Saudi-led consortium clinches Newcastle United takeover

General views outside Newcastle United's St James' Park stadium - St James' Park, Newcastle, Britain - October 7, 2021. (REUTERS)
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Updated 07 October 2021
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Saudi-led consortium clinches Newcastle United takeover

  • Saudi-led consortium clinches Newcastle United takeover

DUBAI: A consortium led by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has clinched a deal to buy Newcastle United, the English football club.

After 18 months of on-off negotiations, the PIF, along with British financial entrepreneur Amanda Staveley and billionaire investors the Reuben brothers, finally sealed a £300 million ($410 million) deal with Mike Ashley, the club’s owner.

Lawyers and other advisers worked through the night and all day Thursday to finalize the transaction after a change of heart by the English football authority, the Premier League, allowed the acquisition to proceed.

“We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football,” Yasir Al-Rumayyan, governor of PIF, said. “We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”

With the purchase, Newcastle will join the ranks of Europe’s super-clubs, including Manchester City and Paris Saint-Germain, which have the backing of wealthy and committed owners.

The prospect of owners led by Saudi Arabia was immensely popular with Newcastle’s fan base, who have seen their club starved of funds to take it to the next level, leaving the side languishing near the bottom of the English Premier League.

“This is a long-term investment. We are excited about the future prospects for Newcastle United,” Staveley, chief executive officer of PCP Capital Partners, said. “We intend to instill a united philosophy across the club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.

“Our ambition is aligned with the fans – to create a consistently successful team that’s regularly competing for major trophies and generates pride across the globe,” she added.

The PIF-backed proposal also pledged to pump £250 million into football and other facilities in the northeast of England, home to the club’s St. James’ Park stadium.

“We look forward to a great future for Newcastle United,” Jamie Reuben of RB Sports & Media, said. “Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years, to become part of this great club and its amazing fans is a privilege.

“We will build a true community Club, based upon our family’s knowledge of the city and in line with our plans that have been worked on closely with Newcastle City Council to deliver long-term sustainable growth for the area,” he added.

The deal gives Saudi Arabia a seat at the top table of European football, and the potential to bring success back to the club in the English league and top European competitions.

Sport and leisure have been identified as two of the main pillars of Vision 2030, the Kingdom’s strategy to transform social, cultural and economic life, led by Crown Prince Mohammed bin Salman.

The PIF will have the dominant position in the new ownership structure, with 80 percent of the club’s shares, while Staveley and the Reubens will have 10 percent each.

An agreement with Ashley was signed in April 2019, only for the transaction to become bogged down in legal technicalities regarding details of ownership, as well as lobbying by other top English clubs trying to prevent the deal.

It was also slowed by claims from Qatari broadcaster beIN about infringements of TV coverage rights, denied by Saudi Arabia.

Ashley took the English authorities to court in an attempt to clear these hurdles, and a final ruling had been expected next January. But it is understood that legal action has now been dropped following clarification of the ownership structure and a settlement of the broadcasting rights claims.

Last summer, the PIF formally withdrew from the deal after a lack of transparency from the Premier League, but sources told Arab News that the deal was still on the table — assuming the Premier League dropped its undisclosed objections.

Staveley said then: “It’s awful. We are devastated for the fans. We really thank the fans; I personally thank them for all their support.”

But behind the scenes Staveley made it clear that she and the other members of the consortium were not walking away from the bid.

 


Saudi Arabia takes part in 3rd annual international Camel Parade in Paris

Updated 20 April 2024
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Saudi Arabia takes part in 3rd annual international Camel Parade in Paris

  • This year’s event celebrates decision by the UN Food and Agriculture Organization to designate 2024 as International Year of Camelids
  • Saudi representatives will highlight role of the Kingdom in promoting the value of camels as a cultural symbol associated with Saudi society since ancient times

RIYADH: Saudi Arabia is taking part in a special Camel Parade in France on Saturday, in celebration of the UN’s designation of 2024 as International Year of Camelids.

The event in Paris has been organized by the French Federation for the Development of Camelids in France and Europe, under the umbrella of the International Camel Organization, and is sponsored by the Saudi Ministry of Culture and the Kingdom’s Camel Club.

This is the third year in which the event has taken place.  The event was first held in January 2019 and repeated in 2022.  

The participants in the parade of camels, llamas, alpacas and other members of the camelid family of creatures are expected to include more than 50 representatives of camel-related organizations from more than 30 countries, along with camel breeders, government officials, others with an interest in the animals, and entertainers from various branches of the performing arts.

