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It’s a busy morning for the Kingdom in the international business press.
The New York Times’ flagship business newsletter, Dealbook, took note of the Future Investment Initiative conference in Miami, which has so far largely made headlines for remarks by PIF boss Yasir Al-Rumayyan about (a) the Kingdom’s AI ambitions and (b) the fund’s goal of investing a bit more abroad in the coming years.
Dealbook unleashed its inner Orientalist, writing that “lots of big names showed up” and “everyone wanted everything to look normal. … Attendees mingled over wine, which is banned in Saudi Arabia, and Carbone’s spicy rigatoni. But everything isn’t entirely normal.” Why? One guest said “the real test of Saudi’s makeover is the level of her family’s concern when she visits the country.”
God forbid: “Some guests whispered that the Saudis expect private equity firms to set up offices there and make sure their CEO makes at least one annual visit as part of any deal.” Shocker, right?
Quick memo to Andrew Ross Sorkin: Y’all can do better than this.
MEANWHILE- The CEO of PIF-backed EV maker Lucid says the company is “crucial” to Saudi as one of the cornerstones of the Kingdom’s economic diversification program. “We’re in this together for the long run. Nobody wants this more than Saudi Arabia,” Peter Rawlinson said in an interview with Bloomberg. “This is like a marriage.” Bloomberg takes note of the company’s sliding valuation and a perception in some quarters that the global EV market may be cooling.
Also worth knowing about:
- ESL Faceit Group, the company set to organize the 2024 Esports World Cup, is cutting 15% of its staffto support “sustainable growth ambitions and profitability.” PIF’s Savvy Games Group bought Faceit USD 1.5 bn in 2022.
- The arrest of Amr Almadani, former head of the Royal Commission of AlUla, is making waves in France, where Le monde reports that the French outfit hired to help the RCU develop AlUla into a global arts destination is now facing an internal audit.
- Travel industry must-read Skift has its final sponsored content spotlight on tourism in the Kingdom — an interview with Niall Gibbons, Neom’s head of tourism.
AND- Bloomberg has taken note of what it says is Sabic’s only full-year loss in data going back to 1996.
