Saudi Arabia’s money was a boon to Silicon Valley. Now it’s a headache.
6 years, 3 months ago

Saudi Arabia’s money was a boon to Silicon Valley. Now it’s a headache.

CNN  

CNN Business — For years, Saudi Arabia has been one of the unofficial banks for the tech industry. Uber received a staggering $3.5 billion in funding from Saudi Arabia’s Public Investment Fund in 2016 and added the Public Investment Fund’s managing director to its board, where he still serves today. The statements highlight the new challenge much of the tech industry may face in reconciling its financial ties to Saudi Arabia with renewed public scrutiny of the country’s leadership. Numerous other big-name startups have received funding from Saudi Arabia indirectly, through SoftBank’s Vision Fund. The massive $93 billion technology investment fund launched last year with $45 billion of its backing from Saudi Arabia’s sovereign wealth fund – part of a broader effort to diversify the country’s economy away from oil.

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History of this topic

Trump to launch two new Saudi Arabia projects weeks before White house return
1 month, 1 week ago

Trump to launch two new Saudi Arabia projects weeks before White house return

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Trump Organization has said it has leased its brand …

Saudi Arabia’s investment fund has been set an impossible task
8 months ago

Saudi Arabia’s investment fund has been set an impossible task

Live Mint  

About a decade ago, a flashy, deep-pocketed investor made an appearance. Saudi Arabia’s Public Investment Fund had a mandate to go big, and was ready to: it picked up a $3.5bn stake in Uber, placed $45bn in the world’s largest technology-investment fund, SoftBank’s Vision Fund, and provided half the capital for a $40bn infrastructure fund run by Blackstone, a private-equity …

Middle Eastern Sovereign Wealth Funds become the world's ATM
1 year, 4 months ago

Middle Eastern Sovereign Wealth Funds become the world's ATM

Live Mint  

Five years ago, Saudi officials watched a wave of American finance executives pull out of a free investment confab in Riyadh after the murder of a dissident journalist made the kingdom a toxic place to do business. The region’s sovereign-wealth funds have become the en vogue ATM for private equity, venture capital and real-estate funds struggling to raise money elsewhere. …

Saudi investors warned against $2 billion Jared Kushner investment fund
2 years, 9 months ago

Saudi investors warned against $2 billion Jared Kushner investment fund

Raw Story  

Jared Kushner spent his final days in the White House traveling to the Middle East and after leaving, he has worked his contacts there to capture investors for his "investment" fund. The documents include details like "the inexperience of the Affinity Fund management," as well as concerns that the Saudis owned "the bulk of the investment and risk." "Ethics experts …

The $20 billion winner of the American EV startup boom: Saudi Arabia
3 years, 5 months ago

The $20 billion winner of the American EV startup boom: Saudi Arabia

Live Mint  

The single biggest financial beneficiary of the recent U.S. electric-vehicle startup boom is an unlikely candidate: the world’s largest exporter of oil. The kingdom of Saudi Arabia stands to record a profit of nearly $20 billion on a $2.9 billion investment in Lucid Motors Inc., a San Francisco Bay Area electric-car maker that is set to list publicly after it …

Saudi Arabia’s ‘Davos of the Desert’ awaits new US policy
3 years, 11 months ago

Saudi Arabia’s ‘Davos of the Desert’ awaits new US policy

Al Jazeera  

Saudi Arabia, the Arab world’s largest economy, is scheduled to hold its annual Future Investment Initiative amid the ongoing coronavirus pandemic and a new US administration said to be reluctant to cede to the kingdom’s strategic imperatives. There has never been a more important time to bring the greatest minds together to harness this opportunity to reimagine our world.” Vision …

Column: If the Khashoggi murder didn’t make Saudi money toxic, the Bezos hack won’t either
4 years, 11 months ago

Column: If the Khashoggi murder didn’t make Saudi money toxic, the Bezos hack won’t either

LA Times  

President Trump with Saudi Crown Prince Mohammed bin Salman at the White House. The technical experts hired by Bezos found enough to conclude “with medium to high confidence that Bezos’ iPhone X was compromised via malware sent from a WhatsApp account used by Saudi Crown Prince Mohamed bin Salman.” The malware prompted the phone to transmit an immense volume of …

