke up in disarray on Monday night, with Russia pressing for output targets to be raised by 500,000 barrels a day in February. Most other members wanted to leave them un...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Kazakhstan, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


Gulf Arab States Agree to Restore #Qatar Ties in U.S.-Backed Deal - Bloomberg

Gulf Arab States Agree to Restore Qatar Ties in U.S.-Backed Deal - Bloomberg Saudi Arabia and three other Arab states agreed to fully restore ties with neighboring Qatar on Tuesday after a sustained U.S. push for the countries to unite against Iran.The breakthrough in ending a dispute among some of the world’s top oil and gas producers that erupted in 2017 came just two weeks before President-elect Joe Biden takes office after pledging a new start with Tehran.Saudi Arabia, Bahrain, the United Ar...
Tags: Travel, Saudi Arabia, Qatar, Joe Biden, Iran, Egypt, United Arab Emirates, Gulf Cooperation Council, Tehran Saudi Arabia Bahrain, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Al Ula, Restore Qatar Ties in U S Backed Deal Bloomberg


Saudis Take Charge of Oil Market With Surprise Output Cut - Bloomberg

Saudis Take Charge of Oil Market With Surprise Output Cut - Bloomberg Saudi Arabia surprised the market with a large cut in crude production, an assertion of primacy over the global oil industry that came directly from the kingdom’s de-facto ruler.The move papered over cracks in the OPEC+ coalition and was a U-turn from some recent Saudi oil-policy priorities, but those things paled in comparison next to the global impact of the decision. Crude prices jumped to a 10-month high and shares of ene...
Tags: Travel, Texas, London, Russia, Opec, Bloomberg, Organization of Petroleum Exporting Countries, Mohammad Bin Salman, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia


#SaudiArabia Wealth Fund Starts Private Security Firm - Bloomberg

Saudi Arabia Wealth Fund Starts Private Security Firm - Bloomberg Saudi Arabia’s sovereign wealth fund started a firm to provide private security services in the kingdom as part of efforts to diversify its business.The National Security Services Co., also known as SAFE, “will focus on providing security services that include security consulting, security solutions, training and development, and a range of specialized services,” the Public Investment Fund said on its website. It didn’t provide fi...
Tags: Travel, Bloomberg, Mohammed bin Salman, Rupert Neil Bumfrey, Public Investment Fund, Bloomberg Saudi Arabia, National Security Services Co


#SaudiArabia, #Qatar Near U.S.-Brokered Deal to End Lengthy Rift - Bloomberg

Saudi Arabia, Qatar Near U.S.-Brokered Deal to End Lengthy Rift - Bloomberg Saudi Arabia and Qatar are nearing a preliminary deal to end a rift that’s dragged on for more than three years, prodded by a Trump administration seeking foreign policy wins during its waning days in the White House, three people with knowledge of the talks said.The tentative agreement does not involve the three other Arab countries that also severed diplomatic and trade ties with Qatar in June 2017 -- the United Arab E...
Tags: Travel, Saudi Arabia, White House, Israel, Qatar, Iran, Egypt, Middle East, Tehran, Donald Trump, Kuwait, Doha, Uae, Gulf, Trump, United Arab Emirates Bahrain


OPEC+ Calls Last-Minute Talks to Prepare for Oil-Cuts Decision - Bloomberg

OPEC+ Calls Last-Minute Talks to Prepare for Oil-Cuts Decision - Bloomberg Saudi Arabia and Russia summoned OPEC+ ministers who oversee their oil production cuts for last-minute talks on Saturday, as the cartel prepares for a decision on whether to delay January’s output increase.A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no mean...
Tags: Travel, Iraq, Russia, Nigeria, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Alexander Novak, Rupert Neil Bumfrey, JMMC, Abdulaziz bin Salman, Bloomberg Saudi Arabia, Joint Ministerial Monitoring Committee, Algeria Kazakhstan Iraq Nigeria


#SaudiArabia Won’t Tap Debt Market Again In 2020, Minister Says - Bloomberg

Saudi Arabia Won’t Tap Debt Market Again In 2020, Minister Says - Bloomberg Saudi Arabia has no plans to tap international debt markets again this year as the kingdom leans on domestic borrowing to cover its budget deficit, Finance Minister Mohammed Al-Jadaan said.“We went to the local market significantly this year, we are likely to go to the market next year,” Al-Jadaan said in an interview with Bloomberg TV on Friday. “There are no plans currently for an international issuance.”The world’s la...
Tags: Travel, Saudi Arabia, Bloomberg, Morgan Stanley, Bloomberg TV, Rupert Neil Bumfrey, Mohammed al Jadaan, Al Jadaan, Bloomberg Saudi Arabia


