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#SaudiArabia seeks to resolve #Qatar crisis as ‘gift’ to Joe Biden | Financial Times

Saudi Arabia seeks to resolve Qatar crisis as ‘gift’ to Joe Biden | Financial Times Saudi Arabia has stepped up its efforts to resolve its more than three-year dispute with Qatar after US president Donald Trump’s election defeat, according to people briefed on the talks.  The move to end the Gulf states’ blockade of their gas-rich neighbour is being perceived as an attempt by Crown Prince Mohammed bin Salman to curry favour with the incoming Biden administration and deliver a parting prese...
Tags: Travel, Washington, Saudi Arabia, US, Qatar, Joe Biden, Iran, Egypt, Middle East, Al Jazeera, Biden, Abu Dhabi, Tehran, Yemen, Donald Trump, Bahrain


Jordan scrambles to affirm its custodianship of al-Aqsa mosque

Amman fears warming Israel-Saudi relations may threaten its hold on holy Islamic siteJordan is scrambling to affirm its custodianship of the al-Aqsa mosque in Jerusalem after a meeting between Israeli and Saudi leaders raised fears in Amman that the fate of one of Islam’s holiest sites could be up for grabs in a normalisation deal between the two countries.Warming relations between Saudi Arabia and Israel, capped by a weekend visit by Benjamin Netanyahu to the Saudi crown prince, Mohammed bin Sa...
Tags: Saudi Arabia, Israel, Jerusalem, World news, Middle East and North Africa, Jordan, Benjamin Netanyahu, Amman, Trump, Riyadh, Mohammed bin Salman, Aqsa


The US brokered an unprecedented summit between Israel and Saudi Arabia as a reward for assassinating an Al Qaeda leader, sources say

A composite image showing Saudi Arabia's Crown Prince Mohammed bin Salman (left) and Israel's Prime Minister Benjamin Netanyahu (right). Reuters/Getty Images/Business Insider The US helped broker a meeting between the leaders of Israel and Saudi Arabia, according to two officials briefed on the matter. The two sources — one Israeli and one European — said the meeting was a reward for the audacious assassination in August of an Al Qaeda target in Iran. The secret meeting, they said,...
Tags: Politics, Saudi Arabia, White House, Israel, US, Trends, G20, Joe Biden, Iran, News UK, United Arab Emirates, Al Qaeda, The New York Times, Benjamin Netanyahu, Biden, Uae


Israeli minister says Netanyahu met Saudi Crown Prince, but Riyadh denies it

An Israeli government official said Prime Minister Benjamin Netanyahu held his first ever known meeting with Saudi Crown Prince Mohammed bin Salman on Sunday, but the claim was swiftly denied by Riyadh's top diplomat.
Tags: News, Middle East, Benjamin Netanyahu, Riyadh, Netanyahu, Mohammed bin Salman, Saudi Crown Prince


Saudis may stall on Trump's Middle East peace plan now he’s on the way out

The Palestinians are hoping a Biden presidency will slow the growing rapport between Saudi Arabia and IsraelDuring the last year of Donald Trump’s presidency, the question of whether Saudi Arabia would make peace with Israel had come down to a question of when.The terms of such a deal were more or less agreed during Trump’s tumultuous term, thrashed out between his envoy and son-in-law, Jared Kushner, and the kingdom’s effective ruler, Mohammed bin Salman, who held a very different view of the I...
Tags: Washington, Saudi Arabia, Israel, US, Tel Aviv, World news, US news, Iran, Middle East and North Africa, Palestinian territories, Middle East, Benjamin Netanyahu, Biden, Tehran, Donald Trump, Bahrain


Israeli minister says Netanyahu met Saudi Crown Prince, but Riyadh denies it

An Israeli government official said Prime Minister Benjamin Netanyahu held his first ever known meeting with Saudi Crown Prince Mohammed bin Salman on Sunday, but the claim was swiftly denied by Riyadh's top diplomat.
Tags: Cnn, Benjamin Netanyahu, Riyadh, Netanyahu, Mohammed bin Salman, Saudi Crown Prince