The camelids family. (Shutterstock image)

In addition to Saudi Arabia, the countries that will be represented include the US, the UAE, Qatar, Oman, Bahrain, Canada, India, Morocco, Tanzania, Peru, Algeria, the Czech Republic, Pakistan, Tunisia, Austria, Spain, Burundi, Senegal, the Democratic Republic of the Congo, Mauritania, France, Sudan, Chad, Angola, the UK and Uganda.

Saudi representatives will highlight the role of the Kingdom in promoting the value of camels as a cultural symbol that has been associated with Saudi society since ancient times and “still enjoys great prestige,” the Saudi Press Agency reported.

On Friday, the eve of the parade, public discussions took place at the Chateau de Janvry’s historical center about cultural heritage associated with camels around the world and the specific contributions by participating countries to the annual event in Paris.

The parade will be followed by a reception for invited guests, including representatives of the participating countries, international organizations, academia, research centers and the private sector, the SPA reported.

The UN Food and Agriculture Organization named 2024 as International Year of Camelids to honor and promote the sector and highlight the important role it plays in efforts to achieve food security and economic growth in many countries.

 

 


Saudi assistant defense minister holds talks with Pakistan’s top military officials in Islamabad

Updated 20 April 2024
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Saudi assistant defense minister holds talks with Pakistan’s top military officials in Islamabad

RIYADH: Saudi Arabia’s assistant minister of defense, Talal Al-Otaibi, on Friday held talks with top officials from the Pakistan Army during an official visit to Islamabad.

He reviewed relations between the two countries during meetings with the commander of the army, Gen. Syed Asim Munir, the head of the Joint Chiefs of Staff, Gen. Sahir Shamshad Mirza, and the chief of the general staff, Gen. Muhammad Avais Dastgir.

The Saudi-Pakistani Committee also met during Al-Otaibi’s visit. Its members discussed cooperation between the nations in the field of defense, including research and development, and the transfer and localization of technology, in line with the goals of Kingdom’s Vision 2030 development and diversification plan.


How the adoption of electric vehicles is driving Saudi Arabia’s green agenda

Updated 20 April 2024
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How the adoption of electric vehicles is driving Saudi Arabia’s green agenda

  • Saudi Arabia’s Public Investment Fund wants to produce half a million electric vehicles by 2030
  • The Kingdom has installed charging outlets in public areas in Diriyah to encourage EV ownership

RIYADH: Around the world, electric vehicles are already revolutionizing leisure, public transportation and logistics, shrinking the carbon footprint of travel, improving air quality and reducing pollution in the air, on land and in the sea.

As Saudi Arabia embarks on a range of environmental initiatives designed to address the challenges posed by climate change and foster sustainable economic development, EVs have become an important focus area.

The shift from traditional combustion engine vehicles to new electric models has accelerated worldwide as companies and consumers opt for greener modes of transport. Saudi Arabia is no exception.

Saudia, the Kingdom's national flag carrier, has signed an arrangement to acquire 100 electric-powered jets from Lilium, developer of the first all-electric vertical take-off and landing (“eVTOL”) jet. (Supplied)

The transition from regular cars to electric vehicles in the Kingdom is flourishing. The EV trend has gone beyond personal vehicle ownership, with the proliferation of everything from e-scooters to electric buses.

There are even discussions around whether EV technology will soon be applied to aircraft and perhaps space travel.

Stephen Crolius, former climate adviser at the Clinton Foundation and current president of Carbon-Neutral Consulting, supports the idea of EV ownership due to its environmental benefits.

Although it might still be a challenge to educate the public in some societies about the benefits of transitioning to EVs, Crolius says the advantages outweigh the disadvantages.

“For mass transition to occur on any front, there has to be a set of circumstances that cause it to happen,” he told Arab News.

“Through government encouragement, we can continue to build volume (and) cause industries to mature, like, for example, the battery industry, which has done a lot of maturing over the last 15 years … the cost of batteries and the prices of batteries have come down to an extraordinary degree.

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“We are developing renewable generation for electricity. Are we developing fast enough to head off the climate crisis? I don’t know. But compared to new generations of technology getting rolled out, we are deploying a lot of renewable electricity generation, in historical terms, really fast.”