#SaudiArabia to Review VAT Hike Once Economic Crisis Ends - Bloomberg

Saudi Arabia to Review VAT Hike Once Economic Crisis Ends - Bloomberg Saudi Arabia will review its controversial decision to triple the value-added tax once the current economic crisis is over, its acting media minister said.The VAT hike to 15%, implemented in July, is “like any decision, it will be reviewed once we’re finished with this crisis and things return to normal,” Majid Al-Qasabi said in a televised news conference on Thursday. Al-Qasabi, who also serves as minister of commerce, said h...
Tags: Travel, Saudi Arabia, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Majid Al Qasabi, Al Qasabi


Middle East, #SaudiArabia News: Minimum Wage Raised for Citizens by 33% - Bloomberg

Middle East, Saudi Arabia News: Minimum Wage Raised for Citizens by 33% - Bloomberg Saudi Arabia will raise its minimum wage for citizens by a third to 4,000 riyals ($1,066), according to a statement by the Ministry of Human Resources and Social Development.The ministry said the decision will be applied five months from Wednesday, without giving an exact date.The higher minimum wage must be paid for a worker to be counted as part of a company’s quota of citizen employees, the ministry said. Work...
Tags: Travel, Workers, Bloomberg, Middle East, Middle East Saudi Arabia, Ministry of Human Resources, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


#Saudi Banks Sign Supply Chain Financing Deal With Government - Bloomberg

Saudi Banks Sign Supply Chain Financing Deal With Government - Bloomberg Saudi Arabia’s Ministry of Finance and three of the kingdom’s largest banks have started a supply chain financing facility that will enable contractors to secure money owed to them faster.The Finance Ministry has partnered with Saudi British Bank, Samba Financial Group and National Commercial Bank, according to a statement. The loans will be available to suppliers to the government that have had invoices approved, but are s...
Tags: Travel, Bloomberg, Finance Ministry, Ministry Of Finance, Rupert Neil Bumfrey, Sabb, National Commercial Bank, Bloomberg Saudi Arabia, David Dew, Saudi British Bank Samba Financial Group


#SaudiArabia Outlook Cut to Negative by Fitch on Oil, Virus - Bloomberg

Saudi Arabia Outlook Cut to Negative by Fitch on Oil, Virus - Bloomberg Saudi Arabia’s outlook was cut to negative from stable by Fitch Ratings as the coronavirus pandemic and lower oil prices clobber the kingdom’s finances.A negative outlook means the next move on the credit rating may be a downgrade to the lowest level since Fitch began assessing the kingdom in 2004. The sovereign is still at A, its sixth highest rating, and on par with Japan and Iceland, according to a statement on Monday.Fit...
Tags: Travel, Japan, Saudi Arabia, Bloomberg, Iceland, Fitch Ratings, Fitch, Rupert Neil Bumfrey, Moody 's Investors Service, Krisjanis Krustins, Bloomberg Saudi Arabia


Saudis Cut Oil Prices for Asia as Virus Clouds Energy Market - Bloomberg

Saudis Cut Oil Prices for Asia as Virus Clouds Energy Market - Bloomberg Saudi Arabia cut most oil pricing for its customers in Asia and the U.S. as a resurgence in the coronavirus clouds the outlook for energy markets.State producer Saudi Aramco decreased December pricing for shipments of Arab Light crude to Asia, its largest regional market, by 10 cents a barrel to a 50-cent discount to the benchmark.Oil dropped around 10% last week as European nations including Germany and France announced ne...
Tags: Travel, Asia, France, Saudi Arabia, Germany, Russia, Opec, Saudi Aramco, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Mohammad Barkindo, Bloomberg Saudi Arabia


#SaudiArabia Eases Controversial Restrictions on Foreign Workers - Bloomberg

Saudi Arabia Eases Controversial Restrictions on Foreign Workers - Bloomberg Saudi Arabia will remove several key restrictions on foreign workers in an overhaul of the kingdom’s controversial labor policies, part of a plan to attract overseas talent and increase job market mobility.Non-Saudis will no longer need their employer’s permission to change jobs, travel abroad or leave the country permanently, according to Sattam Alharbi, a deputy minister at the Ministry of Human Resources and Social D...
Tags: Travel, Saudi Arabia, Bloomberg, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Foreign Workers Bloomberg, Sattam Alharbi, Ministry of Human Resources and Social Development, Alharbi



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