Tag Archives: Public Investment Fund

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

Uber driving facts

It seems that people do not like Dara Khosrowshahi that much, it all started with Jamal Khashoggi and now ever the Guardian staff member Edward Helmore adds to this with: “Khashoggi, a Saudi national resident in the US, and a severe critic of the Saudi regime who wrote for the Washington Post, was murdered in Istanbul last year after visiting the Saudi Arabian consulate there. His body was dismembered and disposed of“, it is the part ‘His body was dismembered and disposed of‘, that part cannot be proven and in light of that we also have ‘was murdered in Istanbul last year after visiting the Saudi Arabian consulate there‘, at best we can use these sentenced with the added word of ‘alleged‘. That is the foundation, anything else is a joke, we have laws and we seemingly (at least the media) uses the law to hopefully get better interviews by incorporating slander (as I personally see it), by using the name of Aggy Calamari, UN essay writer the writer thinks he can just marginally add the Crown Prince of Saudi Arabia into this mix by stating: “His death has been described by Agnès Callamard, the UN special rapporteur on extrajudicial killings, as a “deliberate, premeditated execution” that warrants further investigation into the responsibility of the Saudi Crown Prince, Mohammed bin Salman“, you see, there is no evidence of killings. I am not digressing; I believe that a bad fate has befallen Jamal Khashoggi, although one can argue that he is 97% more known after than before is long term absentee. When we in what is (laughingly) called the free west, can we claim that part when we just apply laws on a mediocre level? By the way, the article is (at https://www.theguardian.com/technology/2019/nov/11/uber-jamal-khashoggi-saudi-arabia-mistake-dara-khosrowshahi)

And the part where Aggy makes a jump from Istanbul to a Saudi Crown prince with “warrants further investigation into the responsibility of the Saudi crown prince, Mohammed bin Salman“, even as the article did not reminiscent on it, the truth is that the report is using: “The CIA has concluded that Saudi Crown Prince Mohammed bin Salman ordered the assassination of journalist Jamal Khashoggi in Istanbul, the Washington Post has reported. The Post said US officials expressed high confidence in the CIA assessment, which contradicts Saudi government assertions that he was not involved.” something a collection of papers have been using since that report was given freedom to fly anywhere. You see, I have an issue with “US officials expressed high confidence in the CIA assessment“, now we can bid high and low with the CIA, but they are the people who instigated the silver briefcase tour with Colin Powell, at least they had graphics in that assessment, can anyone tell me where those Iraqi WMD’s were? And why was it by some laughingly referred to as Operation Whatever? So before we give any level of certainty to the CIA, we better be sure that the right people are looking at that data.

All issues that Aggy Calamari should have been aware of, yet her report was laden with CIA elements.

And now we get to the attack on Dara Khosrowshahi “In an interview with Axios on HBO, broadcast on Sunday, Khosrowshahi was asked about the Uber board member Yasir al-Rumayyan, a director of Saudi Arabia’s Public Investment Fund, which is the company’s fifth-biggest investor“, which is followed by another assumption “He was seized, killed and dismembered by a Saudi hit squad“, we cannot prove any of that, and why is that? There is no body, all matters are subject to supposition, the Guardian refused to follow supposition when it came to Grenfell, the Kensington and Chelsea Tenant Management Organisation (KCTMO), you know that building where ‘Grenfell Tower blogger threatened with legal action by council after writing about safety concerns‘, coming from a warning letter from solicitor, Vimal Sama, dated 25 July 2013 and addressed to Francis O’Connor, accusing him of “defamatory behaviour” and “harassment.”, I reckon that the entire matter is off hand as the building looks a nice charcoal black, you know that building in North Kensington, yet when it comes to one journalist, and one the bulk of the planet does not give a hoot about, we see supposition on top of supposition.

One could even argue that HBO, after the finale of Game of Thrones, HBO needed a new channel for emotions, and Axios seemingly provided. My point of position I clear, I do not know who did what, because Jamal Khashoggi was never found, we can assume that he was killed, at present he is merely missing (murdered requires additional evidence) but we cannot prove any of it. In case of Axios, there is a simpler situation, the setting was loaded before the interview and Dara Khosrowshahi has handed a curveball that he tried to ‘laugh off’ or diminish. It was his interview on HIS Company, on this there was mention of one of his board members, a Saudi individual named Yasir al-Rumayyan, director for the Saudi Arabia’s Public Investment Fund. The entire article that was on the interview of Dara Khosrowshahi was washed into another article (trying to) slap the Kingdom of Saudi Arabia around, I think that the articles writer Edward Helmore made a few mistakes, getting into Journalism might be one of them. So whilst we reminisced on ‘American intelligence agencies concluded that it was ordered by Prince Mohammed‘ my request becomes simple ‘Can we please see that evidence?‘, because not unlike the entire WMD issue that was apparently happening in Iraq, I will be able to punch holes into this issue as well.

Oh, and I was not talking about that flimsy piece we saw in Aggy’s essay, I want to see all the raw data available, perhaps I will be turned around, more likely than not, we see the need for turning heads away from other matters, we have seen it before, but I am willing to investigate the evidence (curiosity killed this cat, miaow).

The fact that makes this entire matter so interesting is that this one cat Jamal Khashoggi gets all the capture and the 231 journalists have been arrested after July 15, 2016 in Turkey get ZERO words from pretty much ANY newspaper around the world. Whilst Mehmet Akif Öztürk was jailed for 8 years and nine months in February this year, his colleague Turgut Usul (presenter) has been jailed since January 2018 pending trial. Oh and perhaps someone can find out what crimes Nazlı Ilıcak did, he was sentenced to life in prison with solitary confinement. I wonder how many journalists are out there what crime a publisher/journalist has to undertake to find himself in a lifetime of solitary confinement. Perhaps Axios could look into that, they seemingly need an emotional side in there broadcasts now that HBO has ended its game of thrones.

I wonder how long it takes form the people to wake up shouting some stupid slogan involving Jamal Khashoggi whilst there are issues out there that are a lot worse and in light of the diminished value of journalists, the entire mass is getting crazy shouting: ‘A pigeon is pooping on the street‘ whilst one corner from that place someone is shooting pigeons left, right and centre. I wonder if the who is shouting the claim so that no one is watching the one shooting all the pigeon’s one street further.

I wonder if Jamal Khashoggi realises that his value allegedly dead is seemingly 1000 times higher than when he was still writing some column in the Washington Post.

 

1 Comment

Filed under Finance, Law, Media, Politics