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#SaudiArabia’s Post-Oil Plan Faces Cuts as Crude Plummets - Bloomberg

Saudi Arabia’s Post-Oil Plan Faces Cuts as Crude Plummets - Bloomberg:Plans for a future after oil in Saudi Arabia are increasingly at the mercy of the present.A strategy to transform the Saudi economy, championed by Crown Prince Mohammed bin Salman, is likely to face deep budget cuts as the coronavirus pandemic and plummeting crude prices batter the economy, according to people familiar with the matter.Dubbed Vision 2030, the wide-ranging initiative unveiled with fanfare in 2016 aims to diversi...
Tags: Travel, Saudi Arabia, Mohammed bin Salman, Finance Ministry, Rupert Neil Bumfrey


UPDATE 1- #SaudiArabia approves IPO stock listings of government assets planned for privatisation - Reuters

UPDATE 1-Saudi Arabia approves IPO stock listings of government assets planned for privatisation - Reuters:Saudi Arabia’s government approved in a virtual meeting on Tuesday listing government assets planned for privatisation in stock market TADAWUL after an initial public offering (IPO). “Assets, sectors and services planned for privatisation shall be listed in Saudi stock market through direct or indirect initial public offering,” said a statement on state news agency SPA.The privatisation dri...
Tags: Travel, Saudi Arabia, Ipo, Reuters, Riyadh, Tadawul, Mohammed bin Salman, Rupert Neil Bumfrey


The Coronavirus Means It's A Truly Free Market For Oil - Bloomberg

The Coronavirus Means It's A Truly Free Market For Oil - Bloomberg:At the point we’re now at, postponing the oil-price war won’t make a lot of difference for an industry that’s already breaking down under the weight of demand destruction. It’s too late to use diplomacy and artful negotiations to share the burden of output cuts that are now inevitable.The pumping free-for-all unleashed by Saudi Arabia and Russia is important for the long-term shape of the oil industry, but, as my colleague Javier...
Tags: Travel, Saudi Arabia, Russia, United States, Donald Trump, State, Mohammed bin Salman, Pompeo, Mike Pompeo, Rupert Neil Bumfrey, Oil Bloomberg, Javier Blas


Virus Onslaught Deepens Gulf Disquiet Over #Saudi Oil-Price War - Bloomberg

Virus Onslaught Deepens Gulf Disquiet Over Saudi Oil-Price War - Bloomberg:Saudi Arabia’s oil-price war with fellow exporting giant Russia bewildered the kingdom’s Gulf allies, unexpectedly shattering their fiscal defenses just when they’re most needed to combat the coronavirus.The United Arab Emirates and Kuwait, along with smaller neighbors, want a return to talks among the OPEC+ cabal of oil powers but the central protagonists, including Crown Prince Mohammed bin Salman, are digging in.As the...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, United Arab Emirates, Kuwait, Gulf, Mohammed bin Salman, Rupert Neil Bumfrey


U.S. Putting Pressure on Saudis to Hold Off on Output Surge - Bloomberg

U.S. Putting Pressure on Saudis to Hold Off on Output Surge - Bloomberg:The Trump administration is leaning on Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia helped send prices tumbling to their lowest level in almost two decades.While its status as the world’s biggest producer means the U.S. is sheltered in part from the collapse, it’s still calling on the Saudis to exercise restraint, according to a person familiar with the situation who spoke on condi...
Tags: Travel, Saudi Arabia, Russia, Bloomberg, Group, Trump, Riyadh, State, Mohammed bin Salman, Rupert Neil Bumfrey, Michael Pompeo


