Tag Archives: PIF

The telling signs

That is at times the question. What one sees is not seen by all, there is no blame or shame in this. We can’t be looking in all directions, the simplest of reasons is that life is in front of you and we tend to look at life (for most of the time). As such I saw two articles pass by, well one actually (it makes sense soon enough).

The first one was the New Arab (at https://www.newarab.com/news/saudi-arabia-starts-work-huge-gold-kaaba-style-structure) handing us ‘Saudi Arabia starts work on massive gold ‘Kaaba’ style structure despite criticism’, my first setting was the word criticism. The word comes through 5 times including the title and three times it gives us “amid criticism that it resembles the Kaaba holy site in Mecca”, which is incorrect. 

The Kaaba (as the pictures show me) is not an actual cube, I could be wrong as I have never been to Mecca for I am not a Muslim. The second setting is that the dimensions are off by a mile. This building will be 400 by 400 by 400 meters. I will hazard a guess that this structure could be seen from space, one of the few. The other part is that this would be a monumental achievement. As for the critique from social media, I let that be. I didn’t look into it and I reckon it will serve no purpose. The important setting for me (and initial worry) is seen with “The development will have retail, hospitality, leisure and office space facilities and is believed to be big enough to hold 20 Empire State Buildings in it when complete, Saudi’s Public Investment Fund (PIF) said.” You see, filling up 20 empire state building takes time and resources. That is beside the infrastructure needed. As my abacus dictates to me, that building alone would need to be fuelled and that takes at least a small nuclear reactor to do so. As I saw it there is an option if the outer walls have a second inner layer comprised of solar panels you will alleviate a lot of power requirements and even fuel more power to the city. I reckon someone looked at this at present, but it is the initial worry I see. That and getting water pumped to +400 meters. There are a few things, but the designers would have worked out these elements long before now. My mind is merely struggling with a building comprised of 64 million cubic metres. What is a fact is the massive achievements that Saudi engineers will make. A true world marvel. The previous achievement from that region was a near 5000 years ago (yes, they were the pyramids). That and the Neom structures will show the world that Saudi Arabia has made its match to anything else that was built on this planet.

I see a few other issues, but I will hold them. Not to sound stupid, but it might sound me anti-achievement and I refuse to be one of those negative people. 

I wonder how spacious it will be on the inside. You see we think in (mostly) western dimensions and from the last 10 years we have seen buildings with a different approach. As such are all floors 18 feet high? There is a lot not known and I to some extent fear knowing to much in advance, but I am still curious. The other thing I wonder about is the impact it will have. Not impact as a social need, but the houses around the Mukaab. Depending on the position of their house, the Mukaab could now shield it from the blazing sun for at least part of the day. I wonder what will happen to these places. For now, we will watch (in awe) and see over the next 5 years how that building comes together.  The other article comes later today.

Have a fun day

Leave a comment

Filed under Finance, Media

Once more for fun

This started with a headline that caught my attention. It was ‘Top US consultancies face scrutiny over role in Saudi Arabia’s sports push’ (at https://www.theguardian.com/world/2024/feb/06/consultancies-saudi-arabia-sports-us-senate-disclosure-subpoena) there I immediately saw that it was written by everyones favourite Saudi basher Stephanie Kirchgaessner. Before I go out and draw first blood (always fun) I wanted to see if she had learned her lesson from the previous few times I slapped her silly online. So I decided to have a closer look. Here we are given “Major US consultancies who have advised Saudi Arabia on its global sports spending spree – including its proposed takeover of golf’s PGA Tour – are coming under fire in Washington for possible violations of federal disclosure laws.” That got my attention, but there are a few sides that need clarification. You see what exactly are the ‘federal disclosure laws’? It comes with the added “the senator has also strongly suggested that the consultancies could be violating federal disclosure rules – known as the Foreign Agents Registration Act (Fara) – by not formally declaring to US authorities that they are acting as agents of the Saudi government.” And now we have a problem. You see, when we consider that the “The Foreign Agents Registration Act (FARA) was enacted in 1938. FARA requires certain agents of foreign principals who are engaged in political activities” This is not politics, this is a bloody sport organisation and Kirchgaessner should know better than to be the willing tool of Richard Blumenthal. As such, The FARA Unit of the Counterintelligence and Export Control Section (CES) in the National Security Division (NSD). This implies that Matthew G. Olsen, Assistant Attorney General of the NSD should be part of this and he is not mentioned, not once. So what is this about?  