Companies such as CEER and Lucid, which are heavily funded by the Saudi Public Investment Fund, are at the forefront of driving growth in Saudi Arabia’s electric vehicle industry.

US electric car manufacturer Lucid signed a contract with the PIF two years ago to build a factory in the King Abdullah Economic City on the Red Sea. Today, PIF shares a little over half of the ownership of the group in the Kingdom, and aims to produce almost half a million EVs by 2030.

Since last year, the use of electric vehicles in the Kingdom has expanded to include electric buses as a sustainable alternative to traditional fossil fuel-powered vehicles.

Electric buses have zero emissions and therefore significantly reduce air pollution and greenhouse gases in urban areas, especially during the Hajj season, when pilgrims flock to the Kingdom and make use of its mass transit network.

An electric bus service connecting the airport to the Prophet’s Mosque in Madinah was launched by the region’s governor Prince Faisal bin Salman bin Abdulaziz during the last Hajj season.

DID YOUKNOW

• The Kingdom has invested at least $10 billion in US electric car manufacturer Lucid Motors.

• With 61% of shares, Saudi Arabia is the majority owner of Lucid Group through its Public Investment Fund.

• PIF aims to produce 500,000 EVs annually by 2030.

• In Riyadh, the EV share is targeted to increase by 30% in 2030.

The route connecting the two locations enabled high operational efficiency, with a bus able to travel 250 km on just a single charge.

Electric buses offer a variety of benefits, including reduced noise, improved energy efficiency and lower maintenance costs. In addition, they have a smaller carbon footprint, which is a crucial step toward sustainability.

Saudis committed to protecting the environment have also included EVs in their daily commute, with e-scooters now found in Riyadh and other cities. E-scooters provide an eco-friendly solution to local transport by cutting toxic emissions and lowering noise pollution.

Offering e-scooter services in various locations in Riyadh is a clear sign of the Kingdom’s eagerness to not only set regulations and promote electric vehicles, but also lead society in adopting a positive attitude toward sustainable living.

Gazal's e-scooter services have become a popular option for those traveling specially in crowded places in Riyadh. (Photo courtesy of Gazal)

Furthermore, with advancements in battery technology and the development of charging infrastructure, electric vehicles are becoming a viable option for companies aiming to decarbonize their operations.

For example, in public areas in Diriyah such as Albujairi and At-Turaif, standard wall outlets are available for EV owners to charge their vehicles while enjoying a visit to the UNESCO World Heritage site.

As the aviation industry is one of the largest contributors to carbon emissions, the concept of electric aircraft may offer a promising solution to global decarbonization.

Three years ago, British automobile maker Rolls-Royce broke records when its “Spirit of Innovation” aircraft reached 628 km per hour, making it the world’s fastest all-electric vehicle.

At the time, Warren East, the company’s then-CEO, said that electric aircraft could make “jet zero” a reality and help decarbonize all forms of transport.

Compared to existing commercial aircraft, which rely on petroleum and synthetic fuel blends, electric planes produce less noise, have lower operating costs and emit significantly fewer greenhouse gases.

However, there are still several obstacles to the widespread adoption of electric aircraft — in particular the sheer expense of adapting the existing infrastructure needed to support their use.

Though governments and private companies worldwide could collaborate and build a comprehensive network of charging stations to meet growing demand, this may burden the economies of some countries.

Nevertheless, the growing importance of electric vehicles beyond cars, such as buses, electric scooters and airplanes, holds great promise for a decarbonized future.

The growing importance of electric vehicles beyond cars, such as buses, electric scooters and airplanes, holds great promise for a decarbonized future. (Shutterstock photo)

Utilizing alternative sources of energy in these areas can change the carbon emissions game for the better, fight air pollution, and pave the way for sustainable transport systems in the Kingdom and around the world.

To realize the full potential of electric vehicles, however, governments and businesses will first have to address challenges such as the provision of sufficient charging infrastructure as well as range limitations in battery technology.

Through continued innovation and investment, electric vehicles will play a key role in creating a greener and more sustainable future.
 

 


Art is ‘translating feelings,’ says 16-year-old Saudi artist

Updated 19 April 2024
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Art is ‘translating feelings,’ says 16-year-old Saudi artist

  • Jawad Al-Omair has established himself as a painter, drawing inspiration from the beauty and pain surrounding him

RIYADH: While his classmates took part in sports activities, Saudi teenage artist Jawad Al-Omair daydreamed about the next time he would pick up a paintbrush or pencil to draw again.

