<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5dc994263afd3724324cf766-2000/sultan use.jpg" border="0" alt="Dr. Sultan ADNOC" style="display: block; margin-left: auto; margin-right: auto;" data-mce-source="ADNOC" /><p class="source"><span>ADNOC</span></p></div><p></p></div></div></p><ul class="summary-list"><li><strong>The annual Abu Dhabi International Petroleum Exhibition &amp; Conference (ADIPEC) is being held from November 11 to 14.</strong></li><li><strong>During his opening remarks, Dr. Sultan Ahmed Al Jaber - the CEO of the Abu Dhabi National Oil Company - officially announced a new deal to trade futures on a type of crude called Murban.</strong></li><li>ADNOC will do so in partnership with Intercontinental Exchange, which will launch ICE Futures Abu Dhabi, or IFAD.</li><li>Energy executives from industry titans like BP, Shell, and PetroChina were on hand to join the festivities - and sign up as official partners.</li><li>The announcement was the talk of day one at ADIPEC. Here's what we saw.</li><li><strong><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>. </strong></li></ul><p>ABU DHABI - Dr. <a href="https://en.wikipedia.org/wiki/Sultan_Ahmed_Al_Jaber" target="_blank" rel="noopener">Sultan Ahmed Al Jaber</a> couldn't help but smile.</p><p>He'd just officially announced a new deal to trade futures on a highly valuable type of crude oil produced in his native United Arab Emirates, and the crowd had gone wild with applause.</p><p>It was part of his opening remarks at the 2019 edition of the Abu Dhabi International Petroleum Exhibition &amp; Conference (<a href="https://www.adipec.com/" target="_blank" rel="noopener">ADIPEC</a>). In what was an otherwise straight-laced address - touching upon other timely subjects like sustainability and digitization - the CEO of the <a href="https://www.adnoc.ae/" target="_blank" rel="noopener">Abu Dhabi National Oil Company</a> clearly enjoyed sharing the news, which appears set to change the energy industry as we know it.</p><p>The resource in question is called Murban, a light crude grade of which 1.7 million barrels a day are produced in the UAE, accounting for more than half of the nation's output. In order for the futures to be transacted widely, <a href="https://ir.theice.com/press/press-releases/all-categories/2019/11-11-2019-123203554" target="_blank" rel="noopener">Intercontinental Exchange will launch ICE Futures Abu Dhabi</a>, which will be known as IFAD.</p><p>Based on comments made by Al Jaber, it's clear both he and those at ICE view Murban futures as a potential third major global crude benchmark - something that can slot in alongside Brent and WTI. Al Jaber also remarked that the futures will allow ADNOC to extract even more value from its precious crude.</p><p>"This is a very important, historic day for Abu Dhabi, ADNOC, and the industry," he told a packed room of reporters and oil executives during a post-announcement press conference. "Given significant flows of Murban, particularly in Asia, we believe the market is very ready for a new, more geographically relevant market."</p><p>The launch of IFAD is hardly Al Jaber's first big splash since taking over as CEO of ADNOC in 2016. In November 2017, he issued a $3 billion bond, the first in company history. It ended up <a href="https://www.thenational.ae/business/adnoc-says-landmark-3-billion-pipeline-unit-bond-more-than-three-times-oversubscribed-1.673476" target="_blank" rel="noopener">three times oversubscribed</a>.</p><p>Then, in December 2017, he completed an <a href="https://www.cnbc.com/2017/12/13/uae-oil-giant-adnoc-hails-success-of-spin-off-ipo.html" target="_blank" rel="noopener">$851 million initial public offering</a> for 10% of the company's oil distribution unit. It was Abu Dhabi's biggest IPO in a decade. And in October 2018, Al Jaber <a href="https://www.ft.com/content/cfe3e710-cac7-11e8-9fe5-24ad351828ab" target="_blank" rel="noopener">sold a 5% stake</a> in ADNOC's drilling arm to <a href="https://markets.businessinsider.com/stocks/bkr-stock" target="_blank" rel="noopener">Baker Hughes</a> for $550 million, valuing the unit at roughly $11 billion.</p><p>Based on Monday's press conference at ADIPEC, he has the entire industry's attention.</p><h2>A who's who of energy-industry royalty</h2><p>Even before Al Jaber and his fellow energy-industry titans took the stage to sign, the buzz in the conference hall was palpable.</p><p>"Bob Dudley from BP is over there," one unnamed attendee remarked to his colleague. "We sat on the wrong side. They're all here."</p><p>Who exactly? Chief executives from BP, Total, PetroChina, Shell, Vitol, Taiwan's PTT, Japan's JXTG, Korea's GS Caltex, and Inpex. They flanked Al Jaber as he delivered remarks, then simultaneously signed the shareholder agreement, inking themselves as partners for ICE's new exchange.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="ADNOC" title_caption="ADNOC CEO Dr. Sultan Ahmed Al Jaber is flanked by global energy executives as they sign a Murban futures shareholder agreement." class="zoomin" href="https://static-ssl.businessinsider.com/image/5dc993423afd372296487059-960/adipec press conference.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/5dc993423afd372296487059-867/adipec press conference.jpg" border="0" alt="ADIPEC Press Conference" style="display: block; margin-left: auto; margin-right: auto;" data-mce-source="ADNOC" /></a><p class="source"><span>ADNOC</span></p><p class="caption">ADNOC CEO Dr. Sultan Ahmed Al Jaber is flanked by global energy executives as they sign a Murban futures shareholder agreement.</p></div><p></p></div></div></p><p>"Murban has the characteristics to be a great new global crude market," Dudley, the CEO of BP, said in a prepared remark. "I think we're watching today, in the oil and gas industry, a piece of history."</p><p>Russell Hardy, group CEO of Vitol, added: "Murban already serves as a reference group for many Asian refiners, and the launch of this new benchmark will facilitate hedging and enable the development of a strong, complementary financial market."</p><p>Following the conference, the lively throng that followed Al Jaber - from the opening ceremony, through the airport-hangar-sized convention center, and into the conference hall - swelled further in size after the presser ended. The ADNOC CEO snapped photos with each individual partner as onlookers took their own camera-phone shots.</p><h2>Rationale from an ICE president</h2><p>After the hubbub surrounding the announcement died down a bit, Business Insider sat down for an interview with Stuart Williams - president of <a href="https://www.theice.com/futures-europe" target="_blank" rel="noopener">ICE Futures Europe</a> - to discuss the rationale for the agreement. He also provided the line of thinking from ICE's point of view.</p><p>Williams laid out three key reasons why the partnership makes sense:</p><p><strong>1) Abu Dhabi and the United Arab Emirates have long proven to be effectively governed</strong></p><p>"Within the region, you have the perfect combination of a location that has rule of law and a regulatory system that's very familiar to the global community," Williams told Business Insider.</p><p><strong>2) ADNOC made a key change in its distibution approach in order to get the deal done</strong></p><p>"You've got a national oil company in ADNOC that's extraordinarily strategic and forward-thinking in the sense that it's now willing to go destination-free, which is a key component for benchmarking," Williams said.</p><p><strong>3) The existence of a Murban exchange will make it much easier to hedge Asian oil risk</strong></p><p>"You have a global benchmark that is Brent, a US benchmark that is WTI, and now we're going to have an Asian benchmark at a comparable grade," he said. "You have comparable qualities across different geographies, which makes the ability to hedge crude coming out of any of those regions, coming into Asia, that much more precise."</p><p>In the end, Williams sees the two entities fitting together nicely, in complementary fashion.</p><p>"We bring a distribution network, ADNOC brings its fantastic crude with a regulatory system in place," he said. "It has a good chance going forward to becoming a global benchmark."</p><p class="tagline">Get the latest Oil WTI price<a href="http://markets.businessinsider.com/commodities/oil-price?type=WTI"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/3rd-wave-tech-stocks-why-theyre-new-disruptors-mark-baribeau-2019-10">A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/PQgqSIfN-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Inside a 'historic day' at the Middle East's biggest oil and gas conference, where all the world's top energy CEOs gathered to sign a deal that could permanently change the industry

