Tag: Saudi Arabia

Saudi Arabia hunts for cash to fund projects under $1.5 trillion Neom desert city

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Saudi Arabia’s Neom City is planning its debut riyal bond sale later this year as it looks for more sources of funding for its $1.5 trillion construction projects it’s planned for the futuristic city, according to people familiar with the matter.

Neom has appointed banks including HSBC Holdings Plc and the securities units of Al Rajhi Bank and Saudi National Bank to advise on the sale of Islamic bonds, or sukuk, the people said. The debt would be denominated in the local currency and could raise as much as 5 billion riyals ($1.3 billion), they said, asking not to be identified as the information is private.

The sukuk sale could come as early as the second half of this year, the people said. A final decision on the timing and offering size will depend on market conditions, they added.

Representatives for Neom, HSBC and Saudi National Bank declined to comment, while a spokesperson for Al Rajhi Bank did not respond to a request for comment.

We kicked off the China leg of our global Discover NEOM tour with showcases in Beijing and Shanghai 🇨🇳

With over 500 senior business and industry leaders in attendance, we highlighted investment opportunities and important milestones.

Learn more: https://t.co/KS6aypC8ki#NEOM pic.twitter.com/xqhtGHAEy8

— NEOM (@NEOM) April 17, 2024

Also read: Saudi Arabia mega city Neom to run entirely on renewable energy; here is the roadmap

The city, located in the kingdom’s northwestern desert, is a brainchild of Crown Prince Mohammed bin Salman. The development’s signature project is The Line, a pair of mirror-clad skyscrapers that the kingdom hopes will ultimately stretch 170 kilometers and house all of a city’s normal functions. Neom’s plans also include an industrial area, ports and tourism developments.

Most of the development’s funding so far has come in the form of equity injections from its owner, Saudi Arabia’s sovereign wealth fund, which is led by Crown Prince Mohammed. But to pull off the ambitious project, Neom’s developers have been hunting for new forms of cash in recent months.

Neom recently secured a 10 billion-riyals loan from a group of Saudi banks, according to two other people familiar with the deal. The project’s developers have also raised a 3 billion-riyal loan to finance Sindalah, a luxury tourism island in the Red Sea.

Also read: FICCI holds first Indian delegation of 17 CEOs in Saudi Arabia’s iconic Neom City

Scaling Back
Saudi Arabia has scaled back its medium-term ambitions for The Line, people familiar with the matter told Bloomberg earlier this month. While the government at one point hoped to have 1.5 million residents living in The Line by 2030, it now expect the development will house fewer than 300,000 residents by that time.

The plans to pursue a sukuk sale comes as the Public Investment Fund, as the kingdom’s main state fund is known, has been considering plans to accelerate debt sales of its own and by its subsidiaries. The PIF has also considered obtaining bank loans or offering up equity in the companies it controls as it hunts for new sources of cash.

The PIF’s effort to obtain more cash comes as total spending by the fund is set to top $70 billion a year after 2025, up from current levels of about $40 billion to $50 billion a year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Eid al-Fitr 2024 in India on April 10 or 11? Know the role of crescent moon sighting in Saudi Arabia today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As the day of Eid al-Fitr draws near, the nation is preparing for festivities to commemorate the completion of Ramadan, the holy month during which Muslims fast from sunrise to sunset. The Islamic festival is celebrated annually on the first day of Shawwal, the tenth month of the Muslim (lunar) calendar.

However, the date of the celebration depends on the visibility of the new moon. This leads Muslims in different parts of the world to celebrate the festival at different times. India, meanwhile, is all geared up to celebrate Eid al-Fitr on April 10 or 11 this year. However, the exact date is yet to be known.

It needs to be noted that the date to celebrate Eid al-Fitr might change by one or two days depending on the location as well. Therefore, the exact day will be revealed closer to the day of the festival. Meanwhile, Kerala is the only Indian state that celebrates the festival based on a sighting of the moon in Saudi Arabia.

Eid Al-Fitr 2024: Moon Sighting Date in Saudi Arabia, India

Additionally, Indian Muslims, along with those residing in South Asian countries, will gear up for the sighting of the Crescent moon on Tuesday, April 9, 2024. This year, the month of Ramadan commenced on March 11, 2024, in many countries, including those in the Middle East, North America, and the UK.

Ahead of the Islamic festival, the Supreme Court of Saudi Arabia made an announcement asking Muslims to see the crescent moon for the month of Shawwal on the evening of April 8. This sighting of the moon on this particular day marks the end of Ramadan and the beginning of Eid al-Fitr.

