Twitter Takeover By Elon Musk Raises Problems in Saudi Arabia
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Saudi Arabia and other Middle East countries are reacting to the $44 billion sale of Twitter to Elon Musk. In Saudi Arabia, investor Prince Alwaleed bin Talal had opposed Musk's $54.20 per share offer, saying it didn't "come close to the intrinsic value of Twitter, given its growth prospects." Prince Alwaleed said before the deal was concluded: "I reject this offer." And there's a lingering dispute between Musk and Saudi Arabia's sovereign fund managers, with newly-released court papers about their disagreement on taking Musk's Tesla auto company private.
Saudi Arabia wanted a Tesla production plant in the kingdom; Musk didn't agree, and the deal fell through.
Qatar plans to enlarge its $450 billion sovereign wealth fund, and Oman plans to split its fund into two portfolios, domestic and foreign. Oman negotiates the release of 11 crew members who were aboard a United Arab Emirates cargo ship when it was seized by Yemen's Houthis in the Red Sea. Yemen's new presidential council plans a crackdown on corruption, Iran wants new nuclear talks "as soon as possible," and political parties are forming a new alliance against Tunisian President Kais Saied.
And news from Saudi Arabia, Qatar, France, Lebanon, Egypt, and More.
Elon Musk's purchase of Twitter still faces opposition in Saudi Arabia. Musk has a history with the kingdom, dating to his feud with the sovereign wealth fund over plans to take his Tesla electric auto company private, and most recently with Prince Alwaleed bin Talal, the Saudi investor. Prince Alwaleed opposed Musk's offer to buy Twitter and then drew a rebuke from Musk: "How much of Twitter does the Kingdom own, directly & indirectly?" Musk asked. "What are the Kingdom's views on journalistic freedom of speech?" Musk also has interacted in Turkey with President Recep Tayyip Erdogan on space exploration.
Al-Monitor, Saudi Arabia, Turkey react to Elon Musk's Twitter takeover.
A lawsuit continues from the feud between Elon Musk and Saudi Arabia's Public Investment Fund over Musk's electric carmaker Tesla. Investors sued Musk in U.S. federal court, claiming stock losses caused by misleading information about the collapsed 2018 deal for the sovereign wealth fund to take Tesla private. In a series of text messages between Musk and the head of Saudi PIF, Yasir Al-Rumayyan, Musk expressed his displeasure at how things turned out, messaging to the Saudi officer that "you are throwing me under the bus."
Business Insider, Elon Musk raged at the head of Saudi sovereign wealth fund for failing to support his bid to take Tesla private, texts show.
Yahoo News, Tesla investors say a judge found Elon Musk's 'funding secured' tweet was misleading.
The electric carmaker Lucid will sell up to 100,000 cars a year to Saudi Arabia over the next 10 years. Lucid Group Inc. said it signed an agreement for Saudi Arabia to purchase 50,000 cars with an option for another 50,000 during the 10-year time frame. Lucid plans to build its first overseas production plant in Saudi Arabia later this year. The plant is expected eventually to manufacture up to 150,000 vehicles a year.
Reuters, Lucid says Saudi Arabia will purchase up to 100,000 vehicles over 10 years.
Qatar wants to make its $450 billion sovereign wealth fund even bigger. Officials are discussing a plan that would bring major state-operated companies under the umbrella of Qatar Investment Authority, the state's wealth fund. It's not clear which companies might be included, and no final decisions have been made, but Qatar is trying to diversify and looking at more investments in the United States and in Asia. The wealth fund is the world's ninth largest.
Bloomberg, Qatar pursues plan to bolster $450 billion wealth fund.
Oman will divide its sovereign wealth fund into two separate portfolios, domestic and foreign. The plan is intended to increase the sultanate's economic growth, with the fund, the Oman Investment Authority, split into a National Development Portfolio and a Generational Portfolio. The national portfolio will manage assets of more than 160 domestic companies in support of the state's general budget. The second unit, the generational portfolio, consists mainly of foreign assets with the aim of "achieving the greatest returns for future generations."
The National, Oman to divide sovereign wealth fund into local and foreign portfolios.
Yemen's rebel Houthis released the crew of a United Arab Emirates cargo ship that was seized in January. The 11-member crew had been held since that time. The UAE said the ship, the Rwabee, was carrying medical supplies, but the Houthis claimed it was carrying military hardware when it was seized on the Red Sea on January 3. Sources close to the release said Oman had negotiated the agreement .
Reuters, Yemen's Houthis release crew of seized Emirati cargo vessel - spokesman.
Oman obtained the release of the Emirati ship's captain and 10 other foreign nationals from Yemen's Houthis, all now "safely in care of Oman." Omani Foreign Minister Badr Albusaidi said the group will be flown back to their countries soon. Albusaidi said he was "deeply grateful" to many parties, including the Houthi government in Sanaa, and "let's hope we are entering a new and better phase in Yemen."
NewsOnAir, Oman helps release the Indians held hostage in Yemen.
