The 966: Recent Episodes
The 966
THE 966 explores the news, people, and issues that define the Kingdom through conversations and interviews with business leaders, officials, and newsmakers. THE 966 goes beyond the headlines and tackles the complex U.S.-Saudi relationship, discussing topics like oil and energy, security and defense, Saudi culture and society, and much more.
Colin Foreman, journalist and editor for the Middle East Economic Digest (MEED), joins The 966 to talk about construction, giga-projects, and Saudi Arabia's economic development. MEED is a leading resource for executives with a highly-respected publication for the MENA region. Before the conversation with Colin, the hosts discuss the latest with the Saudi Pro League and dispelling some myths about the growing football league in the Kingdom, an update on the New Murraba project in Riyadh that promises to change the face of the city, and so much more in the program's concluding Yallah! segment.
Nadia Maqbool Al-Lawatiya, a leading Riyadh-based architect and urban designer who is closely familiar with Salmani architecture, joins The 966 to share her journey and discuss some of the themes and thinking behind the new style emerging from Saudi Arabia. Nadia listened to a previous episode of The 966 on Salmani architecture and joins for this episode to discuss the style and answer some questions. Before the conversation with Nadia, The 966 boys reflect on 100 episodes of The 966 and note that this is just the beginning. The hosts also discuss last week's inaugural The 966 golf invitational and, just one day after their golf outing, Lucien's hole-in-one! Richard's One Big Thing this week is an update on the mining and minerals strategy that Saudi Arabia is executing on now. Lucien's One Big Thing is Saudi Arabia's invitation to join the BRICS group, and some thoughts on the pros and cons of that. The hosts conclude as always with Yallah!
The hosts thank the loyal, growing listenership and viewership of the program for making it a success and number one in the space. It's a privilege and genuinely fun to be doing this - thank you!
Episode 99! Princess Mashael bint Saud Al-Shalan, Founding Partner, Aeon Strategy, joins The 966 to discuss her work heading one of the leading consultancies in Saudi Arabia in the field of sustainability. Aeon Strategy played a leading role in support of the Kingdom's Net-Zero targets under the Saudi Green Initiative and the Circular Carbon Economy Framework. The company aims to lead Saudi Arabia towards a sustainable future by designing and scaling pioneering, science-backed, researched based business and policy solutions that create and sustain equal benefits for the nation’s economy, ecology and society. Before that conversation, the hosts the latest with The Line at Neom in Saudi Arabia, how Saudis are flocking to see 'Barbie', and so much more in the program's concluding 'Yallah' segment.
8:50 - The hosts the latest with The Line at Neom in Saudi Arabia.
23:47 - Saudis are flocking to see 'Barbie', with many wearing pink. The film has sparked a conversation in Saudi society about its themes and meaning.
34:31 - The 966 speaks with Princess Mashael bint Saud Al-Shalan, Founding Partner, Aeon Strategy.
Episode 98! Dr. Bader Al-Saif, founding President at Al-Saif Consulting and Assistant Professor at Kuwait University joins The 966 to talk about Saudi Arabia as an emerging economic and diplomatic power in a changing region. Al-Saif is also a visiting researcher at Georgetown University, where he completed his PHD in history, and a non-resident fellow at the Arab Gulf States Institute in Washington (AGISW). Al-Saif is frequently quoted in the largest publications and media outlets around the world. The 966 hosts discuss with Bader Saudi Arabia's ambitions and the context of its recent domestic and foreign policy decisions in its own history as a young nation. Before that conversation, the hosts revisit Saudi-Israel relations after discussing it last week, since a lot has changed in just the previous few days since they discussed Saudi-Israel normalization reports. The hosts also discuss Lucid Motor's recent earnings call and some surprise details revealed by its CEO beyond the latest financial figures for the PIF-backed company. Then the hosts conclude as always with the Yallah segment, with six top storylines from the week on Saudi Arabia.
9:20 - Saudi-Israel normalization. A new report from the WSJ said the U.S. and Saudi Arabia have agreed to the outlines of a deal. But many obstacles still remain...The US and Saudi Arabia continue to work on a framework aimed at Saudi recognition of Israel in exchange for US security guarantees for Riyadh. The Biden administration said in response to the report that there's still a long way to go.
27:57 - Lucid's recent earnings call revealed the company's current financial position. It also revealed its road ahead, including plans for a factory under construction now in KAEC in Saudi Arabia, the forthcoming SUV, and much more...
44:14 - Dr. Bader Al-Saif, founding President at Al-Saif Consulting and Assistant Professor at Kuwait University joins The 966 to talk about Saudi Arabia as an emerging economic and diplomatic power in a changing region.
1:35:05 - Yallah! 6 top storylines on Saudi Arabia to get you up to speed headed into the weekend...
American journalist, author, media executive, and pulitzer prize winner Karen Elliott House joins The 966. Elliott House discusses her recent work, a paper entitled 'Saudi First', for the Belfer Center at Harvard's Kennedy School of Government, as well as her experiences traveling to and from Saudi Arabia for decades and her views on Saudi Arabia as an emerging regional power. Elliott House has served as publisher of The Wall Street Journal, former senior vice president of Dow Jones, and on the board of the Rand Corporation. She currently is a senior fellow at the Belfer Center for International Affairs at Harvard University’s Kennedy School of Government.
In addition to writing a series of articles on Saudi Arabia for the journal in 2007, Karen is author of the book, On Saudi Arabia: Its People, Past, Religion, Fault Lines - and Future. Recently, she has written several opinion and commentary pieces for the Wall Street Journal on Saudi Arabia and the US-Saudi relationship.
3:55 - Richard's One Big Thing: the mystery of all the press and coverage of a "normalization" deal between Israel and Saudi Arabia potentially brokered by the United States. What's in it for each party, and why is it a long shot at best?
31:33 - Lucien's One Big Thing: Saudi Arabia's economy is slowing down in 2023, but non-oil figures are more than a glimmer of hope for the Kingdom as economic diversification is the name of the game for Vision 2030 and its ultimate success.
50:42 - The 966 speaks with Karen Elliott House about Saudi Arabia's evolving role in regional and global affairs, the U.S.-Saudi relationship, and the challenges facing Saudi Arabia in realizing its Vision 2030 economic and social reform goals.
1:39:36 - Yallah! 6 top storylines to get you up to speed heading into the weekend.
Episode 96! The 966 speaks with PepsiCo Middle East CEO Aamer Sheikh for a conversation about the company's strategy to plug into Vision 2030's opportunities and continue to stay on top as the number one food and beverage brand in the Kingdom of Saudi Arabia. Mr. Sheikh, who is Pakistani-American and grew up in the United States, shares his story and how he rose to the top position for the company in the Middle East region. The PepsiCo MENA CEO also discusses how he works to position PepsiCo's products to be part of the fabric of Saudi society, the company's emphasis and insistence on sustainability as critical to success, and so much more. Before the conversation, The 966 hosts discuss Richard's one big thing, which is a big update on the investments and news in Saudi Arabia's professional football league, the Saudi Pro League, and why headline-grabbing player transfers are just part of the equation for Saudi Arabia. Lucien's one big thing is a surprising new Royal Order from Crown Prince Mohammed bin Salman, who just announced that King Saud University would see a major change and a brand new board of all-star public and private sector figures in the Kingdom - indicative that he intends for KSU to expand and grow further. The hosts conclude as always with Yallah! 6 top storylines to get you up to date heading into the weekend.
Episode 95! Following several weeks of amazing special guests on the program (with many more to come in the weeks and months ahead) the hosts fly solo this week and discuss some of the biggest storylines and topics on Saudi Arabia this week. First, the hosts discuss Richard's one big thing this week, the Islamic new year. Muslims around the world observe and celebrate the Islamic New Year, also called the Hijri New Year, which marks the beginning of a new lunar Hijri year. The Islamic year is several days shorter than the Gregorian calendar, so its first day changes every year. Then the hosts discuss Lucien's one big thing, a global heat wave that has areas of the Middle East breaking records. On July 16, 2023, Persian Gulf International Airport in Iran reported a heat index of 152°F (66.7°C). In Riyadh this week, high temps are hovering around 115 degrees or so, which is about 46 degrees celsius. The hosts conclude the program as always with six top storylines on Saudi Arabia to get you up to speed heading into the weekend.
Physician, non-fiction author, and broadcast media commentator and writer Dr. Qanta Ahmed joins The 966 from New York to discuss the “colossal” changes in Saudi Arabia since Vision 2030 was launched and her view that Saudi Arabia has emerged as an increasingly important and influential global power. Dr. Qanta is an Academic Pulmonologist and Sleep Disorder Specialist at NYU Langone and has lived in and visited Saudi Arabia now over a period spanning 3 decades. She first visited Saudi Arabia as a single female doctor in 1999, and wrote a book, called ‘In the Land of Invisible Women,’ (a title she reveals to The 966 she did not write) detailing her experiences in the Kingdom.
Saudi businesswoman Dana Alajlani, Head of Public Affairs for the GCC at Sanofi, the French multinational pharmaceutical and healthcare company headquartered in Paris, joins The 966 to share her professional journey and story. Dana is also Co-Chairwoman of the American Chamber of Commerce in Saudi Arabia (AmChamKSA) and is involved there with the Women in Business committee. Before that conversation, Richard and Lucien discuss a recent survey which examines the conversations and sentiments surrounding Saudi Arabia in 2022, seeking to understand the impact of Vision 2030. Then the hosts discuss Lucien's One Big Thing, which is a recent report in the Financial Times that said the Saudi PIF is eying up the possibility of a sports investment body, owned by the PIF, to further pursue investment into sport globally. Then the hosts wrap up as always with the Yallah! segment.
Episode 92! Saudi Arabia’s sporting ambitions and investments have been dominating global coverage of the Kingdom in recent months.
The 966 speaks with Simon Chadwick, Professor of Sport and Geopolitical Economy, SKEMMA Business School, Paris, about all of the interest and investments by Saudi Arabia and Gulf nations into global sports. Professor Chadwick has consulted for and advised some of the biggest names in sport, such as FC Barcelona, UEFA, Adidas, the Association of Tennis Professionals (ATP). Before that, the hosts discuss a recent article in Newsweek by a previous guest of The 966, David Rundell, about some facts around Saudi Arabia's real role in 9/11, and why context matters. Then the hosts discuss all the latest with NEOM, including a recent interview given by Crown Prince Mohammed bin Salman to Discovery in English. The hosts conclude as always with Yallah! 6 top storylines to get you up to speed heading into the weekend.
Eid Al-Adha Mubarak to all followers and friends.
The 966 speaks with Dr. Mohanad AlSheikh, CEO of Johnson Controls Arabia, a leading player in Saudi Arabia and the MENA region’s growing HVAC and smart building market.
The 966 hosts ask Dr. Mohanad about the growing business opportunities in the HVAC and smart buildings space in the Kingdom and the wider region, the company’s focus on sustainability, the importance of being a leading local content provider for Saudi Arabia. They also discuss how Johnson Controls Arabia is proving to be a leader in R&D and technology transfer and development, and why that is important for the ecosystem in Saudi Arabia.
Other areas of focus for Johnson Controls includes AI, machine learning, and building technologies that help the company lead efforts to decarbonize in the region.
The hosts begin the discussion by asking Dr. Mohanad to share his journey to-date, starting with his education in the United States when the hosts first met Dr. Mohaned.
Dr. Mohanad joined Johnson Controls Arabia, a JV between the U.S.-headquartered Johnson Controls and local provider Al Salem, over a decade ago before rising to become head of the company.
Saudi entrepreneurs Sara Bin Laden and Renad Aljefri, recent WIN fellows, join The 966 from Jeddah to discuss their experiences and journeys to-date. Renad and Sara recently took part in the second cohort of the Atlantic Council’s Women Innovators Fellowship, known as the WIN fellowship - a program launched by the empowerME initiative of the Rafik Hariri Center for the Middle East, by venture capitalist Amjad Ahmad. Before the conversation with Sara and Renad, the hosts discuss Richard's One Big Thing, the PIF's investments in Saudi football and the Saudi Pro League, as well as a discussion of the new names that will be playing in the Kingdom, like Karim Benzema and N’Golo Kanté, and Messi's decision to go to Miami. Then the hosts discuss Lucien's one big thing, the mixed picture presented by recent VC numbers in the MENA region. The hosts conclude as always with the program's "Yallah!" segment, featuring 6 top storylines on Saudi Arabia to get you up to speed heading into the weekend.
4:35 - Richard's One Big Thing, the PIF's investments in Saudi football and the Saudi Pro League, as well as a discussion of the new names that will be playing in the Kingdom, like Karim Benzema and N’Golo Kanté, and Messi's decision to go to Miami.
26:38 - Lucien's One Big Thing is the mixed picture presented by recent VC numbers in the MENA region. May represented a bounce-back of sorts for the MENA VC and startup ecosystem, with venture funding into the region’s startups touched $445 million spread across 39 transactions, compared to $7 million raised across 11 deals reported in the preceding month, according to a monthly report in Wamda. The UAE accounted for 90 per cent of the total raised during the period, but Saudi Arabia saw the most total investments into deals with 15. Saudi Arabia topped the charts thanks primarily to the graduation of seven homegrown startups from the Flat6labs Riyadh accelerator prorgram, headed by Riyadh-based venture capitalist Eyad Albayouk.
38:34 - Saudi entrepreneurs Sara Bin Laden and Renad Aljefri, recent WIN fellows, join The 966 from Jeddah to discuss their experiences and journeys to-date. Renad and Sara recently took part in the second cohort of the Atlantic Council’s Women Innovators Fellowship, known as the WIN fellowship - a program launched by the empowerME initiative of the Rafik Hariri Center for the Middle East, by venture capitalist Amjad Ahmad. The WIN Fellowship program is a collaboration between the Atlantic Council and Georgetown University, offering a structured fully sponsored yearlong executive training program, mentoring and networking opportunities with leading U.S. and MENA business executives, government officials, and policy experts. The top participants, and Renad and Sara were both selected for this - attend a fully sponsored trip to the United States for leadership training at Georgetown and meetings with US business and government leaders.
1:08:45 - Yallah! 6 top storylines to get you up to speed heading into the weekend.
Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices. Saudi's energy ministry said the country's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years. OPEC+ has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April.
U.S. Secretary of State Antony Blinken had an "open, candid" conversation with Saudi Crown Prince Mohammed bin Salman about a wide range of bilateral issues, a U.S. official said. Blinken's visit came days after top crude exporter Saudi Arabia pledged to deepen oil output cuts on top of a broader OPEC+ deal to limit supply, as it seeks to boost flagging oil prices despite opposition from the U.S. administration. Blinken and the crown prince met for an hour and forty minutes, a U.S. official said, covering topics including Israel, the conflict in Yemen, unrest in Sudan as well as human rights.
The Iranian embassy in Saudi Arabia has been reopened at a ceremony attended by Iranian Deputy Foreign Minister for Consular, Parliamentary and Expatriate Affairs Alireza Bigdeli. The previous day, on June 5, the Iranian foreign ministry had announced that the Riyadh embassy, consulate-general in Jeddah and the Iranian mission to the Organization of Islamic Cooperation (OIC) would be officially reopened on June 6 and 7.
IATA — an association that represents around 300 airlines in 120 countries — forecasted that the global aviation industry's profits are expected to reach $9.8 billion in 2023, more than double the $4.7 billion forecast in December, driven by pent-up demand for air travel following the pandemic. Revenue passenger-kilometers for Middle Eastern carriers stands at 88% of 2019’s figures, showing the airlines in the region have already been making strong progress. GCC carriers will be at the forefront of the surge in passenger numberswhich IATA expects to double in the region to 550 million by 2040.
The PGA TOUR, DP World Tour and the Public Investment Fund (PIF) announced a landmark agreement to unify the game of golf, on a global basis. The parties have signed an agreement that combines PIF’s golf-related commercial businesses and rights (including LIV Golf) with the commercial businesses and rights of the PGA TOUR and DP World Tour into a new, collectively owned, for-profit entity to ensure that all stakeholders benefit from a model that delivers maximum excitement and competition among the game’s best players.
The UK Government will be eliminating the need for visit visas for individuals from the UAE, Saudi Arabia, Qatar, Kuwait, Oman, Bahrain, and Jordan. Instead, these individuals will have the option to obtain an Electronic Travel Authorisation that will be valid for two years, and the cost for this will be only £10 ($12). This change will align the entry requirements for Gulf travellers and Jordanians with those of US and Australian citizens.
It's a story The 966 has covered in almost every one of its 90 podcasts in one form or another: the PIF-backed LIV Golf tour's founding and rise. So the news breaking today that the PGA Tour and Saudi-backed rival LIV Golf are combining in a shocking, earth-shattering merger, ending a dispute between the two, is worthy of a special emergency edition of The 966.
Lucien, fresh off the plane and joining from Riyadh, and Richard talk about this seismic event and react to the incredible news of the merger. They react to some tweets rolling out in real time and try to see into the near future at how the world of golf might look.
Robert Mogielnicki from AGISW and adjunct professor at Georgetown and GWU joins The 966 to talk NEOM, the PIF, the Saudi economy and so much more. The hosts talk about our neighbors – all 8 billion of them and counting - on planet Earth as the world's population passes 8 billion. Lucien's one big thing is the Crown Prince's recent trip to Asia, including Indonesia and South Korea, ahead of Chinese President Xi's planned visit to Saudi Arabia in December. The hosts conclude as always with Yallah! 6 top storylines to get you up to speed headed into the weekend.
Episode 65! Prince Waleed Bin Nasser Al Saud joins The 966 -- Prince Waleed is CEO of Mukatafa, a consultancy based in Riyadh that brings together the public and private sectors in Saudi Arabia, forming an ecosystem that enables the private, public, and third-party sectors to collaborate, integrate, and grow together as the Kingdom drives forward with Vision 2030. Mukatafa means standing shoulder to shoulder in Arabic, and the growing organization founded by Prince Waleed has worked specifically within the Manufacturing, Education, Food and Beverage, Grocery, Luxury Fashion, Jewelry, Beauty, Electronics, and Furniture industries. Before that discussion, the hosts discuss U.S.-Saudi relations, the mining and minerals sector in the Kingdom and much more...
The 966 interviews Reem Philby and Alan Morrissey, two of the four team members set to embark on the ‘Heart of Arabia’ expedition, a 1,300km journey across Saudi Arabia following the route of Harry St John (Abdullah) Philby that took place 105 years ago. Philby and Morrissey join The 966 to discuss the history of Philby’s 1917 mission to Ibn Saud, which earned him the Royal Geographical Society Founder’s Medal, as well as the journey and challenges ahead.
Episode 63! The hosts welcome Jeffrey Beyer, Managing Director, Zest Associates, a Dubai-based consultancy that develops sustainability solutions for governments and private companies for the low carbon economy. First, the hosts discuss Richard’s one big thing this week, which is Saudi Arabia’s forthcoming Saudi Games, the largest single sporting event ever in Saudi Arabia. Lucien’s one big thing this week in Saudi Arabia is the progress on the Red Sea with major milestones reached for The Red Sea Development Company (TRSDC), headed up by John Pagano. The hosts conclude the program as always with Yallah! 6 top storylines to get you up to speed headed into the weekend.
2:02 - Richard’s one big thing this week is Saudi Arabia’s forthcoming Saudi Games, the largest single sporting event ever in Saudi Arabia. The games take place with the participation of more than 6000 athletes and 2,000 technical and administrative supervisors representing more than 200 clubs across the Kingdom, competing in 45 sports as individuals and teams including 5 games dedicated to Paralympic sports.
10:42 - Lucien’s one big thing this week in Saudi Arabia is the progress on the Red Sea with major milestones reached for The Red Sea Development Company (TRSDC), headed up by John Pagano. Earlier this summer, Rosewood hotels said it would open one of its high-end hotels in the area. That was just the start of a slate of news on the progress at the Red Sea resort area. Foster + Partners released designs for the “world’s first fully immersive experiential marine life center.” Authorities also announced the official opening of the Shura bridge, a 3.3km crossing (so just over 2 miles) from the Saudi mainland to the hub island Shura.
18:36 - The hosts welcome Jeffrey Beyer, Managing Director, Zest Associates, a Dubai-based consultancy that develops sustainability solutions for governments and private companies for the low carbon economy. The hosts talk with Jeffrey about sustainability and climate, ESG, and more with COP27 and COP28 taking place in the Middle East region.
Links to the reports mentioned in the conversation are here:
- Financing a Green Transition in the Middle East: Link
- UAE-UK Clean Hydrogen Collaboration: Link
1:05:48 - Yallah!
Qatar World Cup ticket sales near 3 million
Ticket sales for the soccer World Cup are approaching the three million mark ahead of the tournament kicking off in Qatar on Nov. 20, FIFA president Gianni Infantino and event organisers said on Monday. The top 10 purchasing countries of the 2.89 million tickets sold are Qatar, the United States, Saudi Arabia, England, Mexico, the United Arab Emirates, Argentina, France, Brazil and Germany, FIFA's World Cup Chief Operating Officer Colin Smith told a news conference in Doha.
US officials not invited to Saudi's 'Davos in the Desert'
The organisers of the Saudi investment conference known as 'Davos in the Desert' said they will not invite US government officials, in a major departure from previous years which comes amid rising tensions between Washington and Riyadh. The Future Investment Initiative (FII), a three-day conference set to begin on 25 October in Riyadh, typically draws Wall Street titans and high-ranking officials from around the world, and up to 400 American CEOs are expected to participate this year, said Richard Attias, CEO of the group behind the event.
Saudi Crown Prince announces $400 million in humanitarian aid for Ukraine
Saudi Arabia’s Crown Prince Mohammed bin Salman has announced $400 million in humanitarian aid for Ukraine, the official SPA news agency reported. It followed a phone call between the Crown Prince and President Volodymyr Zelenskyy on Friday where the Crown Prince emphasized “the Kingdom's position of supporting everything that will contribute to de-escalation, and the Kingdom's readiness to continue the efforts of mediation,” SPA reported. The humanitarian aid package for Ukraine will contribute to alleviating the suffering of Ukrainian citizens in the wake of the Russia-Ukraine conflict.
Saudi Crown Prince Launches National Industrial Strategy
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz launched the National Strategy for Industry, which aims to promote industry and attract investment, leading to economic diversification and growth of non-oil exports and GDP. The National Strategy for Industry will increase growth in the sector, bringing the number of factories to about 36,000 by 2035. The Strategy focuses on 12 sub-sectors to diversify the industrial economy in the Kingdom while identifying more than 800 investment opportunities worth $266 billion, beginning a new chapter of sustainable growth for the sector. It seeks to achieve ambitious economic returns for the Kingdom by 2030, including increasing industrial GDP threefold and doubling the value of industrial exports to reach $148.5 billion.
Making waves and skirting sharks: Mariam bin Laden on her Saudi Arabia-Egypt swim
Saudi endurance swimmer Mariam bin Laden has made history again — this time as the first woman and first Arab to swim from Saudi Arabia's Tiran Island to Sharm El Sheikh in Egypt. Bin Laden, a dentist and advocate for Syrian refugees, joined fellow endurance swimmer and UN Patron of the Oceans Lewis Pugh in the Coral Swim event in the Red Sea. They were aiming to bring attention to the devastating effects of climate change on coral reefs ahead of Cop27.