At only 16 years of age, Al-Omair has established himself as an artist, drawing inspiration from the beauty and pain surrounding him.

Jawad Al-Omair said he noticed a dramatic change in his artistic abilities after being introduced to a group of local artists who taught him painting techniques to implement in his artworks. (Supplied)

He told Arab News that his breakthrough moment came when he discovered his artistic abilities in the third grade.

“All the kids used to go to play. I always found myself opening my notebook and just drawing. I remember one day, I drew something at school, and when I got home, I showed it to everyone. I told myself, ‘I should do this more often.’”

HIGHLIGHT

Jawad Al-Omair views color as an arsenal to communicate emotion in his artworks.

He uses acrylic paint to portray his vivid ideas on canvas.

Jawad Al-Omair said he noticed a dramatic change in his artistic abilities after being introduced to a group of local artists who taught him painting techniques to implement in his artworks. (Supplied)

“With every painting I do, I usually have a vision of what the color palette is going to be and the composition, and most importantly what message and feeling I am trying to deliver through the painting.”

The young artist views color as an arsenal to communicate emotion in his artworks. “If I wanted to paint something that conveys the feeling of being lost, I would usually use cool toned colors like greys and blues.”

Jawad Al-Omair said he noticed a dramatic change in his artistic abilities after being introduced to a group of local artists who taught him painting techniques to implement in his artworks. (Supplied)

Al-Omair said that he noticed a dramatic change in his artistic abilities after being introduced to a group of local artists who taught him painting techniques to implement in his artworks.

“Dana Almasoud is one of my best friends who has helped me so much. Three years ago, I used to be a completely different artist. I used to be unable to draw small portraits, but she taught me how to. I can’t picture how my life would be if I had not met them,” he said.

Jawad Al-Omair said he noticed a dramatic change in his artistic abilities after being introduced to a group of local artists who taught him painting techniques to implement in his artworks. (Supplied)

In a recent artwork, Al-Omair painted a large-scale self-portrait inspired by the style of John Singer Sargent, an American artist renowned for his portrait paintings in the late 19th and early 20th centuries.

He described Sargent as one of his favorite artists. “If you see his self-portrait, It is similar to mine. I was looking at his artwork while I was painting so I could capture that same vibe.”

It took Al-Omair about 12 hours to complete the self-portrait, which emphasizes his prominent features.

“I get commented on my nose a lot, so I painted it in the center. I wanted to immortalize my 16-year-old self, because who knows what I will look like five years from now?”

The young artist aims to turn all sorts of experiences — even those of friends or family members — into art.

“How would life be if we did not have music or anything beautiful to look at? When you think of an artist, people usually imagine someone with a brush, but it is much bigger than that.

“Art is translating feelings with a certain skill. Movies taught humanity so much because you get to learn about people. Writing, songs and music are emotional things that we share. Art is one of the most important parts of life. Everyone has an artistic side to them that they may have not found yet,” he said.

 


Saudi development fund agrees $50m loan deal with St. Vincent and the Grenadines

Updated 19 April 2024
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Saudi development fund agrees $50m loan deal with St. Vincent and the Grenadines

  • Funding will help rebuild and repair facilities damaged by natural disasters in the Caribbean island nation

RIYADH: The Saudi Fund for Development signed a $50 million loan agreement with St. Vincent and the Grenadines on Friday to assist communities affected by natural disasters, Saudi Press Agency reported.

The deal was signed by SFD CEO Sultan Abdulrahman Al-Marshad and Camillo Gonsalves, finance minister of St. Vincent and the Grenadines, during the 2024 spring meetings of the World Bank and the International Monetary Fund in Washington.

According to the World Bank, the southern Caribbean nation faces a host of natural threats, including floods, hurricanes, droughts, landslides, and volcanic eruptions.

The agreement will fund a project to rebuild and repair buildings and facilities damaged by natural disasters in the island nation.

This initiative includes the restoration and construction of essential infrastructure, such as housing, healthcare, educational, and sports facilities, aimed at boosting their durability and resilience against future disasters and climate change impacts.

The project will also include establishing four healthcare centers, building primary and secondary schools, renovating government buildings, and restoring homes damaged by volcanic activity.

The loan is in line with the SFD’s commitment to supporting vulnerable communities around the globe.

Since its inception in 1975, the Saudi fund has financed over 800 development projects and programs worldwide, with total funding exceeding $20 billion.