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  • BlackRock’s Fink defends energy investments amid criticism from ‘left and right’

    Larry Fink, chief executive of the world's biggest asset manager BlackRock Inc (BLK.N), on Wednesday defended his firm's energy investments after facing a backlash from lawmakers critical of its stance on environmental, social and governance (ESG) issues. "Facts are not important with some sub-groups in this country," Fink told attendees at the Institute of International Finance conference in Washington, citing the company's $181 billion invested in U.S. energy companies. "I'm now being attacked equally by the left and the right so I'm doing something right, I hope. I don't know. It's painful, but you know what? We're moving forward."

  • Saudi Arabia Promotes Investment Environment to Fund Cultural Projects

    Saudi Arabia’s Cultural Development Fund launched a partnership with the private sector to bolster the investment environment in the cultural field and provide a crowdfunding opportunity for the first creative projects. The partnership agreement was signed with Beehive company, which provides an inspiring environment for entrepreneurs and artists.

  • Energy crisis triggers new wave of oil and gas investment

    Foreign direct investment (FDI into oil and gas extraction has made a massive comeback this year, as energy companies have deployed capital to expand production within a higher price environment and constraints on supplies from Russia after its invasion of Ukraine. Between January and August 2022, foreign investors announced 15 greenfield oil and gas extraction projects worth $42bn, which is already equivalent to the total capital expenditure (capex) in the previous four full-year periods combined, according to fDi Markets. That is also more than seven times higher than the $5.4bn of capex committed in 2021.

  • Energy crisis triggers new wave of oil and gas investment

    Between January and August 2022, foreign investors announced 15 greenfield oil and gas extraction projects worth $42bn, which is already equivalent to the total capital expenditure (capex) in the previous four full-year periods combined, according to fDi Markets. That is also more than seven times higher than the $5.4bn of capex committed in 2021.

  • Will Saudi Arabia use billion-dollar international investments for political goals?

    "These shopping sprees after a cycle of boom in the oil markets are not surprising," added Sara Bazoobandi, an associate at the Hamburg-based GIGA Institute of Middle East Studies. "And it is important to note that one of the most common motivations for these funds is still maximizing [financial] returns."

  • Saudi Arabia, UK explore increased trade, investment opportunities

    The Lord Mayor of the City of London Alderman Vincent Keaveny and Saudi Minister of Investment Khalid Al-Falih discussed the opportunities for increased trade and investment between the two countries in light of the ongoing UK-GCC free trade negotiations. “As part of the Saudi Vision 2030 to diversify the country’s economy, London’s expertise opens up huge possibilities for closer partnership in services acting as a key enabler of diversification and source of funding,” Keaveny said after the meeting.

  • Saudi Arabia’s Savvy Games Group launches $38bn investment strategy

    The group plans to invest 142 billion riyals ($38bn) across four programmes, each with specific objectives, the Saudi Press Agency reported on Thursday. Under the strategy, 250 games companies will be established in the kingdom, which will create 39,000 jobs, and raise the sector’s gross domestic product contribution to 50bn riyals by 2030. The programmes include the acquisition and development of a leading game publisher to become a strategic development partner and making a series of minority stake investments in key companies that support Savvy’s game development agenda.

  • Saudi Arabia’s ACWA Power’s investment exceeds $67bn: CFO

    Saudi Arabia’s utility developer ACWA Power currently holds over a $67 billion investment portfolio, revealed its chief financial offier. The company, which builds power and desalinated water plants, currently has 60 percent of its projects in progress and 40 percent in development stages.

  • As Saudi Arabia goes on defense investment spree, Israeli industry in a tight spot

    Israel is facing a dilemma. Saudi Arabia is investing heavily in its defense industry, eyeing lucrative deals directly with foreign firms or that involve international partnerships. But Jerusalem, which recently normalized relations with some Gulf nations but not the Kingdom, is being left out, much to the chagrin of some Israeli defense firms that haven’t been able to get permission from the defense ministry to sell their wares.

  • Saudi Future Investment Initiative Institute Concludes Deal to Support Tourism

    The Saudi Tourism Development Fund and the FII signed a strategic partnership agreement to work together in advancing projects and initiatives in line with the Institute's core focus areas. It will also support the curation of the upcoming sixth edition of the FII forum, which will be held in Riyadh from October 25-27 under the theme of "Impact on Humanity: Enabling a New Global Order." The CEO of the Fund, Qusai al-Fakhri, explained that the partnership with FII will enhance efforts between the two parties and seek jointly to encourage and support investment in the tourism sector in Saudi Arabia.