Saudi Arabia to host WTTC Global Summit next month
The 22nd World Travel and Tourism (WTTC) Global Summit is set to take place in Riyadh, Saudi Arabia from 28 November to 1 December 2022. The event will host industry leaders and key government representatives with the goal of driving support for the travel and tourism sector’s ongoing recovery, moving it to a safer, more resilient, inclusive and sustainable future, according to the WTTC. The event will include a lineup of speakers, including Arnold Donald, chair of World Travel & Tourism Council and HE Ahmed Al Khateeb, Minister of Tourism for Saudi Arabia.
3:13 - The census in Saudi Arabia is starting to reveal interesting data points on Saudi Arabia’s population. Saudi Arabia’s population reached 34 million people in 2021, according to a recent report by Saudi Arabia’s Ministry of Health and published in the Saudi Gazette, at an annual growth rate of 9.3%. Saudi Arabia’s population has grown 16.8% during the past ten years in which data are available and published by the Ministry (2012-2021).
12:18 - Riyadh Season details are here, and it’s going to be a big one. Lucien’s one big thing is the expanded third edition of Riyadh Season, which will kick off on October 21st 2022 under the slogan “Beyond Imagination” with an international show by Cirque du Soleil, the General Authority for Entertainment has announced. The Chairman of the Board of Directors of the General Entertainment Authority (GEA), Turki Al-Sheikh, announced details of the season at a launch event on Wednesday.
Al-Sheikh said that the new season would consist of 15 areas, including the Boulevard World, which would display restaurants, markets and arts from several regions around the world, including America, France, Greece, India, China, Spain, and Japan, Morocco, Mexico, in addition to the Italian city of Venice, Asharq Alawsat reports. The Boulevard World will also include the world’s largest artificial lake, allowing visitors to enjoy riding submarines for the first time in Riyadh.
21:41 - Colby Connelly, Senior Analyst at Energy Intelligence and non-resident scholar at the Middle East Institute, Joins The 966 to talk about the recent decision by OPEC+ to slash production targets, causing an uproar in the United States. “It is unfortunate that many of the nuances impacting the decision have been overlooked…allegations that Riyadh is openly siding with Moscow have been vastly overblown,” Connelly writes in MEI. The 966 asks about the technical side of the production cuts and what’s to come in the months ahead.
54:27 - Yallah! 6 top storylines to get you up to date headed into the weekend:
•Women no longer required to bring male guardian to Hajj and Umrah
Saudi Arabia has made the historic decision to allow women to attend the Hajj and Umrah pilgrimages without a "mahram" or male guardian. Speaking at the Saudi embassy in Cairo, Tawfiq Al Rabiah, Saudi Arabia's Minister of Hajj and Umrah, said: "A woman can come to the kingdom to perform Umrah without a mahram." The announcement ends a decades-long rule imposed by Saudi Arabia, although exemptions have been given to females attending the Hajj or Umrah pilgrimage with large groups of other women.
•Netflix Unveils Upcoming Arab Films & Series
Netflix has previewed a selection of upcoming films and shows aimed at the Arab world and hailing from Saudi Arabia, Kuwait, UAE, Egypt, and Jordan. The global platform has been steadily making inroads into the Middle East and North Africa since 2015, in the face of fierce competition from local players such as MBC’s Shahid VIP and Starzplay. The new productions, mainly due to launch in 2023, include Saudi Arabian feature Alkhallat+, a satirical suspense film based on the hit online show Alkhallat, which was first released in 2017 and received more than 1.5 billion views across YouTube and social media.
•Saudi Arabia’s industrial production rises by 16.8% in August
Saudi Arabia’s Industrial Production Index increased by 16.8 percent in August compared to the same period a year ago, according to the latest General Authority for Statistics report. The growth in IPI was primarily driven by high production in the three subsectors — mining and quarrying, manufacturing, and electricity and gas supplies, official data showed. The growth of the IPI turned positive in May 2021, and it has been growing continuously since then. This comes after negative trends witnessed during 2019 and 2020 due to the impacts of the pandemic.
•Venture capital funding for Mena start-ups hits $2.3bn and is on track to beat 2021 total
Venture capital funding for start-ups in the Middle East and North Africa rose 20 per cent annually to more than $2.3 billion in the first three quarters of 2022, putting it on track to potentially surpass the total investments attracted in 2021, a study carried out by Magnitt has found. Funding reached $512 million in the third quarter, which was the lowest since the first quarter of 2021, the data intelligence company said in its quarterly update, citing global economic and geopolitical factors. That, however, put total funding in 2022 at more than 80 per cent of the 2021 level, leaving the industry with a full quarter to match or even surpass last year's total of about $2.8bn.
•Saudi Arabia leaps ahead in World University Rankings 2023
Times Higher Education released the results of its World University Rankings 2023, which showed the UK’s University of Oxford retaining its top spot for the seventh consecutive year. King Abdulaziz University has risen from 190 in 2022 to a joint-101 spot in the 2023 table, making it the highest ranked university in the Middle East and achieving the best ranking ever by a Middle Eastern university in this table. “Not only has King Abdulaziz University risen dramatically to move within a whisker of the world top 100 to lead the entire Mena region, but other leading institutions have also made strong progress and Saudi Arabia’s overall representation in the World Rankings has increased — from 15 universities ranked last year, to 21 this year.
•Saudi Health plans 100 partnership projects worth $13bn
Saudi Arabia has announced a major plan to involve the private sector in 100 health projects over the next 5 years, resulting in $13 billion investment opportunities. The initiatives announced by Saudi Health for public-private partnership, including the operation of two new medical cities, a project to provide 900 beds for medical rehabilitation and long-term care services, as well as restructuring 200 primary care centers, and providing air medical evacuation services, said Health Minister Fahd Al Jalajil.
2:38 - Richard's one big thing is Saudi Arabia's Ministry of Commerce has announced ten initiatives to develop the e-commerce retail industry, and the initiatives are based on the results of a survey “Consumer’s Voice”, conducted by the Ministry of Commerce to gauge the level of consumer satisfaction with the performance of online stores.
14:39 - Lucien's one big thing is actually two big things. First, Lucien comments on a changing Riyadh having just returned from the Saudi capital, and why much is different and yet some things will stay the same. Then he provides an update on the latest with LIV golf's quest to get its players crucial world ranking points so that they can compete in major events in the sport.
34:06 - The 966 welcomes Dr. Abdulaziz Alanazi, assistant professor at King Saud University in Riyadh, who discusses his work that recently won a very prestigious international water award. Dr. Abdulaziz, along with his colleagues at the University of Cincinnati, won a very prestigious international award for their work studying ways to address water pollution. The Prince Sultan Bin Abdulaziz International Prize for Water was awarded to Dr. Abdulaziz and his colleagues for their work developing advanced oxidation technologies and nanotechnologies to monitor and treat emerging toxins and other contaminants of emerging concern in water.
1:14:00 - Yallah! 6 top storylines to get you up to date headed into the weekend.
•Mohammed bin Salman named prime minister
Saudi Arabia's Crown Prince Mohammed bin Salman has been appointed prime minister - a post that is traditionally held by the king. A royal decree announcing his promotion from deputy PM and defence minister cited an exception to the Basic Law. An official told Reuters news agency the move was in line with the king's previous delegation of duties to him. "The crown prince... already supervises the main executive bodies of the state on a daily basis, and his new role as prime minister is within that context," the official said. The 37-year-old son of King Salman bin Abdulaziz, 86, is already seen as the de facto head of government for Saudi Arabia. The decree named another of his sons, Prince Khalid bin Salman, as the new defence minister. A third, Prince Abdulaziz bin Salman, remains in the key role of energy minister.
•Saudi Arabia forecasts lower growth, revenue for 2023 amid uncertain global economic outlook
Saudi Arabia, which is forecasting a decade-high economic growth of 8% for 2022, is projecting its GDP will slow to 3.1% growth in 2023, the ministry of finance said in a preliminary 2023 budget report released on Sept. 30. Saudi Arabia is also forecasting its total revenue, including oil income, will drop in 2023 in a conservative baseline scenario. The ministry's preliminary estimates are projecting an 8.1% decline in fiscal revenue to $299 billion in 2023 from a year earlier. "This is due to the direction that the government is adopting in basing the estimates of oil and non-oil revenues in the budget on conservative standards in anticipation of any developments that may occur in the domestic and global economy," the ministry said.
•Saudi to host Asian Winter Games in NEOM megacity
Saudi Arabia was chosen on Tuesday to host the 2029 Asian Winter Games at NEOM which planners say will feature a year-round winter sports complex. The Saudi bid was "unanimously approved", the statement said, noting that NEOM will be the first West Asian city to host the event. The Asian Winter Games are slated to take place in Trojena, an area of NEOM "where winter temperatures drop below zero celsius and year-round temperatures are generally 10 degrees cooler than the rest of the region", according to the project's website. Set to be completed in 2026, Trojena will include year-round skiing, a manmade freshwater lake, chalets, mansions and ultra-luxury hotels according to the website. The Asian Winter Games include competitions for skiing, snowboarding, ice hockey and figure skating -- 47 events in all, 28 on snow and 10 on ice.
•Saudi Arabia's Savvy Games Group launches $38bn investment strategy
Saudi Arabia's Savvy Games Group, owned by the country's sovereign wealth fund, the Public Investment Fund, has unveiled its new investment strategy, as the kingdom seeks to become one of the world's major gaming hubs. The group plans to invest $38bn across four programmes, each with specific objectives, the Saudi Press Agency reported. The programmes include the acquisition and development of a leading game publisher to become a strategic development partner and making a series of minority stake investments in key companies that support Savvy’s game development agenda. They also include diversified investments in industry disrupters to grow early-stage games and esports companies as well as investing in mature industry partners who add value and expertise to Savvy’s portfolio.
•The Saudi Downtown Company (SDC), a company created under the aegis of the royalty and therefore the Public Investment Fund (PIF), will promote the launch of projects in various regions of the country, creating new jobs, with a view to improving the infrastructure of many cities and building strategic alliances with the private sector. The projects to be developed will be in twelve cities including Al-Khobar, Al-Ahsa, Buraidah, Najra, Jizan and Arar.
•Saudi Telecom Co., the Middle East’s most profitable mobile operator, plans to spend about $1 billion to transform the kingdom into a regional data hub, and may sell a stake in its Center3 business to finance the plans. The investment over the next five years by Center3, as the data unit is known, would help Saudi Arabia host more media, gaming and corporate data, according to Mohammed Alabbadi, STC’s chief carrier and wholesale officer and chairman of Center3. It would also follow an initial investment of $1 billion on building data centers and submarine data cables
Episode 60! The 966 wishes everyone a fun and safe Saudi National Day. This week, the hosts re-connect after a two week hiatus for the 60th episode of the show. First, the hosts discuss Richard's one big thing, which is a deep dive on Saudi-Greece relations of late and why that bilateral relation is one to watch. Then the hosts discuss Lucien's one big thing: the uptick in news and activity in the MENA region's airline deals and development of tourism in Saudi Arabia. The hosts conclude as always with the program's Yallah segment, which is expanded to 8 topics for this week.
2:38 - Saudi Arabia has been ranked 3rd top destination for migrants for the second year in a row, According to the UN World Migration Report 2022. Richard’s one big thing is the World Migration Report 2022, the eleventh in the world migration report series, which has been produced to “contribute to an increased understanding of migration throughout the world.”
The report can be accessed here: https://worldmigrationreport.iom.int/wmr-2022-interactive/
12:58 - Big cats! Saudi Arabia welcomes birth of 2 Arabian leopards in the latest win for Kingdom’s conservation efforts. Lucien’s one big thing is this story, which is the latest development in Saudi Arabia’s recent emphasis on natural conservation. Saudi Arabia’s Princess Reema Bint Bandar Al-Saud, the Ambassador to the United States, has personally championed the cause of big cat conservation, having founded a charity called Catmosphere and emphasizing the critical need to ensure big cats globally survive and are reintroduced to the wild.
You can see Assouline’s book on Big Cats here: https://bit.ly/3pMvUm8
22:17 - Yallah! 6 top storylines on Saudi Arabia to get you up to speed headed into the weekend.
Episode 58! Dr. Saad Alshahrani, Deputy Minister for economic affairs and investment studies at Saudi Arabia's Ministry of Investment joins The 966 to talk about the Saudi economy, investment opportunities, and reforms in the Kingdom. Dr. Saad also shares his story of studying in the U.S. and journey to becoming a deputy minister. Before the interview, the hosts discuss the Kingdom's recent IMF consultations, which found that Saudi Arabia may just be the fastest growing economy in the world in 2022. The hosts also discuss the PIFs latest investments and much more in the program's Yallah! segment.
and board member of King Abdullah City for Atomic and Renewable Energy, and has served with the Central Bank, IMF, and
Saudi Central Bank from July 2015 to June 2016, and was an economist at the International Monetary Fund from January 2011 to December 2015.
Episode 57! The 966 welcomes Ahmed Shawley and Mostafa Fahmy from the Jeddah-based Wall of Sound record label and recording studio to talk about the young and growing music industry in Saudi Arabia, their entrepreneurial journey building the business from the ground up in a new industry with established sounds, and so much more. Before the conversation, the hosts discuss their one big thing this week, both are recently-released reports on Saudi Arabia's economy and startup ecosystem. The program concludes as always with six top storylines to get you up to date heading into the weekend.
3:31 - Richard's one big thing is a new agreement between IBM and Saudi Arabia’s IT authority that will upskill 100,000 young Saudis in the digital sector. The MoU to implement eight initiatives seeks to “bolster the Kingdom’s position as a hub of technology and innovation in the Middle East and North Africa region,” according to SPA.
9:32 - Lucien's one big thing is a look at the latest data coming out on the Saudi economy in 2022, which is one of the fastest-growing globally. Saudi Arabia's General Authority for Statistics (GAStat) said that Saudi Arabia’s economy expanded 11.8% in the second quarter of this year, year-on-year, maintaining the fastest pace of growth since 2011. High oil prices and output have powered that growth. But beyond oil, Saudi Arabia is seeing positive signs in the non-oil economy as well, which is key for the Kingdom Vision 2030 economic and social reforms. Non-oil GDP gained 5.4% while the oil economy grew 23.1% compared to last year, according to preliminary estimates.
Separately, Standard and Poors (S&P) released its headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers' Index (PMI) for the whole economy this week. Though the trend for July was down from June, falling to 56.3 in July from 57.0 in June, it remained well above the neutral 50.0 mark that separates growth from contraction.
17:31 - The 966 speaks with Faisal Durrani, Partner and Head of Middle East Research at Knight Frank, the London-based global real estate consultancy. Knight Frank just released two reports on Saudi Arabia’s commercial and residential real estate sectors, providing unique insights into one of the world's fastest growing real estate markets. Faisal joins The 966 from Dubai to discuss the reports and much more.
1:04 - Yallah! 6 top storylines to get you up to date heading into the weekend.
1:40 - Richard's one big thing is the Kingdom's newly announced national aspirations and priorities for the research, development and innovation sector to enhance the kingdom’s competitiveness and add 60 billion riyals ($16bn) to its gross domestic product by 2040. Dr. Munir El Desouki, president of King Abdul Aziz City for Science and Technology (KACST) in Riyadh, sat down with The National to explain what these plans for the RDI sector entail. The hosts discuss the importance and impact of this new plan to consolidate the Kingdom's aspirations into one cohesive plan with big investment.
8:47 - Lucien's one big thing this week is THE LINE, a futuristic, almost unbelievable concept from Saudi Arabia. It’s essentially a huge city, which is only one building, that is 109 miles long in the shape of a single mirrored line cutting through the Saudi desert in NEOM. THE LINE will ultimately house 9 million people, will be 200-meters wide (656 feet), and is designed to sit 500 meters (1,640 feet) above sea level.
THE LINE in NEOM will span 34 square kilometers (13 square miles). The Line will run entirely on renewable energy, with no roads, cars or emissions. High-speed rail will connect sections of The Line. Lucien and Richard react to the announcement and the ambition of the concept.
23:23 - The 966 talks with Eyad Albayouk from the VC firm Flat6Labs KSA. Eyad chats with us about Saudi Arabia’s growing startup ecosystem and entrepreneurship in the Kingdom, and the state of Saudi VC in 2022 as the Kingdom ramps up Vision 2030 execution.
1:15:00 - Yallah! 6 Top Storylines in Saudi Arabia this week to get you up to date ahead of the weekend.
1) Will Lucid Motors’ Saudi Arabian Connection Help Win Them A Big Aston Martin Partnership?
According to a post on Medium: "Inside Evs Ben O’Hare reports that Aston Martin, a century-old British luxury car maker, may be looking to go electric to combat against flagging sales. The company is in somewhat dire straits, holding around $1 billion in debt and finishing off 2021 with a deficit of nearly $91 million for the year. Despite their recent struggles, Aston Martin revealed last year that they hope to have their first EV available sometime in 2025. To help facilitate this, they are said to be weighing other manufacturer platforms to help expedite their journey to a finished product. Lucid Motors, Mercedes Benz and Rimrac are believed to be favorites."
2 Saudi Arabia Concludes its Participation at Farnborough International Airshow
Saudi Arabia concluded its participation at Farnborough International Airshow (FIA 2022), according a report in Asharq Alawsat. The five-day show was held in the United Kingdom, and witnessed wide-scale participation from across the globe. Under the national “Invest Saudi”, the Saudi Pavilion was organized and led by the General Authority for Military Industries (GAMI). It comprised GAMI, the Saudi Ministry of Investment, the World Defense Show (WDS), and the Saudi Arabian Military Industries (SAMI). Ahmad Al-Ohali, GAMI Governor, said the core message to global stakeholders was it has never been easier to localize business. Also announced was that the Saudi defense sector localization rate grew from 2% in 2018 to 11.7% in 2021.
3) Saudi Arabia Plans Air-Cargo Roadshows to Lure Amazon, DHL
Saudi Arabia plans to stage a number of roadshows in the next 12 to 18 months as it seeks to persuade the likes of Amazon.com Inc., Alibaba Group Holding Ltd. and Deutsche Post AG’s DHL to help scale up air-cargo and distribution operations, Bloomberg reports. The Mideast country will invite private companies to establish partnerships and set up freight-forwarding and warehousing activities, said Mohammed Fahad Alkhuraisi, vice president for strategy at the Saudi General Authority of Civil Aviation.
4) YouTube removes offensive ads upon request by Saudi Arabia regulators
YouTube removed certain offensive advertisements which were described as inconsistent with Islamic and Saudi societal standards upon the request of media regulators in Saudi Arabia, Arabic news media Bloomberg Asharq reported on Monday, citing a YouTube spokesperson. On Sunday, Saudi Arabia’s General Commission for Audiovisual Media (GCAM) and the Communications and Information Technology Commission (CITC) released a statement demanding the Google-owned video-sharing platform remove the offensive advertisements. A spokesperson from YouTube told the broadcaster that accounts of the advertisers who broadcasted the offensive content had been shut down.
5) 40 Saudi colleges to convert into applied colleges
The Saudi Council of Universities Affairs has decided to convert 40 theoretical colleges, located in various governorates, into applied colleges specialized in health, technology and engineering, Zawya reports. By this, the number of applied colleges in the Kingdom would rise to 75. The council approved the classification of the model Saudi universities into five categories. These are comprehensive, pedagogical, research, specialized, and applied. These criteria aimed to enhance differentiation between universities, raise the level of specialization and focus, enhance the efficiency of their operation, raise the level of added value to society and the nation with a road map to focus strategies for these universities, and to improve the quality of education outputs in line with the requirements of the national, regional and global labor market.
6) Saudi Arabia most positive on its country’s economic outlook: Survey
Saudi Arabia is the most positive on its country’s economic outlook with 93 percent rating it as good, according to the Ipsos Global Consumer Confidence survey. The survey used a representative sample of 20,022 adults aged 16-74 in 27 participating countries. According to the survey, across 27 countries, 32 percent on average say that the current economic situation in their country is good, while a majority of 68 percent say that it is bad.
2:00 - First up, The 966 speaks with Hussein Ibish, columnist for Bloomberg and The National and Senior resident scholar at the Arab Gulf States Institute in Washington. Hussein discusses his view, shared with the Washington Post, that “[a]nyone expecting a checklist of achievements was looking at the wrong visit. Biden didn’t go with a list but a long-term agenda."
33:49 - Next, The 966 welcomes Dr. Jon Alterman to the program to talk about the visit and its significance. Jon notes that there was a very different feel between Biden's welcome to Israel, which he visited before Saudi Arabia, and the Kingdom. The hosts discuss with Jon a recalibration in relations and a renewed American role in the Middle East region.
1:11:47 - Last but certainly not least, Col. David Des Roches joins The 966 from London to discuss the significance and potential impact of the visit. Des Roches is Associate Professor at the National Defense University and a Non-Resident Fellow, AGSIW. The hosts discuss with Des Roches some of the security aspects of the meeting between President Biden and his team and King Salman, Crown Prince Mohammed bin Salman and the host of ministers in attendance for working meetings in Jeddah.
Dr. Sean Foley, professor at MTSU and author of the book Changing Saudi Arabia: Art, Culture, and Society in the Kingdom, joins The 966.
Dr. Foley specializes in Middle East history and the cultural, political, and religious trends in the wider Islamic World.
Before that discussion, the hosts do a small preview of President Biden's visit to Saudi Arabia this weekend, and discuss The 966's plans for next week which include a special format in which the hosts solicit views from many experts on the visit after it has completed.
The 966 asks John about the state of the Saudi economy, economic reforms ongoing in the Kingdom, the PIF, and much more.
1:50 - The Saudi Ministry of Hajj announced all potential pilgrims from the West must apply through ‘Motawif’ platform. Richard’s One Big Thing is this new disruptive portal became the only place to buy accredited Hajj packages across 57 western countries.
8:15 - OPEC+ has delayed a big decision on oil production quotas, but just how much spare capacity does the group and Saudi Arabia in particular have left?
Lucien’s One Big Thing is the Saudi-led OPEC+ group of oil producers, which includes Russia, said on Thursday it would stick to its planned oil output hikes in August, basically delaying the decision on future output increases. But is there enough left to make a difference? A new analysis from Javier Blas sheds light on why we don’t know this for sure yet…
15:35 - The 966 speaks with Raghad Fathaddin, communications analyst for PepsiCo based in Riyadh, an entrepreneur and founder of Sangha "Estidama Hub", a Y20 delegate and also a WIn fellow. Raghad is a graduate of the University of Southampton for undergrad and holds a master’s degree in public policy from King’s College London, and talks with The 966 about her journey and professional experiences working with the Y20, PepsiCo, and much more.
1:07:04 - Yallah! Six top storylines to get you up to date headed into the weekend…
Saudi EXIM Bank offered over 50% of its $450m loans to SMEs in 2021
The Saudi Export-Import Bank, also known as Saudi EXIM, approved loans worth $450 million in 2021, with 51 percent of the total financing given to small and medium enterprises, according to the bank’s CEO, Saad Alkhalb. The bank also reported a total revenue of $10.52 million in 2021. Citing its annual report, Argaam reported that this financing helped Saudi products reach more than 50 countries including India, Germany, China, the US, Indonesia, etc.
