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Saudi minister urges PIF to ease domestic spending, make way for private sector

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Saudi minister urges PIF to ease domestic spending, make way for private sector


Minister of Investment of Saudi Arabia Khalid bin Abdulaziz Al-Falih attends the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. — Reuters
  • Minister Khalid urges PIF to make way for the private sector.
  • PIF chairman said last year fund would focus on domestic projects.
  • Project sits at heart of Vision 2030 with $900 billion in assets.

Saudi Arabia’s investment minister on Tuesday urged the kingdom’s Public Investment Fund (PIF) to ease its spending on domestic projects and make way for more investments from the private sector, as the fund prepares to draft a new strategic plan.

“It is time for us to maybe scale back on this government or PIF spend to prove and to seed some of these value chains and clusters and let the private sector start investing,” Khalid al-Falih said on Tuesday as financial titans gathered in Riyadh for the country’s flagship investment conference.

Crown Prince Mohammed bin Salman’s Vision 2030 economic plan has led to hundreds of billions in spending on projects that are designed to transform the kingdom’s economy away from its dependence on hydrocarbons.

At last year’s edition of the Future Investment Initiative (FII) conference, PIF chairman Yasir Al-Rumayyan said the fund would tap more of its resources to fund plans domestically to wean the economy off oil and said the fund planned to cut its overseas investments.

But many of the plan’s flagship projects have been delayed amid low oil prices and a budget deficit that has forced Saudi Arabia to prioritise and downsize.

Saudi Arabia’s PIF, one of the world’s largest sovereign wealth funds with more than $900 billion in assets, sits at the heart of Vision 2030. The fund’s initial strategy for 2021-2025 ends this year, and it is due to announce an updated strategy.

Foreign investment into the country has grown 24% in 2024 to $31.7 billion, Rumayyan said earlier on Tuesday as he opened the event, where attendees include Colombian President Gustavo Petro, Blackrock’s Larry Fink, JP Morgan’s Jamie Dimon, and Citi’s Jane Fraser.

Falih later added that 90% of that foreign direct investment was into Saudi Arabia’s non-oil sector, without mentioning specifics.

“We just did a transaction here in the kingdom, and we had five times more demand than we could provide. It was for a pipeline in Jafurah, and the amount of money that was interested in investing here in the kingdom was at a record level,” Fink said on a panel.

“To me, this is just an indication of the transformation here in the kingdom, but more importantly, in the whole region, and I do believe we’re seeing more and more, as the GCC, becoming one of the major destinations for capital.”

That Jafurah deal, which raised $11 billion for Saudi state oil giant Aramco upfront in exchange for payments over 20 years to the investors, is in the exact sector the kingdom is trying to reduce its reliance on.





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Amanda Seyfried is ‘going to keep campaigning’ for ‘Mamma Mia 3′

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Amanda Seyfried is ‘going to keep campaigning’ for ‘Mamma Mia 3′


Amanda Seyfried teases making of ‘Mamma Mia 3’

Amanda Seyfried is not letting go of her hopes for a third Mamma Mia! film and says she’s more motivated than ever to see it happen. 

Speaking with PEOPLE at the Los Angeles premiere of The Testament of Ann Lee on Dec. 14, the actress made it clear she’s ready to keep pushing for Mamma Mia 3, especially if it allows her beloved character Sophie to step into a new phase of life.

When asked what Sophie’s future might look like if the franchise returns, Seyfried immediately imagined motherhood. 

“Oh, with kids. I mean, I love being a mother,” the 40-year-old said, drawing a parallel between her own life and Sophie’s journey. 

“I love playing a mother, and I would love to dive into the curiosities of motherhood and raising children on a Greek island, just like Donna did with Sophie.” 

Meryl Streep famously played Donna, Sophie’s free-spirited mother, in the original 2008 musical.

Seyfried believes that exploring Sophie as a parent could open up fresh emotional ground for the story. 

“I think that would be really interesting,” she said, adding that while she doesn’t know exactly where the plot would go, she’s confident the heart of the franchise would remain the same. 

“I have no idea where the story is going to go, but I know there’s going to be a lot of singing and dancing.”

Her enthusiasm doesn’t stop there. Seyfried made it clear she’s not quietly waiting on the sidelines. 

“I’m going to keep campaigning for that movie until I’m blue in the face,” she said, emphasizing just how committed she is to seeing the third installment made.