<strong>New Delhi/Washington,</strong> US President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> has presented America's <keyword id="10474146" type="UNKNOWN" weightage="20" keywordseo="highest-military-decoration">highest military decoration</keyword>, The Legion of Merit, to <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-narendra-modi">Prime Minister Narendra Modi</keyword> for his leadership and vision under which India's emergence as a global power has accelerated and for elevating strategic partnership of the two countries.<br /><br />Official sources said, The Legion of Merit, Degree Chief Commander, bestowed on Prime Minister Modi on behalf of the President, is a rarely-awarded, prestigious decoration that can only be bestowed by Trump, typically to heads of state or heads of government of other countries.<br /><br />India's Ambassador to the US, Taranjit Singh Sandhu, accepted the award on behalf of the Prime Minister from <keyword id="10474147" type="COMPANY" weightage="20" keywordseo="the-us-national-security-advisor">the US National Security Advisor</keyword> Robert O'Brien at the White House.<br /><br />The citation with the award states: "For exceptionally meritorious service as the Prime Minister of <keyword id="9933518" type="LOCATION" weightage="20" keywordseo="the-republic-of-india">the Republic of India</keyword> from May 2014 to August 2020. Prime Minister Narendra Modi's steadfast leadership and vision have accelerated India's emergence as a global power and elevated the strategic partnership between the US and India to address global challenges. Prime Minister Modi's personal engagement expanded US-India ties across all facets of the relationship, helping to establish a strong foundation for an enduring partnership that is based on shared commitment to freedom, democratic principles, the equal treatment of all citizens, and the rule of law.<br /><br />"India is a key partner for the US in the Indo-Pacific, where the two countries are increasing collaboration to ensure freedom of the seas, open and transparent investment and infrastructure development, secure and reliable digital networks, and good governance."<br /><br />In a glowing tribute, the citation adds: "Prime Minister Modi's personal initiative strengthened the defence partnership between the United States and India, enhancing the US' ability to secure joint military cooperation that addressed shared challenges. His efforts to expand India's economic cooperation with the US has advanced prosperity, investment and job creation in both countries.<br /><br />"Prime Minister Modi's superior effort, personal leadership, and unwavering commitment to advancing strategic cooperation between the United States and India and promoting global peace and prosperity reflect great credit upon himself, the Indian armed forces, and his country."<br /><br />The Legion of Merit, Degree Chief Commander is a domed five-pointed American white star plaque of heraldic form bordered in purplish-red enamel 215/16 inches circumscribing diameter with 13 white stars on a blue field emerging from a circle of clouds; backing the star, a laurel wreath with pierced, crossed arrows pointing outward between each arm of the star and the wreath. The reverse is engraved with the words '<keyword id="15552" type="LOCATION" weightage="20" keywordseo="united-states-of-America">United States of America</keyword>'.<br /><br />In September this year, after a very long gap, President Donald Trump awarded the Legion of Merit, Degree Chief Commander, to Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, Amir of the State of Kuwait.<br /><br />The decoration was last awarded in 1991.<br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a><br /><a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a><br /><a href="https://www.businessinsider.in/business/startups/news/the-founder-of-sugar-cosmetics-explains-how-the-startup-clocked-a-60-growth-in-sales-during-the-pandemic/articleshow/79832966.cms">The founder of SUGAR cosmetics explains how the startup clocked a 60% growth in sales during the pandemic</a></strong>

Donald Trump awards PM Modi with 'Legion of Merit', the highest military decoration in US

<br /><ul><li><strong>At an energy conference in New Delhi on 15 October, Khalid A Al-Falih, the chairman of <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>, announced plans to invest in India’s downstream <keyword id="84980" type="ORGANIZATION" weightage="20" keywordseo="petroleum">petroleum</keyword> sector. <br /></strong></li><li><strong>Al-Falih explained that a number of segments were being considered such as petrochemicals, refining, crude <keyword id="6359072" type="UNKNOWN" weightage="20" keywordseo="oil">oil</keyword> storage and retail sales as well as solar energy.<br /></strong></li><li><strong>At the same conference, India’s PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> also sat down with ministers and chief executives of oil companies and sought a review of payment terms for crude oil supplies. </strong><br /></li></ul><keyword id="50996" type="LOCATION" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword>, the world’s largest oil producing nation, is preparing a slew of investments in India’s energy sector. At an energy conference in New Delhi organised by IHS Markit yesterday, Khalid A Al-Falih, the chairman of Saudi Aramco, announced plans to invest in India’s downstream petroleum sector. <br /><br />Al-Falih explained that a number of segments were being considered such as petrochemicals, refining, crude oil storage and retail petroleum as well as <a href="https://www.livemint.com/Industry/6rWpDOk6k1yMFdIjP6NZLP/Saudi-Arabia-BP-eye-major-Indian-solar-play.html">solar energy</a> He added that Saudi Arabia’s largest mining company, Maaden, was looking to make inroads into India’s fertiliser industry, specifically the production of phosphate fertiliser.<br /><br />His plans were echoed by his counterpart in the UAE, Sultan Ahmed Al Jaber, the chairman of <keyword id="188274" type="COMPANY" weightage="20" keywordseo="Abu-Dhabi-National-Oil-Company">Abu Dhabi National Oil Company</keyword> (ADNOC), who said that the company was assessing a range of potential pipeline projects in India.<br /><br />Earlier this year, in July, Saudi Aramco and ADNOC decided to join hands on <a href="http://www.saudiaramco.com/en/home/news-media/news/Ratnagiri-Mega-Refinery.html">a $44 billion refinery project</a> in Ratnagiri, which is in the Indian state of Maharashtra. The two state-backed oil producers are taking a 50% stake in the project, which is expected to produce 1.2 million barrels per day, while the other half will be owned by a consortium of Indian refiners such as IOC and BPCL. <br /><strong><br />A review of oil payment conditions</strong><br /><br />Indian Prime Minister Narendra Modi also sat down with the ministers and chief executives of oil companies at the conference. In addition to Al-Falih and Jaber, the meeting was attended by the CEOs of Russia’s Rosneft, the world’s largest listed oil producer by output, British Petroleum and Pioneer Natural Resources. <br /><br />Given the impact of rising oil prices on the rupee and India’s trade deficit, his motivations were clear. He sought a review of the pricing terms with major oil suppliers - which would include paying for imports in rupees - and encouraged a rise in global output through commercial exploration by OPEC nations in developing countries as a means to keep prices in check. Saudi Arabia is one of the largest suppliers of oil to India. <br />