As far as astronomical calculations are considered, Eid al-Fitr is expected to be observed on Wednesday, hinting at a 30-day fast in Ramadan instead of 29 days for Muslims this year.

If the crescent moon is not sighted in Saudi Arabia on April 8, Eid al-Fitr will be observed on April 11 and the night before Eid (Chand Raat) will be observed on April 10.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Saudi Arabia plans $40 billion push into artificial intelligence: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Saudi Arabia’s government plans to create a fund of about $40 billion to invest in artificial intelligence, the New York Times reported on Tuesday, citing three people briefed on the plans.

Representatives of Saudi Arabia’s Public Investment Fund (PIF) have discussed a potential partnership with US venture capital firm Andreessen Horowitz and other financiers in recent weeks, the newspaper reported.

Andreessen Horowitz and PIF governor Yasir Al-Rumayyan have discussed the possibility of the US firm setting up an office in Riyadh, according to the report.

PIF officials also discussed what role Andreessen Horowitz could play and how such a fund would work, the newspaper said, adding the plans could still change.

Other venture capitalists may participate in the kingdom’s artificial intelligence fund, which is expected to commence in the second half of 2024, the newspaper said.

Saudi representatives have indicated to potential partners that the country is interested in supporting a variety of tech start-ups associated with artificial intelligence, including chip makers and large-scale data centres, the report added.

PIF and Andreessen Horowitz did not immediately respond to requests for comment from Reuters.

Last month, PIF’s Al-Rumayyan pitched the kingdom as a prospective hub for artificial intelligence activity outside US, citing its energy resources and funding capacity.

Al-Rumayyan had said the kingdom had the “political will” to make artificial intelligence projects happen and ample funds it could deploy to nurture the technology’s development.

Also Read: UAE backs Sam Altman’s idea to turn itself into an AI testing ground

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ion Exchange shares jump over 3% on bagging ₹120-crore order from Saudi Arabia

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ion Exchange (India) Ltd shares jumped more than 3% on Tuesday after the company announced receiving an order worth ₹120 crore from Saudi Arabia.

In a filing to the stock exchanges, the company said that it has received an order worth approximately ₹120 crore for setting up a water treatment plant in Saudi Arabia.

One of the biggest mining companies in Saudi Arabia, Maaden, has awarded an international contract to Ion Exchange for establishing a water treatment plant, which will also include a demineralisation plant.

The project will be executed within one year from the date of the Letter of Acceptance (LoA), the company informed the bourses.

After the announcement shares of Ion Exchange (India) gained as much as 3.59% to an intraday high of ₹465.25 apiece on BSE.

Ion Exchange’s net profit rose slightly by 3.8% on a year-on-year (YoY) basis to ₹49.19 crore in the quarter ended December 31, 2023, compared to ₹47.37 crore reported in the same period last year, while its net sales climbed 3.2% to ₹512.03 crore in third quarter of FY24 versus ₹496.07 crore in the corresponding period of the previous fiscal year.

The company’s earnings before interest, taxes, depreciation, and amortisation or EBITDA of ₹78.27 crore in Q3FY24 increased by 6.65% YoY in comparison to ₹73.39 crore in the year-ago period.

Shares of Ion Exchange India closed 2.4% higher at ₹460 apiece on BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Muslims spot Ramadan crescent moon in Saudi Arabia, meaning month of fasting starts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Officials saw the crescent moon Sunday night in Saudi Arabia, home to the holiest sites in Islam, marking the start of the holy fasting month of Ramadan for many of the world’s 1.8 billion Muslims.

The sacred month, which sees those observing abstain from food and water from sunrise to sunset, marks a period of religious reflection, family get-togethers and giving across the Muslim world. Seeing the moon Sunday night means Monday is the first day of the fast.

Saudi state television reported that authorities there saw the crescent moon. Soon after, multiple Gulf Arab nations, as well as Egypt, Sudan, Syria and Yemen followed the announcement to confirm they as well would start fasting on Monday. North American Muslims also will begin their fast Monday.

Leaders shared messages of congratulations the month had begun.

However, there are some Asia-Pacific countries like Australia, Brunei, Indonesia, Malaysia and Singapore, that will begin Ramadan on Tuesday after failing to see the crescent moon. Oman, on the easternmost edge of the Arabian Peninsula, similarly announced Ramadan would begin Tuesday. Jordan will also begin Ramadan on Tuesday.

Also Read | Ramadan 2024: Date, significance, and how Muslims observe the holy month

This year’s Ramadan comes as the Middle East remains inflamed by the Israel-Hamas war in the Gaza Strip. That’s raised fears the conflict may spark unrest far beyond the current borders of the war.