US calls on #Saudi to 'reassure' oil and financial markets - Arabianbusiness

US calls on Saudi to 'reassure' oil and financial markets - Arabianbusiness:The United States said on Wednesday it has urged Saudi Arabia to "reassure" oil and financial markets as the world grapples with a coronavirus pandemic that has paralyzed major economies.The appeal was made by Secretary of State Mike Pompeo in a telephone conversation on Tuesday with Crown Prince Mohammed bin Salman, the State Department said.Oil prices have plunged as economies grind to a halt due to the pandemic. But t...
Tags: Travel, Saudi Arabia, Russia, US, United States, State Department, Donald Trump, State, Mohammed bin Salman, Mike Pompeo, Rupert Neil Bumfrey


The #Saudi Crown Prince’s Plan to Win the Global Oil War - Bloomberg

The Saudi Crown Prince’s Plan to Win the Global Oil War - Bloomberg:On March 4, Prince Abdulaziz bin Salman, the 59-year-old Saudi oil minister, was locked down in his suite at the Park Hyatt hotel in Vienna, preparing for what would turn out to be the most important meeting of his life.A veteran negotiator, the prince is skilled in the Byzantine diplomacy and backroom deals that have characterized OPEC since its founding 60 years ago. Few others can bridge the political enmities among oil produ...
Tags: Travel, Saudi Arabia, Opec, Vienna, Mohammed bin Salman, Abdulaziz, Bloomberg TV, Alexander Novak, Park Hyatt, Rupert Neil Bumfrey, Abdulaziz bin Salman, Prince Abdulaziz, Global Oil War Bloomberg


Putin vs. the Crown Prince: Ruble Gives Russia Edge in Price War - Bloomberg

Putin vs. the Crown Prince: Ruble Gives Russia Edge in Price War - Bloomberg:If the oil face-off between President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman turns on who has a stiffer fiscal backbone, it’s the ruble that could help carry Russia to the finish line.Saudi Arabia may boast the lowest extraction costs and more spare capacity, but it has little to counter Russia’s shock-absorber in its floating currency. An anchor of stability that’s been pegged for over three decades ...
Tags: Travel, Putin, Vladimir Putin, Saudi Arabia, Russia, Opec, Bloomberg, Mohammed bin Salman, Institute of International Finance, Rupert Neil Bumfrey, Elina Ribakova


Prince Alwaleed’s Fortune Plunges $22.3 Billion From 2014 Peak - Bloomberg

Prince Alwaleed’s Fortune Plunges $22.3 Billion From 2014 Peak - Bloomberg:The net worth of Saudi Arabia’s once high-flying billionaire, Prince Alwaleed bin Talal, has plunged $22.3 billion from its peak six years ago.The eruption of an oil-price war with Russia and fears over the spread of the novel coronavirus have contributed to the wealth destruction. Adding to the chaos, Crown Prince Mohammed bin Salman detained more royals.Alwaleed’s $13.8 billion fortune is at its lowest since 2012, when ...
Tags: Travel, Saudi Arabia, Russia, Bloomberg, Middle East, Warren Buffett, Alwaleed Bin Talal, Riyadh, Citigroup Inc, Twitter Inc, Mohammed bin Salman, Ritz Carlton, Bloomberg Billionaires Index, Alwaleed, Rupert Neil Bumfrey, Snap Inc


#SaudiArabia News: Aramco to Boost Oil Capacity to 13 Mln B/D - Bloomberg

Saudi Arabia News: Aramco to Boost Oil Capacity to 13 Mln B/D - Bloomberg:Saudi Arabia ordered state-run oil producer Aramco to boost the kingdom’s output capacity by 1 million barrels a day, the latest escalation in a battle for control of the global petroleum market.While delivering the extra capacity may take years and many billions of dollars in investment, the decision shows that Crown Prince Mohammed bin Salman has little intention of pulling back from his aggressive response to the breakd...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Mohammed, Aramco, Saudi Aramco, Mohammed bin Salman, Rupert Neil Bumfrey, Amin Nasser