SoftBank’s troubles don’t end with Wag. Here are 5 more Vision Fund investments to watch closely
5 years, 1 month ago

SoftBank’s troubles don’t end with Wag. Here are 5 more Vision Fund investments to watch closely

CNN  

Hong Kong CNN Business — SoftBank’s decision to abandon its $300 million investment in dog-walking startup Wag has raised more questions about the strategy of its mega tech fund. The Vision Fund also has stakes in ride-hailing startups Didi, Grab and Ola, all of which “will likely face similar issues as Uber, with their economics likely remaining challenged until robo-taxis …

SoftBank’s big tech ambitions in doubt after WeWork IPO debacle and Uber’s slump
5 years, 3 months ago

SoftBank’s big tech ambitions in doubt after WeWork IPO debacle and Uber’s slump

CNN  

Hong Kong CNN Business — SoftBank CEO Masayoshi Son has been shaking up the global tech industry and Silicon Valley, using his $100 billion Vision Fund to pour money into splashy startups like Uber, Slack and WeWork. Slack is also down 40% from a June high and down 25% from the reference price set when it went public.The SoftBank Vision …

Saudis replace Aramco chair with wealth fund chief ahead of IPO
5 years, 4 months ago

Saudis replace Aramco chair with wealth fund chief ahead of IPO

Al Jazeera  

Saudi Arabia has named Yasir Al-Rumayyan, head of the country’s sovereign wealth fund, as Chairman of Saudi Aramco, replacing Energy Minister Khalid Al-Falih, a Saudi official said. There’s speculation that prices and the IPO are linked and they need higher prices to get the valuation they want for the IPO.” When he was first appointed energy minister in 2016, Al-Falih …

Uber’s IPO will be early test for SoftBank’s massive venture fund
5 years, 8 months ago

Uber’s IPO will be early test for SoftBank’s massive venture fund

CNN  

New York CNN Business — In the second half of 2017, Uber was in a state of disarray. Uber’s IPO will be “the first real litmus test” for SoftBank’s investment strategy, said Kartik Hosanagar, a professor at the Wharton School of the University of Pennsylvania. “It’s their first investment to go public and also one of their larger investments.” But …

SoftBank and Saudi Arabia are two big winners from the Uber IPO
5 years, 9 months ago

SoftBank and Saudi Arabia are two big winners from the Uber IPO

CNN  

London CNN Business — Uber’s IPO is generating plenty of excitement in Silicon Valley. They’re the main backers of the SoftBank Vision Fund, Uber’s largest shareholder with a 16.3% stake.Saudi Arabia’s sovereign wealth fund also owns a direct stake of 5.3%. Saudi Arabia’s Public Investment Fund, which invested in 2016,also has an Uber board seat occupied by itsmanaging director Yasir …

Endeavor returns Saudi investment money after Jamal Khashoggi murder
5 years, 10 months ago

Endeavor returns Saudi investment money after Jamal Khashoggi murder

LA Times  

Washington Post Endeavor’s bid to return a $400-million investment to the Saudi Arabian government because of an outcry over the murder of Saudi journalist Jamal Khashoggi has been fulfilled, according to a person with knowledge of the talks. Endeavor, the Hollywood agency and content-packaging company, accepted the money last spring from Saudi Arabia’s Public Investment Fund after company Chief Executive …

Qatar admits it unwittingly helped bail out Jared Kushner's skyscraper
5 years, 11 months ago

Qatar admits it unwittingly helped bail out Jared Kushner's skyscraper

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy When news emerged that Qatar …

Saudi Arabia makes new pitch for $400 billion investment
5 years, 11 months ago

Saudi Arabia makes new pitch for $400 billion investment

CNN  

Dubai CNN — Saudi Arabia has unveiled a new bid to lure investments in the biggest such initiative since the killing of journalist Jamal Khashoggi. Under a new industry and logistics program, the country is looking for private sector help to develop its manufacturing, mining, energy and logistics sectors, according to the Saudi Press Agency. The country’s energy minister, Khalid …

Kingdom Holding says it will invest $1 billion in Saudi Arabia
5 years, 11 months ago

