Saudi Arabia
Saudi Arabia’s Neom replaces its CEO amid reports of delays and cutbacks
Digital render of NEOM’s The Line project in Saudi Arabia The Line, NEOM Saudi Arabia’s massive Neom megaproject, a multi-trillion dollar plan to develop a swathe of land the size of Massachusetts, has replaced its CEO in a significant reshuffling as the kingdom faces questions over the economic viability of its ambitions. Neom’s board of […]
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Silicon Valley’s General Catalyst makes first investment into Saudi Arabia through fintech Lean Technologies
Silicon Valley venture capital firm General Catalyst has made its first investment in Saudi Arabia through fintech startup Lean Technologies, which just closed a Series B round worth $67.5 million. General Catalyst has $30 billion in assets under management and has backed major U.S. tech companies like Snap, Stripe and AirBnb. Lean Technologies’ fundraising round also […]
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Oil giant Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend
Saudi Aramco’s Ras Tanura oil refinery and oil terminal Ahmed Jadallah | Reuters Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of “lower crude oil prices and weakening refining margins,” but maintained a 31.05 billion dividend. The company reported net income of $27.56 billion in […]
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Top Wall Street execs are getting skeptical on the Fed’s easing path
A trader works as a screen displays the Fed rate announcement, on the floor of the New York Stock Exchange on June 12, 2024. Brendan McDermid | Reuters RIYADH, Saudi Arabia — Major Wall Street CEOs see ongoing inflation pressures in the U.S. economy and aren’t convinced that the Federal Reserve will continue its rate-easing […]
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Next U.S. president shouldn’t surrender America’s energy dominance, TotalEnergies CEO warns
Whoever wins the 2024 U.S. election should work to preserve America’s energy dominance rather than risk losing it, TotalEnergies CEO Patrick Pouyanne told CNBC on Monday. The U.S. is the world’s largest oil producer, accounting for 22% of the global total, according to the Energy Information Administration, with Saudi Arabia next, producing 11%. The vast […]
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Larry Fink says the Fed won’t cut interest rates as much as markets expect this year
Andrew Ross Sorkin speaks with BlackRock CEO Larry Fink during the New York Times DealBook Summit in the Appel Room at the Jazz at Lincoln Center in New York City on Nov. 30, 2022. Michael M. Santiago | Getty Images The U.S. Federal Reserve won’t cut interest rates as much as markets expect because “embedded […]
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Foreign investors flock to flagship Saudi economic conference — but face less free-flowing cash
A delegate arrives at the King Abdulaziz Conference Centre in Saudi Arabia’s capital Riyadh to attend the Future Investment Initiative (FII) forum. Fayez Nureldine | Afp | Getty Images Thousands of financiers, founders and investors are set to descend on the Saudi capital of Riyadh for the eighth edition of the kingdom’s Future Investment Initiative, […]
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Lucid CEO says Wall Street misinterpreted $1.75 billion capital raise
Lucid Motors CEO Peter Rawlinson poses at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, New York, July 26, 2021. Andrew Kelly | Reuters DETROIT — Investors misinterpreted a public offering last week by […]
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The UAE can guarantee the ‘safety and the security’ of U.S.-made chips, G42 CEO says
The CEO of the United Arab Emirates’ premier AI firm stressed that the Gulf country is a reliable partner to the U.S. when it comes to keeping sensitive technology safe, as Washington reportedly mulls curbs on chip sales to certain countries — particularly those in the Middle East. The UAE has shown it can “guarantee […]
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Saudi sovereign wealth fund allocates $5.2 billion in green bonds project amid diversification push
Digital render of NEOM’s The Line project in Saudi Arabia The Line, NEOM Saudi Arabia’s Public Investment Fund (PIF) has allocated $5.2 billion out of $8.5 billion raised through green bonds to projects as of June 2024, according to its Allocation and Impact Report released on Friday. This allocation figure is up from $1.3 billion […]
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