Saudi Arabia is in early talks with US electric automaker Tesla to set up a manufacturing facility in the kingdom to help diversify its economy away from oil
(Bloomberg) In scorching summer heat, Renier Swiegers marches through the desert toward a drilling rig. He’s not looking for oil, the dynamo of Saudi Arabia’s economy the past 80 years, though. It’s another potential source of wealth and influence the kingdom now has its eye on.Most Read from BloombergIndia’s Moment Has Arrived, and Modi Wants a New Global OrderFed Set to Double Its Economic Growth Forecast After Strong US DataSoaring US Dollar Raises Alarm as China, Japan Escalate FX Pushbac
Saudi Arabia and Russia said on Tuesday they would extend voluntary oil cuts until the end of the year, sending the price of Brent crude to a 10-month high.In August, oil firm Saudi Aramco announced profits of $30.08 billion for the second quarter of 2023, a fall of 38 percent from the same period last year when prices surged after Russia invaded Ukraine.
(Bloomberg) Saudi Arabia’s stocks offer some of the best buying opportunities in emerging markets, if investors look beyond oil, according to a top-performing fund manager.Most Read from BloombergLots of US Homeowners Want to Move. They Just Have Nowhere to GoAsia’s Richest Families Fuel Race for Lucrative Finance JobsBurning Ship’s Operator Says Almost 500 EVs Are on BoardChina Stops Short of Direct Consumer Support to Spur EconomyArab States Sour on Israel in Blow to US Aim of Saudi Peace P