Saudi Arabia ends embargo on Turkish exports after MBS visit
Saudi Arabia has lifted its unofficial embargo against Turkish exports, Dr. Majed Al-Qassabi told a group of Turkish and Saudi businessmen in Ankara. Saudi Arabia has been imposing a silent embargo on Turkish goods since 2018, As a result, Turkish exports saw a sharp drop of nearly 92 percent up to 2021. Nail Olpak, the chairman of the Foreign Economic Relations Board of Turkey, said at the event on Thursday that they were aiming to increase the bilateral trade to $10bn next year, from $4bn in 2020.
Dakar Rally returns to Saudi Arabia for 2023 with a longer route
The Dakar Rally returns to Saudi Arabia for 2023 with a longer course, according to Time Out Riyadh. The 45th edition of the rally will be the fourth one to take place in Saudi Arabia. The Dakar Rally 2023 will start on Saturday December 31. 2022 and run until Sunday January 15, 2023. The rally will follow a new route that drivers will complete in 14 stages.
McLaren Racing has announced a long-term partnership in its electric division with Neom, the city project funded by Saudi Arabia’s Public Investment Fund.
McLaren will make its debut in Formula E later this year after announcing in May that it had purchased Mercedes’ entry, having previously announced plans to race in Extreme E from 2022. McLaren's teams will be known as NEOM McLaren Formula E Team and NEOM McLaren Extreme E, as well as operating under the combined banner of NEOM McLaren Electric Racing.
Saudi refining capacity rises 14% in 2021
Saudi Arabia's refining capacity rose 13.7% in 2021, one of the biggest increases among its peers, as the world's largest exporter for crude continues to expand its downstream capabilities, according to the latest OPEC Annual Statistical Bulletin. The OPEC+ kingpin added 400,000 b/d of refining capacity in 2021, raising its overall capacity to refine crude to 3.327 million b/d. The increase was largely due to the addition of the 400,000 b/d Jizan refinery in the country's Red Sea-facing western coast.
Saudi Arabia's population has decreased by at least 2.6 per cent
Saudi Arabia's population has decreased by at least 2.6 per cent over the past two years, due to the significant amount of expatriate workers who left the Kingdom throughout the Covid-19 pandemic.
In a report published today by the Kingdom's General Authority for Statistics (GASTAT), it stated that the country's population in the middle of last year was 34.1 million, down from 35 million in the middle of 2020.
3:17 - Saudi Crown Prince Mohammed bin Salman landed in Turkey for the first time in several years on Wednesday for talks with President Erdogan, after visiting neighboring Egypt and Jordan as part of a regional tour. The visit to Turkey, a member of NATO, is aimed at fully normalizing ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi. Richard's one big thing this week is the significant changes in Saudi foreign policy in the previous 18 months, including how Crown Prince MBS has come in from the cold over this period.
12:30 - The 966 has talked about the US-Saudi relationship a decent amount in recent weeks with President Biden's planned visit to Saudi Arabia July 15-16. Lucien's one big thing this week is charting much of the recent diplomatic and commercial activity that has come to life since the planned visit was confirmed, including an excellent business event hosted by the U.S. Chamber of Commerce last week which saw comments from HRH Ambassador Princess Reema bint Bandar and Dr. Majid Al-Qassabi, Saudi Arabia's minister of commerce and acting minister of media.
19:00 - Dhay Aldhawyan, Head of the Center for Development of Urban Design and Planning of Saudi Cities; Principal at DHAY DHAWYAN Architects and consultant to McKinsey & Co., joins The 966 to discuss her journey and some of the big projects and developments happening now across Saudi Arabia. Dhay joins us from her offices in Riyadh.
1:12 - Yallah 🐪 6 top storylines in Saudi Arabia this week...
•The Saudi initial public offering of the Middle East Domino’s Pizza franchise has received orders for all shares on offer within hours of opening its books, Bloomberg reports, citing people familiar with the matter. Alamar Foods’ order book is fully covered, the undentified people said.
•Russia-Saudi relations are “as warm as the weather in Riyadh”, the Kingdom's energy minister Prince Abdulaziz bin Salman told media on Thursday after attending a meeting in Russia with the country's deputy prime minister. This according to a report in Arab News. The prince made a surprise appearance at the St. Petersburg International Economic Forum while not being listed on an official schedule.
•Egypt and Saudi Arabia will sign 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, announced Saudi Minister of Commerce Majid al-Qasabi said on Tuesday, Asharq Alawsat reports. The agreements cover the fields of renewable energy, oil, infrastructure and cyber security.
•Saudi Arabia's education topped the list of Arab countries, and ranked 30th internationally in the British "Nature" index for evaluating countries, universities, and public and private institutions for the year 2022 in the quality of scientific research, reported SPA.
•Brooks Koepka keeps the drip of golf defectors from the PGA to Saudi Arabia's PIF-backed LIV Golf tour, joining reportedly Abraham Ancer this week. Brooks Koepka, one of the first players to denounce a rival league for only 48 players, is the latest PGA Tour player to sign on with Saudi-funded LIV Golf series, The Associated Press has learned.
•On 7th June 2022, almost twenty-five days before Hajj, the Saudi Arabian Government has announced new Hajj rules and regulations that oblige the citizens of the UK, US, Europe, and Australia to register for the annual pilgrimage via a government website, Motawif. This online portal has been designed to give western Muslims visas based on the results of an automated lottery system.
1:46 - Richard's one big thing this week is a new report from Saudi Arabia's Ministry of Investment that highlights all the reasons to invest in Saudi Arabia now.
In the 12th edition of ''Investment Highlights'', the Invest Saudi team discusses a record-breaking Q1 2022. The deals overseen by MISA are expected to drive investments worth more than $4 billion and create 5,816 new jobs in the local economy, and things are just starting to heat up. Saudi Arabia’s economy is proving to be one of the fastest globally to rebound from the economic fallout of the COVID-19 pandemic, with flash estimates pointing to 9.6% real GDP growth in the first quarter of 2022, driven by a surge in global energy demand and a 3.7% rise in non-oil activity.
9:50 - Lucien's one big thing is President Biden's visit to Saudi Arabia is now confirmed for June 15-16.
First, the hosts share all the facts available about the visit and its importance to the relationship, then the hosts discuss all of the drama, criticism, and opportunities surrounding Biden's visit.
26:39 - Yallah! 6 top storylines in Saudi Arabia to get you up to date heading into the weekend.
•The official Saudi Press Agency reported on Sunday the Kingdom’s Ministry of Human Resources and Social Development announced that it will issue a ban on working under the sun between noon and 3:00 p.m. from Wednesday (June 15). The decision will go continue until September 15, to safeguard the health and safety of workers during the hot summer months.
•Saudi Arabia is gearing up to host its first ever European Film Festival, organized by the Delegation of the European Union in Riyadh and film distribution company Arabia Pictures Group. Set to take place at The Esplanade in Riyadh, the film festival will run from June 15 to June 22 and will screen 14 European films from different countries including Austria, Belgium, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Italy, Malta, Poland, Spain, and Sweden.
•In its first legislative initiative since its founding earlier this year, the Abraham Accords Caucus, comprised of members of both the House and Senate, introduced legislation on Thursday to encourage the U.S. to pursue a joint missile-defense architecture with Israel and the U.S.’s Arab allies and partners in the Middle East — including Saudi Arabia and Iraq. The bipartisan Deterring Enemy Forces and Enabling National Defenses (DEFEND) Act advances a priority of both lawmakers on Capitol Hill and U.S. military command in the Middle East — building an integrated air- and missile-defense capability among the U.S.’s regional partners and allies to ward off ongoing drone and missile attacks by Iran and its proxies.
•King Salman Humanitarian Aid and Relief Centre (KSrelief) announced Sunday that Saudi Arabia will provide $10 million to contribute to addressing the existing threats arising from the oil tanker, Safer, which is anchored off the Red Sea coast north of the Yemeni port city of Al Hodeidah. The Safer tanker contains more than one million barrels of oil, and has not been maintained since 2015, and any leakage would threaten regional marine life, fisheries, and biodiversity.
•Saudi Arabia has closed its registrations for domestic pilgrims who wish to perform Hajj. The more than 390,000 applicants will now wait on the results of a lottery to learn if they have been selected. Hajj authorities opened registrations for domestic pilgrims this month as the kingdom lifted restrictions on participation that were imposed in the past two years in response to the coronavirus pandemic.
•According to an image leaked on Saturday, Lucid Motors is getting ready to open a new showroom in Riyadh, Saudi Arabia’s capital and main financial hub. The company has currently 19 studios in the U.S., 2 in Canada (Vancouver and Toronto, and one in Germany (Munich). The U.S.-based company plans to establish operations at AMP-2 initially for re-assembly of Lucid Air vehicle “kits” that are pre-manufactured at the company’s U.S. AMP-1 facility in Arizona, and, over time, for production of complete vehicles. The new Sau02di factory expected to address growing global demand for Lucid electric vehicles by increasing Lucid’s global production capacity mid-decade to 500,000 EVs per year, the company recently said.
1:43 - Richard's one big thing this week is a new report highlighting how Saudi Arabia's Vision 2030 is shifting Saudi Arabia’s global perception.
Vision 2030 has become the largest single contributor to the Kingdom of Saudi Arabia’s global media coverage, a recent report indicated.
The research, titled “KSA Reputation: How Vision 2030 is Rebranding the Nation,” released last month by global media intelligence provider CARMA, showed that the Kingdom’s "transformative vision had put it in a more positive light than 15 months ago."
8:02 - Strap in everyone, because all the drama surrounding the new Saudi-backed LIV Golf tour came to a head this week. Lucien's one big thing is recapping all that's going on with LIV Golf, including the surprising announcements this week and what's to come for the well-funded, upstart competitor to the PGA Tour.
LIV Golf is "supercharging the professional golf landscape and creating new value for fans and players alike."
Here's who is IN...
Bryson DeChambeau, the 2020 U.S. Open Champion, is joining the LIV Golf Invitational Series, a source confirmed to ESPN on Wednesday.
Patrick Reed, the 2018 Masters champion, is also joining the LIV series, according to multiple reports.
Dustin Johnson, recent 2020 FedEx Cup Winner and Master's Champion...
Phil Mickelson, who won the 2021 PGA Championship...
...and others.
20:40:00 - The hosts welcome on Dr. Mark Thompson and Dr. Neil Quilliam, authors of a new book on Saudi Arabia's governance and policymaking, for a fascinating discussion on how decision-making is changing and evolving at all levels in Saudi Arabia as Vision 2030 continues apace.
1:08:52 - Yallah! 6 top storylines in Saudi Arabia this week.
Saudi GDP grows 9.9% in Q1, beating flash estimate
Saudi Arabia's gross domestic product grew 9.9% in the first quarter, the fastest in a decade and more than a flash estimate last month of 9.6%, official data showed on Tuesday, according to Reuters. It was the fastest expansion since the third quarter of 2011 with the increase in oil production a key factor, said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
https://www.reuters.com/markets/asia/saudi-gdp-grows-99-q1-beating-flash-estimate-official-data-2022-06-07/#:~:text=DUBAI%2C%20June%207%20(Reuters),official%20data%20showed%20on%20Tuesday.
Biden's meeting with Saudi crown prince pushed back to July
A meeting between President Joe Biden and Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, is now expected to happen next month, according to an administration official. CNN reported earlier this week that Biden and the crown prince were planning to meet at the end of June as part of a broader summit of the Gulf Cooperation Council, which Saudi Arabia currently presides over.
https://www.cnn.com/2022/06/04/politics/biden-mohammed-bin-salman-saudi-meeting/index.html
Saudi Wealth Fund’s $3 Billion Jordan Unit Aims to Ramp Up Deals
The Saudi Jordanian Investment Fund, controlled by Saudi Arabia’s sovereign wealth fund, is backing the development of a $400 million hospital in Amman as it looks to ramp up spending over the next few years.
The fund, which has committed capital of $3 billion, will be the only equity investor in a new 300-bed hospital in Jordan in a partnership with California’s UCLA Health and University College London’s medical school.
https://www.bloomberg.com/news/articles/2022-06-06/saudi-wealth-fund-s-3-billion-jordan-unit-aims-to-ramp-up-deals?sref=5jMtLoGc
Saudi Arabia plans to spend $1 billion a year discovering treatments to slow aging
The Saudi royal family has started a not-for-profit organization called the Hevolution Foundation that plans to spend up to $1 billion a year of its oil wealth supporting basic research on the biology of aging and finding ways to extend the number of years people live in good health, a concept known as “health span.”
https://www.technologyreview.com/2022/06/07/1053132/saudi-arabia-slow-aging-metformin/
2 Saudi delegations to visit US to improve economic ties
This comes “at a time when Riyadh and Washington are intensifying their efforts to repair their tense relations with the aim of paving the way for US President Joe Biden’s visit,” according to Reuters.
The first delegation is expected to visit Washington on June 15, headed by Saudi Commerce Minister Majid bin Abdullah Al-Qasabi, while the second delegation, headed by Investment Minister Khaled Al-Falih, intends to visit the United States by the end of the month.
https://www.siasat.com/2-saudi-delegations-to-visit-us-to-improve-economic-ties-2342661/
Saudi Arabia condemns Indian officials’ comments insulting Prophet Mohammed
Saudi Arabia condemns and denounces statements by the spokeswoman of India's ruling Bharatiya Janata Party (BJP) which constituted an insult to the Prophet Mohammed, the Ministry of Foreign Affairs said on Sunday.
https://english.alarabiya.net/News/gulf/2022/06/05/Saudi-Arabia-condemns-Indian-officials-comments-insulting-Prophet-Mohammed
1:28 - Will Saudi Arabia normalize relations with Israel soon?
Richard’s one big thing this week is what people are talking about in Saudi foreign policy this week: “normalization.”
Are Saudi Arabia and Israel in fact close to normalizing relations?
The hosts discuss the gap that currently exists between Israel and Saudi Arabia and why there’s a lot in the way between the two countries preventing a further warming of ties.
13:04 - A new study by KPMG surveys the opinions and insights of Saudi women in family businesses in the Kingdom.
Lucien’s one big thing is this study, with features valuable and unique insights into the viewpoints of Saudi women in family businesses in the Kingdom.
While many studies have examined the changing business roles of women over time, “few discuss the role of women specifically in family businesses,” KPMG writes, as it shares insights gathered from interviewing women business leaders working in family businesses across Saudi Arabia, “all of whom generously agreed to openly discuss and share their challenges, opportunities, and successes while working in their family business.”
“We shaped the insights we gathered into four themes that emerged during our interviews; The role of women in family business, Leadership styles, Sustainability and succession, and Unique opportunities and mandatory legislation that affects women’s opportunities within business. In the first theme, The role of women in family business, we looked at the differences and challenges associated with women’s varying roles within their families and businesses. We also explore the gender differences that women face in relation to treatment and opportunities within the family business as well as the role mentors—both male and female—play in advancing women within family businesses,” KPMG said.
The full study is worth a read, and is available here:
https://assets.kpmg/content/dam/kpmg/sa/pdf/2022/the-power-of-women-in-family-business.pdf
19:21 - The 966 talks with Jack Fowler, director at the global management consulting firm YCP Solidiance and co-author of a new report on Saudi Arabia’s construction industry, 'Partnering for Success in Saudi Arabia Construction.'
The report highlights Key Drivers for Saudi Arabia's Development as well as challenges, risks, and opportunities of doing business in Saudi Arabia.
1:08:44 - Yallah! Six top storylines on Saudi Arabia this week to get you up to date heading into the weekend.
•Saudi Arabia’s parallel market Nomu outshines TASI with 209% market cap growth
Saudi Arabia’s parallel market's Nomu capped index took investors by surprise as its market value grew at a faster rate than the main market's TASI during the first quarter of 2022, according to a report in Arab News. Nomu’s market capitalization rose 209 percent on the year to SR38.5 billion ($10.3 billion) from SR12.5 billion ($3.3 billion) in the year-ago period, according to statistics by the Capital Market Authority. However, the market cap of the main market, which captures the performance of 215 firms listed on the Saudi exchange, increased at a slower rate of 24 percent to SR11.96 trillion ($3.19 billion).
•Saudi women graduates outnumber men in job-training programs
Female Saudi graduates have significantly outnumbered Saudi men in the national on-the-job training program launched by the Human Resources Development Fund (Hadaf), according to a report in The National. Hadaf said 74 percent of 61,000 participants – who have benefited from Tamheer, a three to six-month on-the-job training scheme for Saudi graduates, since its launch in 2017 – were female. Most of the participants were from Makkah, Riyadh and the Eastern Province. The number of women with jobs in Saudi Arabia has nearly doubled in the last five years and now stands at more than 35 per cent of the workforce.
•Saudi Arabian Edition of ‘The Office’ in the Works
According to a report in The Hollywood Reporter, BBC Studios, which owns the format rights, and MBC Studios, the production arm of Saudi-owned Middle East satellite giant MBC, have unveiled Al Maktab, the first Arabic-language version of the long-running and award-winning comedy series. The 20-part series will broadcast on MBC’s TV channels, and via its streaming platform Shahid VIP, later this year.
•Starbucks KSA opens first all-Saudi female operated store
Alshaya Starbucks KSA has launched its first all-Saudi female operated Drive-Thru store in the Eastern Province of Saudi Arabia as part of its ongoing commitment to creating more work opportunities for Saudi women in line with the Kingdom’s 2030 vision, according to a report in Trade Arabia. The new all-female Drive-Thru only store located on the Coast Road is a significant step towards increasing its women workforce to 30% by the end of 2022, with plans to launch many more Drive-Thru stores over the coming years in Saudi Arabia, said Starbucks KSA.
•Saudi Arabia’s King Abdullah port tops 2021 CPPI index, 2 Saudi ports rise up in rank
According to a report in Al Arabiya, Saudi Arabia’s King Abdullah port topped the 2021 edition of the global Container Port Performance Index (CPPI) developed by the World Bank and S&P Global Market Intelligence. Saudi Arabia’s Jeddah Islamic Port also featured strongly in eighth place overall and King Abdulaziz Port placed at 14th. “CPPI is a comparable index of global container port performance intended to serve as a reference point for key stakeholders in the global economy… The ranking is based on time vessels needed to spend in port to complete workloads over the course of 2021, a year that saw unprecedented port congestion and disruption to global supply chains,” according to the World Bank.
•Greece, Saudi Arabia Eye Fiber Optic Data Cable to Link Europe With Asia
Greece and Saudi Arabia agreed on Tuesday on the main terms to set up a joint venture to lay a fiber optic data cable that will link Europe with Asia, Greek sources said on Tuesday according to a report in US News. The "East to Med data Corridor", an undersea and land data cable, will be developed by MENA HUB, owned by Saudi Arabia's STC and Greek telecoms and satellite applications company TTSA.
2:32 - Saudi Arabia's big week at Davos
Richard's one big thing this week is Saudi Arabia's presence at the World Economic Forum in Davos, Switzerland this week and how Saudi Arabia is stepping into the limelight with a strong economic start to 2022. Saudi Arabia has one of the few good stories to tell at the WEF in a world struggling to deal with the fallout from the Russian invasion of Ukraine and worldwide challenges with inflation.
Saudi Arabia, represented by a host of top-level ministers, pitched itself as well-positioned to use its strategic relationships and hydrocarbon resources to stabilize volatile energy markets and advance economic recovery.
7:02 - A warming of U.S.-Saudi ties?
Lucien's one big thing this week is a flurry of diplomatic activity between the U.S. and Saudi Arabia indicates the relationship is bouncing back from a low point reached in early 2022. Axios reports the U.S. and Saudi Arabia are working together on the transfer of two islands, the Tiran and Sanafir islands, from Egypt to Saudi Arabia in discussions that involve Israel and may lead, ultimately, to normalized relations between Saudi Arabia and Israel. Simultaneously, three GOP congressmen were in Saudi Arabia visiting directly with Crown Prince Mohammed bin Salman, while top Biden officials were also in the Kingdom to work toward a host of issues on which Saudi Arabia and the United States can agree, paving the way for a potential visit by President Biden to Saudi Arabia in June.
20:08 - Chris Johnson, Managing Attorney at the law firm Johnson & Pump, joins The 966 from Riyadh
The 966 hosts welcome back Saudi-based attorney Chris Johnson, Managing Attorney at the law firm Johnson & Pump in association with Al Sharif Law Firm, to discuss Saudi Arabia’s new personal data privacy law, the Kingdom’s new investment law, and the Private Sector Participation program and how it fits in with Vision 2030 goals. Johnson, who also produces a weekly newsletter on Saudi Arabia that the hosts highly recommend, joins The 966 from his offices in Riyadh.
1:14:00 - Yallah! Six top storylines in Saudi Arabia this week to get you up to date headed into the weekend.
•Saudi official rules out changing laws to introduce alcohol
Assistant Minister of Tourism Princess Haifa Bint Mohammed ruled out the option to change laws in Saudi Arabia to introduce alcohol in the Kingdom, according to the Saudi Gazette. Asked, in a panel session about Saudi Arabia at the World Economic Forum, on the possibility of offering alcohol in new destination such as NEOM. “Saudi Arabia has been very transparent on where it stands on everything, we were very clear and we even heard it from our head of state on where we stand on serving alcohol,” Princess Haifa said. “The short answer is that we’re going to continue with our current laws.” The official pointed out that the Kingdom “is doing very well” when it comes to attracting tourists and opening the country for visitors from around the world. She added: “We have been out outperforming globally in tourism with what we currently have to offer today.”Princess Haifa concluded her answer by saying: “There’s a lot to go around without introducing anything new.”
•U.S. negotiating deal among Saudis, Israelis and Egyptians
Axios reports the Biden administration has been quietly mediating among Saudi Arabia, Israel and Egypt on negotiations to finalize the transfer of two strategic islands in the Red Sea from Egyptian to Saudi sovereignty, five U.S. and Israeli sources told Axios. If an arrangement is reached, it would be a significant foreign policy achievement for the Biden administration in the Middle East.
•Taxation, inflated prices cut the prevalence of smokers in Saudi by a third: Report
According to the The Tobacconomics Cigarette Tax Scorecard (2nd edition) report which examined country-by-country data between 2014 and 2020 on the prevalence of smokers and anti-tobacco measures in place, Saudi Arabia was among the highest-rated countries in the world in terms of its rating improvements between during that span. In 2014, Saudi Arabia had ranked 0.75 out of five – but by 2020 now ranks 3.75 out of five, due to measures implemented in recent years.
•Saudi Arabia’s largest theater chain launches Muvi Studios
Saudi Arabia’s leading theater operator Muvi Cinemas launched Muvi Studios on Monday, according to Arab News, and appointed Saudi film industry pioneer Faisal Baltyuor as its CEO. Muvi Studios will focus on developing both Saudi and Egyptian films for the Saudi public, concentrating on films for the big screen. Since its launch in February 2019, Muvi Cinemas has expanded to 22 locations across the Kingdom, operating 205 screens.