Saudi King Salman specifically pointed to the Israel-Hamas war in remarks released to the public after the Ramadan announcement.

“As it pains us that the month of Ramadan falls this year, in light of the attacks our brothers in Palestine are suffering from, we stress the need for the international community to assume its responsibilities, to stop these brutal crimes, and provide safe humanitarian and relief corridors,” the king said.

U.S. President Joe Biden also recognized the beginning of the holy month, saying that “Jill and I extend our best wishes and prayers to Muslims across our country and around the world,” but he also turned to the conflict in Gaza.

Also Read | Ramadan 2024: WHO’s 7 essential guidelines for a healthy holy month

“As Muslims gather around the world over the coming days and weeks to break their fast, the suffering of the Palestinian people will be front of mind for many. It is front of mind for me,” Biden said.

Meanwhile, inflation and high prices of food around the world since the pandemic began continue to pinch.

In Saudi Arabia, the kingdom had been urging the public to watch the skies from Sunday night in preparation for the sighting of the crescent moon. Ramadan works on a lunar calendar and moon-sighting methodologies often vary between countries, meaning some nations declare the start of the month earlier or later.

However, many Sunni-dominated nations in the Middle East follow the lead of Saudi Arabia, home to Mecca and its cube-shaped Kaaba that Muslims pray toward five times a day.

In Iran, which views itself as the worldwide leader of Islam’s minority Shiites, authorities typically begin Ramadan a day after Sunnis start. Already, the office of Iran’s Supreme Leader Ayatollah Ali Khamenei announced Ramadan will start on Tuesday, according to the state-run IRNA news agency.

“This year, Ramadan will coincide with Nowruz,” said Tehran resident Robabeh Khodkameh, referring to the Persian New Year that begins March 20. “Since the old days, we have a custom of thoroughly cleaning homes for Nowruz, and making everything look new. This year, since it’s also Ramadan, we’ll clean our hearts too and use it as a fresh start for things.”

Only Sunnis in Iraq and Lebanon will begin fasting Monday, while Shiites will begin Tuesday.

During Ramadan, those observing typically break their fast with a date and water, following the tradition set by the Prophet Muhammad. Then they’ll enjoy an “iftar,” or a large meal. They’ll have a pre-dawn meal, or “suhoor,” to sustain themselves during the daylight hours.

Ramadan is the ninth month of the Islamic lunar calendar; the month cycles through the seasons and the months in the Gregorian calendar.

Muslims try to avoid conflict and focus on acts of charity during the holy month. However, the war in the Gaza Strip is looming large over this year’s Ramadan for many Muslims.

The war began Oct. 7 with Hamas’ attack on Israel that killed around 1,200 people and saw 250 others taken hostage. Israel responded with a grinding war targeting the Gaza Strip that so far has seen more than 30,000 Palestinians reported killed and an intense siege of the seaside enclave cutting off electricity, food and water.

Scenes of Palestinians praying before bombed-out mosques and chasing after food airdropped by foreign nations continue to anger those across the Middle East and the wider world. The U.S. has been pressuring Israel, which relies on American military hardware and support, to allow more food in as Ramadan begins. It also plans a sea corridor with other partners.

The war, as well as Israeli restrictions on Muslims praying at Jerusalem’s Al-Aqsa Mosque, Islam’s third-holiest site, may further inflame militant anger. The site is also known as the Temple Mount, which Jews consider their most sacred site. The Palestinian territories will begin Ramadan on Monday as well.

The Islamic State group, which once held a self-described caliphate across territory in Iraq and Syria, has launched attacks around Ramadan as well. Though now splintered, the group has tried to capitalize on the Israel-Hamas war to raise its profile.

War also continues to rage across Sudan despite efforts to try and reach a Ramadan cease-fire.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Saudi Aramco raises payout to $31 billion in boost for budget

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Saudi Aramco raised its dividend to investors and Saudi Arabia’s government despite a retreat in energy prices and lower production, a boon for the kingdom as it faces a widening budget deficit.

The total payout of $31.07 billion for the fourth quarter, including a special component, rose from the previous quarter’s level even as lower oil output pushed net income down 25% year-on-year.

The world’s biggest crude oil exporter provides much of the Saudi government’s income via generous dividends. The distribution is becoming ever more vital as Crown Prince Mohammed bin Salman pursues expensive projects such as the futuristic project of Neom, the purchase of high-profile footballers and stakes in sporting leagues, while looking to diversify the economy from oil.