Saudi Arabia has big plans for India's energy sector

<p><a href="https://www.businessinsider.com/whats-next-ceos-tell-insider-how-they-are-approaching-the-return-to-the-office-2021-04"></a></p><div type="image" title="Headquarters of ADNOC in Abu Dhabi, United Arab Emirates, with COVID-19 safety signage" height="4480" width="6720" msid="83725861" hostid="261"></div><ul class="summary-list"><li><keyword id="357573" type="ORGANIZATION" weightage="60" keywordseo="ADNOC">ADNOC</keyword> started bringing workers back to the office in June, 2020.</li><li>Behaviorial science models have helped ADNOC's leaders make employees feel safe at work.</li><li>ADNOC is now doing a <keyword id="24504" type="ORGANIZATION" weightage="60" keywordseo="culture">culture</keyword> assessment to see what positive changes can come from this experience. </li></ul><p>Business leaders at companies in the US and other regions that are starting to normalize might find the next phase in pandemic management to be the most difficult yet. </p><p>"The real work starts after you bring the people back," said Dr. Coni Judge, senior advisor of culture and employee engagement at <keyword id="188274" type="ORGANIZATION" weightage="60" keywordseo="Abu-Dhabi-National-Oil-Company">Abu Dhabi National Oil Company</keyword> (ADNOC). "That's when the harder part of the work begins. Because you've got people in so many different places - not just physical places. But you have people in different mindsets, they've had different experiences, they have different concerns. They are all coming from a unique place."</p><p>Judge, who is an organizational psychologist and expert on employee <keyword id="6379089" type="UNKNOWN" weightage="60" keywordseo="communications">communications</keyword> and change and performance psychology, had been working with ADNOC's leaders on employee engagement <keyword id="6363690" type="UNKNOWN" weightage="100" keywordseo="Strategy">strategy</keyword> since just before the pandemic. Since then, her focus has been on helping the company bring its 50,000 employees back to the workplace. </p><p>ADNOC has been bringing people back to the office in incremental waves since back in June 2020 and at one point was close to having the entire workforce in situ, except for those with medical exemptions. Last February, as cases in the region spiked, the company rolled back to 30% capacity and has since then been building back up to about 60% capacity now. </p><h2>Two steps forward, one step back</h2><p>The route back to office working is not linear, or easy. "It's two steps forward and one step back, and leaders need to be prepared to think of it as an iterative process," she said. "Communications needs to be transparent, it needs to be authentic, empathetic, and optimistic." </p><p>The leadership team has drawn on <keyword id="3474675" type="PERSON" weightage="60" keywordseo="behavioral-science">behavioral science</keyword> models, including <a href="https://suebehaviouraldesign.com/nudging/">"nudge" theory</a>, to frame communications and policies with employees, to help them feel safe going back to the office, and to reinforce the ongoing safety measures that workers are expected to maintain. They also looked back at how companies managed through the <a href="https://www.businessinsider.com/sars-coronavirus-boost-china-us-ecommerce-markets-2020-6">2003 SARS crisis</a> for insights on how to help reduce anxiety among less resilient employees. </p><p>The research and behavioral science approach influenced every aspect of communications, from the color palette to the messaging, to the use of an AI-driven bot for employees to easily access answers to their questions. </p><p>ADNOC's leadership communications style also evolved throughout this challenging period. ADNOC's CEO <a href="https://adnoc.ae/en/our-story/about-the-ceo">Sultan Ahmed Al Jaber</a> has engaged with employees through <a href="https://www.youtube.com/watch?v=GJFN-3POH7g">recorded video</a> and virtual town hall meetings, a style of communication that had not previously been the norm. </p><p>"One thing we saw with our leaders was a pivot to a more participative and affiliative leadership style, one that was more about creating harmony and building commitment and consensus, which is quite different from the leadership style that is usually applied in a non-issue or non-crisis situation," said Omar Zaafrani, ADNOC's senior vice president of group communications.</p><p>ADNOC started its return-to-office before vaccines were on the horizon. Even as more and more people have been vaccinated, ADNOC has continued to require employees to wear masks and maintain social distance. "It's not possible to tell who is vaccinated and who isn't -and the experts advise that COVID can still be potentially transmitted even if someone is vaccinated - so keeping this guideline and reinforcing it has been a key part of our strategy to safely return staff to offices."</p><p>But it is, as Judge says, an "agile topic," and yet another aspect of office life today that requires ongoing monitoring and flexibility. </p><h2>Opportunity for a culture reset </h2><p>Regardless of how successful remote working has been, often surpassing expectations, it's clear that many CEOs see the return to office life as critical for their business culture and growth.</p><p>Some CEOs, like JP Morgan's Jamie Dimon, have <a href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-remote-work-return-office-shareholder-letter-2021-4">spoken openly</a> about the business benefits to in-person working. But Judge said focusing on business benefits to employees is not the best path forward, not least because both <a href="https://www.businessinsider.com/benefits-remote-work-changing-us-economy-for-the-better-upwork-2021-3">studies and anecdotal experiences have shown</a> that in many companies, productivity actually increased during the pandemic.  "People don't want to feel forced. As soon as you start going down that path, it doesn't go anywhere positive," Judge said. </p><p>Even as employees do return, however, company culture will be changed fundamentally by the experiences of the past 18 months - and that might be a good thing.  Successful teams during COVID-19 have had to be more agile and flexible, work more cross-functionally, and move more quickly. These new productivity pathways might find a home in a post-COVID world, if companies can make the most of this exceptional moment in time. </p><p>The pandemic has provided a "once-in-a-lifetime opportunity for a leader to experience so much change and disruption, that it allows you to reshape things fundamentally," Judge said, adding that ADNOC is undertaking a full culture assessment. </p><p>"This is the time to test the health of the organization and the culture," Judge said. "In terms of embedding innovation in the cultural DNA of an organization, there will definitely be a pre-and post-COVID way of doing things." </p>

ADNOC leaders used behavioral science models to help workers feel secure about the return to the office, and are now looking at how its culture may evolve long term

