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Higher Oil Income Will Boost #Saudi Saving Not Spending, IMF Says - Bloomberg

Higher Oil Income Will Boost Saudi Saving Not Spending, IMF Says - Bloomberg Saudi Arabia is likely to use surplus oil revenue to rebuild reserves, breaking with its historical practice of boosting spending when crude prices rise, according to the International Monetary Fund.“The message that we very strongly got was that the expenditure path set out in the budget will be stuck to, regardless of where oil prices go to, which I think is the right thing to do,” Tim Callen, the IMF mission chief ...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, International Monetary Fund, Imf, International Energy Agency, Callen, Rupert Neil Bumfrey, Tim Callen, Bloomberg Saudi Arabia


#SaudiArabia Eases Subsidy Cuts With Gasoline Price Ceiling - Bloomberg

Saudi Arabia Eases Subsidy Cuts With Gasoline Price Ceiling - Bloomberg Saudi Arabia’s government set an upper limit for domestic gasoline prices and said the state would bear any extra costs, softening an energy subsidy cut program that’s drawn complaints from citizens.The ceiling for local gasoline prices will be set at June’s levels, or 2.18 riyals (58 cents) per liter of 91 octane, as of Saturday, according to a statement carried by the official Saudi Press Agency. The decision was made to...
Tags: Travel, New York, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Mohammed, Mohammed bin Salman, Saudi Press Agency, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


Saudis, Russia Have Tentative Deal for Gradual OPEC+ Output Hike - Bloomberg

Saudis, Russia Have Tentative Deal for Gradual OPEC+ Output Hike - Bloomberg Saudi Arabia and Russia reached a tentative agreement to gradually increase OPEC+ oil output, but prices kept rising as the cartel looked set to keep a firm grip on supply.Negotiations over the details of the supply hike are still underway, delegates said, asking not to be named because the information is private. The proposal under discussion would add about 2 million barrels a day to the cartel’s output from August ...
Tags: Travel, New York, Russia, Opec, UBS Group AG, Giovanni, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, OPEC Output Hike Bloomberg


#SaudiArabia Says OPEC+ Has a Role in Containing Inflation - Bloomberg

Saudi Arabia Says OPEC+ Has a Role in Containing Inflation - Bloomberg Saudi Arabia’s Energy Minister said the OPEC+ alliance has a role in “taming and containing” inflationary pressures, just hours after Brent crude surged back above $75 a barrel.The comments come as OPEC+ countries weigh whether to increase production further in the coming months. The oil cartel is scheduled to meet online next week to decide its production policy for August and beyond, after boosting output from May to July...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, Iran, Venezuela, Riyadh, Bloomberg News, Bank of America Corp, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia, Saudi Energy Ministry


#SaudiArabia Grants Digital Banking License to Two Firms - Bloomberg

Saudi Arabia Grants Digital Banking License to Two Firms - Bloomberg Saudi Arabia granted digital banking license to two firms as the use of finance technology spreads in the Middle East.STC Pay, launched by the kingdom’s biggest mobile operator Saudi Telecom in 2018, will be converted into a digital bank with a capital of 2.5 billion riyals ($667 million), according to a central bank statement. It will be called STC Bank.A second firm, led by Abdul Rahman bin Saad Al-Rashed & Sons Co., will f...
Tags: Travel, Middle East, Abdul Rahman, Western Union, STC, Rupert Neil Bumfrey, Saudi Telecom, Bloomberg Saudi Arabia, Regulatory Sandbox, Saudi Arabia Grants Digital Banking License, STC Bank, Saad Al Rashed Sons Co, Saudi Digital Bank Saudi Telecom


#SaudiArabia Covid Loan Deferral Support for Small Businesses Extended - Bloomberg

Saudi Arabia Covid Loan Deferral Support for Small Businesses Extended - Bloomberg Saudi Arabia extended a loan deferral program to help small businesses cope with the fallout of the coronavirus pandemic by three months to the end of September.The so-called Deferred Payment Program has already impacted 167 billion riyals ($45 billion) of payments since it began in March 2020, the Saudi central bank said in a statement Tuesday.The program been extended several times to help support economic gro...
Tags: Travel, Bloomberg, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Deferred Payment Program


New Giant #Saudi Pension Fund - Bloomberg video

New Giant Saudi Pension Fund - Bloomberg Saudi Arabia is looking to rival the world's largest investors with the merger of two of its pension and insurance funds. Matthew Martin, Bloomberg News, discusses the $250 billion new entity. (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Bloomberg News, Matthew Martin, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