•Al-Jadaan: Saudi Arabia will ‘ultimately’ consider cutting VAT
Saudi Arabia will “ultimately” consider cutting the rate of value-added tax (VAT), which was increased to 15 percent from five percent in 2020, Minister of Finance Mohammed Al-Jadaan said on Tuesday, according to a Saudi Gazette report. The VAT rate was tripled then to shore up finances hit by low oil prices, as the COVID-19 pandemic hit global demand. Al-Jadaan expected that the Kingdom would witness 7.4 percent growth in 2022. He also expected that inflation in the country to be around 2.1-2.3 percent by the end of the year. The minister reaffirmed the Kingdom’s determination to continue its reforms vigorously.
•Saudi Arabia to build luxury yacht club
According to superyachtnews.com, John Pagano, CEO of TRSDC, Amaala and the Red Sea Project said, “We anticipate that Amaala will become an international hub for luxury yachting. The yacht club required a world-class design, influenced by the surrounding natural elements and Arabic heritage, and underpinned by our commitment to sustainability.” The first phase of the yacht club includes eight resorts offering approximately 1,200 hotel rooms, scheduled for completion in 2024. Members of this ultra-luxury yacht club and their guests will be able to get from their boats directly to the private sky-lounge via a lift that can be accessed from the water’s edge.
1:16 - Richard's one big thing this week - What’s next for the UAE as Mohamed bin Zayed takes the reins?
The UAE’s de facto leader Sheikh Mohammed bin Zayed al-Nahyan was elected president of the Gulf Arab state by a federal supreme council, following the death of Sheikh Khalifa.
MbZ, as he is known, is 61. He had already been in power for years in a period when Sheikh Khalifa suffered bouts of illness, including a stroke in 2014.
The hosts discuss the rise of MBZ, the importance of Sheikh Khalifa, and what's to come for the UAE in the months and years to come...
7:46 - Lucien's one big thing this week is the Saudi PIF's new company, the Saudi Coffee Company, and why the announcement is especially interesting in its ambition for the nascent coffee sector.
The PIF is starting the new coffee company which will "provide support to the national coffee industry through the entire supply chain, from bean to cup."
It will also play a key role in developing production in the southern Jazan region, home to the Coffee Arabica, it said.
The Saudi Coffee Company plans over the next 10 years to invest nearly 1.2 billion Saudi riyals ($320m) in the national coffee industry, with the goal of boosting the country’s production from 300 tonnes per year to 2,500 tonnes per year.
The company also aims to establish a dedicated academy to train local talent, entrepreneurs, coffee plantation owners and farmers as part of PIF’s focus on creating opportunities for small businesses and start-ups.
15:56 - Yallah 🐪 Six top storylines this week to get you up to date headed into the weekend...
•Saudi production capacity to reach 13.3 mil-13.4 mil b/d by 2026-27
Saudi Arabia's crude production capacity is poised to reach 13.3 million-13.4 million b/d by end-2026 or early 2027 as it looks to ramp up work at the Neutral Zone fields with Kuwait, Energy Minister Prince Abdulaziz bin Salman said May 16. The kingdom currently has the capacity to pump more than 12 million b/d of crude.
•How expats can apply for Saudi Arabia’s Premium Residency visa in three simple steps
Eligible expats can now apply for Saudi Arabia’s Premium Residency Visa in three simple steps through its newly announced Unified National Platform for Visas.
Chaired by the kingdom’s Prime Minister King Salman bin Abdulaziz Al Saud, the Saudi Cabinet revealed a slew of new regulations on Tuesday, May 17, including the organisation of a Premium Residency Centre and the Unified National Platform for Visas, under the jurisdiction of the Ministry of Foreign Affairs.
•Saudi ministry mulls two-day weekend for all private-sector workers
Saudi Arabia’s Ministry of Human Resources and Social Development has said that it is studying the prospects of amending the Labor Law article related to working hours to increase the weekly off to two days for all workers in the private sector, according to the Saudi Gazette.
•100 religious leaders gather in Saudi Arabia for ground-breaking conference
The Muslim World League (MWL) has completed the Forum on Common Values among Religious Followers event in Riyadh, Saudi Arabia from 11 to 12 May 2022. The Forum, for the first time in history, convened within Saudi Arabia Christian, Jewish, Hindu and Buddhist religious leaders alongside Islamic leaders to explore shared values and a common global vision for interfaith cooperation. Approximately 100 religious leaders attended the first of its kind conference, including over 15 Rabbis.
•Saudi students win 6 prizes in US science contest
Saudi students picked up six prizes at the Regeneron International Science and Engineering Fair 2022, in Atlanta, Georgia, equaling their record haul for the 16th year in a row. Arab News reports that the ISEF 2022 saw the participation of pre-college students from over 80 countries in the biggest competition showcasing innovation in scientific research and advancement.
•Climate Change in the Middle East and North Africa: Hosting Negotiations and Catalyzing Action
In March, Dubai hosted the first Middle East and North Africa Climate Week, a United Nations event aimed at strengthening discussions about climate change and climate action among a wide range of regional stakeholders. Regional climate weeks are a new engagement mechanism encouraged by the 2021 Glasgow Climate Pact to accelerate regional collaboration. So, it was noteworthy that the Middle East and North Africa held the first regional event, given the region’s recent transformation from an obstructionist negotiation bloc to a group of countries with ambitious climate goals.
2:20 - Richard's one big thing is a discussion on carbon capture including a recent huge investment by Aramco into the space.
12:35 - There’s a lot going on in Saudi Arabia’s tourism sector...
This week, there were two events in the region: A major aviation summit in Riyadh, called the Future Aviation Forum, and a tourism and travel event in Dubai, the Arabian Travel Market. Both created significant news in the sector...
27:38 - The U.S. State Department's Joshua Yaphe joins The 966 to discuss his book, "Saudi Arabia and Iraq as Friends and Enemies: Borders, Tribes and a Shared History." Yaphe is a foreign affairs officer with the U.S. Department of State; responsible for research and analysis of political, economic, security and social affairs related to the countries of the Arabian Peninsula.
1:29:00 - Yallah! Six top storylines on Saudi Arabia to get you up to speed heading into the weekend.
•Saudi Arabia’s non-oil private sector continued to see “robust growth” in April, Reuters reports, citing the headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) which stood at 55.7 for the month. A PMI reading over 50 indicates growth or expansion.
The growth fell slightly from 56.8 in March “as fears over inflation began to weigh on demand,” the report added, bringing the PMI to a three month low “as companies sharply raised selling charges to pass on higher input costs,” Bloomberg reports.
•Oil prices are surging, will that derail reforms in oil-exporting Middle East?
A recent piece in hellenicshippingnews.com wonders, “In March, Iraq’s oil exports were worth just over $11 billion (€10.5 billion), the most the country has earned for oil in a month since 1972. Obviously, Iraq can afford to pay all of its bills this month, and the next. But what does this mean for reforms planned before these price rises? Is there even any point to them anymore?
Meanwhile, Saudi Arabia’s energy minister blames lack of investment for the recent surge in fuel prices…The prince, speaking at an aviation summit in Riyadh, said the world needed to look at energy security, sustainability and affordability as a whole.
•Lionel Messi arrives in Jeddah after being unveiled as Saudi Arabia’s new tourism ambassador
Global soccer story Lionel Messi is Saudi Arabia’s newest tourism ambassador, according to a report in Arab News. In a message posted on Twitter, Saudi Tourism Minister Ahmed Al-Khateeb wrote: “I am pleased to welcome Lionel Messi to Saudi Arabia. We are excited for you to explore the treasure of the Red Sea, the Jeddah Season and our ancient history. This is not his first visit to the Kingdom and it will not be the last.”
Messi arrived at King Abdulaziz International Airport in Jeddah, accompanied by a group of friends.
•Saudi Arabia plans $32bn investment in mining and minerals sector
Saudi Arabia is looking to invest up to 32 billion in the mining and minerals sector, according to reports. Some of the projects considered for investment include a $4bn steel plate factory and a $2bn EV battery metals plant. As part of the plan, the country intends to support the development of nine mining projects for midstream minerals and metals that aim to support the exportation of mineral products.
•Saudi Space Commission, NASA Explore Space Cooperation
The Chairman of the Board of Directors of the Saudi Space Commission Eng. Abdullah Amer Al-Sawaha held a meeting with Pamela Melroy, the Deputy Administrator to discuss opportunities for strategic cooperation in the development of the space sector, as well as investment in future joint projects to achieve mutual economic and strategic goals. This meeting was a part of a tour which included visits to American institutions and companies working in the space sector, with the goal of enhancing the Commission’s efforts in developing the sector and cooperating with various international space and technology organizations.
•PGA Tour won't allow players to compete in Saudi-backed Super League next month: Reports
According to The Athletic, the PGA Tour has denied its players the ability to play in the first event of the Saudi-backed golf Super League next month in London, according to multiple reports. Members who requested permission to compete were denied on Tuesday, per Golfweek, who was first to break the news. The event, taking place from June 9 to 11 at the Centurion Club, is the opening tournament of the LIV Golf Invitational Series.
1:00 - Building a Hydrogen Sector: Can the US help Saudi Arabia?Saudi Arabia seeks to become a global supplier of hydrogen and create a home-grown industry. The U.S. and Saudi Arabia should (and already are) working together to help Saudi Arabia realize this goal and to help power the energy transition.
9:50 - Saudi Arabia's King Abdullah Scholarship Program has a new name and a new, refreshed mandate.
The refreshed scholarship program will send 70,000 Saudi students abroad to top-ranked universities and training institutes by 2030.
They’ll go to not just any schools but to 200 approved foreign institutions….
Eligible students will be streamed into one of four paths under the new strategy – the Pioneers Path, the Research & Development Path, the Providers Path, and the Promising Path.
The hosts discuss these changes within the context of the decades-long history of the program, King Abdullah's legacy, and why the new program makes sense for a changing Saudi Arabia.
20:36 - The venerable Dr. Jon Alterman from the Center for Strategic and International Studies (CSIS) thinktank in Washington joins The 966 to talk about a changing global order and the Middle East's role in it.
The hosts ask Jon about his work to-date, including building the fascinating and informative podcast series for CSIS, Babel: Translating the Middle East, which is available anywhere you get your podcasts. They also discuss Yemen, U.S.-Saudi diplomacy and the relationship, China's role in the region, and so much more.
Jon is an expert in the region. He holds the Brzezinski Chair in Global Security and is Director, Middle East Program at CSIS; received his PhD from Harvard University, and worked for the State Department. His very latest among many accomplishments is the recent Podcast mini-series, Babel: Translating the Middle East, which The 966 hosts enthusiastically recommend. For the concluding episode in that series, Jon interviews U.S. Envoy to Yemen, Tim Lenderking, about the status of the fragile peace in the country and whats at stake there.
1:23:24 - Yallah! Six top storylines in Saudi Arabia to get you up to date heading into the weekend.
•Saudi Arabia launches the Tawakkalna Services app in a tech-forward leap for Saudi Arabia and its e-government focus...
The Saudi Data and Artificial Intelligence Authority has launched a new app, Tawakkalna Services, to help improve the quality of life in the Kingdom, according to a report in Arab News. It provides 140 services that cover health, education, transport, Islamic and public services, and entertainment through 40 strategic partnerships. These include rendering a driving license, insurance documentation, passport inquiries and requests, a digital wallet approved by government agencies, charitable donations, data correction, and information verification.
•US removes Saudi Arabia from intellectual property protection concern list, a big win for the Kingdom...
According to a report in Arab News, The Office of the United States Trade Representative has taken the Kingdom off its Priority Watch List in its annual Special 301 Report, after Saudi Arabia tightened up its IP enforcement procedures.
•Video asking Saudis not to offer census takers coffee sparks pride in hospitality
A public service advert from Saudi Arabian authorities asking residents not to invite census takers into their homes for coffee is proving a hit with the public, according to a report in The National. The video, released by the Saudi General Authority for Statistics, has been viewed almost 800,000 times since its release earlier this week. The Saudi census starts on May 10, the first since 2010. Before that, the official census took place in 2004, 1992 and 1974. Authorities are expecting to record a big increase in the population. The 2010 census recorded a population of 27,136,977, while a preliminary estimate in mid-2020 was just over 35,000,000.
•Number of Saudi universities rises to 22 in UK Times Higher Education’s Impact Rankings
The number of the Saudi universities jumped to 22 universities in the UK Times Higher Education (THE)’s Impact Rankings in the United Nations Sustainable Development Goals for the year 2022, Zawya reports. Three Saudi universities were included in 2019; increasing to 5 universities in 2020. In 2021, the number was increased to 12 universities, and it reached 22 universities this year.
•Cash-strapped Pakistan gets $8 billion in financial support from Saudi Arabia, a significant lifeline...
According to the Economic Times, during the recent visit of Prime Minister, Shehbaz Sharif, Saudi Arabia has agreed to provide Pakistan with a "sizeable package" of around USD 8 billion to help the cash-starved country bolster dwindling forex reserves and revive its ailing economy. It was also agreed that the existing deposits of USD 3 billion would be rolled over for an extended period of up to June 2023, according to an official.
•Diriyah in Saudi Arabia will be home to Armani Hotels & Resorts’ first Saudi Arabian outpost
Giorgio Armani has decided to open a new hotel—the company’s third in the world in the city of Diriyah, home to a UNESCO World Heritage Site and located near the Saudi capital of Riyadh. According to Architectural Digest, overlooking Diriyah’s luxury shopping and hospitality district, the hotel will include approximately 70 luxuriously appointed suites plus two restaurants and a spa with a swimming pool, which offers a variety of wellness and relaxation experiences.
Dr. Mohammed Alhajji is director of the Behavioral Insights & Nudge Unit at the Ministry of Health Saudi Arabia since November 2020 in Riyadh, Saudi Arabia, where he develops and implements. He also is co-founder of SaudiGenome, an innovative social entrepreneurship startup in Saudi Arabia to provide genetic testing at low costs with the goal of reducing prevalence of hereditary diseases in the nation.
0:38 - Turkey's president Recep Tayyip Erdoğan's first visit to Saudi Arabia in years represents a thaw in Saudi-Turkey relations that hit a low point four years ago.
Erdogan hopes the visit will herald a new era of relations after intense efforts to repair strained ties following the aftermath of the Jamal Khashoggi murder in Istanbul in 2018. Before the visit, in a policy reversal, Turkey halted and transferred its own trial of the Saudi suspects in the killing of Khashoggi to Saudi Arabia.
According to Reuters, Erdogan met with King Salman in an official ceremony in the al-Salam palace in the Red Sea city of Jeddah, and Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, attended the ceremony before having a one-on-one meeting with Erdogan.
The hosts take stock of the shift in the relations between two important countries in the region with a range of important aligned interests.
12:52 -President Biden's pick to be US Ambassador to Saudi Arabia is Michael Ratney, a career diplomat. Ratney is currently serving as the acting deputy director of the State Department’s Foreign Service Institute (FSI). He was recently the chargé d’Affaires at the US Embassy in Jerusalem, and previously served as the deputy chief of mission at the US Embassy in Qatar as well as the acting deputy assistant secretary for the Levant and Israel and Palestinian Affairs. The veteran diplomat was US special envoy for Syria and served in Mexico City, Baghdad, Beirut, Casablanca and Bridgetown. The post has been vacant since John Abizaid left in January 2021.
Historically, but not always, US ambassadors to Saudi Arabia have been political appointees with deep military ties, like General Abizaid. Ratney is the first foreign-service officer to be in line for the post since Charles Freeman in 1989.
23:19 - Dr. Fatimah Alhamlan from King Faisal Specialist Hospital and Research Center (KFSHRC) and founder of Rofaida, a Women’s Health Organization, joins The 966.
Dr. Alhamlan joins to talk about her life's journey that took her as a young woman from Medina to becoming an American-educated PHD researcher, Eisenhower fellow, and now as a leader at Saudi Arabia's top globally-ranked hospital.
Dr. Alhamlan also discussed the importance of the Saudi scholarship program for students to study abroad, formerly known as the King Abdullah Scholarship, as well as women's empowerment and health issues, and the challenges in creating awareness in Saudi Arabia of key medical and health issues.
1:20:00 - Yallah! A discussion of 6 top storylines in Saudi Arabia to get you up to date before the weekend.
•Saudi Arabia is targeting a tenfold increase in international airline passengers transiting the kingdom by the end of the decade as it looks to triple annual passenger traffic, an official told Reuters.
•Saudi Arabia, a major investor in Lucid, has agreed to buy up to 100,000 Lucid EVs over the next 10 years. The deal is for at least 50,000 vehicles over that time, with Saudi Arabia’s Ministry of Finance having an option to purchase up to 50,000 more, according to a report in CNBC.
•According to a report by Stephen Kalin in the Wall Street Journal, "Saudi princes have sold more than $600 million worth of real estate, yachts and artwork in the U.S. and Europe since the kingdom’s de facto ruler tightened the purse strings of the ultrawealthy ruling family.
The transactions represent a radical change of fortune for senior princes who funneled windfalls from oil booms in the 1970s and 1980s into some of the world’s most exclusive markets."
•The recently announced Prince Mohammed Bin Salman Nonprofit City has appointed David Henry as the chief executive officer of the City, according to a report in Arab News.
An industry veteran with over four decades of experience in property development, David has been leading the team responsible for developing the City from the beginning of the project towards the goal of establishing it as a premier ecosystem for youth, and a global center for incubating innovative, educational, and creative enterprises.
•Saudi Arabia’s new investment law is expected to increase international business by 50 percent, Arab News reports, as it treats both local and foreign investment equally, removing any commercial advantage previously extended to Saudi companies, said Sovereign Saudi Arabia.
“By legally enforcing the principle of competitive neutrality to public and private investors, this removes any previous commercial barriers to entry,” said Paul Arnold, managing director of Sovereign Saudi Arabia.
•Saudi Arabia has initiated a program for cloud seeding, a weather modification technique, in three regions as part of a plan seeking to increase annual rainfall in the kingdom by 10 to 20 per cent, according to Gulf News.
1:43 - Prince Turki al-Faisal's recent op-ed in Arab News is a must-read.
The hosts discuss this piece, 'America should laugh with the Kingdom, not scowl’, and why it brilliantly captures outdated American attitudes about Saudi Arabia as a growing nation with strong, deep ties to the United States.
"While many challenges face us in the post-corona era, I am amused by the brouhaha in the US media about a Saudi TV comedy sketch that took the mickey out of President Joe Biden. Commentators and pundits have taken umbrage, saying it was insulting, that it showed the Kingdom was not a friend of the US, that Crown Prince Mohammed bin Salman was getting back at Biden for the president’s refusal to meet him and his release of the CIA document about the Khashoggi killing, that it was an insult to the American people, and so on; truly an amazing reaction....It shows how thin skinned American media is, notwithstanding how that media has treated our leadership, our people and our faith..."
“I say to American media…Laugh at the humor. We have withstood jibes at us from American media and politicians; it is only fair that you withstand our comedic jibes at you. Let us laugh together, not scowl at each other.”
NB: As mentioned in the segment, here's a link to the full, unedited interview that Crown Prince Mohammed bin Salman gave to The Atlantic.
14:00 - Saudi Arabia's successful war on terrorism financing - one of the top areas of cooperation between Saudi Arabia and the United States - is continuing forward with new, tougher rules on online donations.
New rules from the Saudi government have been put in place to make it harder for charities in Saudi Arabia to become donators to extremists causes both inside and outside of the Kingdom. The Saudi Public Prosecution has banned the establishment of private websites to collect donations for charitable work outside the kingdom in an effort to stop funds being sent to terror groups, the Saudi Okaz newspaper reported, relayed by Middle East Monitor…A statement issued by the government body explained that the punishment for anyone who is proven to have committed a cybercrime by creating websites for terrorist organizations will be up to ten years in jail and a fine of up to five million riyals ($1.3 million).
The Public Prosecution affirmed that donations can only be made through "official authorities concerned with receiving charitable, relief and international humanitarian donations."
22:05 - Yallah! Saudi in a minute -- The 966 segment with 6 top storylines to get you up to date heading into the weekend....
•According to a report this week in Arabnews: Saudi Arabia’s Film Commission has licensed 56 theaters in 20 cities so far since its launch in April 2018. In those theaters, 1,144 films were shown, including 22 Saudi films. The number of ticket sales amounted to 30,860,956 for films in 22 languages from 38 countries.
•Saudi Arabia’s stock market is the 6th hottest globally in 2022, according to Bloomberg data. As of this week, in April 2022, The TASI is up 22% this year in dollar terms. Optimism for the Saudi economy in 2022 continues to grow on the back of higher oil prices and a Kingdom well-positioned to grow in the post-pandemic year.
•After a seven-month hiatus, senior Iranian and Saudi security officials are expected to resume their dialogue in Iraq later this week, Amwaj.media has learned. Speaking on condition of anonymity, an informed Arab source has suggested that a fifth round of talks will be held on Apr. 21, “attended by representatives appointed by the highest leadership of the two countries.”
•Cementing Saudi Arabia’s status as a serious art powerhouse on the world stage, the Diriyah Biennale Foundation has announced its inaugural Islamic Arts Biennale, according to a report in Vogue Middle East. “Honoring the richness of the Kingdom’s creative heritage, while championing innovation and fresh ideas, the biennale will explore spirituality in the aesthetic realm and a diversity of artistic expressions. It will also provide new dialogues and insights by inviting international artists from around the world.”
•Yahoo via Bloomberg reports that Saudi Arabia is hosting an international competition which is broadcast on official state TV during Ramadan that features competitors – using their voice alone - reciting the Holy Quran or delivering the Islamic call to prayer. More than 40,000 contestants from 80 countries have participated and, after several stages, 36 candidates from Britain, Canada, Saudi Arabia, Iraq, Egypt, Algeria, Iran, Malaysia, Indonesia and Turkey have reached the finals. The total prize value is $3.2m. The first-place winner in the category of reciting the Holy Quran receives $1.3 million, while the first-place winner in the category of delivering the call to prayer receives $533,000. The remaining prize money is divided among six other contestants.
•BeachSoccer.com reports that the Saudi Arabia national beach soccer team, under the supervision of their head coach, Brazilian Joga Zlokovic, underwent an intensive eight-day training camp at the King Faisal Sports City in Jazan. A total of 15 players took part in the training and, as the camp took place during Ramadan, the team sessions were held in the middle of the night, from 1am until 3am. The first edition of the NEOM Beach Soccer Cup, which took place in Saudi Arabia back in 2019, was the first official competition of the Saudi national team, and they beat China and UAE to finish third.
1:17 - Saudi Arabia made interesting headway in four different foreign policy areas this week. Significant developments in Saudi Arabia’s relationships with and interests in Iran, Lebanon, Turkey and Yemen. The 966 kicks off by talking about each of these for Richard's one big thing this week.
9:19 - The U.S. Navy's new multinational task force will deploy to the waters around Yemen and in the Red Sea to help protect Saudi Arabia and ensure the security of trading routes in the critical waterways.
Lucien's one big thing this week is the significance of the new task force and timing of the announcement. that on Wednesday, the U.S. Navy's Fifth Fleet Commander Vice Admiral Brad Cooper said that the task force would ensure a force presence and deterrent posture in the Red Sea, Bab al-Mandab and Gulf of Aden, according to reports.