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57ee640111c8e7f1008b45e5-2400/rtx1js3y.jpg" border="0" alt="Saudi Foreign Minister Adel Al-Jubeir" data-mce-source="Majed Jaber/Reuters" data-mce-caption="Saudi Foreign Minister Adel Al-Jubeir speaks during a joint news conference with his Jordanian counterpart Nasser Judeh at the Ministry of Foreign Affairs in Amman, Jordan, July 9, 2015." /><p class="source"><span>Majed Jaber/Reuters</span></p><p class="caption">Saudi Foreign Minister Adel Al-Jubeir.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Saudi foreign minister Adel Jubeir said on Tuesday that the allegations - including by the CIA - linking the crown prince to the murder of journalist Jamal Khashoggi are false. </strong></li><li><strong>This weekend, several news outlets reported that the CIA has determined that <a href="https://www.businessinsider.com/cia-mohammed-bin-salman-ordered-jamal-khashoggi-killed-report-says-2018-11">Saudi crown prince Mohammed bin Salman ordered Khashoggi's assassination</a>. </strong></li><li><strong>A former CIA officer also claimed the <a href="https://www.businessinsider.com/white-house-allegedly-helping-saudis-cover-up-jamal-khashoggi-murder-2018-11">Trump administration is helping the crown prince cover up the October 2 murder, which is still being investigated</a>. </strong></li><li><strong>This was the first comment from a Saudi official on the alleged CIA report, seen as the most definitive US assessment tying the crown prince to the murder. </strong></li></ul><p>Saudi foreign minister Adel Jubeir said on Tuesday that the allegations <span>- </span>including by the CIA <span>-</span> linking the crown prince to the murder of journalist Jamal Khashoggi are false. </p><p>This weekend, several news outlets reported that the CIA has determined that <a href="https://www.businessinsider.com/cia-mohammed-bin-salman-ordered-jamal-khashoggi-killed-report-says-2018-11">Saudi crown prince Mohammed bin Salman ordered Khashoggi's assassination</a>. The CIA's conclusion was based on several pieces of intelligence, including a call from Saudi ambassador Khalid bin Salman, Mohammed's brother, to Khashoggi and audio recordings of the killing that have been circulating around global intelligence agencies. </p><p>A former CIA officer and intelligence analyst also claimed the <a href="https://www.businessinsider.com/white-house-allegedly-helping-saudis-cover-up-jamal-khashoggi-murder-2018-11">Trump administration is helping the crown prince cover up the October 2 murder</a>.</p><p>"We in the kingdom know that such allegations about the crown prince have no basis in truth and we categorically reject them," al-Jubeir was quoted as saying in Saudi-owned <a href="https://aawsat.com/home/article/1469796/%D8%A7%D9%84%D8%AC%D8%A8%D9%8A%D8%B1-%D8%AA%D8%B1%D9%83%D9%8A%D8%A7-%D8%A3%D9%83%D8%AF%D8%AA-%D8%A3%D9%86-%D9%88%D9%84%D9%8A-%D8%A7%D9%84%D8%B9%D9%87%D8%AF-%D9%84%D9%8A%D8%B3-%D8%A7%D9%84%D9%85%D9%82%D8%B5%D9%88%D8%AF-%D8%A8%D8%A7%D8%AA%D9%87%D8%A7%D9%85%D8%A7%D8%AA%D9%87%D8%A7">Al Sharq Al Awsat</a> newspaper. </p><p><span>"They are leaks that have not been officially announced, and I have noticed that they are based on an assessment, not conclusive evidence," he said.</span></p><p><span>This was the first comment from a Saudi official on the alleged CIA report, seen as the most definitive US assessment connecting the crown prince to the murder. </span></p><p><span>Saudi Arabia has repeatedly </span><a href="https://apnews.com/57c5a961d6fe4cd7bd58398e2d42b579?utm_medium=AP&amp;utm_campaign=SocialFlow&amp;utm_source=Twitter">denied</a><span> that the crown prince had a role in Khashoggi's death, though its version of the events surrounding Khashoggi's murder have <a href="https://www.businessinsider.com/jamal-khashoggi-killing-a-timeline-of-the-saudis-shifting-story-2018-10">shifted several times</a> over the last several weeks. </span></p><p><a href="https://thehill.com/policy/international/417417-saudi-king-makes-no-mention-of-khashoggi-in-first-major-speech-since">On Monday</a>, Saudi King Salman heaped praise on his son, the crown prince, but made no mention of Khashoggi's death. Sources also told <a href="https://www.businessinsider.com/members-of-the-saudi-royal-family-reportedly-looking-for-ways-to-keep-mohammed-bin-salman-from-becoming-king-2018-11?r=UK&amp;IR=T">Reuters</a> that <span>some members of the country's ruling family are working to prevent prince Mohammed from becoming king, fueling speculation of his involvement. </span></p><p><em>Sarah Gray contributed to this report. </em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/nuclear-bomb-launch-procedure-us-government-president-2017-11">Here's how easy it is for the US president to launch a nuclear weapon</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/sZtYltl6-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

The Saudi foreign minister claims a CIA report directly linking the crown prince to Jamal's Khashoggi's murder is an unsubstantiated fib

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/59b2a7e645e238ee058b5530-1205/rtx3f6h8.jpg" alt="Trump and emir of Kuwait" data-mce-source="Kevin Lamarque/Reuters" data-mce-caption="President Donald Trump with Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah at the White House on Thursday." /><p class="source"><span>Kevin Lamarque/Reuters</span></p><p class="caption">President Donald Trump with Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah at the White House on Thursday.</p></div><p></p></div></div>In an Oval Office meeting with congressional Democrats on Thursday, President Donald Trump reportedly complained that Air Force One is smaller than the plane flown by the emir of Kuwait, who visited the White House this week.</p><p>During a friendly meeting with the New York and New Jersey congressional delegations about a $30 billion tunnel project, Trump was in a good mood, likely a result of his <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwiYxq7VgJTWAhUI34MKHYAoAPoQqOcBCCYwAA&amp;url=http%3A%2F%2Fwww.businessinsider.com%2Ftrump-debt-ceiling-harvey-aid-deal-2017-9&amp;usg=AFQjCNGHZjgKaSUpUBFU1hmbIJyvdCPPrw">deal with Democrats</a> on Wednesday to suspend the federal debt ceiling for three months, fund the government, and provide Hurricane Harvey relief.</p><p>Amid opposition to the bipartisan move from Republican leadership, the president's spirits have been buoyed by the positive media coverage he's received, particularly from right-wing outlets, which <a href="http://www.businessinsider.com/trump-media-democrats-debt-deal-2017-9">have praised him for the agreement</a> and blasted Republicans for their <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=2&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwiYxq7VgJTWAhUI34MKHYAoAPoQqOcBCCkwAQ&amp;url=http%3A%2F%2Fwww.businessinsider.com%2Ftrump-democrats-deal-gop-angry-2017-9&amp;usg=AFQjCNH1dW1kNqw__jyT7dfCZlxoPmUU8w">attempted obstruction</a>.</p><p>"The press has been incredible," Trump <a href="https://www.nytimes.com/2017/09/07/us/politics/trump-pelosi-daca.html?mcubz=1&amp;_r=0">reportedly told</a> House Minority Leader Nancy Pelosi during a phone call on Thursday morning.</p><p>After praising Democratic Gov. Andrew Cuomo and Senate Minority Leader Chuck Schumer in the Oval Office, the president aired his complaint.</p><p><a href="http://www.politico.com/story/2017/09/07/trump-jovial-after-debt-deal-242466">Politico's Josh Dawsey wrote</a>: "He was very impressed by the emir's plane but noted that it was longer than his - maybe even by 100 feet."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/mother-heather-heyer-refuses-to-talk-to-trump-susan-bro-charlottesville-virginia-protests-nazi-kkk-alt-right-2017-8">'I have not and now I will not': The mother of the protester killed in Charlottesville refuses to talk to Trump</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/Sg3EHNeE-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Trump reportedly complained that the emir of Kuwait has a bigger plane than him