New Giant #Saudi Pension Fund Aims to Crack World’s Top 10 Ranks - Bloomberg

New Giant Saudi Pension Fund Aims to Crack World’s Top 10 Ranks - Bloomberg Saudi Arabia gave a first glimpse of the ambition behind the merger of two of its pension and insurance funds with a plan to rival the world’s largest investors.The new entity will boast assets of over $250 billion, according to the chief executive officer of Hassana Investment Co, the investment management arm of the kingdom’s General Organization of Social Insurance. GOSI, as the fund is known, will combine with the ...
Tags: Travel, Japan, Saudi Arabia, China, Bloomberg, PPA, Hassana, AstraZeneca PLC, Rupert Neil Bumfrey, EIG Global Energy Partners, New York State Common Retirement Fund, Al Rajhi Bank, Bloomberg Saudi Arabia, Public Pension Agency, GOSI, Global SWF


Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg

Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg Saudi Arabia’s cautious approach to reviving OPEC+ oil output has been proved correct, said Energy Minister Prince Abdulaziz bin Salman.After a year of oil market turmoil due to the coronavirus pandemic, fuel consumption is seeing robust growth and the International Energy Agency is calling for the cartel to boost supplies. Yet, in the minister’s view “we still are not out of the woods.”“Many claim that I’m excessively...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, International Energy Agency, Organization of Petroleum Exporting Countries, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia


#Saudi Ultra-Luxury Project May Raise Up to $2.7 Billion in 2022 - Bloomberg

Saudi Ultra-Luxury Project May Raise Up to $2.7 Billion in 2022 - Bloomberg Saudi Arabia’s ultra-luxury Amaala tourism project may raise up to 10 billion riyals ($2.7 billion) next year as the kingdom presses on with Crown Prince Mohammed bin Salman’s program to diversify the economy.Amaala, on the northwestern coast of Saudi Arabia, won’t tap markets until next year, Chief Executive Officer John Pagano said in an interview on the sidelines of Arabian Travel Market in Dubai.The numbers haven’t...
Tags: Travel, Saudi Arabia, Bloomberg, Dubai, Belgium, North West, Mohammed bin Salman, Red Sea, Pagano, Rupert Neil Bumfrey, John Pagano, Riyadh Jeddah, Bloomberg Saudi Arabia, NEOM, Amaala, Red Sea Development Co


#SaudiArabia Names Former Aramco Dealmaker as Economy Minister - Bloomberg

Saudi Arabia Names Former Aramco Dealmaker as Economy Minister - Bloomberg Saudi Arabia appointed a former deal-maker for oil giant Saudi Aramco as economy and planning minister, as officials try to rally the biggest Arab economy from the dual shock of the coronavirus pandemic and last year’s oil price rout.The new minister, Faisal Alibrahim, was named Monday in a series of royal orders. He had been vice minister of economy and planning since 2018, and was formerly head of a mergers and acquis...
Tags: Travel, Saudi Arabia, Bloomberg, International Monetary Fund, Mohammed, Saudi Aramco, Salman bin Abdulaziz, Rupert Neil Bumfrey, Prince Mohammed, Bloomberg Saudi Arabia, PrinceMohammed bin Salman, Aramco Dealmaker, Faisal Alibrahim, Alibrahim, Eiman Al Mutairi, Prince Sultan bin Salman


#SaudiArabia Plans Sale of Grain Silos as Privatizations Pick Up - Bloomberg

Saudi Arabia Plans Sale of Grain Silos as Privatizations Pick Up - Bloomberg Saudi Arabia, one of the world’s biggest buyers of wheat and barley, is preparing to sell some of its grain silos as part of Crown Prince Mohammed Bin Salman’s privatization drive.State-owned Saudi Grains Organization aims to start selling silo sites as soon as this year, according to people familiar with the matter. SAGO will seek bids from foreign and local firms, said the people. No decisions have been made and SAG...
Tags: Travel, Saudi Arabia, China, Bloomberg, State, Mohammed bin Salman, HSBC Holdings Plc, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Sago, Saudi Grains Organization, Under Prince Mohammed Saudi Arabia


#SaudiArabia Tourism to Get 2 Billion Riyal Boost for Project Funds - Bloomberg

Saudi Arabia Tourism to Get 2 Billion Riyal Boost for Project Funds - Bloomberg Saudi Arabia will provide up to 2 billion riyals ($533.4 million) to fund 113 tourism projects nationwide this year, as the kingdom aims to expand the sector under Crown Prince Mohammed bin Salman’s plan to diversify the economy.The Tourism Development Fund and Riyad Bank, which is backed by the country’s sovereign wealth fund, will provide funding starting at 1 million riyals and rising to 100 million riyals for t...
Tags: Travel, Saudi Arabia, Bloomberg, Mohammed bin Salman, TDF, Riyad Bank, Medina Saudi Arabia, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