Well, we get an idea in the article with “The Saudi public investment fund (PIF), a sovereign wealth fund chaired by the crown prince and de facto Saudi leader, Mohammed bin Salman, and is worth an estimated $776bn, is at the heart of Blumenthal’s inquiry” and my question becomes. ‘Why is the investment fund of a sovereign nation the interest of Blumenthal?’ Anyone? You see what does a democratic United States senator from Connecticut got to do with this? We never see that explanation. Don’t get me wrong, this man has done plenty of good for America and for his constituents. I merely wonder what is going on. Part of this is seen in the Financial Times (at https://www.ft.com/content/7009a1a9-8e07-4113-a47d-ee4724d3d427) when we are given “You say you are between a rock and a hard place but you have chosen sides; you have chosen the Saudi side, not the American side” with the added “US PGA Golf Tour” is a global sports organisation, PGA stands for Professional Golfers’ Association of America. Yes, the term America is in there. But the side we do not see is “Overall, the PGA Tour reported $1.9 billion in revenue in 2022, up from $1.59 billion the previous year, thanks to new multibillion-dollar TV deals. Expenses rose as well, with the organisation reporting $1.87 billion in costs, up from $1.55 billion in 2021.” So this is about $300,000,000 in debatable profits. And in all this we see certain people in the dock for explanations. Yet at what moment in time did Richard Blumenthal and Stephanie Kirchgaessner look at its board of directors? This includes Ed Herlihy (lawyer), Jimmy Dunne, Mark Flaherty, Joe Gorder and Mary Meeker? When were questions asked of them? McKinsey is a consultancy firm, gold is a sport, it is not any kind of bloody intelligence with foreign agents. That shallow ice allows me to slap Kirchgaessner yet again. And all this is out in the open, she merely reported like a meek little sheep making the Guardian a bigger joke. I saw the wreck unfold in under 10 minutes. 

So when we get to “The PIF has routinely objected to being subjected to US laws and has rebuffed repeated requests by the Senate committee to hand over documents subpoenaed by the panel. To get around the issue, Blumenthal looked to gather information from the US consultancies that have advised Saudi Arabia for answers.” It is the ‘to get around the issue’ that matters. Blumenthal wasn’t ready, wasn’t prepared and was out of his depth in this case. The first question in a senatorial interrogation would be ‘How does FARA apply to golf?’ Then I would go towards issues like outsourcing. America outsources to China for well over $23,130,000,000 billion all so that they end up with an average workforce spend of $29.10. Yes, that is America. But no one steps in on that step of greed, not even towards China, so the PGA is outsourcing itself to Saudi Arabia for the opposite reason, not to get the cost down, but to get profits up and it seems that McKinsey and Company investigated and reported on this for their client. All settings that are out in the open and the joking duet called Kirchgaessner/Blumenthal missed this? 

So when we get back to “Major US consultancies who have advised Saudi Arabia on its global sports spending spree – including its proposed takeover of golf’s PGA Tour – are coming under fire in Washington for possible violations of federal disclosure laws.” Why aren’t we seeing the board of directors of the PGA tours in the limelight? And when it comes to the US consultancies, if they are advising, there is the question will others follow that advise and if so is the acting party not up for optional consequences if laws are BROKEN? Were laws broken? Not as far as I can tell and we can point at ‘to get around the issue’ implies that Richard Blumenthal wants something else. Perhaps dip his …. In the PIF (Public Investment Fund) and slurp up whatever he can. Oh and a thought just occurred. What do you think happens when Saudi Arabia retracts all fundings from America? Did you work that out? When Saudi Arabia sells all the US treasury bonds they have, will the heartbeat of America be measured in Weeks, or seconds? If Saudi Arabia offloads $107,000,000,000 in bonds the US economy will face a harsh reality that it needs money overnight and when others leave America to get by it is all over. Perhaps the ultimate nightmare for Wall Street that desperately requires some kind of soft landing at present. And it could have been averted, just like the losses that the US defense providers face to the extend of many billions (up to 50 of them close to immediate). How much losses can America survive? If there was a clear case of national security I would be fine with this all, but the Guardian gives us no information other than a Saudi hater who is out of her depth and no clear information on the entire McKinsey setting. Too much alleged emotions and no relevant information. 

So this was one more slap just for the fun of it. Enjoy the midweek.