#SaudiArabia’s Acwa Power Set to Raise $1 Billion in Sukuk Sale - Bloomberg

Saudi Arabia’s Acwa Power Set to Raise $1 Billion in Sukuk Sale - Bloomberg Saudi Arabia’s Acwa Power International, half-owned by the kingdom’s sovereign wealth fund, is planning to raise about $1 billion by selling Islamic bonds early next year, according to people familiar with the matter.The company, one of the largest developers of power plants in the Middle East, has appointed the Saudi unit of HSBC Holdings Plc and Samba Capital to advise on the issuance, the people said, asking not to be...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, Samba, Riyadh, Jazan, HSBC Holdings Plc, Rupert Neil Bumfrey, Acwa Power International, ACWA, Samba Capital, Acwa Power Set, Sukuk Sale Bloomberg Saudi Arabia, Acwa HSBC


China's Xi Jinping pledged to work with other countries to accelerate COVID-19 vaccinations

Chinese President Xi Jinping. Noel Celis - Pool/Getty Images At the G20 Summit in Saudi Arabia, President Xi Jinping of China pledged to intensify cooperation on a global effort to develop vaccines for COVID-19, Reuters reported. Pfizer and BioNTech, as well as Moderna, have in the past two weeks announced vaccines that the companies maintain could be more than 90% effective in fighting the disease caused by the novel coronavirus. China is developing three vaccines that are now in Phase II...
Tags: Europe, Science, Saudi Arabia, China, Trends, United States, Xi Jinping, G20 Summit, Pfizer, Vaccines, Reuters, Riyadh, Xi, Matthew DeBord, Moderna, Coronavirus


‘People are suffering’: G20 to call on private lenders to suspend debt repayments

At this weekend’s meeting in Riyadh, leaders will urge action to free up resources to help stricken developing countries combat Covid-19From his house in Nairobi, banker turned financial vlogger James Mumo contemplated the state of Kenya’s post-pandemic economy. “It’s hopeless for a normal businessperson just trying to make a living for their family,” he says.The economic crisis caused by the pandemic and ensuing lockdowns has left many struggling: 1.7 million Kenyans lost their jobs between Apr...
Tags: Africa, World news, Banking, Poverty, Aid, Global development, Kenya, Debt relief, Riyadh, Nairobi, Coronavirus, James Mumo


Reform rhetoric at odds with reality as Saudi Arabia hosts G20 summit

Human rights abuses, the Jamal Khashoggi murder and fuelling a destructive war in Yemen have left the kingdom a pariahTen months ago Saudi Arabia’s royal family anticipated hosting this weekend’s G20 summit in the belief that the gathering of world leaders in Riyadh would be a showcase for the evolution of the kingdom. By extension it would be a chance to rehabilitate the image of Crown Prince Mohammed bin Salman after the murder of the journalist Jamal Khashoggi by a hit squad of Saudi state th...
Tags: Saudi Arabia, G20, Middle East and North Africa, Yemen, Donald Trump, King Salman, Riyadh, Mohammed bin Salman, Jamal Khashoggi, Biden Administration


Morning mail: war crimes shock, 250,000 US deaths, Riyadh's Ritz-Carlton purge

Friday: The Brereton report into alleged war crimes by Australian special forces raises urgent moral questions. Plus: Indigenous fashion in the spotlightGood morning, this is Imogen Dewey bringing you the main stories and must-reads on Friday 20 November. Continue reading...
Tags: US, Riyadh, Ritz Carlton, Brereton, Imogen Dewey


#UAE Escalates OPEC Dispute as Tensions on Output Quotas Grow - Bloomberg

UAE Escalates OPEC Dispute as Tensions on Output Quotas Grow - Bloomberg The United Arab Emirates ratcheted up tension with oil allies in OPEC+, with officials privately questioning the benefits of being in the producers’ alliance and even considering whether to leave it.The UAE has not said publicly it’s debating its membership, let alone planning to exit. And officials briefed the media under condition they would not be named, allowing room for maneuver if they later want to distance themselve...
Tags: Travel, Saudi Arabia, Iraq, Russia, Opec, Bloomberg, United Arab Emirates, Abu Dhabi, Uae, Riyadh, Mohammed bin Zayed, Emirati, Rupert Neil Bumfrey


#SaudiArabia News: Oil Giant Aims Next to Be Largest Hydrogen Exporter - Bloomberg