#SaudiArabia Considers Starting a Homegrown Electric-Car Maker - Bloomberg

Saudi Arabia Considers Starting a Homegrown Electric-Car Maker - Bloomberg Saudi Arabia has hired advisers including Boston Consulting Group to explore establishing its own domestic electric-car maker, according to people familiar with the matter.The project is linked to existing plans to build up automotive infrastructure in the country and boost local manufacturing, said the people, who asked not to be identified because the deliberations aren’t public.A spokesperson for Saudi Arabia’s sover...
Tags: Travel, Elon Musk, Saudi Arabia, Tesla, Bloomberg, Turkey, Pif, Lucid, Jeddah, Riyadh, Bloomberg News, Red Sea, Boston Consulting Group, Rupert Neil Bumfrey, Public Investment Fund, Tesla Inc


Saudis in Talks to Sell Aramco Stake to Global Energy Firm - Bloomberg

Saudis in Talks to Sell Aramco Stake to Global Energy Firm - Bloomberg Saudi Arabia’s crown prince said the kingdom is in talks to sell a 1% stake in state oil giant Saudi Aramco to a “leading global energy company” as he forecast an economic rebound after the coronavirus pandemic.The kingdom is looking at the potential sale -- which could be worth about $19 billion, based on the company’s market value -- as a way to lock in customer demand for the country’s crude, Crown Prince Mohammed Bin Sa...
Tags: Travel, India, Bloomberg, Mohammed, Aramco, Saudi Aramco, Mohammed bin Salman, Japan South Korea, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Global Energy Firm Bloomberg, China Aramco


#SaudiArabia Pays More Aramco IPO Fees as Wall Street Misses Out - Bloomberg

Saudi Arabia Pays More Aramco IPO Fees as Wall Street Misses Out - Bloomberg Saudi Arabia recently paid around $50 million of extra fees to banks on the record-breaking listing of state oil company Aramco, with most of the cash going to local underwriters after Wall Street firms were sidelined, people familiar with the matter said.The discretionary incentive fee -- doled out to reward banks for the amount of orders they brought in -- was transferred to arrangers of the 2019 share sale in the las...
Tags: Travel, Saudi Arabia, Ipo, Bloomberg, Aramco, Rupert Neil Bumfrey, T Mobile US Inc, Bloomberg Saudi Arabia


#SaudiArabia’s Fannie Mae Eyes Debut International Bond in 2021 - Bloomberg

Saudi Arabia’s Fannie Mae Eyes Debut International Bond in 2021 - Bloomberg Saudi Arabia’s mortgage-refinancing firm is planning to sell its first international bond later this year as the kingdom’s equivalent of Fannie Mae looks to boost its activities buying up home loans from banks.The Saudi Real Estate Refinance Co., established in late 2017 by the kingdom’s sovereign wealth fund, has started preparing for its first global bond sale, and is also looking at structured-finance options, Chief ...
Tags: Travel, Saudi Arabia, Bloomberg, Mohammed bin Salman, Bloomberg TV, Fannie Mae, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Fabrice Susini, Susini, Saudi Real Estate Refinance Co


#Saudi Equities Jump to 2015 Level on Higher Oil Bets: Chart - Bloomberg

Saudi Equities Jump to 2015 Level on Higher Oil Bets: Chart - Bloomberg Saudi Arabia’s main equities index closed at its highest since June 2015, with more than three-quarters of Tadawul All Share Index members up this year. The gauge has been boosted by bets that crude prices will rise as OPEC+ producers keep a tight leash on supply while economic activity picks up globally. Goldman Sachs Group Inc. analysts estimate that crude, the kingdom’s biggest export, will be at $80 a barrel by th...
Tags: Travel, Opec, Goldman Sachs Group Inc, Rupert Neil Bumfrey, Chart Bloomberg, Bloomberg Saudi Arabia, Saudi Equities Jump


#Saudi Wealth Fund PIF May Close Its Biggest-Ever Loan Deal This Week - Bloomberg

Saudi Wealth Fund PIF May Close Its Biggest-Ever Loan Deal This Week - Bloomberg Saudi Arabia’s sovereign wealth fund is set to close a deal for its biggest loan ever as soon as this week, according to people familiar with the matter.The Public Investment Fund is raising about $15 billion from a group of international banks to finance new investments, the people said, asking not to be identified as the information is private. The final bank group participating in the facility is still being dete...
Tags: Travel, Bloomberg, Pif, Saudi Aramco, Rupert Neil Bumfrey, Public Investment Fund, Bloomberg Saudi Arabia, Week Bloomberg


#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