Yemen's new Presidential Leadership Council plans a crackdown on corruption, "a major point of discussion in forming the leadership body." The deputy head of the council, Major General Aidaroos Al Zubeidi, said the council will launch units against corruption in the liberated areas of Yemen and will audit and oversee spending. "There are many priorities. First we need to start providing state services, pay salaries, and establish peace and security across the capital Aden."
The National, Yemen's new presidential council plans corruption crackdown and to rebuild services.
Iran said it wants to resume nuclear talks in Vienna "as soon as possible." Saeed Khatibzadeh, Iran's foreign ministry spokesman, said that "prolonging the pause in the negotiations is not in anyone's interest." The talks, which started a a year ago, have been paused for more than a month. One sticking point is Iran's demand that its Islamic Revolutionary Guard Corps (IRGC) be removed by the United States from a list of terrorist organizations.
The National, Iran calls for resumption of nuclear talks 'as soon as possible.'
U.S. Secretary of State Antony Blinken defended reviving the Iran nuclear deal against congressional criticism. Blinken testified at a Senate hearing and said: "We continue to believe that getting back into compliance would be the best way to address the nuclear challenge posed by Iran." The leaders of the Senate Foreign Relations Committee, Chairman Bob Menendez, Democrat from New Jersey, and Senator James Risch, Republican from Idaho, both grilled Blinken, with Risch saying: "No agreement is better than a bad agreement."
Al Jazeera, Blinken defends Iran deal talks against congressional criticism.
Saudi Arabia has started a cloud-seeding operation to increase rainfall. The first phase is taking place in the skies over Riyadh, Qassim, and Hail regions, using "environmentally friendly" materials to stimulate precipitation. A second phase will include Asir, Al-Baha, and Taif regions. An operations room opened this week in Riyadh, with work continuing around the clock.
Saudi Arabia is one of the world's driest countries, with rainfall of less than 100 millimeters a year.
Arab News, Cloud-seeding operation begins in skies over Saudi Arabia.
A United Kingdom court ruled against Qatar Airways' effort to force Airbus to supply jetliners. The preliminary ruling by London's High Court means Airbus, the European manufacturer, is free to market its A321neo passenger planes to other carriers while Airbus and Qatar Airways remain locked in a separate disagreement over the safety of the larger A350 jets.
The Guardian, Qatar Airways loses UK court bid to force Airbus to supply A321neo.
Turkey's President Recep Tayyip Erdogan is scheduled to visit Saudi Arabia Thursday. He is expected to try to mend a rift between the two countries that followed Turkey's investigation of the murder of Saudi journalist Jamal Khashoggi in the Saudi consulate in Istanbul in 2018. The two-day trip was scheduled after a Turkish court halted the trial in absentia of 26 Saudi suspects, ending the case in Turkey and transferring it to Saudi Arabia.
AFP, Erdogan plans visit to Saudi Arabia, mending strained ties.
Pakistan's new prime minister, Shehbaz Sharif, will travel to Saudi Arabia this week, flying commercial and at his own expense. Sharif had been accused by opponents of planning to to take 16 family members at state expense. Reports said his party will now have about 40 people, including family, accompanying the prime minister. Sharif is expected to arrive in Saudi Arabia on Thursday for meetings, and he also will visit Mecca to perform Umrah pilgrimage.
Financial Express, Pak PM Shehbaz Sharif traveling to Saudi Arabia on commercial flight at his own expense: Govt.
Saudi Arabia and France are forming a joint development fund of $30 million for Lebanon, supporting food security and the country's crippled health sector. An announcement said the funds will be routed to humanitarian projects to provide emergency aid, including food, to Lebanon's most vulnerable populations. Support will also be given for access to primary health care and to the main public hospital in the northern city of Tripoli.
Reuters, Saudi Arabia, France pledge $30m for Lebanon aid and development.
A new "National Salvation Front" is being formed in Tunisia to oppose President Kais Saied. Veteran political leader Ahmed Nejib Chebbi said the mission is to unite Tunisian political forces to rebuild constitutional processes. "We want a return to legitimacy and democracy," he said. He called for a "salvation government" to lead the country during a transition period before a new election. The political alliance will include five parties, civil society groups, and independent political figures.
Middle East Eye, Tunisia: Opposition forms new alliance against President Kais Saied.
Tunisia's president seized control of the country's election authority, and the United States is "deeply concerned." President Kais Saied took over the election commission and said he would replace most of its members. The move would strengthen his one-man rule of Tunisia, and the U.S. State Department issued a statement saying the United States is "deeply concerned."
Reuters, U.S. State Department says it's deeply concerned by Tunisia's move to restructure the election authority.
MORE: Ruins of ancient temple for Zeus unearthed in Egypt's Sinai, Associated Press... Kuwait's GDP shrunk by 9% due to full and partial lockdowns, Zawya... Saudi Arabia aiming for tenfold increase in air transit traffic by 2030, Reuters... Jordan's King Abdullah warns of repeat Al Aqsa violence in Biden phone call, The National... Egypt lifts ban on night prayers at major mosques, AfricaNews... Higher oil prices to power Gulf economies amid inflation risks, Reuters.
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