Kingdom Holding says it will invest $1 billion in Saudi Arabia

CNN  

Dubai CNN Business — The company founded by Saudi Arabia’s most prominent globalinvestor plans to spend more of its money at home. Kingdom Holding CEO Talal Ibrahim Al Maiman said Monday the firm plans to spend $1 billion in Saudi Arabia over the next six months as the country attempts to repair its reputation withforeigninvestors after the murder of journalist …

Saudi Arabia faces fight for investment after Khashoggi killing
6 years, 1 month ago

Saudi Arabia faces fight for investment after Khashoggi killing

CNN  

Dubai CNN Business — Saudi Arabia’s young crown prince had a vision for his kingdom: a country with a diversified economy, a booming tourism and entertainment industry and a budding tech hub with some of the world’s biggest names. ‘Maybe he did, maybe he didn’t’ But he also left open the possibility that bin Salman may have been involved, as …

CEO of Uber Dara Khosrowshahi: We will ‘wait to get the facts’ on Khashoggi killing
6 years, 2 months ago

CEO of Uber Dara Khosrowshahi: We will ‘wait to get the facts’ on Khashoggi killing

CNN  

Laguna Beach, California CNN Business — Uber CEO Dara Khosrowshahi says he’s waiting for more information about the killing of journalist Jamal Khashoggi before taking any action over the Saudi government’s significant investment in the startup. Khosrowshahi was one of the first major CEOs to pull out of a high-profile Saudi business conference last month as the international outcry grew …

SoftBank sticks with Saudis despite regret over Khashoggi killing
6 years, 2 months ago

SoftBank sticks with Saudis despite regret over Khashoggi killing

CNN  

Hong Kong CNN Business — Masa Son is sticking with Saudi Arabia. The CEO and founder of Japan’s SoftBank on Monday expressed “strong regret” over the killing of Saudi journalist Jamal Khashoggi, but said his company can’t sever its financial ties to Saudi Arabia. The killing of Khashoggi in the Saudi consulate in Istanbul was “a terrible incident that should …

Silicon Valley startups are still taking Saudi cash
6 years, 2 months ago

Silicon Valley startups are still taking Saudi cash

CNN  

London CNN Business — Silicon Valley startups are still taking Saudi cash despite the intense controversy over the murder of journalist Jamal Khashoggi. Two deals made public this week show that SoftBank is pressing ahead with investments by its Vision Fund, a major player in Silicon Valley that is backed by $45 billion in Saudi government money. The cash infusions …

Saudi Arabia's investment conference draw deals worth $50 billion despite boycotts over Jamal Khashogi's killing
6 years, 2 months ago

Saudi Arabia's investment conference draw deals worth $50 billion despite boycotts over Jamal Khashogi's killing

Firstpost  

A number of Western politicians and global business chiefs stayed away from Saudi Arabia’s premier investment event over the Khashoggi case. Riyadh: Saudi Arabia’s crown prince trumpeted on Tuesday a conference that has drawn investment deals worth $50 billion despite a boycott over the killing of journalist Jamal Khashoggi, declaring the event as “great - more people more money”. The …

Saudi crisis shows Wall Street struggle between ethics and cash
6 years, 2 months ago

Saudi crisis shows Wall Street struggle between ethics and cash

Live Mint  

New York: As chief executive of the world’s biggest asset manager, Larry Fink began the year with a call to the thousands of companies that the firm holds stakes in: Show how they make a “positive contribution to society.” Now Fink’s BlackRock Inc., overseeing more than $6 trillion of other people’s money, is facing a comparable challenge, stuck between conscience …

As business leaders begin to shun Saudi Arabia over Jamal Khashoggi disappearance, big blow to oil-rich country's economic reputation
6 years, 2 months ago

As business leaders begin to shun Saudi Arabia over Jamal Khashoggi disappearance, big blow to oil-rich country's economic reputation

Firstpost  

The disappearance of Saudi journalist Jamal Khashoggi last seen entering the kingdom’s consulate in Istanbul has shaken businesses’ confidence in the country as a place to do business, with potential consequences for billions of dollars in investments into and out of the country. “Foreign investment is a main pillar of Vision 2030,” said Sebastian Sons, an expert on Saudi Arabia …