Saudi Arabia News: Oil Giant Aims Next to Be Largest Hydrogen Exporter - Bloomberg The world’s biggest oil exporter has set its sights on also becoming the largest supplier of hydrogen, a fuel seen as pivotal for curbing climate change.Saudi Arabia has “ambitious” plans and “will not be challenged in its record of being the biggest exporter of hydrogen on earth,” Energy Minister Prince Abdulaziz bin Salman said at a news briefing in Riyadh.The kingdom’s large natural gas reserves enable it to pr...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Red Sea, International Energy Agency, Rupert Neil Bumfrey, Abdulaziz bin Salman, NEOM


Saudi Aramco plans to raise billions by issuing international bonds, as low oil prices and a grim demand outlook loom over its finances

Reuters Saudi Aramco, the world's biggest oil company, will issue a multi-tranche international bond, according to a filing with the national stock exchange. The company has hired Citi, Goldman Sachs International, HSBC, JP Morgan, Morgan Stanley and NCB Capital to underwrite the sale. Aramco did not specify how large the dollar-denominated issuance would be, but it is expected to run into the billions, as the company struggles with a historic hit to oil demand.  Visit Business Insider's ...
Tags: Asia, Finance, Trends, Markets, Bonds, Crude Oil, Capital Markets, Riyadh, Aramco, Saudi Aramco, Fitch, Corporate Finance, NCB Capital, Amanda Cooper, Corporate Debt, Reuters Saudi Aramco


#Saudi Utility Converts $45 Billion Liabilities to Quasi-Equity - Bloomberg

Saudi Utility Converts $45 Billion Liabilities to Quasi-Equity - Bloomberg Saudi Electricity Co. will reclassify 168 billion riyals ($45 billion) of liabilities as “equity-like” instruments, as the state-controlled utility looks to bolster its balance sheet.The liabilities, owed to the Saudi Arabian government, “will be converted into a perpetual deeply subordinated equity-like financial instrument,” the company said in a statement Monday. “This conversion is considered non-dilutive and will the...
Tags: Travel, SEC, Riyadh, Saudi Aramco, Rupert Neil Bumfrey, Quasi Equity Bloomberg, Quasi Equity Bloomberg Saudi Electricity Co


Middle East Stocks News: #Saudi Banks Boost Main Stock Index Amid Recovery Bets: Inside EM - Bloomberg

Middle East Stocks News: #Saudi Banks Boost Main Stock Index Amid Recovery Bets: Inside EM - Bloomberg Saudi lenders boosted the main index in Riyadh to the biggest gain in the Middle East amid bets that a recovery in the kingdom’s economy will help earnings next year.The Tadawul Banks Index, composed of 12 banking shares, advanced 0.7% on Sunday to end at the highest level since Feb. 23. Al Rajhi Bank, Bank AlBilad, Samba Financial Group and Saudi British Bank climbed between 0.7% and 2.1...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, Riyadh, Mohammed bin Salman, Bloomberg Intelligence, Rupert Neil Bumfrey, Saudi British Bank, Edmond Christou, Al Rajhi Bank Bank AlBilad Samba Financial Group


#Saudi Red Sea project plans 16 hotels by 2023, finalising $3.7 bln loan -CEO | Reuters

Saudi Red Sea project plans 16 hotels by 2023, finalising $3.7 bln loan -CEO | Reuters Saudi Arabia’s flagship tourism project, The Red Sea Development Co (TRSDC), plans to have 16 hotels ready by the end of 2023, two more than initially planned in the first phase, as it expects a V-shape recovery in global tourism once the pandemic abates, Chief Executive John Pagano told Reuters.Owned by a Saudi sovereign fund, and backed by Crown Prince Mohammed bin Salman, the multi-billion dollar project en...
Tags: Travel, Saudi Arabia, Reuters, Riyadh, Mohammed bin Salman, Red Sea, Pagano, Saudi Red Sea, Rupert Neil Bumfrey, John Pagano, Red Sea Development Co TRSDC