There is reason for optimism. 

Producer Judy Craymer has confirmed that a script for Mamma Mia 3 has already been completed and that the film remains in development as a follow-up to 2018’s Mamma Mia! Here We Go Again

“Well, we know what we want to do with the movie, and it will happen,” Craymer told Deadline in May, while also discussing the possibility of Sabrina Carpenter joining the cast alongside Seyfried and Streep.

Off screen, Seyfried brings real-life experience to the idea of motherhood.

She shares daughter Nina, 8, and son Thomas, 5, with her husband, actor Thomas Sadoski. 

The couple got engaged in 2016, eloped the following year, and now live with their children on a farm in upstate New York. 

For Seyfried, both on screen and off, motherhood seems like a story she’s more than ready to keep telling.





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Vogue Williams says ‘end of era’ as couple sell Battersea flat

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Vogue Williams says ‘end of era’ as couple sell Battersea flat


Vogue Williams shared the couple have finally sold the first home  

Irish media personality and model, Vogue Williams and her husband Spencer Matthews have taken a major step in their personal lives by selling their £4.25million Battersea apartment and buying their ‘forever’ home in London. 

The couple first put their luxurious London flat on the market two years ago, slashing the price but a staggering £1million during that time.

In the latest episode of her YouTube vlog, Vogue shared the couple have finally sold the first home  where they made memories together and purchased their ‘forever’ family house in London back in June. 

The I’m A Celeb star gave fans a sneak peak of the stunning new property but admitted the family will have to wait at least 18 months in due to extensive renovations.

‘We sold our apartment. It’s gone. End of an era. The apartment is gone,’ Vogue told viewers. 

‘We’ve got a rental around the corner so that the kids can stay in school because we have bought our dream house.’

‘I’ll miss this apartment. We’ve lived here for seven years. It’s the first place we lived together. All our kids were born here. So, it’s going to be weird saying goodbye, but at the end of the day, we have this amazing house that we’re going to love so much.’

‘This is our forever house. I know that people say that, but it actually is our forever house. It’s like my dream home I have in Ireland. And this is the dream home here where I think the kids will grow up.’

Back in April it was revealed that Vogue and Spencer had knocked a further £450,000 off the asking price of their luxurious London apartment.





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Jim Belushi shares having lively dreams about late brother John

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Jim Belushi shares having lively dreams about late brother John


Jim Belushi is opening up about a deeply personal experience that has stayed with him for decades, revealing that he still has recurring dreams about his late brother, John Belushi, more than 40 years after his death.

The actor and comedian says these dreams feel less like memories and more like meaningful reunions.

Speaking to PEOPLE, Jim, now 71, shared that several of these dreams have stood out over the years, especially those where John appears healthy, alive, and doing what they both loved most. 

“He’s alive and fine, and we were acting together,” Jim said. “We’re improvising at Second City or on Saturday Night Live.” 

In the dreams, the brothers are back on stage, fully immersed in comedy, as if time never interrupted their bond.

Jim admitted that even in his dreams, John’s humour gets the best of him. 

“I got mad at him because he was making me laugh so hard I couldn’t stay in character,” he said, recalling how those moments would play out.

“Those were kind of nice visits.” The actor’s words reflect both the joy and ache of reconnecting with a brother he lost too soon.

John Belushi, a celebrated Saturday Night Live star and performer, died on March 5, 1982, at just 33 years old. 

His death was ruled an accidental overdose caused by acute cocaine and heroin intoxication, often referred to as a “speedball.” 

More than 43 years later, Jim says the dreams still come from time to time, offering what he describes as “little visits.”

He echoed similar thoughts in a conversation with Variety, explaining, “I have dreams once in a while where he and I are acting at Second City.”

Jim went on to describe one dream in detail, saying, “We were on stage together, and he was so funny that I cracked up, eating the scene in front of everybody. I got so mad at him, because that’s the worst thing you can do, is break character, right? But he was just so funny, and he goes, ‘Ah, come on, kid!’ He was sweet to me. So, I still get little visits.”

Jim Belushi has spoken about his brother many times over the years, often reflecting on their close relationship and shared passion for comedy. 

Today, as he stars in the new film Song Sung Blue alongside Hugh Jackman and Kate Hudson, those dreams remain a comforting reminder that the connection he shared with John never truly faded.





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