Rami is a senior fellow with KAPSARC’s Oil and Gas program, with a focus on global gas and hydrogen markets. He has nearly 15 years of research and industry experience analyzing energy markets and energy policy.

Rami also co-edited the recently published, Clean Hydrogen Economy in Saudi Arabia, Domestic Developments and International Opportunitiesavailable for purchase on Amazon or Routledge as well as Taylor & Francis. 

Spanning 28 chapters the book is a first-of-its-kind analysis of the emerging global hydrogen economy from the vantage point of one of the world’s biggest energy providers: Saudi Arabia. The Kingdom is optimally situated geographically between the major demand markets in Europe and North Asia, from where it can leverage clean hydrogen exports as a potential tool to become a player of strategic importance and successfully diversify its economy under its Vision 2030 program.

In his discussion with Richard and The 966 Rami Shabaneh provides informed analysis of the "who," "what," "where," and "why" related to clean hydrogen development within and beyond Saudi Arabia.

Coincidentally, this past week NEOM Green Hydrogen Company (NGHC) initiated a major recruitment campaign for its world-leading green hydrogen plant as the project moves closer to its operational phase.

The $8.4 billion facility, set to be the world’s largest green hydrogen production plant, is targeting full operations by the end of 2026 and aims to produce up to 600 tonnes of carbon-free hydrogen daily, potentially eliminating five million tonnes of CO2 emissions annually.

Rami Shabaneh is the second KAPSARC expert to join The 966. In January 2022, for Episode #22, Adam Sieminski, who had just finished serving as President of KAPSARC talked renewable energy and the Circular Carbon Economy. Another terrific conversation you can listen to here.

https://share.transistor.fm/s/44662395

According to MEED Projects, the thriving KSA construction sector reported the highest value of awarded projects in 2023, reaching USD97 billion compared to USD60 billion in 2022. Aligning with the Kingdom’s Vision 2030 economic diversification and investment goals, this value represents only 6% of the potential pipeline, highlighting substantial opportunities within the sector.

Join us for another timely and informative episode of The 966.

Summary

Laura Morgan, Market Intelligence Lead Middle East, and Africa for JLL, discusses JLL's latest KSA Construction Market Intelligence Report and the construction market in Saudi Arabia. The report highlights the potential for GDP growth in Saudi Arabia, driven by Vision 2030 giga projects and infrastructure developments. The report also examines the construction pipeline, awarded and unawarded projects, and the challenges faced by the sector. Laura emphasizes the importance of data and transparency in understanding market trends and risks. She also discusses the progress of economic diversification in Saudi Arabia and the impact of rationalization efforts on the contracting sector.

Keywords JLL, KSA Construction Market Intelligence Report, Saudi Arabia, construction market, Vision 2030, infrastructure developments, GDP growth, construction pipeline, awarded projects, unawarded projects, challenges, data, transparency, economic diversification, rationalization, contracting sector.

Takeaways

• Saudi Arabia's construction market is experiencing significant growth, driven by Vision 2030 projects and infrastructure developments.
• The construction pipeline in Saudi Arabia is substantial, with a value of around $1.5 trillion, and there is still a large portion of projects in the design and pre-qualification phases.
• Data and transparency are crucial in understanding market trends and risks in the construction sector.
• The efforts to build up local contracting capability in Saudi Arabia are progressing, but there is still a need for skilled labor, particularly in the MEP sector.
• Despite challenges such as inflation and geopolitical tensions, Saudi Arabia remains committed to its Vision 2030 goals and the construction projects associated with it.

Titles

• Data and Transparency: Understanding Market Trends and Risks
• The Construction Pipeline: A Look at the Projects in Saudi Arabia

Sound Bites

"Saudi Arabia's progress on numerous Vision 2030 giga projects and infrastructure developments has cemented the kingdom's position as a leader in construction activity regionally and globally."

• "Around 5% of the pipeline projects in Saudi Arabia are under a main contract, while the remaining 94-95% are in the design and pre-qualification phases."
• "Despite challenges such as inflation and geopolitical tensions, Saudi Arabia remains committed to what they've announced and what they've said they want to achieve by 2030."

Chapters

00:00    Introduction and Overview of JLL and the Construction Market in Saudi Arabia

03:11    Vision 2030 and Infrastructure Developments Driving Growth

08:11    The Construction Pipeline: Overview and Status of Projects

13:12    Data and Transparency: Understanding Market Trends and Risks

15:57    Building Local Capability: Challenges and Progress in the Contracting Sector

23:14    Commitment to Vision 2030: Overcoming Challenges in Saudi Arabia's Construction Market

In this episode Dr. Peck also discusses the evolution of women's participation in the Saudi labor force and the impact of reforms on the economy and society. She highlights key historical timeframes, such as the 60s, 80s, Arab Spring, and Vision 2030, that have shaped women's access to and impact on the workforce. 

