Saudi Arabia’s Megaprojects Are Draining Its Cash Reserves

WSJ What’s News

The Wall Street Journal

News, Daily News

4 • 4K Ratings

🗓️ 21 February 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for Feb. 21. To pay for flashy spending plans, Saudi Arabia is turning to borrowing and planning a major sale of Aramco stock. WSJ reporter Chelsey Dulaney breaks down the long term tradeoffs that could accompany those moves. Plus, American food spending hits highs not seen in more than three decades. And legendary tech investor Cathie Wood joins others in capturing profits from chipmaker Nvidia. Hear more from her on WSJ Special Access on Spotify or Apple Podcasts. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	All the big names are here.
0:02.0	Oh, who is that?
0:03.2	I think she was in the movie about that really big shark.
0:06.0	No, not her.
0:07.0	The florist.
0:08.0	She's automating invoices on the go so she can spend more time on that flower wall. Quickbooks to save you up to eight hours a week,
0:15.0	so you could bring your vision to life.
0:17.0	That's how you business differently.
0:19.0	Into its Quickbooks.
0:20.0	The US prepares new sanctions on Russia following the death of Kremlin critic Alexei Navalny.
0:30.0	Plus American food spending hits highs not seen in more than three decades and the bill starts to come due for Saudi Arabia's mega project spending spree.
0:41.0	When Saudi really started to increase these investments, they had a huge oil windfall and that's
0:45.3	really evaporated so it means that they do have less financial firepower so they are having to look
0:50.5	elsewhere for cash.
0:52.4	It's Wednesday February 21st.
0:54.8	I'm Luke Vargas for the Wall Street Journal,
0:56.9	and here is the AM edition of What's News?
0:59.8	The top headlines and business stories
1:01.6	moving your world today.
1:04.0	The White House is planning a major sanctions package against Russia to hold the Kremlin
1:11.5	accountable for Alexei Navalny's death in prison.
1:14.4	President Biden will announce the details on Friday ahead of the two-year anniversary of
	...

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