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/59b27115609c3020008b53c6-1740/rtx3f7c9.jpg" alt="Trump and Kuwait Emir" data-mce-source="Reuters/Kevin Lamarque" data-mce-caption="U.S. President Donald Trump (L) shakes hands with Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah during a joint news conference in the East Room of the White House in Washington" /><p class="source"><span>Reuters/Kevin Lamarque</span></p><p class="caption">U.S. President Donald Trump (L) shakes hands with Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah during a joint news conference in the East Room of the White House in Washington</p></div><p></p></div></div>Here is what you need to know.</p><p><strong><a href="https://www.businessinsider.com.au/the-us-dollar-is-getting-poleaxed-2017-9">The dollar is getting whacked</a>. </strong>The US dollar index trades down 0.54% at 91.16, and has now fallen nearly 11% in 2017. </p><p><strong><a href="http://markets.businessinsider.com/rates/U-S--Rates-10-Years">The 10-year is at its lowest level since the election</a>. </strong>The benchmark yield holds at 2.05%, a level it hasn't seen since the day after President Donald Trump's election victory. </p><p><strong><a href="https://www.businessinsider.com.au/chinas-trade-data-had-something-for-everyone-in-august-2017-9">China's trade surplus narrows</a>. </strong>Exports in US dollar terms grew by 5.5% year-over-year in August while imports surged 13.3%, causing the country's trade surplus to narrow to $41.99 billion, a<span>ccording to China's General Administration of Customs.</span><span><br /></span></p><p><strong><a href="https://www.reuters.com/article/us-japan-economy-gdp/japans-second-quarter-economic-growth-revised-down-from-stellar-first-reading-idUSKCN1BI373">Japan's GDP sees a big downward revision</a>. </strong>The Japanese economy grew at an annualized rate of 2.5%, down from a previous estimate of 4%, data released by the Cabinet Office showed on Friday. </p><p><strong><a href="http://www.businessinsider.com/equifax-hackers-may-have-accessed-personal-details-143-million-us-customers-2017-9">Equifax says hackers may have exposed personal details of 143 million Americans</a>. </strong>Shares fell 6% in after hours trading on Thursday after the breach was revealed. </p><p><strong><a href="http://www.businessinsider.com/equifax-executives-sold-shares-after-the-company-learned-of-a-massive-hack-2017-9">Equifax executives dumped shares after the hack was discovered</a>. </strong>Three senior executives sold almost $2 million worth of stock just days after the breach was discovered, according to Bloomberg's Anders Melin. None of the sales appear to be part of pre-scheduled trading plans. </p><p><strong><a href="http://www.businessinsider.com/google-to-buy-htc-smartphone-business-report-2017-9">Google is close to buying HTC's smartphone business</a>. </strong>The companies are in the final stages of hammering out a deal, according to a report in a Taiwanese publication. <span>The report does not say how much Google may buy HTC for.</span></p><p><strong><a href="http://markets.businessinsider.com/indices">Stock markets around the world are lower</a>. </strong>Japan's Nikkei (-0.63%) lagged in Asia and France's CAC (-0.33%) leads the losses in Europe. The S&amp;P 500 is set to open lower by 0.14% near 2,462.</p><p><strong>Earnings reports trickle out. </strong>Kroger reports ahead of the opening bell.</p><p><strong>US economic data is light. </strong>Wholesale inventories will be released at 10 a.m. ET and consumer credit crosses the wires at 3 p.m. ET. </p> 

