HSBC-Backed Firm Launches Saudi Arabia's First Quant ETF
The ETF began trading on Monday, with a plan to raise $100 million this year from institutional and retail investors to invest in companies listed on the Saudi stock exchange, according to Osama Alowedi, chief investment officer at SAB Invest. The fund tracks local equities.
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New York Post
6 hours ago
- New York Post
Saudi Arabia's ambitious $500B ‘The Line' development is getting a reality check — and going under a microscope
Saudi Arabia's plan to build a mirrored 'landscraper' city is now under the microscope. The wealthy Middle Eastern country is endeavoring to build a 105-mile linear city taller than the Empire State Building, but there may be recalibrations ahead. The kingdom recently tapped consultants to review the feasibility of their futuristic plans, insiders told Bloomberg. The Line was announced in 2017 as a zero-carbon city built between two glass skyscrapers. The lean metropolis, located in Saudi Arabia's northwestern desert, is designed to rise 1,600 feet high and house 9 million people. Advertisement Sci-fi-like renderings show networks of towers, walkways, an artificial river, hanging greenery and an end-to-end high speed rail. The car-less, road-less metropolis will cost an estimated $500 billion. 6 A rendering of the 105-mile Line as it reaches the coast. NEOM/AFP via Getty Images 6 A handout picture shows the design plan for the interior of the zero-carbon city. NEOM/AFP via Getty Images Advertisement 6 The Line is slated for completion in 2030, but experts are skeptical. NEOM/AFP via Getty Images The Line's sheer scale and high-tech surveillance infrastructure generated controversy from the beginning. The country's economic minister reaffirmed its ambitious 2030 completion deadline amid public scrutiny last year, but outside experts have proposed timelines closer to five decades. The Line is just one piece of a hyper-futuristic desert complex called Neom. The sprawling development project, funded from the coffers of Saudi Arabia's oil-rich sovereign wealth fund, plays into Saudi Arabia's Vision 2030 — an effort to move its economy away from dependency on oil revenues. A unit of the country's public investment fund recently tapped consulting firms to take a look at plans for The Line, with a likely eye towards cost and feasibility. Advertisement 6 A satellite image of Neom construction progress. Gallo Images via Getty Images Neom, in a statement to Bloomberg, pointed out that strategic reviews of large developments are commonplace. 'The Line remains a strategic priority and Neom is focused on maintaining operational continuity, improving efficiencies and accelerating progress to match the overall vision and objectives of the project,' the statement said. But the move comes amid global scrutiny of the wealthy country's radical infrastructure agenda and pressures on public finances. The ambitious pet project of Saudi Crown Prince Mohammed bin Salman was pitched at a time when the country was on better financial footing. The Saudi budget deficit grew in 2024 as the price of oil fell below what was needed to balance its budget. Advertisement 6 The Line's ambitious timeline or massive scale may need to be recalibrated. NEOM/AFP via Getty Images 6 An aerial view of construction on The Line in Neom. Giles Pendleton, The Line at NEOM While Neom and The Line could proceed as planned, it's possible that this strategic review will result in a smaller scale and a longer timeline. Job cuts are currently planned across Neom, one anonymous consultant told CNBC. But whether or not the cost proves too high, or the technology too ambitious, the work continues. The construction site of The Line is currently dotted with cranes, pile drivers, a new road and tracks for a high-speed rail system.