#SaudiArabia, Russia raise stakes in oil standoff - Reuters

Saudi Arabia, Russia raise stakes in oil standoff - Reuters:Saudi Arabia will raise its crude supply to a record high in April, the kingdom announced on Tuesday, as it ratcheted up a standoff with Moscow over market share and appeared to reject Russian overtures for new talks.The clash of oil titans Saudi Arabia and Russia sparked a 25% slump in crude prices on Monday, triggering panic selling and heavy losses on Wall Street’s main stock indexes, already hit badly by the coronavirus outbreak.U.S...
Tags: Travel, Saudi Arabia, White House, Russia, Moscow, Donald Trump, Reuters, Mohammed bin Salman, Rupert Neil Bumfrey, Saudi Arabia Russia, Amin Nasser


#SaudiArabia’s Economy Can Ill Afford Oil-Price War It Started - Bloomberg

Saudi Arabia’s Economy Can Ill Afford Oil-Price War It Started - Bloomberg:Saudi Arabia’s Crown Prince Mohammed bin Salman has just started an oil-price war. Winning it will come at a cost he might not be ready to pay for long.If oil prices fail to recover and stay at less than half the level Saudi Arabia needs to balance its budget, the economy -- and the crown prince’s big ambitions to reform it -- may be among the biggest victims. The energy sector accounts for about 80% of the kingdom’s expo...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, Dubai, Mohammed bin Salman, Abu Dhabi Commercial Bank, Rupert Neil Bumfrey, Tarek Fadlallah, Nomura Asset Management


Oil Crash: #SaudiArabia's Russia Battle Won't End Quickly - Bloomberg

Oil Crash: Saudi Arabia's Russia Battle Won't End Quickly - Bloomberg: Saudi Arabia’s new oil strategy — a short, sharp shock to cow Russia — looks very much like its Yemen military strategy — a short, sharp shock meant to cow the Houthi rebels. The chances of it being any more successful are slim. Crown Prince Mohammed bin Salman, the de facto leader of the kingdom, is gearing up to use the might of Saudi Arabia’s oil production capacity to deliver a crushing blow to rival producers. His ...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Yemen, Hadi, Mohammed bin Salman, East West, Abqaiq, Rupert Neil Bumfrey, Khurais, Abd Rabbuh Mansur Hadi


What Is Really Going On In Mohammed bin Salman's #SaudiArabia? - Bloomberg

What Is Really Going On In Mohammed bin Salman's Saudi Arabia? - Bloomberg: It has been two days since the highest profile arrests in Saudi Arabia’s history, but there has been no official explanation yet. Bloomberg News has learned that members of the Allegiance Council, a group that votes on matters of succession, have been told that Prince Ahmed bin Abdulaziz (the last surviving full brother of King Salman bin Abdulaziz) and Prince Mohammed bin Nayef (a former heir apparent to the Saudi thron...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Bloomberg News, Mohammed bin Salman, Salman, Salman bin Abdulaziz, House of Saud, Rupert Neil Bumfrey, Prince Mohammed bin Nayef, Ahmed bin Abdulaziz, Allegiance Council


#Saudi Aramco drops 10% after kingdom triggers oil price fall - Reuters

Saudi Aramco drops 10% after kingdom triggers oil price fall - Reuters:Saudi Aramco 2222.SE shares fell 10% on Monday after Saudi Arabia slashed its official selling prices for crude and set out plans for a dramatic increase in oil production next month, prompting a sharp drop in prices.Shares in Aramco were trading at 27 riyals ($7.20), 15.6% below its initial public offering (IPO) price of 32 riyals, which in December valued the company at $1.7 trillion in the world’s biggest share offering. A...
Tags: Travel, Saudi Arabia, Reuters, Aramco, Saudi Aramco, Mohammed bin Salman, Rupert Neil Bumfrey


