Shaikh Khalid bin Ahmed highlighted the leading and pioneering role of the Kingdom of Saudi Arabia, stressing that this step is another historic achievement of the Kingdom in serving the Arab and Islamic nations, and in establishing regional and international peace and security, as well as promoting tolerance and co-existance between all cultures and people, and fighting extremism and terrorism in all forms.
"Deprived of access to basic health and nutrition services, children are unable to fulfill their potential", the statement said, adding that children in the war-ravaged country were dying of "preventable causes like malnutrition, diarrhea, and respiratory tract infections".
With IS in fatal decline and the edges of Kurdistan afire, the Middle East is entering a new era, dominated by the Saudi-Iranian power struggle. The latter not only made Saudi society more conservative by empowering the Saudi clergy even more than before, but also led to the export of ultra-conservative Wahhabi ideology to counter Iran's Shiism, fight the Soviets in Afghanistan, and fund conservative mosques all around the world.
"[NEOM] is not for conventional people or conventional companies, this will be a place for the dreamers for the world", bin Salman declared. Examples include King Abdullah Economic City and the King Abdullah Financial District, which have failed to attract the hoped-for levels of foreign investment.
If those reforms fail, Saudi Arabia could eventually run out of money, which would constitute a major political risk to the leadership of a kingdom in which many are employed by the state, or rely on de facto state subsidies.
"I think this is the clearest articulation we've heard so far about where the crown prince plans to take Saudi", Lori Boghardt, from the Washington Institute for Near East Policy, told AFP. "It is mutual investment from both countries". Credit Suisse is also planning to hire more private bankers in the kingdom. Each party aiming to expand diplomatic and strategic reach throughout the region. MUFG may help underwrite the Aramco IPO as it holds a stake in Morgan Stanley, which was selected as lead underwriter with JPMorgan.
The U.S. Treasury said the sanctions have been issued jointly with other countries as part of the newly-created Terrorist Financing Targeting Center (TFTC). It is thus, not surprising that he made friendly trips under official invitation to Sunni Riyadh, and the United Arab Emirates, in recent months.
The Saudis otherwise have little to work with in Iraq compared to Iran.
In a promotional video featuring the project - dubbed NEOM, women were seen jogging in sports bras and working alongside men in laboratories, an image that contrasts with the country's notorious dress code.
RBS: The British lender for years tried unsuccessfully to sell its 40 percent holding in Alawwal Bank, which is worth about $1.4 billion, according to data compiled by Bloomberg. "PIF investment in the Kingdom is following a powerful model in enhancing investment", he added.