Big tech’s Saudi Arabia ties in doubt after Khashoggi
6 years, 2 months ago

Big tech’s Saudi Arabia ties in doubt after Khashoggi

CNN  

CNN Business — This spring, the crown prince of Saudi Arabia met the royalty of Silicon Valley: Tim Cook, Jeff Bezos and Sundar Pichai. The question these companies keeping asking his firm now in the wake of the Khashoggi news: “Tell me how this ends.” The unfolding situation pits Silicon Valley’s self-professed idealism against the opportunity to tap into the …

PR and politics: ‘Davos of the Desert’ sees mass cancellations
6 years, 2 months ago

PR and politics: ‘Davos of the Desert’ sees mass cancellations

Al Jazeera  

Hailed as the start of Saudi’s economic reform, the Future Investment Initiative is now tainted by the Khashoggi case. — CNN Communications October 12, 2018 But Luciano Zaccara, research coordinator at Qatar University’s Gulf Studies Center, said it remains to be seen if the cancellations will have any long-term effect and if companies are not just pulling out for public …

SoftBank’s deep ties with Saudi Arabia are making investors nervous
6 years, 3 months ago

SoftBank’s deep ties with Saudi Arabia are making investors nervous

CNN  

Hong Kong CNN Business — Masayoshi Son used Saudi Arabia’s oil riches to help him become one of the world’s most powerful tech investors. Shares in Son’s Japanese tech company SoftBank plunged more than 7% in Tokyo on Monday as international pressure intensified on Saudi Arabia over the disappearance of prominent journalist Jamal Khashoggi. Jeenah Moon/Bloomberg via Getty Images Top …

Here’s where Saudi Arabia has invested around the world
6 years, 3 months ago

Here’s where Saudi Arabia has invested around the world

CNN  

London CNN Business — Saudi Arabia has spent the past few years pumping its oil riches into Silicon Valley. Tech companies have been among the major beneficiaries of Saudi Arabia’s bid to diversify its economy, receiving billions of dollars via direct investments from the country’s sovereign wealth fund, or indirectly through a massive fund established with Japan’s SoftBank. Public Investment …

Saudi ‘Davos in the Desert’ attendees drop out over Khashoggi disappearance
6 years, 3 months ago

Saudi ‘Davos in the Desert’ attendees drop out over Khashoggi disappearance

LA Times  

Bloomberg The mysterious disappearance of a prominent critic of the Saudi Arabian government is prompting some business leaders to back away from the “Davos in the Desert” event intended to showcase Prince Mohammed bin Salman’s modernization plan for the desert kingdom. Other confirmed dropouts now include: • Bob Bakish, Viacom Inc. chief executive • Dara Khosrowshahi, Uber Technologies Inc. CEO …

Saudi Arabia’s new economy dream threatened by Khashoggi backlash
6 years, 3 months ago

Saudi Arabia’s new economy dream threatened by Khashoggi backlash

CNN  

London CNN Business — One year ago, with more than 3,500 business leaders and government officials in attendance in Riyadh, Crown Prince Mohammed bin Salman announced that Saudi Arabia was open for business. Smart Take A year ago, Crown Prince Mohammed bin Salman wowed prominent foreign investors with plans to modernize Saudi Arabia’s economy and reduce its dependence on oil. …

NEOM, Saudi Arabia’s ‘mega city’ project, names big tech investors as advisors
6 years, 3 months ago

NEOM, Saudi Arabia’s ‘mega city’ project, names big tech investors as advisors

CNN  

Dubai CNN Business — Saudi Arabia is attracting big names from around the world to advise on one of its most ambitious projects — building a futuristic mega city — even as questions mount about its role in the disappearance of prominent journalist Jamal Khashoggi. Uber co-founder Travis Kalanick, SoftBank CEO Masayoshi Son, venture capitalist and Facebook board member Marc …

Why Saudi Arabia Would Want to Invest in Elon Musk and Tesla
55 years ago

Why Saudi Arabia Would Want to Invest in Elon Musk and Tesla

Wired  

At first blush, Elon Musk and the Kingdom of Saudi Arabia may appear to be strange bedfellows. But, according to Musk, who recently made news when he talked and tweeted about taking Tesla private, the investors controlling Saudi Arabia's sovereign wealth fund have approached him multiple times since the beginning of last year. The country's ruling family is well aware …

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