#SaudiArabia MBS Middle East News: Power in Oil Kingdom - Bloomberg

Saudi Arabia MBS Middle East News: Power in Oil Kingdom - Bloomberg:Saudi Crown Prince Mohammed bin Salman’s swoop against potential royal challengers shows his concerns about his grip on power outweigh the risk of unnerving investors already wary of his brazen tactics.The kingdom’s de facto ruler, who’s aggressively changed social norms despite possible backlash, has big plans to transform his country into a modern powerhouse. The arrests on treason allegations that could carry the death penalt...
Tags: Travel, Washington, Saudi Arabia, Mohammed, Mohammed bin Salman, American Enterprise Institute, Rupert Neil Bumfrey, MBS, King Salman bin Abdulaziz, Karen Young, Oil Kingdom Bloomberg


Shale Oil, OPEC+ Fight: Putin, MBS and U.S. Fracking Industry - Bloomberg

Shale Oil, OPEC+ Fight: Putin, MBS and U.S. Fracking Industry - Bloomberg:At 10:16 a.m. on a wet and dreary Friday morning, Russia’s energy minister walked into OPEC’s headquarters in central Vienna knowing his boss was ready to turn the global oil market upside down.Alexander Novak told his Saudi Arabian counterpart Prince Abdulaziz bin Salman that Russia was unwilling to cut oil production further. The Kremlin had decided that propping up prices as the coronavirus ravaged energy demand would b...
Tags: Travel, Putin, Vladimir Putin, Saudi Arabia, Russia, Opec, Bloomberg, Vienna, Kremlin, Mohammed bin Salman, Organization of Petroleum Exporting Countries, Alexander Novak, Rupert Neil Bumfrey, Prince Abdulaziz Bin Salman


#SaudiArabia Plans $6 Billion Surge in Mortgage Refinancing - Bloomberg

Saudi Arabia Plans $6 Billion Surge in Mortgage Refinancing - Bloomberg:Saudi Arabia’s first mortgage refinancing firm aims to raise its holdings of home-loan portfolios by 10 times this year, as a government push to boost home ownership spurs lending.The Saudi Real Estate Refinance Company -- the state-owned equivalent of Fannie Mae and Freddie Mac in the U.S. -- plans to buy more than 23 billion riyals ($6.1 billion) of mortgage portfolios from banks in 2020, Housing Minister Majed Al-Hogail s...
Tags: Travel, Saudi Arabia, Riyadh, Freddie Mac, Mohammed bin Salman, Bloomberg TV, Fannie Mae, Rupert Neil Bumfrey, Majed al Hogail, al Hogail, Saudi Real Estate Refinance Company


#SaudiArabia’s Wealth Fund Parts Ways With Three Top Executives - Bloomberg

Saudi Arabia’s Wealth Fund Parts Ways With Three Top Executives - Bloomberg:Saudi Arabia’s Public Investment Fund has parted ways with at least three senior investment executives in recent months, in what may be a blow to the sovereign wealth fund’s ambitions to expand into a global giant.Chief Strategy Officer Dennis Johnson, who had been in his role since 2018, has left, as well as the head of risk, Martin Botha, according to people with knowledge of the matter. Head of investment risk, Hassan...
Tags: Travel, Saudi Arabia, Johnson, Mohammed bin Salman, Botha, Dennis Johnson, Rupert Neil Bumfrey, Public Investment Fund, Yasir al Rumayyan, Three Top Executives Bloomberg, Martin Botha, Hassan Chehime, Eric Ebermeyer


#Saudi private sector strong in January but coronavirus may reverse growth - Reuters

Saudi private sector strong in January but coronavirus may reverse growth - Reuters:A relatively strong start to the year for Saudi Arabia’s private sector may prove short-lived as the coronavirus outbreak is seen hurting the tourism sector and consumer spending.Loans to the private sector – whose growth is essential to Crown Prince Mohammed bin Salman’s plans to transform the oil-dependent economy – rose 8.5% year-on-year in January, data from the central bank, Saudi Arabia Monetary Authority, ...
Tags: Travel, Saudi Arabia, Reuters, Mohammed bin Salman, Rupert Neil Bumfrey, Saudi Arabia Monetary Authority


