Saudi Arabia
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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Saudi Arabia’s PIF cuts stake in Nintendo after report said it was considering increase
Nintendo has kept players interested in its ageing Switch console series through key games with characters such as Super Mario and Zelda. Charly Triballeau | AFP | Getty Images Saudi Arabia’s Public Investment Fund (PIF) trimmed its holding in Nintendo Co., a day after reports that a senior executive at the kingdom’s mammoth sovereign wealth […]
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Saudi Arabia slashes growth forecasts, sees wider budget deficits
Riyadh, Saudi Arabia. Xavierarnau | E+ | Getty Images Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic […]
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Oil alliance OPEC+ zeroes in on group compliance after postponing output hike
Dilara Irem Sancar | Anadolu | Getty Images The OPEC+ alliance is once more cracking down on group compliance with oil output cuts, as it presses ahead with a three-pronged plan of formal and voluntary production trims. Two OPEC+ delegates, who could only comment anonymously because of the sensitivity of the talks, told CNBC that […]
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Podcast: How pro video gaming, or esports, is taking off with big dollars behind it
Video gaming is big business. The global market is expected to reach $187.7 billion in 2024, according to data firm Newzoo. And in the industry, there has been a big effort to boost esports, which is competitive gaming, and turn it into a professional sport on part with soccer or football. Esports involves teams or […]
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OPEC is highly bullish on long-term oil demand growth. Not everyone agrees
The sun sets beyond crude oil storage tanks at the Juaymah tank farm at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. Bloomberg | Bloomberg | Getty Images Global benchmark Brent crude falling below $70 a barrel in early September — its lowest in […]
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Saudi Arabia expects to get access to Nvidia’s high performance chips ‘within the next year’
Saudi Arabia is optimistic about gaining access to U.S. chipmaker Nvidia’s high-performance chips, which would enable it to develop and operate the most advanced artificial intelligence models. Speaking to CNBC on Thursday, a top official at the Saudi Data and AI Authority, Abdulrahman Tariq Habib, said the kingdom expected to make such a stride in […]
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