The waters around Yemen are a key passageway for oil and global trade, and vessels have in the past been targeted by the Houthis and other nefarious forces.
The new task force is the fourth under the CMF command, joining three others - CTF 150 (Maritime Security Operations outside the Arabian Gulf), CTF 151 (Counter-Piracy), and CTF 152 (Maritime Security Operations inside the Arabian Gulf).
The task force would ensure a force presence and deterrent posture of the coast of Yemen and Saudi Arabia.
When asked about the air raids from Yemen on U.S. partners Saudi Arabia and the UAE, Cooper said the task force would impact the Houthi’s ability to obtain the weaponry needed for such attacks, saying, "we’ll be able to do it more vibrantly and more directly than we do today,” Cooper added.
16:24 - The 966 talks with Afshin Molavi, author, thought leader, and emerging markets expert. Afshin is Senior fellow at the Foreign Policy Institute of the Johns Hopkins University School of Advanced International Studies (SAIS), and founder and editor of the Emerging World newsletter (eworld.substack.com).
The hosts talk with Afshin about his recent piece, 'Putin's Bomb and the Global Shrapnel' which examines the international ramifications of the Russian war into Ukraine, including the impact on Saudi Arabia and the Gulf region.
The piece talks about the various ways in which - Beyond the immediate human impact of the death and destruction in Ukraine..."there is the feel of tectonic plates crunching, of certainties crumbling, of history spinning a new web that will entangle us all."
1:17:00 - Yallah! Six top storylines in Saudi Arabia this week to get you up to date before the weekend.
•On Saturday the Hajj Ministry announced that it "has authorized one million pilgrims, both foreign and domestic, to perform the hajj this year." According to The National pilgrims traveling from overseas are expected to constitute 85% of the total number. In 2020 and 2021 Saudi authorities significantly reduced the number of pilgrims allowed in order to combat the spread of Coronavirus. In 2020, only 1,000 pilgrims were permitted to participate. In 2021 the number was 60,000.
•Citigroup is back in Saudi Arabia, per the WSJ. The third-biggest U.S. bank has again found favor in the kingdom as one of the foreign lenders helping the Kingdom modernize its economy. “They paid their dues,” said a senior Saudi official. “They were in the penalty box long enough. They’re back in the game.”
•According to a report in The Telegraph, two-time Masters champ Bubba Watson, along with European Ryder Cup stars Lee Westwood and Ian Poulter as well as five-time tour winner Kevin Na are among those expected to join the $225 million rival. The final details are still being confirmed, according to LIV Golf, per the report, but the plan is to announce some of the players who are planning to join in the weeks ahead.
•An average of 54% of survey respondents from Saudi Arabia and the United Arab Emirates (UAE) said they believe cryptocurrency should be used as currency. Still, a significant proportion of the respective countries’ respondents believe certain obstacles are stopping cryptocurrencies from going mainstream, according to a report in bitcoin.com.
•According to a report in Bloomberg, Uber’s woes continue in Saudi Arabia. Wait times for cars have soared since the government enforced a rule last year that all drivers must be Saudis. While that’s part of a broad push to create jobs for citizens, it ruled out the millions of foreign migrants in the country.
•Saudi Arabia’s Industrial Production Index, also known as IPI, grew by 22.3 percent in February compared to the same month of 2021. This was the highest year-on-year growth rate during the last three years, the General Authority for Statistics added, according to Arab News. IPI’s positive growth for the tenth month in a row is attributed to higher production in the three sub-sectors; mining and quarrying, manufacturing and electricity and gas supply.
0:38 - Richard's One Big Thing This Week is NEOM's roadshow event in New York City on Tuesday, which he attended - and said was a success. Executives attending on behalf of the futuristic mega-city and development on the Kingdom's Red Sea coast were enthusiastic about NEOM and what's to come...
12:27 - Lucien's One Big Thing This Week is a Saudi UAV company that is hoping to become an exporter of drones in the coming years. Saudi Arabia’s INTRA Defense Technologies CEO Abdulsalam Ghamdi said in an interview with Asharq Alawsat that his company's Samoom medium-altitude, long-endurance UAV will soon be manufactured in the Kingdom for export, in line with the Kingdom's stated goal of localizing 50 percent of government military spending as part of its wider Vision 2030.
18:07 - Phillip Cornell, senior fellow, Global Energy Center at the Atlantic Council, and Principal for Energy and Sustainability at the Economist Impact joins The 966 to talk about the global energy transition, green hydrogen, and so much more.
1:06:17 - Yallah! Six top storylines to get you up to speed on Saudi Arabia heading into the weekend:
•Saudi Arabian Oil Co. joins Rice Carbon Hub research initiative...
The Saudi Arabian Oil Company, also known as Aramco, recently joined Rice University’s Carbon Hub research initiative, a program that focuses on the development of sustainable uses of hydrocarbons to further the energy transition. First launched in 2019, the program supports a zero-emission future in which hydrogen energy and advanced carbon materials are produced together from hydrocarbons in a sustainable and efficient manner. Aramco has joined this initiative with a five-year sponsorship commitment and brings $10 million worth of funding for it.
•Flat6Labs, SVC launch $40 million startup Seed fund in Saudi Arabia...
Saudi Venture Capital (SVC), one of the most prominent venture investment ecosystem development companies in KSA, has signed a new investment agreement with Flat6Labs, the leading seed and early-stage venture capital firm in the MENA region, to introduce the “Startup Seed Fund”. The fund aims to support startups with growth potential and provide more than 20 Saudi startups annually with seed capital over the next three years, in addition to a number of other benefits.
•Eight qualified bidders for Khnaiguiyah...
The National reported on Monday that the Saudi Ministry of Industry and Mineral Resources announced 8 qualified bidders for the Khnaigiuyah mine site. Qualified bidders have been given two months to complete and submit their proposals. The Saudi Geological Survey has confirmed the site's considerable geological potential of more than 25 million tonnes of zinc and copper, both of which are critical minerals for the global energy transition.
•Saudi Arabia records zero COVID-19 death for first time in two years...
The Saudi Gazette reported that on Tuesday this week Saudi Arabia did not record any deaths due to coronavirus infection during the past 24 hours, for the first time in more than two years.
•Big PIF spend to push Saudi construction market to pre-Covid levels
Buoyed by the resurgence of the industry post-pandemic, Saudi Arabia’s awarded construction contracts surged to SR142 billion ($38 billion) in 2021 with Q4 alone registering SR70.2 billion, the highest in nearly six years, reported Arab News. The kingdom has seen an uptick in contract awards over five consecutive quarters.
•Saudi Arabia buys 625,000 tons of wheat from Americas, Europe, and Australia
SAGO said it made the purchase at an average price of $422.47 a ton. That was up sharply from $365.14 a ton c&f paid in SAGO’s previous wheat tender in December. Traders say Saudi Arabia is among importing countries hit by disruption to Ukrainian and Russian grain exports and surging prices of wheat and other commodities.
The rapidly evolving venture capital environment in the Middle East, Gulf and Saudi Arabia is in focus in this special conversation for The 966.
1:00 -- Saudi Arabia's incredible, award-winning pavilion at Dubai's Expo 2020 signed off with a big ceremony. Will Saudi Arabia host Expo 2030?
Of the top 5 candidate-cities, two are in Russia and Ukraine. The Russian invasion of Ukraine weakens their candidacy, leaving Saudi Arabia in competition with only Italy (which hosted in 2015) and South Korea.
So, what would an Expo 2030 Riyadh Saudi Arabia look like?
Crown Prince Mohammed bin Salman announced the Saudi bid to host Expo 2030 in October last year and the Kingdom submitted its formal application in December to the Bureau International des Expositions, the organization behind the expo.
In its presentation to the BIE in December, Saudi Arabia outlined bold plans to transform Riyadh and the rest of the country into a world-class venue for global connectivity, culture and climate action.
Indeed, Riyadh is a fast-changing city, and the hosts agree, could make for an excellent host to Expo 2030.
7:07 -- Trojena in Saudi Arabia at Neom: You have to see this ambitious new tourism project in the mountains along Saudi Arabia's northwest coast.
Trojena is newly announced year-round tourist destination that will consist of a series of facilities such as the ski village, ultra-luxury family and wellness resorts, a wide range of retail stores and restaurants, in addition to sports activities, including a ski slope, watersports and mountain biking, as well as an interactive nature reserve, according to Saudi Press Agency.
The project is set to be ready by 2026.
The location has some winter-feeling temperatures: the temp in the mountains above NEOM frequently drops below zero celcius. Located at approximately 2,600 meters above sea level, outdoor skiing will be a unique feature of Trojena which is positioning itself as the GCC’s first outdoor skiing destination.
14:38 -- The 966 talks with Col. Brad Gandy, former Chief of the US Training Mission in Saudi Arabia (USMTM) about the U.S.-Saudi security relationship and the ongoing transformation in Saudi Arabia's military.
Col. Gandy has one of the more impressive resumes out there. Before serving as head of USMTM in Saudi Arabia, he served as the senior US defense official and defense attache to Yemen, and he has spent years in the region and in Saudi Arabia in various capacities. He also served as U.S. army attache to the Kingdom of Saudi Arabia between 2006 and 2010...
The hosts ask Brad to help us better understand what the USMTM is and the role it plays, how the Foreign Military Sales (FMS) process works, and more.
The hosts also ask about the ongoing military transformation in Saudi Arabia and the role USMTM plays in it. The Saudi defense transformation plan is coordinating with the USMTM by embedding, for the first time ever, U.S. military and civilian advisors throughout the Saudi Ministry of Defense, and that included select U.S. defense companies to implement advice, assist, and mentor components of the project.
As chief of the USMTM from 2019-2021, Col. Gandy oversaw this process.
1:08:47 - Yallah! Six storylines to get you up to date on Saudi Arabia headed into the Weekend.
•Riyadh Season 2021, the marquis festival of the Saudi Seasons program closes today after a 5-month run begun on October 20, 2021. It has welcomed over 15 million visitors to its 13 zones, spanning 5.4 million square meters. With the slogan ’Imagine More’ this Riyadh Season included several concerts performed by the likes of Sean Paul, Pitbull, Amr Diab, and Mohamed Hamaki, among many others. According to Trade Arabia it also hosted the kingdom’s first cosplay event, attended by hundreds of Saudi nationals, residents and visitors who dressed up as their favorite movie and cartoon characters.
•The second phase of Saudi Arabia's decision to localize professions in grocery stores and supermarkets came into force on Monday, according to a report in the Saudi Gazette. This phase aims to reduce the number of foreign staff in sales by half in the roles of department manager, deputy branch manager, and branch manager. As of 2021, the Ministry of Human Resources and Social Development (HRSD) announced the localization of 20 professions and activities from a variety of sectors, as well as the establishment of nearly 378,000 employment openings.
•Saudi budget airline flynas is in negotiations with both Boeing and its current supplier Airbus to buy aircraft worth $13 billion to $15 billion, according to a report in Reuters. The carrier has increased the number of planned new orders to 250 aircraft and also plans to increase the number of destinations to 165 from 70.
•About 499,000 Saudis entered the employment market in 2021; an average of 1,367 Saudis per day, according to an Okaz/Saudi Gazette study of recently released government reports. The total number of male and female Saudi employees in the local labor market reached about 2.25 million in 2021, marking a 28.51% increase from 2020, when their number reached about 1.75 million.
•FDI inflows totaled $19.3 billion, the most since 2010, according to data published by the Saudi central bank on Monday. according to Bloomberg. The bulk of last year’s FDI total was from state oil company Saudi Aramco selling a $12.4 billion stake in an oil pipelines entity to investors led by EIG Global Energy Partners LLC. A new national investment strategy last year set an FDI target of more than $100 billion annually by 2030.
•SPA announced on Wednesday that Saudi Arabia deposited $5 billion in Egypt's central bank as the Egyptian economy faces new economic pressures as a result of the war in Ukraine. On March 21 Egypt devalued its currency by around 14% after investors had pulled billions of dollars out of Egyptian treasury markets. Saudi Arabia said last October it had deposited $3 billion with Egypt's central bank and extended the term of another $2.3 bln in previous deposits. This new deposit would bring the total to $10.3 billion, this according to a report in Reuters.
0:57 - A new personal status law in Saudi Arabia is set to be a game-changer for Saudi women, in addition to having significant real-life impact for everyone in Saudi Arabia. The personal status law is one of the four laws announced by the Crown Prince Mohammed bin Salman bin Abdulaziz in February, which is designed to enhance the efficiency and integrity of the kingdom's judicial system – a move that will eventually lead to a fully codified law. The crown prince noted that the personal status draft was drawn from the provisions of Islamic Shariah, and took into account the latest legal trends and modern international judicial practices, keeping abreast of developments and changes.
7:46 - Foxconn might build a $9 billion plant in Saudi Arabia, and that could be a big deal. Foxconn, the world’s largest contract assembler of consumer electronics, is in talks with Saudi officials about the prospect of opening a $9 billion factory in NEOM, according to a report in the Wall Street Journal. The company is looking at jointly building a $9 billion multipurpose facility that could make microchips, electric-vehicle components and other electronics like displays.
18:26 - One of the biggest transformations in Saudi Arabia has very little to do with Vision 2030: Saudi Arabia's military is undergoing a massive overhaul...the largest since the founding of the Kingdom. We talk with author, researcher and professor Bilal Saab about the major modernizations and thorough reconstruction of the security apparatus in the Kingdom. Bilal talks about his recent piece for the MEI.edu, A Gradual Reset with Saudi Arabia, as well as his forthcoming book, Rebuilding Arab Defense, available in May.
1:14:57 - Yallah!
•Aramco, ACWA Power, Saudi Arabian Airlines, Ma’aden and ENOWA (a water and energy firm) signed non-binding MOUs to become the first members of Middle East and North Africa regional Voluntary Carbon Market, which the Public Investment Fund launched last year in cooperation with the Saudi stock exchange. PIF said further partners on both the demand and supply side will be on boarded in the coming months, ahead of an introductory round of auctions in fourth quarter of 2022. [Bloomberg]
•Saudi Arabia plans to introduce 60 water projects worth 35 billion Saudi riyals ($9.33bn) as the kingdom accelerates efforts to become the world's largest desalination market. Once completed, the projects will nearly triple Saudi Arabia's desalination capacity to 7.5 million cubic meters of water a day by 2027, from 2.54 cubic metres per day in 2021. [The National]
•The Saudi Super League will begin in June, and attention is now turning to the venues selected for its debut season. The challenger to the PGA tour that has caused controversy for months will begin without the major defection that league CEO Greg Norman had hoped would occur. The eight-tournament series runs from 9 June to 30 October and will comprise seven regular season events and a Team Championship grand finale Match Play. [CNN]
•Saudi Arabia's state oil company Aramco pledged to hike investments by around 50% this year as it reported a doubling in 2021 profits. Aramco benefitted from a more than 50% surge in oil prices last year, as increased COVID-19 vaccination rates and loosening restrictions resulted in demand outpacing supply. [Nasdaq]
•Saudi Arabia’s Ministry of Investment and the Jada Fund of Funds have teamed up to create a platform that will connect Saudi entrepreneurs with investors abroad, according to a report in the National. Catalyse Saudi will host a series of events, the first of which will take place this month in Jeddah and Riyadh under the theme of disruptive technology. [The National]
•Saudi Arabia is planning to raise its port occupancy rate to 70 percent by 2030, CNBC reported citing the head of the Saudi Ports Authority. This comes as the transshipment rate at the Saudi ports grew by more than 35 percent in 2021, Omar bin Talal Hariri disclosed.
Nusf specializes in preparing and qualifying women for executive leadership in Saudi Arabia. The organization was founded to help Saudi and Arab women develop professionally, lead in the corporate world, and make a lasting positive impact on society. Nusf is committed to advancing the Kingdom’s national development agenda and Vision 2030 objective of increasing women’s participation in the workforce.
Nusf believes that no country can achieve prosperity or realize its full potential if it leaves behind half its population. “Nusf” means “half” in Arabic, hence the company's tagline “Investing in Half the Population.”
Nusf aims to raise the percentage of women in leadership in Saudi Arabia by providing both emerging and accomplished female leaders with the knowledge, skills and networks needed to expand their impact on their individual organizations as well as their wider communities. The organization works to build capacity and boost confidence in professional women through programs that will foster their advancement and enrich their careers, enabling them to become the future leaders in their industries and society.
2:36 - Where is shale oil and why isn't it more impactful in the U.S. energy mix?
U.S. shale oil production transformed global energy markets when it helped U.S. oil production go from just under 4mbd in September 2008 to 13.1 mbd in February 2020. And, despite rapid depletion rates, shale oil production is cheaper and faster to bring online than traditional methods of oil production. By 2014 U.S. oil – specifically shale oil – was widely viewed as the ‘swing producer’ – a role OPEC and specifically Saudi Arabia had held for decades.
By 2014 U.S. shale oil set the ceiling for global oil prices leaving OPEC to try to maintain the floor as best it could.
Still, U.S. Shale Oil won’t be saving the day any time soon. The hosts explore why this is and talk about what might be next for energy markets and U.S. energy policy.
26:05 - A recent study by Uber in Saudi Arabia reveals that female participation in the labor force keeps climbing - and is ahead of schedule for Vision 2030.
Between 2018 and 2021 - female participation in the labor force grew from around 22% to almost 36%.
The increase means that the country has met its Vision 2030 target of 30% female labor force participation almost 10 years ahead of schedule.
32:00 - Dr. Mark Thompson, Senior Research Fellow at the King Faisal Center for Research and Islamic Studies (KFCRIS) and author of the book, Being Young Male and Saudi: Identity and Politics in a Globalized Kingdom (Cambridge University Press) joins The 966 to talk about his research and experiences in Saudi Arabia. Mark also has a new book forthcoming, Governance and Domestic Policy Making in Saudi Arabia: Transforming Society, Economics, Politics and Culture.
The hosts talk with Mark about his methodology, and what it's like to engage with Saudi youth to find out what they want and see for the future. They also discuss educational reforms in Saudi Arabia, Vision 2030 progress, and much more.
1:49 - Lucid's new Saudi plant is official. Lucid announced a long-term plan to bring advanced automotive manufacturing to Saudi Arabia to address global demand.
The plant will be designed for a maximum annual production capacity of 150,000 vehicles. Lucid estimates that the site could result in up to $3.4 billion in value for the company over 15 years. The plant is expected to create “several thousand highly skilled jobs.”
6:25 - Saudi Arabia is hosting its first ever major defense show this week. The World Defense Show begins in Riyadh in just a few days, and the event will showcase the latest in defense industry tech.
Saudi Arabia is one of the top spenders globally on defense.
In 2020, it was the 6th largest spender on defense, plopping down an estimated $57.5 billion on defense, according to SIPRI.
For 2020, Saudi Arabia's budgeted defense spending is down from that figure, however, at $45.5 billion. That's a trend in the right direction for Saudi Arabia as it looks to localize half of its defense spending by Vision 2030.
Over 420 exhibitors are registered for the event, which will also feature a special zone for startups in the defense space.
Saudi Arabia created a purpose-built space for this event, which will take place every other year.
11:26 - Ukraine, global security, and the Middle East with David Des Roches.
The situation in Ukraine is constantly evolving. So, too, is the geopolitical situation in the region and world in the aftermath of the invasion.
The Wall Street Journal reports that "From the Persian Gulf’s oil-rich monarchies to Israel, U.S. allies and partners are staying neutral or tempering their criticism of Moscow in a revealing sign of Russia’s growing influence in the region."
The hosts and Des Roches discuss why this is, and if it perhaps could change?
53:24 Yallah! Six headlines to get you caught up before the weekend...
According to a report in Arab News, Saudi Arabia on Monday welcomed the UN Security Council’s resolution labeling the Houthi militia fighting in Yemen a terrorist group, in addition to expanding the scope of an existing arms embargo to encompass the entire membership of the Iran-backed group, which was previously limited to specific individuals and companies.
Another week, another big Saudi IPO...Nahdi Medical Co, Saudi Arabia's market leader in retail pharmacies, aims to raise up to 5.11 billion riyals ($1.36 billion) in the country's biggest initial public offering since Saudi Aramco's listing in 2019, according to a report in Reuters.
Saudi Arabia announced the discovery of 5 new gas wells in four separate regions across the Kingdom, adding more natual gas capacity at an important time in the global energy transition.
Local runner Emblem Road runs out an 80-1 shock winner of $20 million Saudi Cup. The Saudi-trained horse rallied with a wide, sweeping move on the outside to win the $20million (£14.9m) Saudi Cup at 80-1 odds. Established in 2020 and organised by the Jockey Club of Saudi Arabia, the Saudi Cup is a two-day international racing festival, headlined by the USD$20m.
Construction for Gulf Railway connecting Qatar to Saudi kicking-off - The construction of the GCC Railway connecting Qatar to neighboring country Saudi Arabia will kick off soon. The 2,177 km Gulf Railway is a proposed railway system connecting all six GCC countries in Eastern Arabia. The project, expected to cost US$250 billion, is scheduled to be completed by 2023. The completion date is not yet estimated.
Saudi Arabia’s newest travel experience is inspired by the renowned Burning Man festival in the US...Caravan by Habitas AlUla will open in March in one of the oldest cities on the Arabian Peninsula. Surrounded by mountains and ancient Nabatean settlements, Caravan AlUla consists of 22 Airstream trailers.
1:29 - Richard's one big thing this week in Saudi Arabia is an update to Saudi Arabia's founding story as the Kingdom celebrated its Founding Day on February 22.Earlier this year, the government announced the new holiday will be celebrated with a day off for both public and private sector workers, and released a vintage-looking logo used to mark the event.
The Saudi English-daily Arab News features a fascinating report on how historians and experts in the Kingdom worked to reveal the actual founding day as 17 years off from previous recording, instead using the first date of Bin Saud’s first day as ruler of Diryiah, in what is now modern-day Riyadh, instead of his alliance with Sheikh Mohammed ibn Abdulwahhab.
“There is no doubt that the events of 1744, the year in which Imam Mohammed ibn Saud of Diriyah offered sanctuary to the religious reformer Sheikh Mohammed ibn Abdulwahhab, were hugely significant….But over time the importance of that admittedly historic moment of common cause between state and faith came to obscure the far more complex and deeper-rooted origins of the First Saudi State…
“It is to correct this neglect of the Kingdom’s crucial embryonic years that Founding Day has been created, to celebrate 1727 as the true moment of birth and to give Saudis a deeper appreciation of a past far richer than many realize.”
“The theoretical effort of “laying the foundation” for Founding Day is crucial to building states, cementing identity, and enlightening society. The Saudi identity is coherent, modernist, and developed; and like identities throughout history and across the globe, it must be reimagined and reestablished constantly, especially during transitional, historic periods. Today in Saudi Arabia, this effort takes the form of Vision 2030.”
11:43 - Lucien's one big thing in Saudi Arabia this week is a look at the oil market and Saudi oil exports as the Russian invasion in Ukraine rages. Where is Saudi Arabia's oil going now, and what's next for energy markets? With oil now headed over $100 a barrel on Brent and possibly even higher as the situation in Ukraine deteriorates, Washington is already in close coordination with Saudi Arabia on energy markets.
