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  • Saudi-backed Savvy Games was mystery partner in collapsed $2B Embracer deal

    The previously unknown partner in a $2 billion video game mega-deal that mysteriously and dramatically collapsed last spring was the Saudi government-funded Savvy Games Group, Axios has learned. Why it matters: The fallout of the failed deal sent shares of The Embracer Group — Savvy's would-be partner, and one of the most voracious acquirers of video games studios in the last several years — plummeting, and forced it into cost-cutting mode.

  • Israel, U.S. Sound Worlds Apart on Palestinian Component of Saudi Deal

    In an interview with Bloomberg earlier this week, Netanyahu dismissed the notion that the Palestinian issue would significantly hinder Israel’s efforts to normalize ties with the Saudis. “It’s sort of a checkbox,” Netanyahu told Bloomberg. “You have to check it to say you’re doing it. Is that what’s being said in corridors? Is that what’s being said in discreet negotiations? The answer is a lot less than you think.”

  • After stocking up on big-name players, Saudi Arabia’s ambitious soccer league starts Friday

    Three of the nine games in each round will be shown in Britain and Germany on the platforms of subscription streaming service DAZN, by French pay-TV network Canal+ and across five different outlets in China, including Tencent. In North America, DAZN has the rights in Canada and Azteca in Mexico. Global news packages will be provided by London-based SNTV, a joint venture between The Associated Press and the IMG agency which exclusively managed broadcast sales for the next two seasons.

  • After stocking up on big-name players, Saudi Arabia’s ambitious soccer league starts Friday

    The Saudi Arabian soccer league kicks off Friday after a spending spree on big-name players grabbed the world’s attention during the European summer offseason. Hundreds of millions of dollars from the kingdom’s vast oil wealth were spent to supercharge the state-backed Saudi Pro League’s ambitions of being a global player. About a billion more in salaries were turned down by Lionel Messi and Kylian Mbappé, who rejected offers to join the exodus.

  • Netanyahu wants security agreement from Biden as part of mega U.S.-Saudi-Israel deal

    Israeli Prime Minister Benjamin Netanyahu wants to get a security agreement with the U.S. focused on deterring Iran in the context of the mega-deal the Biden administration is trying to reach with Saudi Arabia and Israel, four Israeli and U.S. officials told Axios.

  • Lucid Air Limited Assembly In Saudi Arabia To Start In September

    Lucid Group announced its second-quarter financial results yesterday and provided some updates on its plans during the earnings call. The EV startup's CEO, Peter Rawlinson, said the company's first overseas plant in Saudi Arabia is expected to start limited production of Lucid Air EVs in September. Construction on the AMP-2 plant located in King Abdullah Economic City only started a year ago and the facility is still under construction, but Rawlinson said Lucid will start sending partially assembled vehicles from the US to the Saudi Arabia facility that will finish the production process.

  • Chart: Saudi Transfer Spending on Par With European Top Leagues

    After successfully shaking up the world of professional golf, Saudi Arabia’s Public Investment Fund (PIF) has now set its eyes on the most popular sport in the world: football. Two years after taking over Premier League club Newcastle United, the Saudi sovereign wealth fund is now aiming to push its domestic league into the spotlight by bringing world class talent to the Saudi Pro League.

  • Saudi Arabia Charts Solo Path on OPEC Policy

    Saudi Arabia is increasingly driving an oil-production strategy to boost prices that is at odds with other members of the Organization of the Petroleum Exporting Countries, in a push to fund the kingdom’s ambitious development projects. For now, it is working, as oil prices have ticked steadily higher in recent weeks. But Saudi Arabia’s unilateral moves to cut output carry a significant longer-term risk of splintering the alliance if Riyadh forces other smaller producers to join the cuts, according to industry analysts and others familiar with OPEC’s internal dynamics. On Friday, members of OPEC and its Russia-led allies met virtually to discuss the outlook for oil demand, which would help the group plan its production strategy in the coming months. The cartel in a brief statement said it would adjust production levels depending on market conditions.

  • Saudi Arabia’s red sea project shares six-year progress on shura island by foster & partners

    The Red Sea Project, a luxury tourism development in Saudi Arabia, celebrates its six years of construction progress. Originally introduced as part of Saudi Arabia’s Vision 2030 by Crown Prince Mohammad bin Salman, the project has released a new video showcasing the updates on its popular destinations, including three hotels and an international airport. Among the hotels is the Shura Island also known as the Coral Bloom concept designed by Foster and Partners.

  • Saudi Arabia brings together international teams to participate in Camel Festival

    Teams from around the world have arrived in Saudi Arabia to participate in the Crown Prince Camel Festival which commenced on Tuesday. Countries including the US, France, Switzerland, Oman, Bahrain, the UAE, Jordan, Qatar, Kuwait, Sudan and Egypt, along with Saudi Arabia, will participate in the fifth edition of the sport at the historic Taif Camel Field, running through September 7, according to the official Saudi Press Agency (SPA).