Latest news with #USD80
Roya News
13-05-2025
- Business
- Roya News
Trump secures historic $600 billion Saudi investment: White House
The White House announced a USD 600 billion investment commitment from Saudi Arabia during President Donald J. Trump state visit to Riyadh, marking a new era of economic partnership between the two nations. The announcement, detailed in a White House fact sheet titled "President Donald J. Trump Secures Historic USD 600 Billion Investment Commitment in Saudi Arabia," underscores the deepening strategic alliance forged during the Saudi-US Investment Forum at the King Abdulaziz International Conference Center. The deals, described as the largest set of commercial agreements in the history of US-Saudi relations, aim to bolster energy security, defense, technology, and infrastructure while creating high-quality jobs across the United States. Transformative economic partnership The White House highlighted that the agreements, secured in just four months, reflect President Trump's America First Trade and Investment Policy, prioritizing American workers, national security, and economic dominance. 'The deals celebrated today are historic and transformative for both countries and represent a new golden era of partnership,' the White House stated. Key deals include: DataVolt's USD20 Billion Investment: Saudi-based DataVolt will invest USD20 billion in AI data centers and energy infrastructure in the US, advancing technological innovation. Tech Giants' USD80 Billion Commitment: Companies like Google, Oracle, Salesforce, AMD, and Uber pledged USD80 billion to develop cutting-edge technologies in both nations, reinforcing US leadership in AI and digital infrastructure. Infrastructure Exports: US firms Hill International, Jacobs, Parsons, and AECOM secured USD2 billion in contracts for Saudi mega-projects like King Salman International Airport, King Salman Park, The Vault, and Qiddiya City, boosting US service exports. Energy and Aviation Deals: GE Vernova will supply USD14.2 billion in gas turbines and energy solutions, while Boeing secured a USD4.8 billion deal for 737-8 aircraft for Saudi's AviLease. Healthcare Investment: Shamekh IV Solutions, LLC will invest USD5.8 billion, including a Michigan-based IV fluid facility, enhancing US healthcare infrastructure. Sector-Specific Funds: Saudi Arabia committed to a USD5 billion Energy Investment Fund, a USD5 billion Aerospace and Defense Technology Fund, and a USD4 billion Global Sports Fund, channeling capital into US industries. Historic Defense Agreement: The largest defense sales deal in US history, valued at nearly USD142 billion, will provide Saudi Arabia with advanced warfighting equipment, training, and support across air force, missile defense, maritime security, border security, and communications systems. The White House fact sheet emphasized the enduring US-Saudi partnership, with Saudi Arabia as one of America's largest Middle East trading partners. In 2024, bilateral goods trade reached USD 25.9 billion, with a US trade surplus of USD 443 million. Saudi direct investment in the US totaled USD 9.5 billion in 2023, focused on transportation, real estate, and automotive sectors. The Kingdom remains the US's largest Foreign Military Sales partner, with active cases valued at over USD 129 billion. New agreements signed during the visit: Energy Collaboration: The US Department of Energy and Saudi Ministry of Energy agreed to innovate and deploy energy infrastructure, building on their strong relationship. Critical Minerals Partnership: A Memorandum of Cooperation between the US Department of Energy and Saudi Ministry of Industry and Mineral Resources aims to diversify and strengthen critical mineral supply chains. Space Exploration: NASA and the Saudi Space Agency signed an agreement for a Saudi CubeSat to fly on NASA's Artemis II mission, measuring space weather in high Earth orbit. Air Transport Modernization: An updated Air Transport Agreement allows US and Saudi airlines to carry cargo between their countries and third destinations without intermediate stops, enhancing cargo hub operations. Cultural and Conservation Initiatives: The Smithsonian Institution signed agreements with the Royal Commission for AlUla for collaborative research, an exhibition on ancient Dadan artifacts, and a National Zoo exhibit to support the conservation of the endangered Arabian leopard. Trump's Deal-Making Legacy The White House hailed President Trump as the 'dealmaker in chief,' noting that the USD 600 billion package builds on his 2017 success in securing billions in US-Saudi commercial deals. The announcement follows a US-UK trade agreement just one week prior, further showcasing Trump's commitment to fair trade and American prosperity. 'President Trump is delivering on his promise to Make America Great Again by catalyzing investment and negotiating fair trade deals,' the fact sheet stated, emphasizing the creation of jobs and opportunities across both nations.