Russia of course is a big player in the oil markets - making up the "plus" in the new market-setting cartel "OPEC+," which adds a layer of complexity to the crisis in Ukraine and as as sanctions against Russia start to ratchet up, although the West is not sanctioning the Russian oil sector yet.
But much of Saudi Arabia's oil now heads to Asia - in fact in 2021, 80% of Saudi crude headed to Asia, with China as the leading consumer.
The top four destinations for Saudi crude are China, Japan, South Korea and India.
Recent data show that US was again the only non-Asian importer of Saudi oil to make the top five, but the amount the U.S. imported from Saudi Arabia decreased from 407,000 b/d in 2020 to 376,000 b/d in 2021. This is the lowest in 36 years.
Saudi exports to European markets also dropped in 2021.
39:58 - Yallah! Six storylines in Saudi Arabia from the week to get you updated heading into the weekend.
•Expo 2020 in Dubai is not just jaw-dropping national pavilions and entertainment. Governments and global leaders convened this week at the Dubai Exhibition Centre at Expo 2020 for the Food, Agriculture and Livelihoods Business Forum. New Zealand, which is recognized globally as one of the most progressive agricultural and aqua-cultural nations – its food sector feeds around 40 million global consumers each year, eight times its population – is New Zealand is taking the lead on the forum that will address the urgent need to transform the world’s food and agricultural systems to feed 10 billion people by 2050, within environmental limits.
•It was a historic day for Saudi Arabia as the women's national football team played, and won, its first official international match on Sunday. The Saudi squad traveled to the Maldives to beat the Seychelles 2-0 in a friendly which comes just a month after the final team was named. It will now face the Maldives in its second match today. The team was congratulated by Brazilian soccer legend Pelé, who called it a "historic day."
•Speaking at the Munich Security Conference, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud said that Lebanon must offer stronger signals that it is serious about reform to secure support from the international community as it struggles with a financial crisis. “Lebanon first needs to be actively saving itself… We need a stronger signal from the Lebanese body politic that they are going to step up.” He said this included stabilizing the economy and addressing issues of corruption and mismanagement as well as “regional interference and loss of state sovereignty.”
•To mark World Radio Day, the Saudi Broadcasting Authority recently launched Al-Ekhbariya Radio, the first news radio station in Saudi Arabia. The station will have a network of 85 correspondents and will focus 80% of its programming on local news with the remainder focused on Arab and international news. Station director Mubarak Al-Ati said, “Launching the station is in the interest of the Saudi media renaissance to keep pace with the developments the kingdom is undergoing at all levels. Saudi media will continue to advance in service of the kingdom’s leadership and people.”
•Arab News recently reported that the government has not yet decided to integrate it innovative Tawakkalna application with the Absher platform. The Absher app was introduced in 2015 by the Ministry of Interior and is the leading e-services platform in Saudi Arabia. It served 23 million users who carried out more than 85 million operations in 2021. Tawakkalna was launched in 2020 by the Ministry of Health and is mandatory for all people in the country to enter worksites, shops, and malls. It also has more than 23 million users and last year was selected among the top applications in the e-health category by World Summit on the Information Society Prizes.
•Leading Saudi soccer clubs Al-Nassr and Al-Hilal have each signed long-term strategic partnerships with the investment vehicle of Qiddiya, the new entertainment district near Riyadh which plans to build a new 40,000-seat, cliff-top stadium for the two Riyadh-based clubs. Likewise, the PIF-owned Central Jeddah Development Company has also signed deals with two other top clubs Al-Ittihad and Al-Ahli for the same annual amount of $26.6 million and the same duration – until 2042.
2:10 - Richard's "One Big Thing" this week: Al Dawaa Medical Services Co., one of the largest pharmaceutical retail companies in Saudi Arabia, will list 25.5 million shares on the Saudi Stock Market (Tadawul) seeking to raise about $500 million. Al Nahdi Medical Co., the kingdom’s largest pharmacy retail chain, plans to seek about $1.3 billion in an IPO in the next few months in what could be the largest share sale in the kingdom since state oil giant Saudi Aramco went public in 2019...
10:35 - Lucien's "One Big Thing" this week: The Saudi Ministry of Industry and Mineral Resources has opened the next stage for licensing the Khnaiguiyah site, the largest exploration site in the Kingdom. Extensive exploration work already has been carried out at Khnaiguiyah site, covering 100,000m drilled and a 3D geological model. The Saudi Geological Survey has confirmed the site's considerable geological potential of approximately 26mn tons of zinc and copper, both critical minerals for the global energy transition. With over 40 years of experience in the sector, Amr talks about the importance of the revitalization of the mining sector in the Kingdom and the opportunities that are waiting for investors.
25:10 - How has Saudi foreign policy evolved since the rise of King Salman, and how the Kingdom's position and influence in global affairs has grown? This is the starting point for The 966's discussion with Amr Khashoggi, who begins by placing it in context starting with the 9/11 attacks and the damage that did to U.S.-Saudi relations and Saudi Arabia's reputation. After those attacks, Amr represented the Kingdom in delegations that engaged directly with graduate students and professors at U.S. Universities for several years. Amr also discussed how the U.S.-Saudi relationship remains strong and endures from president to president and has withstood an array of tests and challenges.
47:52 - The conversation pivots to talking about Amr Khashoggi's work as chairman of Amkest Group, how his business has grown under the Kingdom's Vision 2030 economic and social diversification plans, and the renewable energy space, in which Amkest is invested. The group then discusses the good work that Amr is doing with Qaederoon, which is a successful non-profit in Saudi Arabia and with an inspiring mission.
1:17:00 - Yallah! 🐪 Six news stories to get you up to date headed into the weekend...
•The Saudi Cabinet has approved a license for a local digital bank to be established with a capital of$440 million. The D360 Bank will be established through a consortium of individual and corporate investors, led by Derayah Financial Company, with the Public Investment Fund being one of the main investors. With the newly issued license, the total number of licensed banks in the Kingdom will reach 35, including 11 local banks, three local digital banks and 21 foreign bank branches, according to SAMA.
•Golf Saudi has attained full member status of the European Disabled Golf Association (EDGA) as part of its efforts to promote the sport for all players in Saudi Arabia. The news was revealed during the Saudi International tournament by Majed Al Sorour, CEO of Golf Saudi and the Saudi Golf Federation, who said its membership in EDGA would enhance the accessibility of golf in Saudi Arabia.
•NADEC – the country’s leading agricultural and food processing company and one of the largest in the Middle East and North Africa has announced that its solar energy project is now commercially operational. The solar PV park was developed as part of a 25-year corporate power purchase agreement between NADEC and French energy company ENGIE, the first of its kind in the country. The facility is roughly equivalent to 21 football pitches, has a capacity of 30 MW and is expected to lower carbon emissions by 53 million kg per year.
•Fresh off her sold-out concert at The Maraya Concert Hall in AlUla, singer-songwriter Alicia Keys joined Saudi Ambassador to the United States, Princess Reema Bint Bandar Al-Saud, and a group of other creative Saudi women in an intimate conversation under the theme “Women to Women.” The off-the-record dialogue, hosted by Good Intentions, a newly launched Saudi-based creative consultancy, was held in a town hall style, where audience members asked questions, made comments, and interacted with the panel.
•On Sunday 4% of Saudi Aramco shares worth $80 billion were transferred to the kingdom’s Public Investment Fund which is taking the lead in efforts to transform the Saudi economy and diversify away from oil revenues. The Saudi state remains the largest shareholder in Saudi Aramco after the transfer process with more than 94% of the company’s shares. The shares transfer is expected to help the PIF achieve its goal of growing to over $1 trillion under management by the end of 2025.
•For centuries millions of saksaul trees, commonly known by their Arabic name Al-Ghadha, provided firewood, animal feed and respite from the desert heat for the Bedouin forefathers of modern Saudis. Planting saksaul trees is now part of green initiative by the Saudi government aimed at reducing carbon emissions, pollution, and land degradation. 250,000 of the drought-resistant trees will be planted this year in the central Qassim region. The kingdom aims to plant 10 billion trees in the coming decades as well as work with other Arab states to plant an additional 40 billion trees across the Middle East.
Saudi Arabia’s changing society, economy, and the impact of King Salman with guest David Rundell, author of the book Vision or Mirage, Saudi Arabia at the Crossroads.
7:16 - Richard's one big thing this week is the Saudi Games 2022 will welcome 6,000 athletes in March - the first time this huge event has been held in the Kingdom.6000 athletes from both sexes will compete in 45 sports in the host city Riyadh from March 10 - 20 with big prizes awarded.
13:08 - Lucien's one big thing is a new report from the World Bank highlights the truly staggering annual cost of pollution in the MENA Region.Air pollution alone costs the MENA region about $141 billion a year, or 2% of economic output. Air pollution levels in MENA’s largest cities are among the highest in the world. The average citizen in these cities is breathing in air that is 10 times more polluted than the WHO says is safe.
The World Bank study said air pollution causes about 270,000 deaths a year, and the average MENA resident is sick at least 60 days in his/her lifetime due to exposure to elevated air pollution levels.
The report talks about damage to the region's seas and coasts, which is especially interesting for Saudi Arabia as it is full steam ahead with plans to develop its Red Sea coastline for tourism.
24:05 - The hosts take advantage of David Rundell's extensive experiences and knowledge about Saudi Arabia, and ask about the important role of Saudi Arabia's King Salman, changes in Saudi Arabia, and the "stakeholders" outlined in David's book, Vision or Mirage: Saudi Arabia at the Crossroads.
1:05:35 - Yallah!
•Authorities in Saudi Arabia released the new logo for the “Founding Day,” a new holiday in Saudi Arabia to be celebrated in February, which includes various historical and traditional symbols linked to the glories, heroisms and nobility of the Saudi state. Per Arab News, "The phrase “Foundation Day — 1727 AD” is written below in a font inspired by several ancient manuscripts chronicling the history of the first Saudi state, so that the logo’s comprehensive message is linked to the values that represent the common Saudi culture, and conveys the meanings of pride, enthusiasm, authenticity, interdependence, hospitality, generosity, knowledge and science."
•Organizers for the upcoming World Defense Show in Riyadh said they have sold out all of its pavilllions, as the Kingdom gears up to host its first major global defense and security event of its kind in Saudi Arabia. On March 5, as a pre-cursor to the inaugural World Defense Show, the first-ever Riyadh Defense Forum will be conducted by the International Institute for Strategic Studies (IISS). Founded by the General Authority for Military Industries (GAMI), the World Defense Show will kick off the first day with a "spectacular opening ceremony featuring live demonstrations of interoperable defense capabilities across all key domains."
•U.S. Central Command boss Gen. Kenneth F. McKenzie Jr said there is ‘Rare Opportunity’ to Integrate Air, Missile Defense in Gulf Region, according to a report from Airforcemag.com. McKenzie said that “the most immediate and credible threats to the American homeland” are still coming from the Middle East. Iran “remains the central threat around which U.S. Central Command is organized and my top priority as its commander,” McKenzie said in remarks to the Middle East Institute. "Specifically, my mission is to deter Iran from undertaking malign activities that undermine the security and stability of the region.”
•Saudi Arabia’s Public Investment Fund (PIF) has been assigned debut ratings by agencies Fitch and Moody’s, receiving an ‘A’ rating and ‘A1’ rating, respectively. The PIF is looking to extend credit facilities and raise public debt to fund its ambitious spending and investment commitments at home and abroad, according to the Financial Times. Fitch said when issuing the rating, "“It is Fitch’s view that the government has an oversight over PIF, notably over its investment and funding strategies through its Board of Directors, which is chaired by the Crown Prince and governed by appointed Ministries and government officials. Since 2015 PIF is organised under Council of Economic and Development Affairs of Saudi Arabia (CEDA) chaired by the Crown Prince, which is the supervisory body over PIF’s operations. As the key policy -driven economic agent of Saudi Arabia, Fitch does not expect changes to PIF’s status, ownership and control over the medium term.”
•Saudi Arabia’s Ministry of Human Resources and Social Development (MHRSD) has approved the introduction of work from home in the government sector. The ministry’s approval of telework as a new method of work in the government sector is part of achieving diversification and ensuring continuity of jobs in various work environments.
•The Richard Mille AlUla Desert Polo 2022 is set to become the first modern polo tournament in the world to be staged in the desert. Taking place on 11 – 12 February, the event will bring together polo patrons and professionals from around the world. Organized by RCU in partnership with the SPF and Richard Mille, the event marks the second season of the two-day tournament, first introduced by RCU in 2020. Richard Mille became the name sponsor as of today.
1:48 - Richard's one big thing is the announcement of Saudi Arabia's Founding Day - a new holiday in Saudi Arabia.Saudi Arabia's Council of Ministers has chosen Feb. 22 to commemorate the Founding Day of Saudi Arabia.
Annual celebrations will recognize the foundation of the first Saudi state in 1727 by Imam Mohammed bin Saud, a move that brought unity, peace, and stability to the Arabian Peninsula following centuries of fragmentation and dissension.
11:44 - Lucien's one big thing is the one big golf tournament that happens in Saudi Arabia every year begins this week. The tournament itself is growing, with a $5 million purse and superstars like Bryson and Dustin and many others teeing it up on the Red Sea. But it is Saudi Arabia's wider golf ambitions that have the world watching this weekend.
Greg Norman is again pushing his (and the PIF's) vision to grow the game of golf internationally.
At a press conference this week, Norman said the PIF and LIV Golf is increasing its annual investment in a series of 10 Asian Tour events from $200 million to $300 million. Those events, called the International Series, will be played in Thailand, England, Korea, Vietnam, the Middle East, China, Singapore and Hong Kong, LIV Golf said in a press conference.
Norman said that was just the start.
23:43 - Social entrepreneurship in Saudi Arabia and the social enterprise sector in Saudi Arabia - where is it now, and where is it going?The importance of entrepreneurship for Saudi Arabia's ambitious Vision 2030 social and economic reform program is well-known. And in that respect, the Kingdom is experiencing measurable success: The Global Entrepreneurship Monitor report 2020/2021 said the kingdom ranked 7th in entrepreneurship, and 9 out of 10 asked said it was easy to start a business in Saudi Arabia.
But what about social entrepreneurship?
This sector sits between philanthropy and private enterprise, using commercial methods to address social needs in innovative, financially sustainable ways.
A recent report by the consulting firm PWC noted that social entrepreneurship in developed economies leads to economic activity...and although the social enterprise sector is in its infancy in Saudi Arabia, it presents a significant opportunity.
The hosts tap into Ghadah's research experience in this space in Saudi Arabia and talk about what the future holds for Saudi Arabia's social entrepreneurs.
45:45 - Yallah! 🐪 The 966's finishing segment to get you informed before the weekend.
•According to Bloomberg’s recently released Covid Resilience Ranking, Saudi Arabia ranks second among countries ‘best coexisting with COVID-19 pandemic.’ The top five countries are UAE, Saudi Arabia, Finland, Turkey and Singapore.
•Neom is set to issue its first tenders to build a renewable power grid later this year, according to the executive director of Neom Energy. The first tender packages to be issued will be in the range of 400 MW to 800 MW. Ultimately, Neom is planning to install 8 to 10 GW of wind power and 16 to 20 GW of solar power generation.
•Red Sea Farms, which is backed by investors from Saudi Arabia and the UAE, is expanding into the US through its new agriculture technology that tackles food security problems by helping countries to grow crops in areas with scarce water resources. The University of Arizona's College of Agriculture and Life Sciences will evaluate the company's latest technology with the aim of introducing it in the world’s largest economy.
•The 2021 Riyadh Season which was launched on October 20 has attracted over 10 million visitors and 1 million tourists in roughly 100 days. The five-month Season lasts until March 22.
•The Saudi Shura Council unanimously approved on Monday a draft amendment to the flag, emblem and national anthem system. The proposed changes aim to more clearly define the proper uses of the state emblem, raise awareness about the importance of the flag and anthem and protect the flag from infringement or neglect.
•If you have not noticed how fast Saudi Arabia’s art scene is moving, we recommend Rahel Aima’s recent article for ArtForum – Stepping Stones: The Saudi Scene Takes the World Stage – a terrific report on the current state of the Jeddah and Riyadh art scenes.
1:16 - Richard’s one big thing is a recent item by Ali Shihabi for the Hoover Institution, The Saudi Succession And The Sociocultural-Religious Reforms Of Mohammed Bin Salman.
4:43 - Lucien's one big thing is Saudi Arabia's Public Investment Fund (PIF) has created a new hospitality company called The Boutique Group that will transform palaces into ultra-lux hotels.
The Boutique Group will convert iconic historic and cultural palaces into luxurious boutique hotels in Saudi Arabia, and then manage them.
8:11 - Natural gas production in Saudi Arabia is booming. The hosts discuss the how and the why of the Kingdom's natural gas production boom.Natural gas production is up 30% since 2010, according to the US Energy Information Agency.
What is significant about Saudi Arabia ramping up gas output is not only the increase itself, but the type of increase it is seeing, and why.
The EIA released a report on Saudi Arabia’s natural gas production, noting that it is standalone natural gas wells growing the industry, instead of associated natural gas production (natural gas produced as a by-product of oil production).
“Oil production cuts related to the December 2016 OPEC+ agreement have reduced Saudi Arabia’s associated natural gas production (natural gas produced as a by-product of oil production). However, the country’s total natural gas output has steadily grown over the past two decades because of the development of non-associated, or stand-alone, natural gas fields,” the EIA said.
Natural gas is also an important factor in the Kingdom's hydrogen goals and in its overall energy mix.
17:50 - Yallah! The hosts begin their segment covering six other storylines from the week to get you up to speed for the weekend.
•Per the AP, Thailand’s prime minister arrived in Saudi Arabia on Tuesday for the first high-level meeting since relations between the nations soured three decades ago over a sensational jewelry heist that led to a diplomatic row and string of mysterious killings.
•The Saudi General Authority for Statistics reported that non-oil exports in November 2021 totaled $6.9 billion, up from $5.5 billion in November 2020. An increase of 26.1%. Non-oil exports also increased 9% from October to November 2021.
•ESL Gaming and FACEIT merge, with the companies bought by Saudi-backed PIF for $1.5bn.
•Elm Co., a digital security firm owned by Saudi Arabia’s sovereign wealth fund, is seeking to raise as much $820 million from an IPO.
•Lebanon's leading Sunni Muslim politician Saad al-Hariri said on Monday he would not run in a forthcoming parliamentary election and was suspending his role in political life, urging his political party to do the same....
•The Saudi cabinet just met for the first time in person since the covid era began, and it was chaired by King Salman.
3:15 - Richard's One Big Thing this week is fintech startup Tamara's big Series A investment.
Riyadh-based buy now pay later platform Tamara has raised $110 million in a Series A round led by leading global payment processor Checkout.com. The hosts discuss this in the context of the Kingdom's growing venture capital ecosystem and the importance of startups for the Kingdom's Vision 2030 economic and social reforms.
6:20 - Lucien's One Big Thing this week is Saudi Arabia's first ever delegation to the Winter Olympics, starting February 4th, 2022 in Beijing.Cool Runnings 2: Saudi Arabia? The Kingdom's first winter olympian will bear the Saudi flag at the upcoming Winter Olympic games in Beijing, China, starting February 4th. Two Saudis qualified for the games, Salman Al-Howaish and Fayik Abdi, both in skiing.
The hosts and guest discuss this and the forthcoming Mall of Saudi that will boast a massive indoor winter and ski complex under the heat of the Saudi sun.
8:46 - The Circular Carbon Economy in Saudi Arabia and the global energy transition.The Circular Carbon Economy concept has gained momentum in recent years as the best way for individual nations to combat climate change.
It is a holistic approach that uses all the tools in the toolbox to reduce emissions. The CCE introduces a fourth "R" in the reduce, reuse, recycle framework --- and that is to "remove." This includes removal of carbon from the air - carbon capture, as well as other methods.
The G20 endorsed the CCE in 2020.
One of KAPSARC's many ongoing research projects is the Circular Carbon Economy (CCE) Index project, which is a tool for governments and other climate change policy stakeholders to evaluate progress in support of domestic planning and decision making in the nexus of energy, emissions, and the economy.
Saudi Arabia and Aramco have now adopted the circular carbon economy framework as a way to reduce their carbon footprints.
The hosts ask guest Adam Sieminski what Saudi Arabia is doing now and is planning to do to in order to achieve a fully circular carbon economy nationally.
34:49 - Renewable energy in Saudi Arabia - getting to 50% renewable energy in Saudi Arabia by 2030 and a look at solar's role in achieving that milestone.Saudi Arabia plans to generate 50% of its electricity from clean sources by 2030.
After COP 26, and the Kingdom's first utilities-scale solar plant launched in June, Sakaka, the Kingdom has some momentum in this critical space.
The Kingdom has 7 independent power producer schemes in the pipeline for approximately 3 GW of PV projects coming online soon.
But the Kingdom's total electrical capacity right now is 70 GW, so there's a long way to go to get to Saudi Arabia's stated goal.
Is the 50% goal of renewables by 2030 realistically achievable?
1:01:44 - Yallah! 🐪 The 966's finishing segment to get you informed before the weekend.
•According to an OECD report, India, Saudi Arabia, France and Turkey are leading the bounceback from COVID-19 across the G20 forum of the world’s major economies. The report estimates that in the third quarter of 2021, India’s GDP grew 12.7% followed by Saudi Arabia at 5.8%.
•Of the ocean’s seven known species of sea turtles, five can be found in the Red Sea and Arabian Gulf surrounding Saudi Arabia. These five species are the Olive Ridley, Loggerhead and Leatherback which are classified as vulnerable by the World Wildlife Fund and the Green and Hawksbill which are classified as endangered. The Saudi National Center of Wildlife is working to identify and protect their nesting sites and has also s established a safe haven for these turtles near Waqadi Island which is an area protected by the Red Sea Development Company.
•Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud has declared the Kingdom’s intention to harness uranium as an alternative energy source. The announcement came during the recent Future Minerals Forum. He stressed that uranium mining and the development of a nuclear energy program will anchor the Kingdom’s clean energy initiative. The minister confirmed that Saudi Arabia holds a vast quantity of natural uranium, emphasizing that the government “will deal with the uranium reserves with the utmost transparency”
•Later this month Newcastle United players will travel to Saudi Arabia for the first time since the club was purchased by the country's Public Investment Fund. The trip is designed to give the magpies, a chance to enjoy a warm-weather training camp while also giving the club the chance to take part in some media duties in an attempt to raise their profile in Saudi Arabia.
•After a one-year hiatus in 2021 due to the pandemic, 16 international teams will compete in the Saudi Tour cycling event held February 1-5 in Al-Ula. The course will be in 5 stages and will take riders through heritage sites and the challenging desert terrain of AlUla.
•Golf Saudi has produced a five-episode documentary that follows Saud Al Sharif and Faisal Salhab, two young Saudi golfers who will participate in the star-studded Saudi International being played February 3-6. The ‘See it All’ series will follow the two as they practice, train and spend time on the golf course and with their families. It will also include ‘inside the ropes’ self-shot footage from actual Saudi International tournament.
0:45 - Richard's one big thing this week is Saudi Arabia in 2021 continued its exponential growth as a theatrical box office market.