10 things you need to know before the opening bell

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="http://static1.businessinsider.com/image/52b986c869bedd33338be068-1200-800/rtxy5ye (1).jpg" border="0" alt="syria oil fire" /><p class="source"><span>REUTERS/Giath Taha</span></p><p class="caption">A man working at a makeshift oil refinery site, watches an improvised burner in Aleppo's countryside April 2, 2013.</p></div><p></p></div></div>LONDON (Reuters) - The Syrian government of President Bashar al-Assad has received substantial imports of Iraqi crude oil from an Egyptian port in the last nine months, shipping and payments documents show, part of an under-the-radar trade that has kept his military running despite Western sanctions.</p>
<p>Assad's government has been blacklisted by Western powers for its role in the two-and-a-half year civil war, forcing Damascus to rely on strategic ally Iran - itself the target of Western sanctions over its nuclear program - as its main supplier of crude oil.</p>
<p>A Reuters examination based on previously undisclosed commercial documents about Syrian oil purchases shows however that Iran is no longer acting alone. Dozens of shipping and payment documents viewed by Reuters show that millions of barrels of crude delivered to Assad's government on Iranian ships has actually come from Iraq, through Lebanese and Egyptian trading companies.</p>
<p>The trade, which is denied by the firms involved, has proven lucrative, with companies demanding a steep premium over the normal cost of oil in return for bearing the risk of shipping it to Syria. It also highlights a previously undisclosed role of Egypt, Iraq and Lebanon in Assad's supply chain, despite those countries' own restrictions on assisting his government.</p>
<p>Both the Syrian national oil company that received the oil, Sytrol, and the Iranian shipping operator that delivered it, the National Iranian Tanker Co (NITC), are on U.S. and EU sanctions lists barring them from doing business with U.S. or European firms, cutting them off from the U.S. and EU financial systems and freezing their assets.</p>
<p>Although firms outside the United States and EU are not subject to their sanctions, companies that do business with firms on sanctions lists risk themselves being blacklisted: Washington and Brussels regularly add companies and individuals from third countries to their sanctions lists if they are found to deal with companies already listed.</p>
<p>At least four firms from third countries that were added to the U.S. Treasury's sanctions list for Iran when it was last updated on December 12 were punished specifically "for providing material support to NITC", the Treasury said.</p>
<p>"We have been very focused on targeting Iranian attempts to aid the Assad regime through economic as well as military means," said a Treasury Department spokesman. He declined to comment on the specific activities described in the documents reviewed by Reuters but said companies and individuals had been added to the sanctions list for similar types of activity.</p>
<p>The cache of documents describing the trade between March and May this year was shown to Reuters by a source on condition of anonymity. Many details were corroborated by a separate Middle Eastern shipping source with long-standing ties to the Syrian maritime industry. Publicly available satellite tanker tracking data, provided by Thomson Reuters, parent company of Reuters, was used to confirm the movements of ships.</p>
<p>The documents refer to at least four shipments by four tankers named Camellia, Daisy, Lantana and Clove, each of which is operated by Iran's NITC and, say the documents, carried Iraqi oil from Egypt's Mediterranean port of Sidi Kerir to Syria.</p>
<p>According to the documents, Beirut-based trading firm Overseas Petroleum Trading (OPT) invoiced Syria for arranging at least two of the shipments and was involved in a third, while a Cairo-based firm, Tri-Ocean Energy, was responsible for loading Iraqi oil into at least one.</p>
<p>Both OPT and Tri-Ocean denied any involvement in the Syria trade, declining to offer an alternative explanation for what the documents and ship tracking data show.</p>
<p>An EU country government source said Tri-Ocean is already under scrutiny by the United States for suspected violations of sanctions against Iran, giving no further details. The U.S. Treasury spokesman declined to comment on specific investigations.</p>
<p>Iran's NITC declined to comment.</p>
<p>There was no evidence that the Iraqi or Egyptian governments were involved in shipping Iraqi oil through Egypt's port, as crude can change hands after first being exported.</p>
<p>Iraq has been criticized in the past by Western countries for allowing deliveries of supplies and weapons from Iran to Syria to pass through its airspace. Iraq's oil ministry did not respond to multiple requests for comment. The Iraqi government controls exports of crude from the country and has tried to restrict traders from re-selling its oil.</p>
<p>A representative of the Arab Petroleum Pipeline Company, which is known as SUMED and owns and operates Egypt's Mediterranean port of Sidi Kerir where the oil tankers loaded, had no comment. SUMED is half owned by the Egyptian state oil company EGPC and half by a group of four other Arab countries.</p>
<p>Tarek El-Molla, the chairman of EGPC, said that Egypt had banned state companies from dealing with Iranian oil and shipping firms, and that he was unaware of shipments to Syria.</p>
<p>El-Molla said a tanker flying the Iranian flag would not be able to berth at Sidi Kerir. The four NITC-operated tankers involved in the shipments have all been renamed within the past few years and were flying Tanzanian flags at the time they loaded in Egypt, a tactic Reuters has previously reported has been used by Iran to mitigate the impact of sanctions on its shipping since sanctions against Tehran were tightened in 2011.</p>
<h3>ASSAD'S BEIRUT OIL DEALER</h3>
<p>Syria imported up to 17 million barrels of crude oil between February and October, of which roughly half came directly from Iran and half from Egypt's Sidi Kerir port, according to the Middle Eastern shipping source. The cache of documents reveals that at least half of the oil from Egypt's port was Iraqi crude.</p>
<p>Lebanese oil trading firm OPT arranged the shipments with Syria's internationally blacklisted state-owned oil company, Sytrol, operator of the one functioning refinery still under Assad's control. The documents show the firm invoicing Sytrol for almost $250 million for two deliveries of Iraqi crude it had arranged in March and May to Syria's Banias refinery.</p>
<p>In a letter to Sytrol's marketing manager dated April 4 of this year, OPT asked for a payment advance of around $50 million and detailed previous deals with the Syrian state oil company.</p>
<p>"Our company (OPT) has and continues to secure the state's needs in oil and oil derivatives in the recent period and was able to secure this despite major difficulties and challenges," said the letter from an OPT official,Abdelhamid Khamis Abdullah, whose name appears frequently in the correspondence. It was not possible to ascertain his exact role at the company.</p>
<p>The letter states OPT had already provided Sytrol with almost 5 million barrels of crude, diesel, and cooking fuel. The price for each barrel of Iraq's Basra Light crude in the invoices is between $15 and $17 above the official Iraqi price at that time, equivalent to an extra $15 million for each tanker.</p>
<p>OPT denied being involved in selling oil to Syria.</p>
<p>"We dispute all what you mentioned in your below emails," an OPT employee said in an email, without providing a name. The company offered no alternative explanation for the documents.</p>
<p>Egyptian oil firm Tri-Ocean Energy, which has brokered deals for OPT in the past, loaded at least one cargo of Iraqi crude onto an Iranian tanker that was delivered into Syria by OPT at the end of May, according to the documents, which say the oil was delivered to Syria on the Iranian tanker Clove on May 26.</p>
<p>Tri-Ocean's senior trading director Ali Tolba denied in an email that his company supplied Syria with crude or had loaded Iraqi oil onto Iranian tankers. He and Tri-Ocean's CEO, Mohammed el-Ansary, did not respond to a request from Reuters to review the documents seen by Reuters. Syria's Sytrol did not respond.</p>
<p>THE MILITIA MONEY MAN</p>
<p>Sytrol has used a blacklisted businessman close to Assad as intermediary to transfer money to OPT, according to the documents. In a letter from OPT to Sytrol on March 14 of this year, OPT requested payment through Ayman Jaber.</p>
<p>Jaber, who runs a company called Al Jazerra, is himself on U.S. and EU sanctions lists, which means firms or individuals doing business with him can themselves be added to the lists. When it listed Jaber a year ago, the U.S. Treasury accused him of coordinating state-sponsored pro-Assad militia groups known as Shabiha in the port of Latakia.</p>
<p>"Please could you pay the value of approximately $130 million plus 1.8 percent transfer fee into the account of Mr.Ayman Jaber, the head of Al Jazerra, at the central bank so he can transfer it into our accounts abroad," OPT wrote. In another letter three weeks later, OPT confirmed receipt of around 375 million euros from Al Jazerra, transferred from the account of Ayman Jaber.</p>
<p>At least two other firms mentioned in the documents had names and logos similar to companies based in the EU, which would be directly subject to European sanctions forbidding them to deal with Sytrol or NITC. In both cases, European head offices denied any relationship with Syrian offices using their names.</p>
<p>Some of the documents confirming the arrival of the oil in Syria were stamped or signed by a shipping agency called Med Control Syria. Jhony Matnious, a manager at the company in Damascus, told Reuters by email that the crude imports were Iranian through a government agreement between Damascus and Tehran.</p>
<p>Med Control has a head office in Greece, which lists Syria as a branch office on its website with the same address, logo, phone number and email as in the documents. A manager there denied any relationship with the Syria office: "We had an agency agreement in Syria but it was never active and we never had any business in that country," said Sam Papanikolas.</p>
<p>Documents showed some shipments were certified by a quality control firm called Inspectorate, owned by Paris-based firm Bureau Veritas. A Bureau Veritas spokeswoman in Paris said Inspectorate had previously employed a subcontractor in Syria but had stopped since October 2011, and any certificates this year would have been issued without the firm's knowledge.</p>
<p>After leaving Iraq, the crude oil was delivered to Sidi Kerir on the 200 mile SUMED pipeline, which runs from the Red Sea to the port west of Alexandria, where it was loaded onto Iranian ships.</p>
<p>According to Reuters AIS Live ship tracking data, which monitors the location of oil tankers via satellite, the four ships each sailed north towards Syria. Each ship switched off its satellite signals just before the delivery date in Syria, then reappeared on satellite tracking shortly after. In some cases the satellite data also contains information about cargo weight, which confirms that the cargo was unloaded while the ships' signals were shut off.</p>
<p>"Aiming to cut off a regime from oil supplies is very very difficult," said Ayham Kamel, Middle East and North Africa analyst at Eurasia Group consultancy in London said. "Especially as the regime still has a few allies."</p>
<p>(Additional reporting by Anna Yukhananov in Washington, Jessica Donati in Kabul, Jonathan Saul and Lin Noueihed in London, Laila Bassam in Beirut, Maggie Fick and Shadia Nasralla in Cairo, Ahmed Rasheed and Sylvia Westall in Baghdad, Amena Bakr in Doha and Daniel Fineren in Dubai; Editing by David Sheppard and Peter Graff)</p>