She also discusses the challenges and opportunities that remain, including cultural adaptation, mentorship programs, and the long-term effects of labor quotas on firms.

1. The reputation of the United States and US company brands have taken a major hit in the region.
2. Boycotts of certain US brands are occurring and will continue to flare up periodically.
3. Israel’s ability to bring in foreign direct investment may be diminished.
4. Arab states are pulling away publicly from the United States in some ways, but still desire close ties.
5. The potential for destabilizing regional protests and lone-wolf attacks has increased.

To read more about this topic please see Ms. Ali's excellent article published by The Atlantic Council.

The 966, episode #131, with Reiting Lee, Founder of The Oriental Hybrid, explores the impact of the growing participation in sports and healthy activities in Saudi Arabia on the fashion industry, particularly sportswear and athleisure. 

Reiting Lee is deeply involved in the youth, sportswear and streetwear fashion sectors in Saudi Arabia and the region and is the dynamic founder of The Oriental Hybrid, a boutique consulting firm specializing in innovation strategy and intercultural communications, that serves Arab fashion brands and provides market insights and trend analysis for corporates and media outside of Saudi Arabia. 

The sportswear athleisure market in Saudi Arabia is currently valued at $1.3 billion and is expected to reach $1.5 billion by 2027, with an annual growth rate of 13%. The primary factors driving this lifestyle change and participation include social media influence, health awareness, overseas education, and government initiatives. Soccer, basketball, yoga, and volleyball are popular sports influencing fashion choices in Saudi Arabia. 

International brands like Adidas, Nike, Puma, and Fila dominate the market, with Adidas being the market leader. 

The Saudi 100 brand initiative, launched in 2021, aims to promote Saudi brands, including sportswear and streetwear. 

The sector has tremendous potential for growth, with opportunities for more female founders and female-friendly products. Collaboration between Saudi brands and international brands, as well as investment in localized campaigns and designs, can further accelerate the sector. The boost in tourism in Saudi Arabia is also expected to contribute to the growth of the sector. The conversation concludes with optimism about the future of Saudi sportswear and the potential for Saudi brands to become prominent in the global market.

Takeaways

• The sportswear athleisure market in Saudi Arabia is growing rapidly, with a current value of $1.3 billion and an expected growth to $1.5 billion by 2027.
• Social media influence, health awareness, overseas education, and government initiatives are driving the lifestyle change and participation in sports and healthy activities in Saudi Arabia.
• Soccer, basketball, yoga, and volleyball are popular sports that are influencing fashion choices in Saudi Arabia.
• International brands like Adidas, Nike, Puma, and Fila dominate the sportswear market in Saudi Arabia.
• The Saudi 100 brand initiative aims to promote Saudi brands, including sportswear and streetwear, and there is potential for more female founders and female-friendly products in the sector.
• Collaboration between Saudi brands and international brands, investment in localized campaigns and designs, and the boost in tourism in Saudi Arabia can further accelerate the growth of the sportswear sector.

Titles

• The Impact of Sports Participation on Saudi Fashion
• The Future of Saudi Sportswear: Growth and Potential

Sound Bites

• "The sportswear category has generated $1.3 billion in 2022 and is still expected to grow more and reach $1.5 billion in 2027."
• "The boost and investment into the tourism of Saudi Arabia will also definitely accelerate the sector."
• "Out of the Saudi 100 brands, 34 of those brands are under the category of sportswear and streetwear."

Chapters

00:00Introduction and Background of Oriental Hybrid

03:07The Impact of Sports Participation on Saudi Fashion

05:15The Growth of the Sportswear Category in Saudi Arabia

09:28The Dominance of International Brands in the Saudi Market

11:50The Emergence of Saudi Brands and the Saudi 100 Program

16:21The Most Influential Sports in Saudi Arabia

20:36The Future Potential of the Sportswear and Athleisure Market

23:12Women-Only Gyms and Modesty in Sportswear

26:46Conclusion and Outlook for the Sector

Keywords

Saudi Arabia, sports participation, fashion industry, sportswear, athleisure, Oriental Hybrid, innovation strategy, intercultural communications, market insights, trend analysis, social media influence, health awareness, overseas education, government initiatives, soccer, basketball, yoga, volleyball, international brands, Adidas, Nike, Puma, Fila, Saudi 100 brand initiative, female founders, female-friendly products, collaboration, localized campaigns, tourism, growth potential