The budget shortfall, however, is starting to bite. The Saudi government is predicting a deficit every year until 2026, pushing it to delay past 2030 some of the projects that it launched as part of its economic transformation plan. It also ordered Aramco last month to halt the expansion of its production capacity, helping free up spending for other areas.

Riyadh needs crude above $90 a barrel this year to fund spending plans, according to Fitch Ratings. Brent crude in London closed near $82 last week. Saudi Arabia’s oil export revenue sank to $248 billion last year, a decrease of nearly $80 billion that offered a reminder of its dependence on high energy prices.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FICCI holds first Indian delegation of 17 CEOs in Saudi Arabia’s iconic Neom City

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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FICCI is holding a four-day delegation of CEOs in Saudi Arabia, led by President Dr Anish Shah, including Vice President Anant Goenka; Secretary General SK Pathak along with 17 CEOs and Government of India’s Joint Secretary DPIIT Sanjiv and Rakesh Kumar, DDG.

The four-day FICCI CEOs delegation to Saudi Arabia (Feb 18-21) will chart out ways to strengthen economic bilateral relations between the two nations. The delegation will meet various senior government officials and Ministers in Riyadh and Neom in Saudi Arabia along with Federation of Saudi Chambers (FSC) and Public Investment Fund (PIF). These include meetings with Prince Abdul Aziz Bin Salman Al Soud, Minister of Energy; HE Khalid A Al-Falih, Minister of Investment, Saudi Arabia; Deputy Ministers of Ministry of Economy and Planning Farah Ismail and Rakam Al Alsheikh.

The delegation will also interact with the Saudi-India Business Forum along with discussion with NEOM community on sectors including land mobility, health and well-being, tourism, education, research and innovation along with NEOM Investment Fund.

Also read: Saudi Arabia’s Neom City will run entirely on renewable energy; here is the roadmap

This is the first Indian delegation visiting NEOM City. NEOM is a futuristic city been built in the Saudi desert from scratch. The Neom City project is Crown Prince Mohammed Bin Salman’s brainchild. It would cover over 10,000 square miles, the size of Massachusetts, and is budgeted at $1 trillion.

NEOM City will be made a global hub for innovation, sustainability, and technology. It will integrate advanced technologies and renewable energy sources to create a model for smart and eco-friendly urban living. The city’s strategic location, along the Red Sea coast, positions it as a key player in international trade and commerce.

Additionally, NEOM envisions cutting-edge infrastructure, including state-of-the-art transportation systems and advanced healthcare facilities, to cater to the needs of its residents and visitors alike. The collaboration between India and NEOM presents exciting opportunities for mutual growth and development across various sectors, fostering innovation and economic prosperity on a global scale.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Saudi Arabia set to open first alcohol store for non-Muslim diplomats

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Saudi Arabia is on the verge of unveiling a historic shift in its social landscape by introducing its first liquor store in decades. However, this move comes with a unique twist – the store will exclusively cater to diplomats.

Set to open its doors in Riyadh in the coming weeks, the licensed establishment will permit non-Muslim diplomats to purchase alcohol, marking a notable departure from the country’s longstanding restrictions, according to foreign officials in the Saudi capital who are familiar with the matter, as reported by Bloomberg.

Under the leadership of Crown Prince Mohammed bin Salman, Saudi Arabia has been gradually easing longstanding social restrictions. Reversing the ban on women driving, permitting public entertainment, embracing music, and allowing the mingling of genders are notable milestones in the kingdom’s evolving landscape.

Also read: Gujarat allows liquor consumption for GIFT City workers, visitors in landmark move

The predominantly Muslim country has historically restricted alcohol consumption, deeming it strictly forbidden in Islam. The only access to alcohol was through the black market or diplomatic channels.

However, this upcoming liquor store reflects a subtle shift in approach as the country strives to diversify its oil-dependent economy. Rumors circulating around the potential inclusion of alcohol in Saudi Arabia’s Vision 2030 plans, aimed at reducing reliance on oil, have been met with denials from government officials.

Though there were prior reports suggesting the possibility of wine, cocktails, and champagne being allowed in certain areas, such as the Vision 2030’s flagship project, Neom, officials had consistently denied any intention to introduce alcohol sales as part of efforts to attract more foreign tourists.

The Diplomatic Quarter, situated in the southwest of Riyadh where numerous foreign officials reside and work, will house this pioneering store. Diplomats keen on purchasing alcohol will navigate the process through a mobile app administered by Saudi authorities, with imposed limits on the quantities they can buy.