Analysis: State investors help plug #Saudi's yawning deficit | Reuters

Analysis: State investors help plug Saudi's yawning deficit | Reuters Saudi Arabia is increasingly relying on state-owned investors to finance itself amid the coronavirus pandemic, a strategy that raises questions about how exposed ordinary Saudis could be to a sovereign shock.The government-backed institutions - namely the pension fund and insurance agency - have seen their domestic debt holdings nearly double in the first six months of this year as Riyadh finances a yawning budget deficit thro...
Tags: Travel, Saudi Arabia, Reuters, Riyadh, GCC Gulf Cooperation Council, Rupert Neil Bumfrey, Hasnain Malik, Saudi Arabia Inc, Tellimer


#UAE says has no plan for now to increase VAT | Reuters

UAE says has no plan for now to increase VAT | Reuters The United Arab Emirates has no plan to increase value-added tax (VAT) to more than the current 5%, the ministry of finance said on Tuesday.All six Gulf Arab states agreed to introduce 5% VAT in 2018 after a slump in oil prices hit their revenues.Saudi Arabia, the United Arab Emirates and Bahrain have already introduced the tax, with Riyadh tripling it this year. Oman said last month it plans to launch it in April.“There are no plans or deci...
Tags: Travel, Saudi Arabia, United Arab Emirates, Oman, Bahrain, Uae, Gulf, Reuters, Riyadh, Rupert Neil Bumfrey


Human rights groups urge driver action over F1 race in Saudi Arabia

Street race in Jeddah next year is part of long-term deal‘F1 and FIA can’t ignore they are being used for sportswashing’Human rights groups have condemned the confirmation that Formula One is to hold a race in Saudi Arabia next year. The country’s human rights record has been described by Amnesty International as “heinous” and both they and Human Rights Watch have characterised the event as a blatant attempt at “sportswashing” to legitimise the country’s repressive regime.The nighttime race is s...
Tags: Saudi Arabia, Sport, Middle East and North Africa, Formula One, Motor sport, Amnesty International, Jeddah, Riyadh, FIA


OPEC President Says Saudis, Russia Push to Delay Supply Hike - Bloomberg

OPEC President Says Saudis, Russia Push to Delay Supply Hike - Bloomberg OPEC+ talks on delaying a January oil-output increase gathered momentum on Tuesday, with some top officials offering support to the effort.Algeria, which this year holds the OPEC presidency, said that both Saudi Arabia and Russia were pressing fellow members to prolong the current oil-supply cuts into next year, rather than tapering them as planned. Algeria supported the proposal, the first country to publicly do so.Oil pri...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Moscow, Algeria, Riyadh, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Mohammad Barkindo, Bloomberg OPEC


Go cold #Turkey - Riyadh Bureau ht @ahmed

Go cold Turkey - Riyadh Bureau When Riyadh’s chamber of commerce held its election in February, one candidate was utterly ubiquitous: Ajlan al-Ajlan, billionaire founder of a company that sells Saudi men’s clothes, appeared to spare no expense for his campaign. On street billboards, newspaper pages, television channels and social media networks, his face was inescapable. People even joked they found him inside their microwaves and bread toasters.Al-Ajlan’s heavy spending paid off as he came firs...
Tags: Travel, Saudi Arabia, Turkey, Ramadan, Riyadh, Rupert Neil Bumfrey, Ajlan al Ajlan, Turkey Riyadh, Al Ajlan, Ajlan


#SaudiArabia's deficit down in third quarter as taxes boost revenue | Reuters

Saudi Arabia's deficit down in third quarter as taxes boost revenue | Reuters Saudi Arabia posted a budget deficit of 40.768 billion riyals ($10.87 billion) in the third quarter this year, more than half its deficit in the previous quarter, as a spike in non-oil revenues offset a continued decline in oil income.The world’s largest oil exporter faces an economic contraction this year as the coronavirus crisis hits global demand for crude while virus containment measures weigh on non-oil economic ...
Tags: Travel, Saudi Arabia, Reuters, Riyadh, Reuters Saudi Arabia, Rupert Neil Bumfrey, Al Rajhi Capital, Mazen Al Sudairi


Critics slam 'shameless hypocrisy' of Saudi G20 meeting as women activists sit in jail

A virtual business event hosted by Riyadh promises to place a "special emphasis" on "creating a more equitable future for women."
Tags: News, Riyadh


