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  • Trump Venues Bank on Golf, With Help From Saudi Arabia

    Amateur golfers lined up on Thursday at the Trump National Doral near Miami, having agreed to pay more than $9,000 apiece to play a friendly round alongside some of the world’s top professionals. Rooms at the resort hotel will fill up with fans as a pro tournament featuring some of the biggest names in the sport gets underway on Friday. The resort’s restaurants and bars will pull in more business, and the Trump name will be beamed around the world on television and the internet. Behind this surge in business at one of former President Donald J. Trump’s properties is his deal to host tournaments for LIV Golf, the upstart league sponsored by Saudi Arabia’s sovereign wealth fund.

  • Saudi Arabia banks embark on record bond binge for mega-projects

    Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from tourism to technology. That would be a new high, surpassing the $10 billion raised in 2022.

  • Two go on trial in Switzerland over ‘kleptocracy’ scandal involving Saudi oil firm, Malaysian bank

    Two managers of a Saudi oil exploration company went on trial in Switzerland on Tuesday for alleged fraud and money laundering over a scandal years ago linked to a Malaysian sovereign wealth fund that the U.S. Justice Department once described as the “biggest kleptocracy case” ever. The defendants from PetroSaudi — a Swiss Saudi citizen and a Swiss British national who were not identified by name for privacy reasons — are accused of having created a scheme in 2009 under which 1 Malaysia Development Berhad, or 1MDB, would set up a joint venture based on false premises.

  • Saudi Arabia’s $1.4bn financing to boost Bangladesh’s energy security

    A recently signed agreement on a Saudi financing loan for the Bangladesh Petroleum Corp. was expected to boost the South Asian economy’s energy security and reduce pressure on its dollar reserves. The International Islamic Trade Finance Corp., a division of the Islamic Development Bank, finalized on March 25 a financing deal with the Bangladeshi government to provide $1.4 billion to the Bangladesh Petroleum Corp.

  • Why Dolce & Gabbana is investing in Saudi Arabia

    To further its Middle East expansion, Dolce & Gabbana has unveiled a unique strategy for Saudi Arabia, the market everyone has their eyes on right now. First is a new flagship store in Riyadh, the capital city and commercial heart of Saudi Arabia. Dolce & Gabbana will also be entering a formal partnership with Diriyah Company, a Saudi Arabian state-owned organisation responsible for the restoration, redevelopment, and management of the historic Diriyah area in Saudi. “Saudi Arabia is a country to which we have always looked with keen interest for its entrepreneurial and economic dynamism, as well as its ancient culture,” says Dolce & Gabbana CEO Alfonso Dolce. “For years, we have been present in this country, initially approaching the market with caution and respect, deepening our understanding of its history and social aspects. To this day, we can say that the Saudi market is very interesting, reacts positively to incentives and is open to new proposals.”

  • Israel may cut off Palestinian banks from global banking system next week

    Palestinian banks could be cut off from the Israeli banking system starting next week following a decision by Israel’s finance minister to cease dealings between the two financial institutions, according to a report on Thursday by Israeli newspaper Haaretz. Israeli Prime Minister Benjamin Netanyahu has two days to convene a cabinet meeting to discuss reversing plans by Finance Minister Bezalel Smotrich to isolate Palestinian banks from both the Israeli and international banking systems.

  • Saudi Aramco chief says world should ‘abandon fantasy’ of phasing out fossil fuels

    "One of the challenges here is that while society wants to see emissions reduced, nobody wants to pay for it," Woods said. Nasser called for policies more in tune with the "real world." While alternative energy can reduce emissions, "when the world does focus on reducing emission from hydrocarbons, it achieves much better results," Nasser said.

  • Saudi Arabia denounces Israeli decision to confiscate West Bank land

    Israel’s actions “undermine the chances of a just and sustainable peace based on the two-state solution,” the statement on SPA added.

    Saudi Arabia also called on the international community to halt the systematic violations by Israeli settlers and to ensure the return of confiscated Palestinian lands.

    Last week, Israel announced the seizure of 800 hectares (8,000 dunams) of land in the occupied West Bank, which activists called the largest action of its kind in decades.

  • Number of bank branches in Saudi Arabia falls to 1,901 in 2023

    The number of bank branches in Saudi Arabia reached 1,901 by the end of 2023, down 26 branches, from 1,927 a year earlier.   This is the lowest number of Saudi bank branches in almost nine years, since November 2014, when it reached 1,891.   A total of 39 new branches opened last year, while 65 were closed, according to the latest bulletin issued by the Saudi Central Bank (SAMA).

  • Russia struggles to collect oil payments as China, UAE, Turkey raise bank scrutiny

    Russian oil firms face delays of up to several months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of U.S. secondary sanctions, eight sources familiar with the matter said.
    Payment delays reduce revenue to the Kremlin and make them erratic, allowing Washington to achieve its dual policy sanction goals - to disrupt money going to the Kremlin to punish it for the war in Ukraine while not interrupting global energy flows.