This unprecedented move comes decades after a ban on liquor was enforced nationwide, triggered by an intoxicated Saudi Prince shooting a British diplomat in the 1950s following a party at the embassy.

In response, the government’s Center of International Communication has announced the introduction of a new regulatory framework to counter the illicit trade of alcohol goods and products received by diplomatic missions.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Saudi Arabia unveils plan to build a massive adventure tourism destination ‘The Rig’: Check details

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Saudi Arabia unveiled a masterplan for an extraordinary venture in adventure tourism by the Oil Park Development Company (OPDC). Prepare to be enthralled, called THE RIG. The Kingdom aims to redefine the global tourism landscape, with its latest gem.

THE RIG will stand as a pioneering adventure tourism destination on an offshore platform, drawing inspiration from Saudi Arabia’s abundant oil and gas legacy, AP reported. Comprising three interconnected offshore platforms and a fully repurposed jack-up rig, the tourism hub will seamlessly blend design and experience for an unparalleled adventure experience.

On the occassion OPDC, said that the hospitality and adventure venture would be spread across 300,000 square meters, in close proximity to Al Juraid Island and the Berri Oil Field in the Arabian Gulf. Within this expanse, three hotels will be established, offering a combined total of 800 rooms.

Also read: Kingdom of Saudi Arabia looking to welcome 7.5 million Indian tourists by 2030

Additionally, there are plans for the inclusion of 11 restaurants. The company has outlined the incorporation of key features such as extreme sports hubs, an adventure park, a marina, and helipads to enhance the overall allure of the destination. The oil rig-themed destination will have over 70 attractions, a 6,000-person multi-purpose arena, an amusement park, a splash park and more to cater to visitors of all ages and adventure levels.

Committed to sustainable tourism practices, edutainment, and exploration, THE RIG would adhere to local and international codes and standards for safety and functionality, visitors will get to immerse themselves in Saudi Arabia’s oil and gas heritage through the world’s first immersive theatre on a repurposed jack-up rig. It’s a place where extreme fun, new adventures, and learning would converge.

According to the masterplan, the world’s best engineers and designers have been engaged to bring the project to life. It will be located 40 kilometers from the Arabian Gulf coastline, near Juraid Island and visitors will have access to the THE RIG via aire and cruise liners would be able to anchor nearby.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

What Donald Trump said about House Democrats alleging he got $7.8 million from foreign govts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ahead of the US presidential polls, former US president Donald Trump, on Wednesday, took a jibe at the report released by the Congressional Democrats and said he did not get “$8 million for doing nothing like Hunter (Biden)”.

The report, which was released by House Democrats last week, alleged that about 20 foreign governments, including China and Saudi Arabia, spent at least $7.8 million at properties owned by Trump while he was US president.

At a Fox News town hall, Trump was asked about the report.

He said, “I don’t get $8 million for doing nothing like Hunter… I don’t get $500,000. I don’t get $500,000 for doing a painting. It’s not a bad idea, I guess if you can get away with it. When I heard that I said there’s no way they get away with that. But they got away with that. I guess they got away with it.”

Trump stated that there was an ‘emoluments lawsuit’ against him where the “radical left, sued me for that, and I won the suit.”

“I own hotels, all over… I don’t get free money. Somebody rents a hotel room, etc, etc. Much money I gave back. In fact, I didn’t have to do it. You know, George Washington was a very rich man,” he said.

“People don’t know that, in his essential White House, which wasn’t built, but they had an office, he had a business desk and he had a country desk right next to each other. You’re allowed to do that. I didn’t do it,” he added.

Further responding to the allegations, he said the money he received was a ‘small amount’.

“I put everything in trust. And if I have a hotel and somebody comes in from China, that’s a small amount of money. And it sounds like a lot of money. That’s a small. But I was doing services for that. People were staying in these massive hotels, these beautiful hotels, because I have the best hotels, I have the best clubs, I have great stuff and they stay there and they pay.”

According to the report, the Chinese government and its entities spent the most amount of money at Trump‘s properties, paying $5.5 million at the premises of the former US president in New York, Washington, and Las Vegas, Financial Times reported.

After China, Saudi Arabia and its royal family stood second in the list, having spent more than $600,000.

Besides China and Saudi Arabia, the 156-page report found that state-linked entities from Congo, Malaysia, Albania, and Kosovo spent money at the hotels and apartments owned by Trump.

The House Democrats launched a year-long investigation into whether the former president and businessman personally profited from his time in the White House.

The probe majorly relied on documents obtained from Trump’s former accounting firm, Mazars.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow