🚗 🚙 Turn your trusty old car into trustworthy journalism Learn more

What’s "Davos in the Desert" and why does it matter

We take a look at why financiers have flocked to Riyadh for face time with the crown prince.
The annual event informally known as  “Davos in the Desert” is used "as an opportunity to pitch Saudi Arabia as a destination for investment," explained the BBC's Sameer Hashmi.
Giuseppe Cacace/AFP via Getty Images

Senators to ask PGA Tour execs why they pivoted from slamming rival LIV to merging with it

Jul 11, 2023
The answer involves Saudi Arabian billions pouring into sports to buff up the kingdom's reputation.
Major state investment in a sport to call attention away from a record of human rights abuses is called sportswashing, says Wharton professor Kenneth Shropshire.
Adrian Dennis/AFP via Getty Images

To stay atop the oil market, OPEC became OPEC+. But keeping the cartel in sync isn't easy.

Jun 28, 2023
The Saudis invited the Russians to the table and rolled out the red carpet. But the Russians haven't always done what the Saudis want.
OPEC and OPEC+ members break their oil production promises all the time, said Victor McFarland at the University of Missouri.
Joe Klamar/AFP via Getty Images

Saudis cut oil production — but that might not lead to higher gas prices

Jun 5, 2023
Cutting production usually leads to an increase in prices. Here's why that might not be the case this time.
Stefani Reynolds/AFP via Getty Images

The Saudis are buying up Russian diesel — and selling more of the stuff they produce themselves

May 30, 2023
The kingdom's actions are not a violation of sanctions.
Saudi Arabia is now buying roughly180,000 barrels of Russian diesel every day. Above, a refinery in Moscow.
Natalia Kolesnikova/AFP via Getty Images

Saudis are trying to prop up oil prices by lashing out at short sellers

May 24, 2023
And if it doesn't work, they'll cut production.
An aerial view of an oil facility in eastern Saudi Arabia. The country is the de facto leader of OPEC+.
Giuseppe Cacace/AFP via Getty Images

What investors need to see in Saudi Aramco's IPO prospectus

Oct 18, 2019
The state-run oil giant is notoriously opaque. But as it moves forward with going public, prospective investors have been demanding details about how the company is run.
Amin Nasser, CEO of Saudi state oil company Aramco, speaks at the 24th World Energy Congress in Abu Dhabi in September.
Karim Sahib/AFP/Getty Images

For public good, not for profit.

IEA releases new oil market numbers amid demand concerns

Oct 11, 2019
Demand for oil is growing, but barely; it's at the lowest rate in a decade.
KAREN BLEIER/AFP/Getty Images

Saudi Arabia announces new chapter in diversifying economy away from oil: tourist visas

Sep 27, 2019
For the first time, the conservative kingdom is opening up to tourists from more than 40 countries.
A view of Riyadh, the Saudi capital, in 2007.
Hassan Ammar/AFP/Getty Images

Oil prices rise on Mideast risk assessment

Sep 16, 2019
The 14% spike, following a weekend attack on a key Saudi oil production facility, reflects what traders consider a "Gulf premium" based on new oil supply risks.
Smoke billows from an Aramco oil facility in Abqaiq in Saudi Arabia's eastern province on Sept. 14 after drone attacks sparked two fires.
AFP/Getty Images