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Saudi Arabia’s Loss-Making U.S. Investments: Buying Influence

Following Saudi Arabia’s purchase of the PGA Tour, a new Senate report revealed the dictatorship’s ballooning share of the American economy.

The post Saudi Arabia’s Huge U.S. Investments Lose Money — but Buy Influence appeared first on The Intercept.

sport

Ittihad signs Portuguese winger Jota in ongoing summer spending spree

RIYADH: Saudi football team Al-Ittihad have confirmed the signing of Portuguese winger Jota from Celtic. The 24-year-old attacker joins French World Cup winners Karim Benzima and N’Golo Kante, who were both added to the team last month, in Jeddah as The Tigers’ bid to retain the Saudi Pro League title next season.  Jota, who completed a medical before signing on Monday, has agreed terms that will see him in yellow and black for the next three years. The financial details of the deal were not disclosed.
Business

Saudi Airlines Catering Co. inks $720m agreement with Red Sea Global

RIYADH: A SR2.7 billion ($720 million) deal has been signed which will see Saudi Airlines Catering Co. provide laundry services for hotels at Red Sea Global’s tourist developments. The agreement was announced on the Saudi stock exchange, Tadawul, and SACC expects the deal to start showing up in its profit margin by the third quarter of 2025. The 20-year contract will see SACC operate laundry services for hotels, resorts and other facilities located within the destination.
Business

“Bahrain invests $1.3bn in UK economy: Key deals signed”

LONDON: Bahrain has signed a memorandum of understanding for strategic investments and collaborations with Britain that will see the Gulf state’s private sector invest 1 billion pounds ($1.3 billion) in Britain, the Bahraini crown prince’s social media account said on Monday. The investments will be through Bahraini sovereign wealth fund Mumtalakat, Investcorp, GFH Financial Group, and Osool Asset Management.
Business

Saudi Arabia and UAE pledge $6bn for Iraq investment support

RIYADH: Saudi Arabia and the UAE have committed to allocate $6 billion for expanding international trade and investment in Iraq, reported Iraqi News Agency.  On Sunday, the Federation of Iraqi Chambers of Commerce announced that it also agreed to set up business councils of the Kingdom and the UAE in the country.   “The UAE and Saudi Arabia deposited $3 billion each to support their operations in Iraq, which include trade and investment activities,” said FICC President Abdel Razzak Al-Zouhairy.  
Business

ACWA Power announces 2 million share buyback and 8.3% dividend for 2022

RIYADH: Shareholders of Saudi energy firm ACWA Power have approved the buyback of 2 million shares. The decision was taken during the extraordinary general meeting held on June 22. According to the company’s disclosure to the Saudi Stock Exchange, the shares will be utilized in the employee stock incentive program. In addition, the buyback is to be financed from the firm’s resources, ACWA Power revealed. The board of directors will complete the buyback within 12 months from the EGM date.
Business

PIF Ranks 7th Worldwide and Top in Mideast for High GSR Scores

RIYADH: Saudi Arabia’s Public Investment Fund ranked first in the Middle East region and seventh worldwide among 100 global state-owned funds for scoring high in governance, sustainability and resilience practices, according to the evaluation of the Global Sovereign Wealth Funds. Launched in 2020, the GSR scorecard is driven by an annual review of the best practices of the world’s top 100 funds, focusing on 25 elements — 10 of which are associated to governance and transparency, 10 to sustainability and responsible investing, and five to resilience and legitimacy. 
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Sen. Fetterman Building Republican Donor Roster Since October

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“Yes I’m a Republican and I exclusively supported John through the Jewish community for his principled actions supporting Israel.”

The post Since October, Sen. John Fetterman Has Been Building a Roster of Republican Donors appeared first on The Intercept.

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