Ousted #Saudi Oil Boss Khalid al Falih Can Make Mark Investing - Bloomberg

Ousted Saudi Oil Boss Khalid al Falih Can Make Mark Investing - Bloomberg:After a week of drama in global financial markets, it’s worth pointing out an intriguing development in Saudi Arabia that warrants watching. In a surprise move on Tuesday, the kingdom’s ruler King Salman announced the return to government of former oil minister Khalid Al-Falih, who will become head of a newly established ministry of investment. Just six months ago, Al-Falih was unceremoniously dismissed, his removal seen a...
Tags: Travel, Saudi Arabia, King Salman, Aramco, Mohammed bin Salman, Salman, Khalid, Khalid al Falih, Ministry of Investment, Rupert Neil Bumfrey, Al Falih, Saudi Aramco Now Al Falih


Aramco Is Said to Start Early Preparations for Overseas Listing - Bloomberg

Aramco Is Said to Start Early Preparations for Overseas Listing - Bloomberg:Saudi Aramco is starting early preparations for an international listing, just months after the oil giant turned its record initial public offering into a domestic affair and sidelined global banks, people with knowledge of the matter said.The world’s largest publicly traded company is in discussions with Wall Street banks to draw up scenarios for a second listing overseas, according to the people, who asked not to be id...
Tags: Travel, Saudi Arabia, China, Global, Bloomberg, Aramco, Saudi Aramco, Mohammed bin Salman, Rupert Neil Bumfrey


#Saudi ex-energy minister bounces back as investment chief - Reuters

Saudi ex-energy minister bounces back as investment chief - Reuters:The man sacked as Saudi Arabia’s energy minister in September has been tapped to head a new investment ministry, in a cabinet reshuffle announced on Tuesday that also created ministries for tourism and sports.Khalid al-Falih, who previously chaired state oil company Saudi Aramco and oversaw more than half the economy of the world’s top oil exporter, was widely seen as having fallen out of favor when he was removed from the energ...
Tags: Travel, Saudi Arabia, Reuters, Saudi Aramco, Mohammed bin Salman, Khalid al Falih, Saudi Arabian General Investment Authority, Rupert Neil Bumfrey, Falih


#SaudiArabia’s former energy minister returns in cabinet reshuffle | Financial Times

Saudi Arabia’s former energy minister returns in cabinet reshuffle | Financial Times:Khalid al-Falih, who was removed from his position as Saudi Arabia’s energy minister last year, has returned to lead a new government ministry for investment as part of a cabinet reshuffle announced on Tuesday.The state news agency published a series of royal decrees that also announced the creation of new ministries for sports, tourism and human resources as well as new government appointments.Until last year, ...
Tags: Travel, Saudi Arabia, Financial Times, Saudi Aramco, Mohammed bin Salman, Khalid al Falih, Rupert Neil Bumfrey, Falih


#SaudiArabia to Invest $110 Billion in Jafurah Gas Field - Bloomberg

Saudi Arabia to Invest $110 Billion in Jafurah Gas Field - Bloomberg:Saudi Arabia plans to invest 412 billion riyals ($110 billion) to develop unconventional natural gas reserves in the eastern Jafurah field, according to the kingdom’s official Saudi Press Agency.Crown Prince Mohammed bin Salman presided over a meeting of the Saudi High Commission for Hydrocarbons on Thursday during which the development plans were reviewed, the agency reported late Friday. The field is estimated to hold 200 tri...
Tags: Travel, Saudi Arabia, Mohammed bin Salman, Saudi Press Agency, Saudi Arabian Oil Co, Rupert Neil Bumfrey, Amin Nasser, Jafurah, Jafurah Gas Field Bloomberg, Saudi High Commission for Hydrocarbons