Yahoo
a day ago
- Yahoo
Revealed: The Truth Behind Liverpool's £250m Summer Spending Spree
The Myth of Liverpool's Reckless Spending As the summer window rolls on and Liverpool's outlay climbs past the £250m mark — with Hugo Ekitike now the next expected arrival after Florian Wirtz, Jeremie Frimpong, and Milos Kerkez — the usual noise from rival fanbases is beginning to bubble. 'How can they afford this?' they ask, peering over their stagnant rebuilds or club-based catastrophes. The short answer is that they don't understand how Liverpool works. The long answer? Michael Edwards is something that I have been waiting for since his return. Liverpool's recruitment under Edwards has never been about throwing cash at the wall or making emotion-based decisions. It's about timing, resale value, and extracting every ounce of financial efficiency from a squad before reinvesting it, almost like-for-like, in players with higher ceilings. Spending £70m on Ekitike or £115m on Wirtz doesn't happen in a vacuum — it's part of a carefully engineered cycle. A cycle that's now entering its third iteration and could lead to a dynasty of success. The post-Klopp rebuild isn't being fuelled by deep pockets, it's being fuelled by deep and brilliant planning. The truth is Liverpool spend big because they sell smart — and few in world football are better at this than Edwards and, now, Richard Hughes. Selling to Buy: The Edwards Blueprint Go back a few years and you'll find the same routine. Philippe Coutinho leaves for £142m and in come Alisson Becker and Virgil van Dijk. Rhian Brewster fetches £23.5m from Sheffield United without ever starting a league game. Dominic Solanke goes for £19m, with little to justify that fee back then. Neco Williams for £17m when he was at best a sporadic understudy. There's a pattern — players surplus to elite needs are sold at a premium, and the funds are funnelled back into ready-made upgrades or long-term projects. And, repeat. Fast forward to summer 2025 and it's the same old trick — only on a more accelerated timeline and urgency. Luis Díaz and Darwin Núñez are expected to fetch a combined £140m from Saudi clubs or European suitors. Harvey Elliott looks set to join West Ham for close to £50m. Caoimhín Kelleher has left for just under £20m. Even fringe players like Nat Phillips, and Owen Beck — reportedly bound for Rangers at £10m — are used to generate value in the market. Jarell Quansah has been sold for over £30m, whereas Tyler Morton, Federico Chiesa (if deemed expendable), and even Kostas Tsimikas could all contribute to a summer sales haul that breaks the £250m barrier without blinking. This isn't accidental or by chance. This is Liverpool running like a business, not a billionaire's toy. Edwards, Hughes, and the Art of the Sustainable Superclub So yes, Liverpool might still sign Alexander Isak. Yes, Rodrygo might still arrive. Yes, Marc Guéhi might follow if Ibrahima Konaté is offloaded to Real Madrid. But none of this is reckless or reactionary — it's a reflection of a club that refuses to rot while rivals chase the same dream with half the structure and none of the clarity. FSG has tasked a brilliant executive with full power of this illustrious club with the promise that with continual regeneration, success and asset worth will come. Michael Edwards was brought back to bring order, and in Richard Hughes, he's found a partner who understands the landscape of modern football better than most. Together, they're pushing Liverpool towards that rarest of sporting models: a sustainable superclub that understands how to sustain long-term success. The Merseyside giant can sign world-class talent, challenge for major trophies, and still post respectable balance sheets. The money is coming from within. From the smart sales of yesterday and the ruthless decisions of today. And if some fanbases can't get their heads around that, it's probably because their clubs don't have anyone as capable pulling the strings and refuse to accept the brilliance which is unfolding. Let the rest of the nation moan about money. Liverpool will just keep building and altering that famous wall of achievements.
Yahoo
a day ago
- Yahoo
Saudi Arabia's Crude Oil Exports Hit 3-Month High in May
Saudi Arabia's crude oil exports rose to a three-month high in May, the latest data by the Joint Organizations Data Initiative (JODI) showed on Monday, as the Kingdom leads the OPEC+ production increases this summer. Saudi Arabia, the world's top crude oil exporter, saw its shipments rise by 25,000 barrels per day (bpd) from April to 6.19 million in May, according to the JODI data which compiles self-reported figures from the individual countries. The export levels in May reached the highest since February this year, when the shipments exceeded 6.5 million bpd, the data showed. Meanwhile, Saudi crude oil production jumped by 179,000 bpd to reach a 23-month high in May, as the Kingdom and its OPEC+ allies started easing their production cuts in April this year. Saudi Arabia's domestic refinery intake inched by 17,000 bpd in May from the previous month, but total product demand surged by 478,000 bpd to the highest level in 9 months. The demand in May was above the five-year average range, according to the data in JODI. Since April, Saudi Arabia has been consistently increasing its crude oil production, as it leads the OPEC+ group's current policy to unwind 2.2 million bpd in total oil production cuts. Earlier this month, OPEC+ caught the market by surprise by announcing a larger-than-expected output hike of 548,000 bpd for August. Another production boost of 550,000 bpd for September is expected, and this would allow OPEC+ to unwind all the 2.2 million bpd cuts. OPEC+ producers still have 1.6 million bpd in other production cuts spread among the group members and expiring at the end of 2026. OPEC has already announced individual members' production in June, which showed a large gap in estimated and self-reported Saudi oil production. The Saudi output of 9.356 million bpd, per OPEC's numbers based on secondary sources tracking production and supply, was in perfect alignment with the Saudi quota. But in the table with self-reported figures, OPEC put an asterisk – in a very unusual move – next to the Saudi production number of 9.360 million bpd, explaining below that 'Saudi Arabia's supply to the market in June was 9,360 tb/d and production was 9,752 tb/d.' By Michael Kern for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