Assad Now Relies On Iraqi Oil Sent By Iran From Egypt Via Lebanon

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/568d1711e6183e1c008b726c-3789-2619/rtx1ct80.jpg" alt="obama saudi" data-mce-source="Kevin Lamarque/Reuters" data-mce-caption="U.S. President Barack Obama meets with Saudi Crown Prince Mohammed bin Nayef (C) in the Oval Office of the White House in Washington May 13, 2015. At left is Saudi Foreign Minister Adel Al Jubeir." /><p class="source"><span>Kevin Lamarque/Reuters</span></p><p class="caption">U.S. President Barack Obama meets with Saudi Crown Prince Mohammed bin Nayef (C) in the Oval Office of the White House in Washington May 13, 2015. At left is Saudi Foreign Minister Adel Al Jubeir.</p></div><p></p></div></div>Saudi Arabia warned its citizens against traveling to Lebanon on Tuesday after one of its biggest allies, the United Arab Emirates, banned travel to Lebanon altogether.</p><p>The move, which followed the Kingdom's decision last week <a href="http://bigstory.ap.org/article/c77c5f28bdcf4b07ac77b8c7986c52cc/saudi-arabia-halts-3b-lebanese-arms-deal-amid-iran-dispute">to halt $4 billion in funding</a> for <span>Lebanese security forces</span>, shows that the Saudis "appear to have had enough," said <span>Tony Badran, a researcher at the Foundation for <keyword id="6354810" type="ORGANIZATION" weightage="60" keywordseo="Defense">Defense</keyword> of Democracies specializing in the military and political affairs of the Levant.</span></p><p><span>"Saudi Arabia is signaling that they're not going to bankroll an effective Iranian satrapy that's actively aligned against them," Badran told Business Insider on Tuesday. </span></p><p>That satrapy is Hezbollah, a Lebanese militant organization sending fighters to Syria to support Iran-backed Shi'ite militias battling Saudi-backed Sunni rebel groups that oppose Syrian President Bashar Assad. One of Hezbollah's staunchest allies is the right-wing Christian Free Patriotic Movement, headed by Lebanon Foreign Minister Gibran Bassil.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55ae4d6d2acae74c2f8b5efe-3500-2333/rtx1js3y.jpg" alt="Saudi Foreign Minister Adel Al-Jubeir" data-mce-source="Majed Jaber/Reuters" data-mce-caption="Saudi Foreign Minister Adel Al-Jubeir speaks during a joint news conference with his Jordanian counterpart Nasser Judeh at the Ministry of Foreign Affairs in Amman, Jordan, July 9, 2015." /><p class="source"><span>Majed Jaber/Reuters</span></p><p class="caption">Saudi Foreign Minister Adel Al-Jubeir speaks during a joint news conference with his Jordanian counterpart Nasser Judeh at the Ministry of Foreign Affairs in Amman, Jordan, July 9, 2015.</p></div><p></p></div></div></p><p>Saudi Arabia <a href="http://www.businessinsider.com/saudi-arabia-iran-diplomatic-ties-2016-1">cut diplomatic ties with Iran</a> earlier this year, after the Saudi embassy in Tehran was attacked by protestors decrying Riyadh's decision to execute a prominent Shi'ite cleric.</p><p>Lebanon has long had a strong relationship with Saudi Arabia, but Bassil <a href="http://bigstory.ap.org/article/c77c5f28bdcf4b07ac77b8c7986c52cc/saudi-arabia-halts-3b-lebanese-arms-deal-amid-iran-dispute">apparently took Iran's side</a> in the most recent spat between Tehran and Riyadh. </p><p><span><span>Elie Fawaz, writing for the <a href="https://now.mmedia.me/lb/ar/commentaryar/566650-%D8%AD%D8%B2%D8%A8-%D8%A7%D9%84%D9%84%D9%87-%D9%88%D9%88%D9%87%D9%85-%D8%A7%D9%84%D9%82%D9%88%D8%A9-%D8%A7%D9%84%D8%A5%D9%82%D9%84%D9%8A%D9%85%D9%8A%D8%A9">Lebanese news outlet NOW</a>, notes that the Saudis have withdrawn aid because of how state institutions are, "one way or another, support[ing] Hezbollah's military effort in Syria."</span></span></p><p>The Saudis, then, are now "showing their seriousness about confronting Iran" and warning<span> Lebanon that they won't underwrite an Iranian vassal, Badran said.</span></p><p><span>"The talk is that the GCC [Gulf Cooperation Council] might take tough action against Hezbollah's allies, especially the Christian ones, who support Hezbollah's domination of Lebanon," Badran said. "And some believe that these allies are the weakest link."</span></p><h2><span>'Obama is a big hurdle'</span></h2><p><span><span>The Saudis' determination to take on Iran and its proxies is clearly growing.</span></span></p><p><span><span>Earlier this month, <span>the spokesman of the Saudi-led coalition force in Yemen </span><a href="http://english.alarabiya.net/en/News/middle-east/2016/02/11/Spokesman-Saudi-decision-to-send-troops-in-Syria-is-final.html">told reporters</a> that the Kingdom<span> had made a "final" decision to send ground troops into Syria.</span></span></span></p><p><span><span><span><span>And last week, </span><span>Saudi foreign minister <span>Adel al-Jubeir called for sending surface-to-air missiles to rebel groups in Syria "<span>to change the balance of power on the ground."</span></span></span></span></span></span></p><p><span><span><span>The Saudis have since walked back somewhat on both announcements. But they clearly have remained eager to counter<span> Iran's expanding influence in the region.</span></span></span></span></p><p><span><span>"The question now for the Saudis is about how to align that determination with means and actual steps," Badran said. "Obama is a big hurdle."</span></span></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5685687cc08a8037018b6391-3003-1881/rtx1wmu2.jpg" alt="obama kerry" data-mce-source="Reuters" data-mce-caption="US President Barack Obama and US Secretary of State John Kerry (L) look on during a meeting with turkish President Recep Tayyip Erdogan at the World Climate Change Conference 2015 (COP21) in Paris, France December 1, 2015." /><p class="source"><span>Reuters</span></p><p class="caption"> US President Barack Obama and US Secretary of State John Kerry (L) look on during a meeting with Turkish President Recep Tayyip Erdogan at the World Climate Change Conference 2015 (COP21) in Paris, France December 1, 2015. </p></div><p></p></div></div>The Saudis have shown no signs of abandoning their proxy war with Iran in Syria, especially since doing so would effectively guarantee Assad's indefinite hold on power and, by extension, a bridge to Hezbollah for Iran. Though it has softened its position on Assad's ouster, the White House has reiterated that it believes the war cannot end as long as Assad in power.</p><p><span><span><span><span><span>But the </span></span></span></span></span><span><span><span>Kingdom is still waiting for </span><span>reciprocity and readiness from the Obama administration to more aggressively support anti-Assad rebels, who are rapidly losing ground to pro-regime forces as Russian airstrikes clear the way for them to advance in the north. </span></span></span></p><p><span>Indeed, as the Saudis continue to balk at the US' decision to lift nuclear-related sanctions on Iran, Washington has</span><span> shown few, if any, signs that it intends to prevent Syria from becoming a Russian-Iranian sphere of influence. </span><span>And that may be intentional.</span></p><p><span>"The Iranians hold the Obama legacy in their hands,"<span>Aaron David Miller, a former Middle East negotiator and now the vice president at the Woodrow Wilson International Center for Scholars, said <a href="http://www.bloombergview.com/articles/2016-01-05/obama-s-middle-east-balancing-act-tilts-toward-iran">in a January interview with Bloomberg View</a>.</span>"We are constrained and we are acquiescing to a certain degree to ensure we maintain a functional relationship with the Iranians."</span></p><p>Badran largely agreed.</p><p><span><span><span>"The Saudis are pressed for time given the situation in northern Syria," Badran said, referring to rebels' recent defeats around Syria's largest city, Aleppo. "But, as long as Obama is in office, I don't think the odds are good" that they'll significantly escalate the stakes there, he added.</span></span></span></p><p>"For now," he added, "the Saudis are drawing lines in the sand."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/cory-booker-donald-trump-election-2016-2">CORY BOOKER: I'm going to work hard to make sure Trump doesn't win</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tvdnMwMTE6GC4E4b0MMYT6YsWeIzpg0f" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'tvdnMwMTE6GC4E4b0MMYT6YsWeIzpg0f',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