#Saudi Index Drops Most Since May in Final-Hour Slump: Inside EM - Bloomberg

Saudi Index Drops Most Since May in Final-Hour Slump: Inside EM - Bloomberg Saudi Arabia’s Tadawul All Share Index fell the most in five months amid renewed concern about measures to contain the spread of coronavirus.The benchmark index retreated 4.1% to 8,154.59, the lowest level in more than seven weeks. The decline, which led losses among major benchmarks in the Middle East on Sunday, accelerated in the final hour of trading in Riyadh.Large caps Saudi Basic Industries Corp., the chemical mak...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, Riyadh, Saudi Aramco, SABIC, Saudi Basic Industries Corp, Jabal Omar Development Co, Rupert Neil Bumfrey, Al Rajhi Bank, Bloomberg Saudi Arabia, Ekhbariya TV, Clariant AG Saudi Arabia, Mohammed Al Shemimry, Mohammed Ashemimry Financial Consultants


Turkish burgers off the menu in Saudi Arabia as trade boycott bites fast food industry

With its spicy sauce and Ottoman-themed packaging, the “Turkish burger” is one of the more exotic choices on the menu at Saudi Arabian restaurant Herfy. Or, at least, it was. This week, the Turkish patty has vanished from the menu and been replaced with an identical “Greek burger,” the latest casualty of Saudi Arabia’s unofficial boycott of Turkish products. “It’s the same thing,” one Herfy worker, Mahmood Bassyoni, told customers as he offered them a taste of the burger, according to Bloomberg ...
Tags: News, Saudi Arabia, Bloomberg, Turkey, Middle East, Erdogan, Istanbul, Riyadh, Tayyip Erdogan, Mohammed bin Salman, Saudi Arabian, Crown Prince of Saudi Arabia, Jamal Khashoggi, Herfy, Mahmood Bassyoni, Al Sadhan Group


Saudis shun 'made in Turkey' as rivalry deepens

From pickled vine leaves to coffee and cheese, Saudi supermarkets are taking Turkish products off the shelves after calls for a boycott, as rivalry between Riyadh and Ankara heats up.
Tags: News, Turkey, Ankara, Riyadh


Saudi women's summit accused of 'whitewashing' record on rights

Sister of jailed activist, Loujain al-Hathloul, says attendees legitimise regime that silences womenThe sister of a jailed Saudi activist has criticised a G20-linked women’s summit hosted by Riyadh this week as a disturbing attempt to whitewash the country’s dismal record on women’s rights.Loujain al-Hathloul has been in prison for more than two years without trial after campaigning for an end to Saudi Arabia’s ban on women driving and its system of male guardianship, which effectively relegates...
Tags: Saudi Arabia, G20, World news, Middle East and North Africa, Riyadh, Loujain al Hathloul, Women's rights and gender equality


#SaudiArabia News: BinDawood Holding Surges in IPO on Stock Exchange - Bloomberg

Saudi Arabia News: BinDawood Holding Surges in IPO on Stock Exchange - Bloomberg:  The BinDawood family’s fortune soared after shares in their eponymous Saudi Arabian grocery business rose by 10% on their first day of trading.  Members of the family own a 67% stake worth about $2.2 billion in BinDawood Holding Co., according to Bloomberg calculations based on the IPO prospectus. They also raised about $500 million from the initial public offering.  BinDawood is one of the biggest grocery chain...
Tags: Travel, Saudi Arabia, Ipo, Bloomberg, Riyadh, Rupert Neil Bumfrey, Stock Exchange Bloomberg, BinDawood Holding Co, BinDawood Holding Surges, Khaled Dawood Ibrahim BinDawood


Mideast Stock Markets Trade Mixed With Oil in Focus: Inside EM - Bloomberg

Mideast Stock Markets Trade Mixed With Oil in Focus: Inside EM - Bloomberg:The main equities gauge in Riyadh climbed while those in Kuwait and Abu Dhabi fell after leaders from Russia and Saudi Arabia discussed the OPEC+ agreement over the weekend and indicated further cooperation to support oil prices.The Tadawul All Share Index climbed as much as 0.5% on Sunday in Riyadh, trimming its increase at the close to 0.1%. Gauges in Oman, Qatar and Israel also gained, while those in Dubai, Abu Dhabi, ...
Tags: Travel, Europe, Vladimir Putin, Saudi Arabia, Russia, Israel, Americas, Opec, Bloomberg, Egypt, Kremlin, Abu Dhabi, Kuwait, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey