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NEW YORK: Billionaire investor turned philanthropist George Soros is ceding control of his $25 billion empire to a younger son, Alexander Soros, according to an exclusive interview with The Wall Street Journal published online Sunday.
Soros’ business holdings include his nonprofit Open Society Foundations, which is active in more than 120 countries around the world and funnels about $1.5 billion annually to groups such as those that back human rights and promote the growth of democracies around the world, according to its website.
The 37-year-old, who goes by Alex, told the Wall Street Journal that he is “more political” than his 92-year-old father, who has been a right-wing target for his backing of liberal causes such as reducing racial bias in the justice system. But he noted that the two “think alike.”
Alex said he was broadening his father’s “liberal aims” and embracing different causes including voting and abortion rights, as well as gender equity. He said he aims to keep using the family’s wealth to back left-leaning US politicians.
Alex told the Wall Street Journal that he recently met with Biden administration officials, Senate Majority Leader Chuck Schumer and heads of state, including Brazil’s President Luiz Inácio Lula da Silva and Canada’s Prime Minister Justin Trudeau, to push for issues related to the family foundation.
In December, the board of Open Society Foundations, known as OSF, elected Alex as its chairman, succeeding his father. The newspaper also reported that Alex now directs political activity as president of Soros’ super PAC.
The Wall Street Journal reported that the younger Soros is the only family member on the investment committee overseeing Soros Fund Management, which manages money for the foundation and the family.
During the interview with the newspaper, Alex expressed concern that former President Donald Trump would return to the White House and hinted that the Soros organization would play a key financial role in the 2024 presidential race.
“As much as I would love to get money out of politics, as long as the other side is doing it, we will have to do it, too,” he said in the interview that took place at the fund manager’s New York offices.
Alex is the oldest of two sons from George Soros’ marriage with his second wife, Susan Weber, according to the Wall Street Journal.
The appointment passes over George Soros’ elder son Jonathan Soros, 52, a lawyer with a background in finance. He had been believed to be the clear successor until “a falling out and a change of heart,” according to the paper.
RIYADH: Saudi Arabia and Kuwait have asserted exclusive ownership of the Al-Durra gas field in the maritime “Divided Area” after tensions with Iran rose once again in the long-running dispute over the lucrative site.
The Saudi minister of foreign affairs reaffirmed the joint ownership, calling on Iran to engage in negotiations to demarcate the eastern border of the area.
The Kuwaiti oil minister also rejected Iran’s claims over the field and urged Tehran to initiate discussions about the area.
In a statement released by the Saudi Press Agency on Tuesday, a Foreign Ministry source emphasized the natural resources in the “Divided Area” are solely owned by Saudi Arabia and Kuwait.
“We renew our previous calls for Iran to start negotiations to demarcate the eastern border of the submerged divided area between the Kingdom and Kuwait, as one negotiating party opposite the Iranian side,” the ministry stated.
Following Saudi Arabia’s declaration, Kuwait also asserted its exclusive rights over the Al-Durra gas field. According to state news agency KUNA, Kuwaiti Oil Minister Saad Al-Barrak expressed strong opposition to Iran’s planned activities in the area.
“We categorically and totally reject Iran’s planned activities around the premises of the Al-Durra offshore gas field,” Al-Barrak said,
In an interview with Asharq during the 8th Organization of the Petroleum Exporting Countries’s International Seminar, he added: “Iran must first enter into the demarcation of international borders, and after that, whoever has a right will get it according to the rules of international law.”
A source close to Kuwait’s Foreign Ministry revealed to KUNA that the “maritime area where Al-Durra offshore field lies is part of the State of Kuwait’s sea territories, and the natural resources therein are shared between Kuwait and Saudi Arabia,” dismissing any claims by Iran.
The source added: “Only the state of Kuwait and Saudi Arabia have exclusive rights to the natural resources of the Al-Durra field.”
This assertion solidifies Kuwait’s position and underscores the shared ownership between the two neighboring countries.
The dispute over the Al-Durra gas field has been ongoing for many years. In March, Kuwait and Iran held joint negotiations in Tehran, emphasizing the need to resolve the matter in accordance with international laws.
Iran’s persistence in pursuing activities in the area however adds to the complexity of the dispute and poses challenges to achieving a resolution.
The Al-Durra gas field is a common submerged area between Saudi Arabia and Kuwait located in the Arabian Gulf. It is situated within the Al-Hasa Governorate, which is a part of the Eastern Province of Saudi Arabia.
The discovery of this oil field dates back to the 1960s, which coincided with the commencement of the demarcation process for the maritime borders between Saudi Arabia and Kuwait.
• 1967 Al-Durra gas field discovered.
• 2013 Talks stall between Saudi Arabia, Kuwait and Iran.
• 2019 Saudi Arabia and Kuwait resume production from Neutral Zone fields.
• 2022 Saudi Arabia and Kuwait sign MoU to invest in Al-Durra gas field.
• 2023 Resources in Neutral Zone confirmed to be fully owned by Saudi Arabia and Kuwait.
The ownership of the field was evenly divided between the two countries, becoming effective in 1970.
The gas field is one of the largest in the world with abundant natural gas reserves.
It is expected to produce 1 billion cubic feet of gas daily and 84,000 barrels per day of condensate, and plays a significant role in Saudi Arabia and Kuwait’s gas production.
The Al-Durra oil field’s strategic importance and the potential wealth it holds have attracted the attention of neighboring countries, particularly Iran.
The dispute over its ownership and exploitation rights arises from differing interpretations of maritime boundaries and conflicting claims by Tehran.
In 2001, Iran began granting contracts for its exploration, which prompted Saudi Arabia and Kuwait to finalize the demarcation of their maritime borders, which included the Al-Durra oil field.
Despite objections from Iran, Saudi Arabia and Kuwait signed an agreement in 2022 to jointly develop and explore the field.
IN NUMBERS
• 1 billion cubic feet estimated daily gas production.
• 84,000 barrels estimated daily production of liquefied natural gas.
The controversies surrounding the operations escalated following Iran’s announcement in June that it was prepared to commence drilling in the Al-Durra gas field.
Mohsen Khojsteh Mehr, the managing director of the National Iranian Oil Co., indicated that Iran is allocating sizeable resources for exploring the site.
“Considerable resources have been allocated to the board of directors of the National Iranian Oil Co. for the implementation of the development plan for this field,” said Mehr, according to Iranian state media.
Despite attempts at negotiations and agreements between Kuwait, Saudi Arabia, and Iran, a definitive resolution to the dispute has remained elusive, leading to ongoing tensions and disagreements in the region.
The competing claims and Iran’s readiness to begin drilling in the Al-Durra field further exacerbate the tensions in the region.
As the situation unfolds, it remains to be seen whether diplomatic negotiations or other means will be employed to reach a mutually agreeable resolution between the concerned parties.
RIYADH: Red Sea Global has announced the installation of 750,000 solar panels in a huge boost for the development’s sustainability drive.
The giga-project has also constructed five solar stations as it gears up for the first phase of its opening, which will see 16 hotels, retail, and entertainment venues come online and powered entirely by renewable energy.
RSG is also implementing the world’s largest battery storage facility at a capacity of 1,200 megawatts per hour, which will enable the company to achieve 100 percent grid independence.
The tourist destination is set to operate 50 resorts by 2030, with up to 8,000 hotel rooms and over 1,000 residential buildings spread across 22 islands and six inland areas.
Along with the giga-project of NEOM, RSG has put sustainability as a key tenet of its development, in line with Saudi Arabia’s target to reach net-zero for carbon emissions by 2060.
John Pagano, the CEO of RSG, said ensuring that the world’s largest tourism destination is fully powered by renewable energy falls within such commitment, according to the Saudi Press Agency.
Pagano added that the installation of electroluminescent panels at the five solar stations had been completed as part of the first phase of the Red Sea Project, and the complete independence of the venture from the national grid makes it not only the largest, but also the first of its kind in the world.
All vehicles transporting visitors to the Red Sea Tourism Project will be fully powered by solar energy, starting with their arrival at the Red Sea International Airport and continuing through their movements within the sites and between the nearby islands.
According to the SPA, RSG is also investing in human capital, and has provided vocational training scholarships to 500 people in cooperation with the Human Resources Development Fund, of which 50 people have received training in renewables.
The company aims to provide specialized training to a total of 10,000 Saudi citizens by 2030.
Alongside this, RSG is working to ensure half of its workforce are Saudi nationals.
In May, while speaking to Arab News on the sidelines of Arabian Travel Market 2023 in Dubai, Tracy Lanza, global head of brand development at RSG, revealed the company was edging closer to hitting that target.
“The goal is 50-50 and we are nearly there, and I can say from a marketing standpoint, our team is at 67 percent and growing. We also have the largest percentage of Saudi women, I think, at the company,” said Lanza.
SINGAPORE: Oil prices rose on Friday and were on track for their second straight weekly gain as resilient demand resulted in a larger-than-expected fall in US oil stocks, offsetting fears of higher interest rates in the North American country, according to Reuters.
Brent crude futures were up 45 cents, or 0.6 percent, at $76.97 a barrel at 9:15 a.m. Saudi time, while US West Texas Intermediate crude gained 44 cents, also 0.6 percent, to $72.24 a barrel.
Both benchmarks were set to gain about 2 percent for the second straight week.
“The crude demand outlook is starting to look better as we enter peak summer travel in the US, and as the Saudis were able to raise prices to Europe and Asia,” said Edward Moya, an analyst at OANDA.
US crude stocks fell more than expected on strong refining demand, while gasoline inventories posted a large draw after an increase in driving last week, the Energy Information Administration said on Thursday.
That comes as top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. The total cuts now stand at more than five million barrels per day, equating to 5 percent of global oil output.
However, oil price gains were capped by strengthening expectations that the US central bank is likely to raise interest rates at its July 25-26 meeting after holding rates steady at 5 to 5.25 percent in June.
The number of Americans filing new claims for unemployment benefits increased moderately last week, while private payrolls surged in June, data showed on Thursday, raising the likelihood of a Federal Reserve rate hike this month.
The Organization of the Petroleum Exporting Countries will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to the organization said.
Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. Investors will look for cues on rate paths from US and China inflation data next week.
“Oil has found a floor this week and it looks like it could head higher as long as global recession fears don’t run wild,” Moya said.
RIYADH: State-owned Saudia, formerly Saudi Arabian Airlines, announced on Thursday that it would allocate over 7.4 million seats to domestic and international flights in July and August, a 10 percent increase over the same period last year.
According to a press statement, the national carrier will operate over 32,400 flights during this period, up 4 percent from the same time last year.
These measures aim to meet high demand during peak seasons and ensure smooth operations, efficient reservations for scheduled and seasonal destinations, and streamlined airport processes, the statement said.
The airline will provide over 4.2 million seats on its international routes, a 16 percent rise over July and August last year.
It will also introduce over 14,800 flights during the period, a 15 percent climb over last year.
The statement added that over 3.2 million seats will be available on domestic routes through 17,600 flights.
Captain Ibrahim Koshy, CEO of SAUDIA, emphasized the airline’s extensive experience managing operations throughout the year, especially during peak seasons.
The plan includes increasing flights and seat capacity and introducing seasonal destinations to meet guests’ needs while providing excellent services.
The airline has implemented comprehensive procedures and prepared the necessary facilities to ensure a successful summer season and Hajj pilgrimage.
The company relies on its young fleet and dedicated team from Saudia Aerospace Engineering Industries to maintain on-time aircraft performance.
Earlier this year, Saudia Group announced the addition of 25 new international destinations, expanding its network to over 100 destinations.
This expansion aims to give travelers more options and connect the world with the Kingdom. As part of the global SkyTeam alliance, guests can access 1,000 destinations in 170 countries and enjoy over 790 first-class and business-class lounges worldwide.
RIYADH: A Saudi delegation of top ministers, government officials and business leaders will take part at the UN High-level Political Forum next week as representatives from over 100 countries gather in New York to assess the progress of the Sustainable Development Goals.
The forum will be held from July 10-19 and focus on accelerating the recovery from the coronavirus disease and fully implementing the 2030 Agenda for Sustainable Development, aimed at ending poverty in all forms.
It will discuss the effective and inclusive recovery measures to address the impacts of the COVID-19 pandemic on the SDGs and explore actionable policy guidance for the full implementation of the 2030 agenda and the SDGs at all levels, according to its website.
Saudi Minister of Economy and Planning Faisal Alibrahim will lead the delegation, comprising representatives from 22 government entities, private sector companies and nonprofit organizations.
According to a press statement, Saudi Arabia will submit its second Voluntary National Review report on progress in its commitment to SDGs at the forum.
The VNR is a mechanism established by the UN for countries to voluntarily report on their progress in implementing the SDGs.
During the VNR, countries are expected to share their experiences, including successes, challenges and lessons learned, to accelerate the implementation of the 2030 Agenda.
The Saudi delegation will also include Minister of Energy Prince Abdulaziz bin Salman, Minister of Foreign Affairs Prince Faisal bin Farhan, Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley and Minister of Tourism Ahmed Al-Khateeb.
Launched in 2015, the event will host panel discussions and exhibitions of various Saudi entities, including the Public Investment Fund, the Saudi Arabian Oil Co., Saudi Basic Industries Corp. and NEOM.
The Kingdom has been participating in the event since 2018. It will share its experiences and achievements in sustainable development, including various efforts it takes to achieve its net-zero target of 2060.
Achieving sustainability is a key agenda in Saudi Arabia’s Vision 2030 goals, as the Kingdom aims to increase its domestic generation capacity from renewable energy to 50 percent by the end of this decade.