It’s a mixed bag for the Kingdom in the foreign press this morning, with politics taking somewhat of a lead after Bloomberg reported that the Kingdom signaled a threat to its counterparts in the Group of 7 over Russia’s frozen assets.

Ties with G7 are of “mutual respect”: Bloomberg’s sources allege the Finance Ministry hinted at selling debt holdings in Europe — primarily debt issued by the French treasury — if the G7 opted for a plan to seize c. USD 300 bn of Moscow’s frozen assets. However, the Finance Ministry maintained in a statement to the business information service that “no such threats were made,” while an unnamed official said that while making threats of this kind are not the government’s way of doing business, it is possible that officials spoke on the outcome that could result from the move.

In perspective: The Kingdom’s debt holdings in Europe (estimated at EUR tens of bns) are unlikely to create a significant dent if sold off. However, European officials shelved the plan on concerns that other countries objecting to the seizures could follow suit.

Meanwhile, Bloomberg is out with an interview with the masterminds behind developing a near 80-year-old royal palace in Riyadh to a luxurious hotel with an unmatched guest experience. The luxury hotel is being developed by PIF-owned luxury hospitality firm Boutique Group which aims to turn King Saud bin Abdulaziz’ Red Palace to a luxurious hotel.The 9-acre, art-deco Palace is set to open in 2025, and will feature 70 rooms that aims to give visitors a taste of the Saudi royalty treatment while preserving the palace’s rich history.

More to come: Boutique Group is also working on turning the Tuwaiq Palace in Riyadh and Al Hamra Palace in Jeddah into luxury hotels, with plans being studied for three more.

ALSO- The New York Times looks at Grammy-decorated American rapper Swiss Beatz’s venture into the world’s most lucrative camel races in Saudi which he calls his “second home.” Beatz (who was granted Saudi citizenship) speaks about his experience as the owner of his USD multi-mn team of 48 camels, the Saudi Bronx and his growing attachment to Saudi since his visit in 2006. “When you discover it, you enter into a whole other world,” he said of the sport.

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