Pompeo in #SaudiArabia to talk #Iran, economy and human rights - Reuters

Pompeo in Saudi Arabia to talk Iran, economy and human rights - Reuters:U.S. Secretary of State Mike Pompeo arrived in Saudi Arabia on Wednesday to discuss regional security, namely Iran, after the U.S. killing last month of a top Iranian general pushed the oil-producing region closer to an all-out war.In meetings with King Salman and Crown Prince Mohammed bin Salman over the next two days, Pompeo will also raise economic and human rights issues like the case of a Saudi-American physician who re...
Tags: Travel, Saudi Arabia, Iraq, Iran, United States, Tehran, Trump, Reuters, Riyadh, State, Mohammed bin Salman, Salman, Pompeo, Qassem Soleimani, Mike Pompeo, Rupert Neil Bumfrey


Speed of reforms sweeping through #SaudiArabia divides opinion - Arabianbusiness

Speed of reforms sweeping through Saudi Arabia divides opinion - Arabianbusiness:Social changes sweeping Saudi Arabia have been embraced by many but Ibrahim, a middle-aged teacher, frowns as he rejects the "blistering and shocking" reforms that are breaking long-held taboos.The kingdom's ambitious de facto ruler, Crown Prince Mohammed bin Salman, has introduced multiple economic and social innovations in a kingdom where public life was once severely curtailed by uncompromising religious police.U...
Tags: Travel, Saudi Arabia, Ibrahim, Mohammed bin Salman, Rupert Neil Bumfrey


Sabic Sees Chemicals Glut Hit Profit as Aramco Buyout Looms - Bloomberg

Sabic Sees Chemicals Glut Hit Profit as Aramco Buyout Looms - Bloomberg:Saudi Basic Industries Inc. expects earnings to come under further pressure this year from sluggish economic growth and an oversupply of petrochemicals. The shares fell. The Middle East’s biggest chemicals maker reported its first quarterly loss in a decade last quarter due to lower sales prices and writedowns at a joint venture. The same factors that squeezed prices and profit margins last year are likely to persist in 2020...
Tags: Travel, Europe, China, Middle East, Riyadh, Saudi Aramco, Mohammed bin Salman, SABIC, Rupert Neil Bumfrey, Yousef al Benyan, Aramco Buyout Looms Bloomberg, Saudi Basic Industries Inc


#Saudi Newcastle punt is not as silly as it sounds – Breakingviews

Saudi Newcastle punt is not as silly as it sounds – Breakingviews:Saudi Arabia’s enthusiasm for Newcastle United is less silly than it sounds. Riyadh’s wealth fund is mulling a deal to buy the English Premier League soccer club for around 340 million pounds. There are worse ways to spend the $30 billion the kingdom raised selling 1.5% of oil giant Saudi Aramco.There are plenty of reasons to be sceptical about the oil-rich country replacing retail tycoon Mike Ashley as Newcastle’s owner. Its $300...
Tags: Travel, UK, Saudi Arabia, Softbank, Premier League, Manchester United, Manchester City, Newcastle United, Newcastle, Mike Ashley, Riyadh, English Premier League, Mohammed bin Salman, Magpies, Uber Technologies, Rupert Neil Bumfrey


UN calls for investigation after Saudis linked to Bezos phone hack

United Nations experts are calling for an investigation after a forensic report said Saudi officials “most likely” used a mobile hacking tool built by mobile spyware maker, the NSO Group, to hack into the Amazon founder Jeff Bezos’ phone. Remarks made by U.N. human rights experts on Wednesday said said the Israeli spyware maker’s flagship Pegasus mobile spyware was likely used to exfiltrate gigabytes of data from Bezos’ phone in May 2018, about six months after the Saudi government first obta...
Tags: Travel, Amazon, Facebook, Washington Post, Saudi Arabia, United Nations, Un, Pegasus, Jeff Bezos, National Enquirer, FTI Consulting, Bezos, Mohammed bin Salman, Salman, NSO Group, Agnes Callamard



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