The Saudis are 'drawing lines in the sand' - and showing they are serious about confronting Iran

<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5363c141eab8ea3b1a5b9500-1200-924/ohp exterior with cavalry.jpg" border="0" alt="OHP Exterior with Cavalry" /><p class="source"><span>Courtesy of Candy &amp; Candy</span></p></div><p></p></div></div>The London real estate market is on fire, with an unfinished penthouse apartment at ultra-luxury residence One Hyde Park selling to an unnamed Eastern European buyer for a record $237 million, <a href="http://www.businessinsider.com/r-london-sets-new-record-with-237-million-apartment-sale-2014-02">according to Reuters.</a></p>
<p>Developer Candy &amp; Candy confirmed the sale of the 16,000-square-foot duplex penthouse, one of four in the development <span>-</span> billed as <a href="http://www.businessinsider.com/who-lives-in-londons-one-hyde-park-2013-3">the world's most expensive apartment building</a>, with more than $3.37 billion in sales to date.</p>
<p>While the developer could not confirm the sale price, real estate experts have valued the finished penthouse at as much as $295 million, according to Candy &amp; Candy.</p>
<p>One Hyde Park has been setting real estate records in London and worldwide since it launched in 2011. At that time, r<span>esidences in the 86-apartment building were selling for around $11,270 per square foot, n<span>early three times the </span><a href="http://www.businessinsider.com/most-expensive-real-estate-markets-2013-3">typical price of luxury London real estate</a><span>.</span></span></p>
<p><span><span>Now, the average price per-square-foot is $10,102, though units have gone for as much as $12,360 per-square-foot, said a representative for Candy &amp; Candy.</span></span></p>
<p><span style="line-height: 1.5em;">The building made headlines that same year when</span><span style="line-height: 1.5em;"> Ukrainian oligarch Rinat Akhmetov paid $216 million for a penthouse and apartment in the complex. Until this latest sale, it was the most expensive residence ever sold in Britain.</span></p>
<p>So what's it like to live in the world's most expensive apartment building?</p>
<h3 class="slide-title">One Hyde Park, located in Knightsbridge, is adjacent to Hyde Park and the Mandarin Oriental hotel. It has 86 residences, but just 17 are listed as primary residences, according to <a href="http://www.vanityfair.com/society/2013/04/mysterious-residents-one-hyde-park-london?mbid=social_twitter">a recent exposé in Vanity Fair</a>.<div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5363c1426bb3f7e57b4453ff-1311-1508/ohp interior with harrods view.jpg" border="0" alt="OHP Interior with Harrods View" style="color: #222222; font-size: 15px; line-height: 1.5em;" /><p class="source"><span>Courtesy of Candy &amp; Candy</span></p></div><p></p></div></div>Among other perks, there's a stainless steel ozone pool, an entertainment suite, a golf simulator, and a spa run by the Mandarin Oriental.<div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5363c142ecad04d10e4453f6-2339-1654/formal reception - ohp 5 bedroom show apartment.jpg" border="0" alt="Formal Reception   OHP 5 Bedroom Show Apartment" style="color: #222222; font-size: 15px; line-height: 1.5em;" /><p class="source"><span>Courtesy of Candy &amp; Candy</span></p></div><p></p></div></div>There are also temperature-controlled wine cellars, a car cleaning and valet service, and basement parking.</h3>
<h3>One Hyde Park is home to Russian Oligarchs, Chinese billionaires, and Arab sheikhs, as well as celebrities and businessmen from London.<div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5363c141eab8ea80155b94fe-2339-1654/formal reception with corridor - ohp 5 bedroom show apartment.jpg" border="0" alt="Formal Reception with Corridor   OHP 5 Bedroom Show Apartment" style="color: #222222; font-size: 15px; line-height: 1.5em;" /><p class="source"><span>Courtesy of Candy &amp; Candy</span></p></div><p></p></div></div>Security in the building is insane. There are panic rooms, bulletproof glass, and guards trained by British Special Forces, according to Vanity Fair.<div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5363c49b69bedd9b4b0e78ed-1024-768/ohp-4-bed-formal-reception.jpg" border="0" alt="OHP 4 Bed Formal Reception" style="color: #222222; font-size: 15px; line-height: 1.5em;" /><p class="source"><span>Courtesy of Candy &amp; Candy</span></p></div><p></p></div></div>One Hyde Park was created through a joint venture between high-end real estate developers the Candy brothers and Sheikh Hamad bin Jassim bin Jaber Al Thani, the Prime Minister of Qatar. </h3>
<h3>The Sheikh paid $64 million for his triplex in the development, which Vanity Fair called "the best apartment of all."<div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5363c14b6bb3f74b7c445400-2461-1727/one hyde park night - knightsbridge side.jpg" border="0" alt="One Hyde Park Night   Knightsbridge Side" style="color: #222222; font-size: 15px; line-height: 1.5em;" /><p class="source"><span>Courtesy of Candy &amp; Candy</span></p></div><p></p></div></div></h3>

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