Express Tribune
10-04-2025
- Entertainment
- Express Tribune
A Minecraft Movie' pulls USD163 million opening
In a jaw-dropping twist, A Minecraft Movie has shattered expectations, raking in a colossal USD163 million at the box office over its opening weekend, reported The New York Times. Warner Bros, which co-produced the film with Legendary Entertainment, had initially projected a more modest opening around USD80 million, but the nostalgia-driven power of Minecraft combined with a star-studded cast and savvy marketing has turned the film into a surprise sensation. The PG-rated fantasy-comedy, based on the 2009 block-building video game, not only dominated North American ticket sales but also earned an additional USD151 million overseas. This USD314 million global total marks a massive win for Warner Bros, who had been facing a tough box-office slump. The film's success couldn't have come at a better time for the studio, which has been reeling from recent disappointments like Mickey 17 and Snow White. Minecraft, with its iconic blocky world and millions of fans, seemed like a challenging adaptation, but Legendary's involvement made all the difference. After years of struggling to find the right director and tone, the studio brought in Jared Hess (Napoleon Dynamite), known for his offbeat humour, to helm the project. With Jack Black and Jason Momoa leading the cast, the film struck the right balance of quirky charm and blockbuster spectacle, offering a film that's both a love letter to fans and accessible to a broader audience. The success was also driven by a clever marketing campaign, including partnerships with McDonald's and a viral TikTok push that generated widespread buzz. The campaign tapped into the game's deep cultural roots, appealing not just to young gamers but also to young adults who grew up with Minecraft, making it a nostalgic hit for a generation.
Zawya
24-03-2025
- Business
- Zawya
Qatar: North Field projects to support hydrocarbon, non-hydrocarbon growth over 2025-2030
Doha, Qatar: The North Field projects will support both hydrocarbon and non-hydrocarbon growth over 2025-2030, a recent report by Fitch Ratings has said. The North Field contains huge additional gas quantities estimated at 240 trillion cubic feet, which raises Qatar's gas reserves from 1,760 to more than 2,000 trillion cubic feet, and the condensates reserves from 70 to more than 80 billion barrels, in addition to large quantities of liquefied petroleum gas, ethane, and helium gas. The Fitch Ratings affirmed Qatar's credit rating at 'AA' with a stable outlook recently which reflects one of the world's highest GDP per capita. 'Our expectation that additional gas production will strengthen public finances and a flexible public finance structure. We forecast Qatar's general government (GG) budget surplus at 3.9% of GDP in 2025 (2024: 4.8% of GDP), including our estimates of investment income on Qatar Investment Authority (QIA) external assets (0.9% without investment income in 2025).' 'Oil and gas revenue will drop under our assumption that the Brent oil price will average $70/bl in 2025 (2024: USD80/bl). We expect the budget surplus to narrow further in 2026 at 3.3% due to lower hydrocarbon prices (Brent: $65/bl) and a moderate rise in current spending,' it added. Regarding surge in LNG production, it noted, QatarEnergy plans to expand liquefied natural gas (LNG) production capacity from 77 million tonnes per year (mtpa) to 110 mtpa in 2026, 126 mtpa by end-2027 and has announced further expansion to 142 mtpa by end-2030. 'We assume QatarEnergy will cover $12.5bn of core project costs out of its 2021 bond issuance and a similar amount from its cash flow, spread until 2028, in addition to contributions by partners. Funding plans for the 2030 phase will depend on hydrocarbon prices at that time but we expect it is likely that most of the project will be funded with internal resources. North Field projects will support both hydrocarbon and non-hydrocarbon growth over 2025-2030.' It further said, 'We project the first phase of the North Field expansion to start supporting fiscal revenue from 2026 and phase two in 2027, assuming no construction delays, and to bring down Qatar's fiscal breakeven oil price to $58/bbl in 2027 from around $73/bbl in 2024, excluding estimated QIA investment income (to $49/bbl from $63/bbl including investment income).' Fitch stated, 'We project debt/GDP to fall to about 43% of GDP by 2027 from 49% in 2024 and a peak of 85% in 2020. This reflects our expectation that the government will refinance most upcoming external market debt maturities and pay down external loans with moderate budget surplus excluding QIA investment income.' It also estimates that sovereign net foreign assets (SNFA)/GDP rose to 187% ($398bn) in 2024 from 163% ($347bn) in 2023. This reflects the drop in nominal GDP, a sharp rise in the QIA's estimated assets, which we assume were buoyed by asset market returns. Qatar's banking sector is large with assets of 265% of GDP and net foreign liabilities of over $117bn (55% of GDP) in 2024. Bank's foreign liabilities resumed their upward path in 2024 to $197bn, although Fitch noted that that the maturity profile of those liabilities has lengthened following the central bank's introduction of measures increasing the cost for banks of short-term foreign financing. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