According to reports. Revenue totaling $238 million for the year, a 95% increase compared with 2020 when the total intake had been $122 million, according to figures provided by Comscore. Interesting news for the bourgeoning cinema industry in Saudi Arabia with an ongoing pandemic.
5:10 - Lucien's one big thing this week is (again?) Saudi golf.
A new podcast from Golf Digest focuses on the history behind Greg Norman’s quest to shake up the sport of golf, backed by the Saudi Arabia Public Investment Fund’s LIV Golf Investments.
In the podcast Local Knowledge: Greg Norman vs. the PGA Tour, host Dan Rapaport provides context to the move by Norman and LIV Golf Investments to provide an alternative to the PGA Tour in which players receive guaranteed money for big, new events around the world. The podcast discusses the history of the World Golf Tour’s failure, and includes comments from Norman himself, talking about why the move is in the best interest of the sport – namely, that a competing league will help grow the game globally and reward players who participate in events that increase interest in the game.
17:13 - Our guest wrote a great piece recently for the AGSIW on Saudi Arabia's Patriot buys and the Political Aspects of Missile Defense.
Des Roches wrote in the article, Saudi security conditions are "continuing to deteriorate...Over 300 attacks have been launched into the kingdom in the last year alone."
And the current problem is that the kingdom is running out of missiles to defend itself against attacks from Iran and the Iranian-backed Houthis in Yemen.
The hosts ask Des Roches to provide an update on the U.S.-Saudi security relationship and discuss the topic in-depth.
48:30 - The hosts and David Des Roches talk about the aspirations for a homegrown defense industry in Saudi Arabia.The Kingdom has long been a big time buyer of foreign military weapons and equipment, especially from the U.S. But under Vision 2030, Saudi Arabia has said it is seeking to localize 50% of its military expenditure.
In 2021, the Kingdom spent 190 billion riyals on the military ($50 billion) - but has decreased its budgeted spending for this year, 2022, to 171 billion riyals ($46 billion).
That may be of course good news for Saudi Arabia, if and when it is achieved, but potentially concerning for U.S. defense contractors.
The United States is by far the largest exporter of weapons globally. The US was responsible for 37% of the exports of major conventional weapons worldwide between 2016-2020.
The hosts tap into Des Roches deep understanding of the space and talk about the homegrown defense industry in Saudi Arabia, and the challenges and opportunities presented therein.
An upcoming defense industry event held in Saudi Arabia will be the first of its kind there - the World Defense Show begins March 6th in Riyadh.
1:08:30 - Yallah! The hosts discuss six other storylines from this week to get you informed headed into the weekend...
•Foreign ministers from four Gulf states of Saudi Arabia, Kuwait, Oman and Bahrain and the secretary-general of the Gulf Cooperation Council (GCC) arrived in Beijing on Monday for a five-day visit in a "positive" push to the negotiations over the China-GCC Free Trade Agreement (FTA) and strengthening China's economic ties with the bloc.
•Authorities in Saudi Arabia are preparing to launch the 2022 census, which will be the fifth in the Kingdom’s history.
•The 2021 Spanish Super Cup kicks off this week in Riyadh with four sides competing for the title, they include 2020-21 LaLiga winners Atletico Madrid plus league runners-up Real Madrid. The sides from the Spanish capital will be joined by 2020-21 Copa del Rey winners and runners-up in Barça and current Super Cup champions Athletic Club.
•According to a report this week in Reuters, Qatar and Saudi Arabia have halted efforts at the WTO to resolve a dispute over the alleged piracy of content produced by Doha-owned sports and entertainment channel beIN.
•In 2021 Saudi Arabia seized more than 37 tons of illegal drugs as well as 190 million pieces of the highly addictive Captagon pills. The haul included hashish, heroin, cocaine, qat and other narcotics. In addition, authorities seized more than 234,000 bottles and 4,155 litres of smuggled alcohol.
•The UN Office for the Coordination of Humanitarian Affairs financial tracking services showed that Saudi Arabia ranked sixth among the world’s most generous donors, providing 3% of global humanitarian aid.
The 966 is a podcast that focuses on all things Saudi Arabia and beyond.
Episode 20! The 966 Hosts discuss Gaussin's hydrogen-powered Dakar Rally truck in partnership with Aramco, why Saudi coffee is so delicious and how 2022 is "The Year of Saudi Coffee," the mining and minerals sector in Saudi Arabia, a discussion oil in 2022, and much more in the program's "Yallah" final segment.
1:00 - Richard's one big thing this week is the first hydrogen-powered truck to take part in the legendary Dakar Rally set off Saturday from the Saudi Arabian city of Jeddah.
Produced by the French automotive startup Gaussin SA and sponsored by the state-owned oil company Saudi Aramco, the H2 Racing Truck ran the first 12-mile stage of the race as a demonstration vehicle.
Gaussin also plans to install a temporary hydrogen-powered tent at the end of the race.
9:15 - Lucien's one big thing this week is Saudi coffee.
Saudi Arabia is launching a new publicity drive called "The Year of Saudi Coffee" as part of a drive to create awareness of the unique brew of one of the world's favorite drinks and perhaps create a larger market for the export of Saudi coffee. Lucien talks about how Saudi coffee is one of his favorite things about Saudi Arabia, and how it represents the famous Saudi hospitality and culture. In the past few years, coffee bean farms in Jazan have been given special attention as support for farmers has increased, and special care has been given to the Khawlani bean.
14:16 - The first topic the hosts tackle today is the mining and minerals sector in the Kingdom.
Saudi Arabia has the largest mineral deposits in the Middle East. And now, the government is looking to build on its resource endowment with a “new, modern and responsible mining industry in a new and emerging mining hub.” And the Kingdom wants to offer the opportunities in this sector to investors. In the west of the country, the Arabian Shield is a major source of precious and basic minerals such as gold, silver, copper, zinc, chromium, manganese, tungsten, lead, tin, Aluminum and iron.
The upcoming Future Minerals Forum, an event focusing on the mining and minerals sector in the Kingdom, starts Monday, January 11-13 at the King Abdulaziz International Conference Center, Riyadh, Saudi Arabia.
25:33 - Topic 2, Oil's Price in 2022: a Bumpy year ahead?
We're looking at a likely volatile year for oil in 2022. Oil is off to a strong start to 2022. Brent crude on Tuesday jumped to $80 a barrel, its highest since November, as OPEC+ agreed to stick with its planned increase for February.
Oil is what Saudi Arabia wants to diversify away from, but still remains key in the short and medium term the Kingdom. The hosts discuss the oil market at the start of 2022.
39:05 - Yallah, the big finish for the 966 includes a quick discussion of six other top storylines to keep you informed heading into the weekend.
•The Traffic Police of Saudi Arabia recently updated its list of fines due to the high rate of Traffic Violations. Fines range from Category 8 fines of SR100-150 all the way up to Category 1 with fines of SR20,000 to SR 60,000.
•The Saudi International Festival of Motoring (Autoville) is coming to Dirab Motor Park in Riyadh January 8 to 14. Autoville promises to be a wholly experiential and immersive festival, bringing an action-packed experience with stunt shows, driving experiences such as Tokyo drift ride-along, Suzuki Swift track experience, and sprint tracks, and a dedicated after-sales pavilion.
•Saudi Aramco has awarded contracts worth more than $4.5 billion for five key packages meant for its giant Zuluf offshore oilfield expansion project in the Persian Gulf. Zuluf is currently said to be producing between 550,000 and 600,000 bpd of Arabian Medium crude and Aramco is targeting as much as 600,000 barrels per day in additional volumes from the Arabian Heavy reservoir in its next expansion phase.
•Dolce & Gabbana is bringing its lavish Alta Moda, Alta Sartoria and Alta Gioielleria shows to Saudi Arabia for the first time on January 27.
"Known for staging large-scale, theatrical events that fuse emotion with high fashion, Dolce & Gabbana has previously shown its Alta Moda collections in a temple in Sicily, the storied houses of Milan and even inside New York's Metropolitan Opera House. Its last outing in August was in Venice's famed St Mark's Square, where the thunderstorms added to the theatrical beauty of the clothes."
•Jahez IPO'd this week in Saudi Arabia, listing on Nomu, Saudi Arabia's Parallel exchange. The Saudi food delivery firm became the first Saudi tech startup to list on a public exchange in the Kingdom.
The 966's first "topical" discussion format is with energy expert Kate Dourian, non-resident fellow at the Arab Gulf States Institute in Washington and contributing editor at MEES, the Middle East Economic Survey. Kate is also a former editor and veteran journalist covering energy and more in the region for Reuters and Platts, and joins The 966 from London.
The hosts kick off each each with their “one big interesting thing this week in Saudi Arabia.” Richard highlights a forthcoming conversation The 966 has with energy expert Kate Dourian and discusses dwindling new oil supplies coming on-line in 2021. Lucien notes that, while not a done deal, a PIF takeover of Inter Milan would be a big deal for Saudi Arabia’s global sports ambitions and would be a strong blue chip global football brand to add to the powerful investment fund’s portfolio. Chris Johnson weighs in on both of these topics before the group discusses Nitaqat, a concerning letter from the U.S. Embassy in Riyadh, and then discuss Chris’s work in Riyadh with MECACC and as a lawyer navigating the Kingdom’s changing legal landscape.
2:00 – Oil and gas firms are having “their worst year for new fossil fuel discoveries in decades and reserves are dwindling. The oil and gas industry is on track to discover just 4.7 billion barrels of oil equivalent (boe) by the end of 2021, its worst performance in 75 years, according to the research firm Rystad Energy,” Quartz reports. Richard discusses the implications of this news and highlight a forthcoming interview the hosts have publishing on Monday with energy expert Kate Dourian.
8:25 – Saudi Arabia’s PIF is reportedly close to acquiring another major European soccer team.
The PIF is reportedly looking to buy a controlling stake in Inter Milan for an estimated $1 billion, and of course if it goes through, would be the second major soccer club in the PIF portfolio, having recently closed its deal to buy Newcastle United. The club’s got some money problems. An IBT report this week said it was losing $15 million bucks a month, and has had to sell off some of its star players recently. Currently owned by the Suning Holdings Group Co., Ltd, a private Chinese company, the club was founded in 1908 and since its debut in 1909, Inter is the only Italian team to have always competed in the top flight of Italian football.
13:00 -Nitaqat, also known as Saudization, is a policy in Saudi Arabia aimed at increasing Saudi citizen participation in the workforce – especially the private sector workforce. The policy dates back to 2011 and over the last decade has grown into a series of policies aimed at reforming the country’s labor market and lowering the Kingdom’s chronically high unemployment rates and also increasing female employment.
Nitaqat uses a rating system which classifies companies into four zones; platinum, green, yellow and red. Nitaqat requires employers in the private sector with over nine employees to hire a certain percentage of Saudi nationals, depending on the company’s industry and the number of employees in the company. Companies with less than 10 employees are exempt from the zoning system, but are still required to hire at least one Saudi national.
December 1st, the latest version of the Nitaqat program comes in effect and contains several new features, and has a goal of creating 340,000 jobs by 2024 as well as simplifying the compliance rules for businesses.
The hosts discuss: how is Nitaqat going?
25:52 – The environment for U.S. business in Saudi Arabia.
Per a Bloomberg report in November, The U.S. embassy in Riyadh criticized Saudi Arabia’s tax authorities and warned that disputes with foreign companies risk discouraging investment in the country. “Numerous multinational enterprises” operating in Saudi Arabia “have experienced tax issues exhibiting a lack of transparency, consistency and due process compared to what they have come to expect from other nations,” the U.S. embassy in Riyadh said in a letter to the Saudi Ministry of Investment.
The hosts unpack this challenge to securing additional foreign investment and discuss the current business climate in Saudi Arabia.
39:37 – The hosts ask Chris Johnson about his work in Riyadh as an attorney. Mr. Johnson also publishes the Saudi Business Continuity updates for Sharif Law, and discuss his work with the AmCham Saudi Arabia (once ABGR) as well as his efforts with the MECACC and the latest Door Knock.
52:10 – ‘Yallah,’ The 966 podcast’s finish which includes a range of quick-hit topics to get you up to speed on more going on in Saudi Arabia before the weekend. The hosts and Chris Johnson react to, and discuss, each one. The topics this week:
•Saudi Arabia has reintroduced mandatory wearing of face masks and maintaining social distancing indoors and outdoors effective from Thursday, in a new move to curb the rapid increase in cases of COVID-19 variants.
•A new Law of Evidence was just approved by the Council of Ministers. This is the first of the four key judicial reform legislations that includes a new Civil Status Law, Civil Transactions Law, and Penal Code for Discretionary Sentences.
•The real estate sector provided 40,000 job opportunities in 2021, increasing the private sector’s participation to more than $103 billion, said Majid Al-Hogail, minister of Municipal and Rural Affairs and Housing.
•Diriyah in Saudi Arabia has announced the first 14 of its 38 hotels which will be opened in coming years at the development north-west of Riyadh.
•American cinema giant AMC which partners with Saudi Entertainment Ventures was an early mover after cinemas were re-opened in 2018. AMC had hoped to open 20 cinemas by the end of 2020 but currently only runs 10 with 65 screens.
•Saudi police have arrested three people who destroyed a traffic monitoring device at Umwah governorate in the southwestern region of Asir. Dozens of motorists had been criminally charged in the past for destroying Saher cameras when the monitoring scheme was first introduced in Saudi Arabia in the past few years.
•Saudi Arabia has delayed the launch of a major development strategy for the city of Riyadh up to 2030 until next year due to some “incomplete elements”, the state news agency SPA reported on Tuesday.
Today - with the holiday season fast approaching and Christmas on Saturday, The 966 features a special episode for today's weekly podcast.
3:35 - Lucid is building a factory in Saudi Arabia:Lucid has recently announced that the USA-based electric car manufacturer will be producing vehicles in Saudi Arabia by 2024. Lucid will be competing against its rival Tesla and hopes to outperform the Tesla Model S in the Saudi market.
8:14 - Saudi Arabia plans airport takeovers privatizations for at least some of them.Earlier this week, Reuters and Asharq Alawsat said the kingdom’s 22 airports will be set up as airport holding companies, which will oversee construction, operation and management. They will then be transferred to the Public Investment Fund (PIF) to ‘put on the market at a later time.’
10:55 - The top 7 companies in Saudi Arabia to work forNovo Nordisk Saudi, Manga Productions, Foodics, Tamkeen Technologies, Roshn, International Maritime Industries and Saudi Arabian Packaging Industry are recognized as the top 7 best places to work in Saudi Arabia for 2021, according to the annual “Best Places to Work” certification program.
13:50 - EDM festival Soundstorm wrapped in Riyadh, with 700,000 attending the 4-day outdoor rave. DJ David Guetta played a unique set, and gave an interesting interview with the AP on Saudi reforms.Guetta said “I was happy to be part of this. Of course there’s more things to be done to improve the country but I think they are opening and really going to the right direction…Four years ago women couldn’t drive, and now they can come to a David Guetta concert and dance, you know it’s a huge evolution.”
19:58 - Dakar Saudi Arabia 2021
Two Saudi women, Mashael Al-Obaidan and Dania Akeel, will be the first female drivers from Saudi Arabia to compete in the Dakar Rally next month, Reuters reports. The announcement marks a significant about-face for Saudi Arabia, which only recently allowed women to legally drive in the Kingdom.
23:23 - The Saudi-backed golf tour and the PGA will avoid a confrontation over player loyalties --- for now.The PGA granted waivers for Golf's biggest stars to play in the upcoming Saudi International in KAEC.
PGA kicked the can down the road - avoiding preventing players from playing in the Saudi tournament, which takes place Feb. 3-6, 2022.
29:36 - Omicron comes to Saudi Arabia.The first confirmed case of the Omicron variant was December 1st. This past week confirmed cases of COVID-19 in Saudi Arabia more than doubled in the past two days, from 104 on Sunday to 222 on Tuesday. The Health Ministry urged all residents to avoid traveling outside the country and new arrivals to avoid social contact for five days.
33:50 - According to the Center for Strategic and International Studies, Attacks by the Iran-backed Houthi militant group against Saudi Arabia have more than doubled this year from their pace last year.
The WSJ cited a report from the Center for Strategic and International Studies, which found the Houthi group launched 78 attacks a month this year (or 702 in total)
That compares with 38 a month last year.
40:48 - Crown Prince Mohammed bin Salman launched the Jeddah Central project, another huge outlay of investment to make Saudi Arabia's second largest city a more attractive tourism and entertainment destination.
The plan was launched with a price tag and main features by the Crown Prince.
The Jeddah Central Development Company is a PIF Subsidiary. Includes a marina, opera house, stadium, revitalized beaches...
43:35 - Saudi Startups record the best ever funding quarter in Q3 2021.
According to data platform Magnitt, Start-ups in Saudi Arabia recorded their best ever quarter for fund-raising in the three months ending September 30, attracting $205 million in 34 deals. Total venture capital investment reached $376m year-to-date in 2021 — more than double the funding invested during the full year of 2020.
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The 966 wishes happy holidays to all our listeners.
The 966 features an exclusive, two-part interview with Fahad Nazer, spokesperson for the Saudi embassy in Washington. In Part 2 of the interview, the hosts ask Mr. Nazer about a wide range of issues, including about Saudi Arabia's students in the United States, Iran, Saudi Arabia's relationship with Israel. The hosts also ask Fahad a little bit about growing up in the United States, including how he became a fan of the NFL's New York Jets.
Nazer, who has been a contributor to SUSTG.com as well as Arab News and other publications in the region and United States, has served in the role since January 2019. Previously, Nazer served as a political consultant to the Embassy. He has held positions with JTG, Inc., Array Information Technology, Inc., and the Arab Gulf States Institute in Washington.
1:00 - The Saudi Ministry of Culture hosted the Riyadh Philosophy Conference with a virtual talk from professor Michael Sandel.
A major international conference on philosophy has been held in Saudi Arabia aimed at encouraging critical thinking, according to the BBC and other local sources.In a virtual appearance, Harvard professor Michael Sandel - who's been described as having the global profile of a rock star - "told the organizers that he didn't want to give a lecture, but instead sought to engage directly with young Saudis, including women," the BBC reports.
The hosts discuss the importance of the rare event in Saudi Arabia.
6:14 - Expo 2030 in Saudi Arabia?Saudi Arabia has officially submitted a bid to host Expo 2030 in Riyadh, with the Royal Commission for Riyadh City (RCRC) CEO Fahd Al-Rasheed submitting the Kingdom’s bid while addressing a virtual gathering of 170 member countries assembled to kickstart the five-stage bidding process that will conclude with voting in November 2023.
According to the local english daily Saudi Gazette, the Kingdom’s dossier submission came in its participation in the virtual meeting of the Bureau of International Exhibitions (BIE) General Assembly, which was held Tuesday in Paris.
Saudi Arabia has four rivals to fend off in hopes of securing the bid: South Korea, Italy, the Ukraine, and Russia are in the running for the six-month long event organized by the BIE.
“The 2030 World Expo in Riyadh will coincide with the culmination of Vision 2030, and it will be an extraordinary opportunity to showcase the achievements of the Vision and share valuable lessons from this unprecedented transformation,” Al-Rasheed said in announcing the plan.
10:44 - Saudi Arabia's art and culture industry is blossoming.
Saudi Arabia’s inaugural Diriyah Contemporary Art Biennale, which is underway and runs until March, is getting praise from critics and visitors alike. The ongoing event overlapped briefly with another cultural milestone in Saudi Arabia, the Kingdom's first ever major film festival in Jeddah. Writing in Artnet.com, Nadine Khalil called displays and performances in Riyadh as part of the Biennale "paradigm-shifting moments"
On one performance, Khalil said, "People seemed compelled not just by the visceral choreography of women performing live, but by the act of witnessing this historic moment in the artistic life of a country."
The Art Newspaper, another strong source in the industry, said the inaugural Diriyah Biennale and the opening of Hayy Jameel "are the latest in a series of initiatives helping the kingdom emerge from artistic isolation."
The Art Newspaper goes on to say, "while the dusty Riyadh air was thick with pronouncements of “game-changing” and even “world-changing,” the hyperbole was not far off. For the relatively isolated Saudi art scene, 2021/22 will be a moment of decisive shift."
29:23 - Saudi Arabia's 2022 budget - it's final. And the Saudi economy has a head of steam going into 2022.
Saudi Arabia released its budget for the 2022 fiscal year following the endorsement by the Council of Ministers on December 12th, with a few changes from the preliminary budget released earlier in September this year.
As expected, Saudi Arabia is expected to register its first fiscal surplus since 2013.
Despite the Kingdom's strong position, the budget notes that it will not spend more. Total expenditure for 2022 is set to be $254.56 billion, that's 6 percent lower than actual expenditure this year in 2021.
The budget announcement earlier this week comes on the back of mounting evidence of a Saudi economy that could have a big near next year.
Saudi Arabia's economy expanded 7% in Q3, the highest rate since 2012.
Riyadh said on Sunday it expected the economy to grow 2.9% this year and 7.4% next year.
40:53 - 'Yallah: Saudi in a Minute'A new weekly segment for The 966 is launched. Yallah: Saudi in a Minute includes a quick rundown of other top storylines in Saudi Arabia to get you caught up before the weekend.
1:04 - The UAE weekend is changing.The United Arab Emirates is changing its workweek to have half days on Fridays and a Saturday-Sunday weekend.
8:46 - The hosts discuss their first time visiting the Kingdom of Saudi Arabia - and how perceptions differed from reality on the ground.
The 966 recently interviewed the Saudi Embassy in Washington's top spokesperson Fahad Nazer. One of his answers to a question from the hosts prompted a new discussion on the importance of visiting Saudi Arabia and seeing the ongoing changes for yourself.
15:50 - Saudi Arabia's Ever More Ambitious Investment Strategy
Attracting investment is pivotal to the Kingdom's economic transformation plans. Late last month, our guest host today, Robert Mogielnicki, wrote about the Kingdom's investment drive in an excellent piece for the Arab Gulf States Institute in Washington's blog.
"There is still time for Saudi Arabia to accomplish many of Vision 2030’s foreign investment objectives, but the window of opportunity is closing quickly...Saudi Arabia’s recent FDI figures are not overly promising, but the low investment levels offer plenty of room for growth..."
The hosts discuss the article and the investment climate in Saudi Arabia, as well as the challenges in reaching stated goals.
36:08 - Crown Prince Mohammed bin Salman's GCC Tour and Regional DiplomacyThe tour began in Oman. MBS was awarded a top honor by the Sultan. MBS then arrived in Dubai on Tuesday and visited Expo 2020.
Wednesday, the Crown Prince visited Qatar - his first trip there since the diplomatic standoff between the two nations which lasted several years.
47:28 - The PIF is selling shares in STC. It's the latest in a privatization push by the Saudi government.
In the latest privatization push from the Saudi Public Investment Fund, the PIF plans to raise as much as $3.1 billion through the sale of shares in Saudi Telecom Co. (STC).
The PIF is offering a 5% stake in STC. That's 100 million shares.
The STC is the Middle East’s most profitable mobile-phone operator, and the Kingdom's largest telecom company.
The price will be offered at between 100 riyals ($26.70) to 116 riyals starting Dec. 10.
