Saudi Crown
Prince Mohammed bin Salman has rolled the dice with a US$ 374 million bid to acquire
storied British soccer club Newcastle United.
If approved
by Britain’s Premier League that nominally maintains a high bar for the qualification
of aspiring club owners, Prince Mohammed would have demonstrated that he has
put behind him an image tarnished by Saudi conduct of a five-year long war in
Yemen, the 2018 killing of journalist Jamal Khashoggi, systematic abuse of
human rights and, more recently, the kingdom’s badly-timed oil price war with
Russia.
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the kind of financial muscle that allows it to acquire trophies that enable it to project itself in a different light and garner soft power rather than financial gain at a time of a pandemic and global economic collapse.
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Aramco, the Saudi national oil company, was reported to be talking to banks about a US$10 billion loan to help finance its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC). The deal would pour money into the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund.
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