Leave a comment

Filed under Finance, Media, Politics, sport

Questioning the virginity of a reporter

Yup, I just went there (not for real though). I saw the headline and my mind pulled that internal question mark and on the first page, there it was, the name of that tool and her anti Saudi mindset Stephanie Kirchgaessner. There we are given ‘US Senate asks governor of Saudi wealth fund to testify over LIV-PGA merger’, which could be fair. It is after all (for the most) an American thing. What I wonder is why the Senate wasn’t all over this before the merger. The question beckons “Why is this on the plate of the US Senate”? There might be a very valid reasoning, but I am not seeing it at present. I reckon that with all the Karen’s, the destruction of the Florida economy by its own governor the Senate has a few other things on their minds, but OK, as I said. It could be valid. So then we get the byline “Invitation raises possibility Yasir al-Rumayyan could be questioned under oath about execution of Jamal Khashoggi”. Why?

In the first, that columnist no one gives a hoot about, was he involved with golf or the PGA? Was Yasir al-Rumayyan in any way involved with that missing columnist? Let’s not forget a real issue. Jamal Khashoggi is at present missing, presumed dead. There was never any bod, there was never any evidence on the things the media gives us all and essay from that UN person Calamari was as shoddy as it gets, the paper shows if anything that we are dealing with a missing person.

Was Yasir al-Rumayyan ever involved with anything, was he at any time around October 2018 in Constantinople (now known as Istanbul)?

So then we get some relevant stuff. With ““Our goal is to uncover the facts about what went into the PGA Tour’s deal with the Saudi Public Investment Fund and what the Saudi takeover means for the future of this cherished American institution and our national interest,” Blumenthal said.” I cannot disagree, but at what time were the board members of the PGA in the US Senate explaining why they sold it in the first place? Of course, one look at News outlet Golf Australia gives us “PGA Tour Commissioner Jay Monahan, Saudi Arabia’s Public Investment Fund (PIF) Governor Yasir Al-Rumayyan, and LIV Golf CEO Norman have been asked to appear at a meeting on July 11 to examine the shock merger.” Kirchgaesner hid that part in the smallest mentions lasting two small lines with the mention ‘were also invited’, can’t she ever do a proper job? The entire article is about boasting “Americans deserve to know what the structure and governance of this new entity will be” which is a laughable setting as most American do not give one hoot about Golf. I think their interest faded when David Leadbetter fell out of sight. Then we are given “While the focus of the hearing will undoubtedly be centered on golf, Rumayyan could also face questions about his role at the PIF and his relationship with the Saudi crown prince, Mohammed bin Salman, who is the chairman of the PIF”, as such this seems like another witch-hunt and unless laws were broken there is absolutely no valid reason why a person like Yasir Al-Rumayyan should sacrifice any lunch or afternoon tea to cater to some stupid witch-hunt. If they want a real witch-hunt, go after Governor DeSantis who basically ruined the Florida economy and lost them billions in jobs and revenue to boot. 

And as we look at the proposed activity, which was co signed by Ron Johnson, will we get any chance to ask questions to Ron Johnson on five simple issues like carving out a $215 million tax loophole for just three of his billionaire backers who spent over $20 million to re-elect him; A corporate tax handout that he admitted he and his wealthy donors benefitted from; blocking an investigation into one of his Big Pharma donors, then voted against lowering prescription drug costs; using taxpayer money to fly to his beachfront mansion in Florida; and a simple matter on how his net wealth doubled during his time in the Senate, it apparently was not enough for him (according to sources). Yet as was stated, Americans do deserve to know. 

It is these double standards in America which is why they are losing ground more and more. And with the anti-Arabic penmanship by Stephanie Kirchgaessner my personal message to Yasir Al-Rumayyan would be not to go there. There is nothing to gain, the Kingdom of Saudi Arabia will intentionally be mocked by the US senate (and the politically coloured press), at best it will embarrass Crown Prince Mohammed bin Salman Al Saud and at worst Yasir Al-Rumayyan will be on the receiving end of political jabs that were never on his plate anyway. Personally I get that the other two would receive invitations to explain the merger, but that is as far as I am willing to go at present. The merger of two golf entities in a day and age where a Florida governor scuttles a billion a dollar investment in Florida should be on the front view of EVERY US senator currently elected. Dousing the mouse? Not on my watch.

Enjoy the day, a mere day away from that famous day we all yearn for (Friday).

Leave a comment

Filed under Finance, Media, Politics, sport