This could be the biggest secondary offering of the year in Europe, the Middle East and Africa. A secondary offering is A secondary offering is the sale of new or closely held shares of a company that has already made an initial public offering (IPO).
The Saudi Arabia telecom market is expected to register a CAGR of over 10% through 2026, according to a forecast by mordorintelligence.com.
The 966 features an exclusive, two-part interview with Fahad Nazer, spokesperson for the Saudi embassy in Washington. In part of the interview, the hosts ask Mr. Nazer about a wide range of issues, including Saudi Arabia's energy plans, the Kingdom's relationship with the U.S. Congress (and the Biden administration), the Jamal Khashoggi murder, and other domestic-focused topics in part 1 of this exclusive two part interview.
Nazer, who has been a contributor to SUSTG.com as well as Arab News and other publications in the region and United States, has served in the role since January 2019. Previously, Nazer served as a political consultant to the Embassy. He has held positions with JTG, Inc., Array Information Technology, Inc., and the Arab Gulf States Institute in Washington.
1:31 - A significant number of entertainment and other events in Riyadh this winter has transformed the Saudi capital.
The hosts discuss the significant changes ongoing in Riyadh as the city hosts "Riyadh Season." The grouping of events as part of a massive season-long entertainment push has Saudis traveling from all over the country to visit the capital, as guest co-host Fahad Almaliki attested. Saudi Arabia’s Riyadh Season has welcomed more than 4.5 million visits in a month, according to the Saudi Press Agency. The season also generated more than 122,000 jobs.
7:50 - A rundown of all the Saudi-related golf news this week.
Saudi Arabia's annual golf tournament got some big names to commit this week. The Saudi International, which is hosted at the really beautiful Royal Greens golf club in Saudi Arabia, got commitments from Dustin Johnson, Bryson DeChambeau, Phil Mickelson, Tommy Fleetwood, Abraham Ancer, Paul Casey, Sergio, Kokrak...This is a who's who of golf. This is interest that can be fairly described as "overwhelming" from some of the top names in the sport. The PGA has 30 days before to not allow the players to play...or face a fine. Saudi Arabia's moves in this sport are generating widespread interest.
10:55 - Saudi Arabia's Tadawul is set to IPO. It's just the latest in a hot streak for the Saudi bourse.
Earlier this month Tadawul got approval for the IPO in what could be one of the biggest in the exchange sector since Euronext NV’s $1.2 billion listing. This has been in the works for years, since at least 2016. Tadawul at that time hired HSBC to help with the listing, and has since replaced HSBC with Citigroup Inc., JPMorgan Chase & Co., and SNB Capital as financial advisers and global coordinators for the IPO.
The hosts get Fahad Almaliki's valuable take on this space.
27:25 - Shale gas in...Saudi Arabia?
We've talked a lot about Shale so far on this podcast, but mostly we've discussed U.S. shale. Saudi Arabia is making a shale gas play within the Kingdom's borders, on the Eastern province, The Jafurah shale field, according to several reports including one in SPGlobal.com.
Saudi Aramco expects its Jafurah shale play to yield up to 2 Bcf/d of gas and contribute a significant amount of 418 MMcf/d of ethane and 630,000 boe/d of gas liquids and condensates by 2030.
Aramco is really beginning to accelerate the company's development of unconventional resources.
Just this week, Aramco awarded $10 billion dollars in EPC contracts for work at the field.
35:15 - Saudi Arabia's growing economy and a year of optimism in 2022
Economic forecasts are starting to congeal around the fact that the Saudi economy is set for a big year in 2022. The Saudi Government is forecasting growth at 7.5% in 2022. The World Bank says 4.9 percent. Jadwa Investment predicts 7 percent year-on-year growth.
The consensus is not in the number but in the sentiment: the Kingdom is set for a pretty strong year economically, Omicron and other externalities notwithstanding...
1:20 - Women's soccer in Saudi Arabia takes a big leap forward.Saudi soccer officials said they will launch the first edition of a women’s league. The new women’s league will be playing in two phases within the regional league, and sixteen teams will take part in the first phase with games played in three cities — the capital Riyadh, Jeddah and Dammam. Saudi officials also announced the hiring of Monika Staab to lead the Saudi Arabian national women’s team.
7:30 - SOUNDSTORM, a massive EDM festival in Saudi Arabia, features some of the world's best DJs.SOUNDSTORM is a music festival that is taking place in Saudi Arabia - the second installment after the first in 2019 (and a break in 2020 during the pandemic). It is being billed as the region’s biggest and loudest music festival. SOUNDSTORM will take place in Riyadh from December 16 to 19, and will feature a world-class international music lineup, including more than 150 global superstar headliners and international dance acts, as well as local and regional talent. International artists Armin Van Buuren, David Guetta, Deadmau5, DJ Snake, Eric Prydz, Steve Aoki, are among those slated to perform.
Saudi Arabia’s MDLBeast, the organizing company, said that the festival will include at least 6 female DJs.
14:08 - President Biden's decision to tap the Strategic Petroleum Reserve, and what this means for oil.
President Biden will release 50 million barrels of oil from the SPR, of which 32 million will be an exchange of oil that will be returned in the years ahead, and 18 million will be the acceleration of a sale of oil previously authorized by Congress. Pump prices in the U.S. are up 61% from a year ago, with regular unleaded selling last week at a national average price of $3.40 a gallon, according to Energy Department data.
The SPR is a complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts which can hold 714 million barrels.
The SPR's very existence is tied to Saudi Arabia, having been set up 40 years ago in response to the Arab Oil crisis of 1973.
27:58 - Saudi Arabia's Covid 19 response - the envy of the world?
Saudi Arabia has had fewer than 100 new daily cases of Covid since mid-September. The Kingdom has all but beaten the pandemic, and has taken bold, progressive actions that have put their economy in an advantageous position for a major comeback in the months to come.
As of today 70% of Saudi Arabia has had at least one vaccine. 42:25 - Why "sportswashing" fails to tell the whole story of Saudi Arabia's sports ambitions.Sportswashing is when a country or corporation uses international sport to improve its reputation. Usually this is done through hosting a sporting event, the purchase or sponsorship of sporting teams, or by participation in the sport itself.
A report out earlier this year said that Saudi Arabia spent $1.5 billion on high-profile international sports and sporting events, and that report was published before the purchase of Newcastle United by Saudi Arabia's Public Investment Fund.
The hosts discuss why this term doesn't come close to telling the whole story of Saudi Arabia's sporting ambitions, and argue that what the Kingdom is doing is not "sportswashing," but instead attempting to develop sports at home while making savvy investments into sporting properties around the world.
1:35 - Richard's One Big Thing This Week is the recent U.S.-GCC statement on Iran.
Diplomats from the U.S., Saudi Arabia and other GCC nations convened in Riyadh this week to discuss a coordinated effort to counter Iran’s “range of aggressive and dangerous policies,” the State Department confirmed in a statement. The U.S. GCC Iran Working Group Statement “affirmed the longstanding partnership between the U.S. and the members of the GCC and our shared determination to contribute to regional security and stability, under the framework of the GCC-US Strategic Partnership.”
The statement said that all participants urged the new Iranian Administration “to seize the current diplomatic opportunity to prevent conflict and crisis and create the basis for enhanced regional security and prosperity.”
6:37 - Lucien's One Big Thing This Week is the recent news that Saudia (Saudi Airlines) may be a huge buyer of planes in the coming years.Saudia, also known as Saudi Airlines, is potentially targeting an aircraft order from Airbus SE or Boeing Co. that could total well above 100 jets as part of a push to lure more tourists,” Bloomberg reports. The carrier is targeting a fleet of 250 aircraft by 2030, which would mean adding around “100 for growth while renewing a significant chunk of an existing 150-plane fleet,” according to Saudia's CEO Ibrahim Koshy.
9:37 - Topic 1 - Where is oil's price going in 2022?
The International Energy Agency (IEA) on Tuesday upped its average Brent crude oil price assumption for 2022 to $79.40 a barrel. Brent is expected to average $71.50 a barrel this year. U.S. output made up for half the increase in global oil production last month, but the IEA doesn't see US production getting to pre-pandemic levels until the end of next year. The hosts discuss why Saudi Arabia sets the price floor and shale oil sets the ceiling.
21:10 - Topic 2 - Saudi Arabia grants citizenship to talented expats. What does that mean for Saudi Arabia?Saudi Arabia is redefining citizenship, at least for a few. A royal decree issued last Thursday grants citizenship to "experts and exceptional global talents" who will contribute to the growth of the kingdom, according to the news carried by state news agency SPA.
The naturalization program will seek out individuals in Islamic scholarship, medicine, science, culture, sports and technology with a view to creating an "attractive environment" to cultivate and retain exceptional talent to help achieve Vision 2030 goals, SPA said.
31:28 - Topic 3 - Saudi Arabia announces two new mega-development plans in a WeekTwo huge announcements this week. Let's start first near the capital Riyadh, where MBS is planning an eponymous new city called the Prince Mohammed bin Salman Non-Profit City, which will be built on a 3.4 square kilometer (1.3 square mile) plot of land donated by the Crown Prince.The second is Oxagon: the world's largest floating industrial complex, which will be located just outside of NEOM.
Neom didn’t say how much the city would cost, or how the complex would be engineered to float.
The 966 is a new podcast focusing on all things Saudi Arabia.
From the team that publishes the most widely-read daily email newsletter on Saudi Arabia, The 966 explores the news, people, and issues that actually matter for the Kingdom through weekly conversations and interviews with Saudi business leaders, officials, newsmakers and others. Hosted by Richard Wilson and Lucien Zeigler, The 966 goes beyond the headlines and tackles complex economic, social and political issues – why they matter to and within Saudi Arabia, how they impact U.S. interests in the region and what they mean for the U.S.-Saudi relationship.
2:58 - Rivian’s IPO. Rivian, the electric adventure vehicle company, IPOed this week. The stock began trading at $106.75 a share, giving Rivian a market valuation of $91 billion.
5:36 - Saudi Arabia gears up to host world’s largest camel fest.
8:24 - Saudi Arabia's Red Sea International Festival. This is Saudi Arabia's first-ever film festival, and it will run from December 6-15 in Jeddah, Saudi Arabia. The original date was in 2020. In total, the Red Sea Film Festival will feature 138 feature films and shorts from 67 countries in 34 languages, including 25 world premieres. Among this lineup are a slate of 27 new Saudi features from emerging local filmmakers.
13:41 - 7 Years of King Salman. Saudi's worldwide celebrated the 7th anniversary of King Salman ascending to the throne as custodian of the two holy mosques. The second youngest of the Sudairy seven, King Salman is the 7th King of Saudi Arabia. The hosts discuss why he is the Reformer King.
35:54 - Saudi Arabia at COP 26. OPEC+ countries, including Saudi Arabia, are defending a future role for fossil fuels at COP26.
"It is imperative that we recognise the diversity of climate solutions, and the importance of emissions ... without any bias towards or against any particular source of energy," Saudi Arabian Energy Minister Prince Abdulaziz bin Salman Al-Saud said in a speech to the conference.
“We should use all [energy] resources as long as we congregate around mitigating.”
1:19: A slow-reveal of Richard's one big thing this week...but it involves the PMI and Saudi Arabia's economy.
6:02: One of the most interesting men in Saudi Arabia is Turki Al-Sheikh. According to Al-Sheikh's insta, he's written a horror film. The Cello is coming out in 2022, and stars academy award-winner Jememy Irons. Al-Sheikh shared the film’s poster in a Twitter post with the caption “2022.”
8:39: Saudi Arabia wants to host the world's fair in 2030. Riyadh has submitted a formal request to host Expo 2030 under the theme "The era of change: Leading the planet to a foresighted tomorrow." This year, Expo 2020, which was delayed due to the Coronavirus pandemic, is ongoing and hosted in neighboring Dubai.
13:35: A team of French and Saudi archaeologists has begun work on excavating near Al-Ula in Saudi Arabia in hopes of discovering the remnants of the ancient and long-forgotten kingdoms of Dadan and Lihyan, according to a Reuters report.
20:08: Can Saudi Arabia become a home for carmakers? A deep answer from Richard reveals all the things going for the potential for a car industry in Saudi Arabia. Saudi Arabia is in talks with several carmakers about manufacturing in the Kingdom's borders, according to Khalid Al Falih, Saudi Arabia's minister of investment.
1:18 - A discussion about Boeing's prospects in the Middle East and beyond with a recent issue of its commercial market outlook
3:48 - Saudi Arabia's golf scene is set to come alive with the reported announcement of a partnership with Greg Norman. Saudi Arabia is interested in golf. Regardless of what happens in the coming week, Saudi Arabia is building several new and potentially awesome golf courses, and will continue with hosting The Saudi International this year with the Asian Tour.
5:31 - Net-Zero for Saudi Arabia + Climate Change Summit in Riyadh. Saudi Arabia has pledged to achieve net-zero emissions by 2060. The announcement was made in a speech Saturday by Crown Prince Mohammed bin Salman at the Saudi Green Initiative (SGI), an event in Riyadh timed to take place just before this weekend's climate change summit which starts on Sunday in Glasgow. 2060 is a decade after the United States has promised to reach net-zero. The announcement makes it clear that Saudi Arabia will still export oil and continue as a reliable supplier and market regulator during the transition.
21:00 - The 5th FII in Saudi Arabia. Sometimes casually referred to as “Davos in the Desert,” the FII saw conversations and public comments from (just to name a few) Larry Fink of BlackRock, David Solomon, chairman of Goldman Sachs Group, Ray Dalio, founder and co-chairman of Bridgewater Associates and many more. It also saw appearances and comments from just about every Saudi minister, top CEO in Saudi, and more. The hosts discuss why this year's vibe felt different.
26:20 - Is Saudi Arabia's tourism industry set to grow? Saudi Arabia wants to be a tourist destination, and the Kingdom is building a tourism industry effectively from scratch. As part of the ongoing economic reforms in Saudi Arabia, authorities want Saudis to want to travel within the Kingdom's borders instead of going abroad for vacation, and they want foreigners to visit. The goal is both to open the Kingdom up to the world - and more importantly to grow the Saudi economy.
After the pandemic year, Saudi Arabia is going to be looking closely for a big rebound in tourism.
Dress Code at the Jeddah Grand Prix?
The Upcoming Formula One Grand Prix in Jeddah is December 5th, and a new dress code for the event is making the rounds on the internet.
The dress code includes "no excessive makeup, no transparent clothing, no clothing which rests above the knee, no miniskirts, no backless dresses, nothing which shows straps, no tight clothing and no bikinis."
Saudi may want tourism, but it doesn't want to be Las Vegas.
The Puzzle of U.S.-Saudi TiesJon Alterman from the Center for Strategic and International Studies (CSIS), a reputable DC-based think tank, published a commentary on "the Puzzle" of U.S.-Saudi relations. It begins, "By most accounts, the Biden administration is pleased with the results of its policy toward Saudi Arabia, Alterman writes. But, he says, "The Saudis seem less satisfied, though. They feel the Biden team has pocketed their efforts at partnership and has given little in return." The hosts discuss why this commentary gets it right.
Saudi Arabia's Stock Market, the Tadawul, hits a 15-YEAR high
On Tuesday of this week, Saudi stocks reached a more than 15-year high. Those gains continued through the rest of the week, and the Tadawul ended even higher on Thursday.
The 966 hosts discuss why investors remain optimistic in the region.
The Rising Cost of Solar in Saudi ArabiaBid prices to develop Saudi Arabia’s latest round of solar-power projects rose substantially from earlier this year. This underscores how soaring panel costs are hitting the renewable-energy industry, according to a Bloomberg report. The hosts discuss the status of solar development in Saudi Arabia and why they would like to see it move faster.
The 966 interviews Saudi Arabia's Lina Almaeena, who spent well over a decade leading the charge for women’s sports in Saudi Arabia after co-founding Jeddah United in 2006. Almaeena then served on Saudi Arabia's top legislative advisory body, the Shura Council, and continues to work to advance women's empowerment in Saudi Arabia in line with Vision 2030's reforms.
After the launch of Vision 2030 by Saudi Arabia's Crown Prince Mohammed bin Salman in 2016, Lina was appointed to the Shoura Council, the highest legislative body in Saudi Arabia.
Almaeena discusses her experiences in starting a growing a business, government service, and her work going forward with The 966 in this exclusive interview.
The 966 is a podcast and show that focuses on all things Saudi Arabia. Get updates and subscribe on the show's page, 966.transistor.fm, and get the podcast on Apple Podcasts, Spotify and more.
4:30 - Topic #1: This week, An Australian company called EV Metals Group Plc plans to invest $3 billion in Saudi Arabia, according to Bloomberg. The investment is a bet on the metals used in batteries for electric vehicles (EVs.)
9:08 - Topic #2: Electricity and Power demand in Saudi Arabia. Electricity demand in Saudi Arabia changing after the implementation of efficiency measures and energy price reforms. KAPSARC projected the growth in total Saudi electricity demand to significantly decelerate over the coming decade compared with the historical trend. Has consumer behavior structurally shifted?
14:00 - Topic #3: Saudi Arabia plans to create special economic zones offering incentives to invest in sectors including health care, manufacturing and cloud computing. Investment in the kingdom has been “less than hoped for,” Al-Falih said, according to Bloomberg. “We want to import capital -- and bring back Saudi capital that didn’t find opportunities inside our kingdom.”
0:15 --- Saudi Arabia keeps ranking high in Covid mitigation indices, recently ranking second for recovery from the Pandemic by Nikkei
2:49 --- Saudi Arabian authorities have imposed a permanent ban on planting of palm trees - the symbol of Saudi Arabia - along roads as well as in parks and gardens across the Kingdom. This is part of measures to prevent the spread of the red palm weevil. The proportion of Saudi Arabia’s land area covered by forest has remained unchanged since 1990 at about 0.5%.
4:33 --- It's been another big week for the price of oil. Saudi Arabia is making more money on oil, - a lot more money - and that's good news for Vision 2030. And now, with oil prices rising, Aramco's value is approaching the $2 Trillion mark.
17:23 - Saudi and Iran continue talks. The Biden Administration said it welcomes the news of direct communication between Saudi Arabia and Iran. Saudi Arabia confirmed on Sunday it had held its first round of direct talks with Iran’s new government last month. But Saudi Foreign Minister Prince Faisal bin Farhan said the talks were still in the exploratory phase. Saudi and Iranian officials reportedly met in Iraq last month,
but the number of situations that Saudi Arabia and Iran find themselves at opposing ends, in Yemen, Syria, and elsewhere, is significant.
20:53 - The end of a piracy dispute between Saudi Arabia and Premier League broadcaster beIN Sports, which is based in Qatar, clears the way for a PIF-led group to buy the Newcastle United for $400 million. This is over a year after Saudi Arabia first tried, but failed, to acquire the team.
What was it like to host the G20 in Saudi Arabia, and what was left behind? In 2020, Saudi Arabia became the first Arab nation to assume the G20 presidency. Hosting the G20 is a massive undertaking, involving close to two years of event planning, policy development and strategy, and much more. In the first feature-length interview for The 966, the hosts interview Abdullah AlHassan, who served as Saudi G20 Sous Sherpa and Executive Director of Policy during the Saudi G20 Presidency.
The hosts asked Abdullah about the successes and challenges with hosting the G20 in a year the world faced the global pandemic, and discussed the legacy of hosting such a large-scale international diplomatic event. Abdullah also talked about the work that goes on behind the scenes with the G20. The 966 also asked AlHassan, who left the IMF to serve as Sous-Sherpa for the G20 Saudi secretariat and has returned to the IMF, about the legacy of Saudi Arabia's G20 Presidency going forward.
"Those who work on the G20, which many of them by the way are youth -- this is the human capital that will be left, that's already been left, after the G20 that will continue to sharpen their skills in terms of policy, negotiation, event planning, and so forth," AlHassan told The 966. "Those people who work at the G20, now they are in a different part of the government, executing the government's vision for the future, Vision 2030. So those people, they acquire a unique international skills that now they are able basically to put it into place in order to execute domestic policies that will take the country to a higher level in the future."
The G20 is a significant organization. The 20 member-nations represent 90% of global GDP, 80% of world trade, and two-thirds of the world's population.
"When you have to create this out of whole cloth and go from zero to a hundred, it was really a masterclass for Saudi," SUSTG's president and 966 co-host Richard Wilson noted, adding that a whole generation of Saudis expanded their skillset as a result of working on hosting the G20 meetings in Saudi Arabia.
Abdullah AlHassan discussed how he was first tapped to serve his country for the G20 presidency, and how, during his two year sabbatical from the IMF, he worked his way up from senior policy advisor to serving in two more senior roles: Sous-Sherpa and the Executive Director of Policy.
"These are basically two jobs. I mean, as a director of policy, you are building the policies, coordinating with at least 12 government entities on a day-to-day basis, trying to execute the presidency agenda...And then as a Sous-Sherpa, more as a political engagement with other Sherpa offices to ensure that they can reach consensus and this creates the issues where needed.
Organizing the G20 is a significant undertaking for every host country. But just two months into the Saudi presidency, the organizers were dealt a curveball: how to proceed with the event during the global pandemic.
"When the World Health Organization declared COVID-19 as a pandemic just before middle of March, we moved swiftly, and his majesty King Salman invited the G20 countries for an extraordinary summit that was held on March 26," AlHassan said. "And it was Chaired by his majesty king Salman. So during the summit, the leaders, they were really committed to addressing both the health and the economic crisis, and at that summit, they sent pretty much two messages....One, protecting life and livelihoods. This is a top priority. And second, ensuring that the economy can get back on its feet over the short term, but also ensuring having a stronger recovery over the medium term."
"2020 was a very challenging year globally. You have a healthcare crisis, you have an economic crisis. We have also an election that is happening in many countries. So there are lots of moving parts at the same time, but what you have, you have a commitment from the G20 countries to deal with the issues. Yes, there are some easier issues than another, but as long as you continue to have the dialogue among the G20 countries, you are able to reach a consensus."
🎥[WATCH NOW ON YOUTUBE] 🎧[PODCAST VERSION - AUDIO] 📝[FULL TEXT TRANSCRIPT OF THE INTERVIEW]
3:00 - A Contemporary Art Biennale in Saudi Arabia
7:00 - The future of OPEC and oil in the global energy transition
17:30 - Lucid Air's New Car
In the first episode of THE 966, Richard Wilson and Lucien Zeigler discuss their "one big thing" this week in Saudi Arabia. Then the two hosts discuss the meaning behind Saudi Arabia's National Day, the dramatic increase in new residential mortgages in the Kingdom, and assessing U.S.-Saudi relations under President Biden so far.
The 966 is a new podcast covering all things Saudi Arabia. In this introduction to the show, hosts Richard Wilson and Lucien Zeigler discuss the origins of The 966, why Saudi Arabia is strategically important and why it’s fortunes – good or bad – matter to the U.S. The 966 explores the news, people, and issues that actually matter for the Kingdom through weekly conversations and interviews with Saudi business leaders, officials, newsmakers and others.
THE 966 goes beyond the headlines and tackles complex economic, social and political issues – why they matter to and within Saudi Arabia, how they impact U.S. interests in the region and what they mean for the U.S.-Saudi relationship.