The series currently includes 8 articles that, “provide a one-stop resource to answer all the repetitive queries that we see throughout our work. Through insightful articles, Tawaref provides valuable insights and guidance on various topics, such as legal and regulatory requirements, key challenges, tips and tricks, how-to manuals, sector-specific information, and opportunities for growth. Showcasing the key hubs, dos and don’ts, common missteps, incorporation detail, facts that save money. “

The articles include: 

Tawaref Series: navigating Saudi expansion

Tawaref Series: an entrepreneur’s journey in Saudi Arabia, from bootstrapping to big bucks

Tawaref Series: A blueprint for foreign investment success in Saudi Arabia

Tawaref Series: The truth behind Saudi landing hard costs

Tawaref series: Categorising Saudi setup partners by soft costs 

Tawaref Series: Saudi corporate annual operating costs explained

Tawaref Series: Understanding annual operating cost in Saudi Arabia

 
“The Saudi Arabian investment landscape has been thriving in recent years, attracting investors from around the globe. With the introduction of business-friendly reforms and attractive incentives by the Saudi Government, the country has become an increasingly potent and vibrant market for entrepreneurs and investors alike. However, navigating the market can be challenging without access to authentic and authoritative content that provides useful and concise information.”

The Saudi-US Trade Group and The 966 strongly recommend the series for anyone looking to establish a presence in Saudi Arabia. 

The Hevolution Foundation, based in Riyadh, is a non-profit organization that provides grants and early-stage investments to incentivize research and entrepreneurship in healthspan science.

Last month, Hevolution announced its first ever impact investment to catalyze the healthspan and geroscience ecosystem and drive transformative breakthroughs in healthy aging. 

Dr. William Greene’s leadership positions have included founder, biotechnology executive, investor, and clinician. As CEO, he built Iconic Therapeutics through discovery, clinical development and venture financing, leading to a successful sale of the company. He later helmed longevity biotech company Fountain Therapeutics and co-founded digital therapeutics startup Pear Therapeutics.

Dr. Greene spent 12 years at MPM Capital where he was a Managing Director and member of its Investment Committee, responsible for biotechnology and medical technology investments worldwide. He was also founding Chairman and head of the Investment Committee at the Global Health Investment Fund, a groundbreaking impact-oriented venture fund in collaboration with the Gates Foundation, which successfully scaled both investment returns and health impact simultaneously.

Earlier in his career, Dr. Greene was an Assistant Professor of Medicine at University of California at San Francisco (UCSF) and led clinical trials and strategy for a variety of therapeutic areas at Genentech.

Dr. Greene earned his BA from Wesleyan University and his MD from UCSF. He was a Robert Wood Johnson Clinical Scholar at Yale and a Howard Hughes Medical Institute Research Scholar at the US National Institutes of Health (NIH).

In recent years, he was the Acting Deputy Director of the U.S. Department of State’s training center, the Foreign Service Institute, where he had also been Dean of the State Department’s School of Language Studies.  He was Chargé d’Affaires at the U.S. Embassy in Jerusalem in 2021, and earlier served on the faculty of the National Defense University.

Ambassador Ratney was the U.S. Special Envoy for Syria from 2015 to 2018, and also served as acting Deputy Assistant Secretary for the Levant and Israel and Palestinian Affairs.  He was the U.S. Consul General in Jerusalem from 2012 to 2015, where he was responsible for U.S. relations with Palestinians in the West Bank, Gaza, and Jerusalem.  He has been Deputy Assistant Secretary for International Media, overseeing a network of State Department media hubs throughout the world, and was Spokesman for the State Department’s Bureau of Near Eastern Affairs.

Before the conversation, Lucien's One Big Thing is *the* one big thing in Saudi Arabia for pretty much every citizen and non-citizen alike: Ramadan. Lucien shares his initial experience with Ramdan in Riyadh, his first despite being a long-time regular visitor since 2009 and now living in Riyadh. He discusses how his fasting is going and observations on how the city changes during the holy month.

Ramadan Kareem and a blessed holy season to all The 966 listeners and viewers. 

Hussein Ibish is a senior resident scholar at the Arab Gulf States Institute in Washington and is a weekly columnist for The National (UAE) and The Atlantic. He's also a former columnist for Bloomberg, regular contributor to The New York Times and The Daily Beast, and frequent contributor to many other U.S. and Middle Eastern publications.

Hussein discusses the war in Gaza and calls it a "savage war of vengeance" and the Biden Administration's response to it. He also talks about how the war has aligned the U.S. and Saudi Arabia's interests in forming a Palestinian state when the war is over and how the issue has brought the U.S. and Saudi Arabia closer diplomatically. 

The conversation comes as the Kingdom's flagship tech event, LEAP, is set to kick off in Riyadh in March.

He also shares his journey to becoming General Manager of Digital Entrepreneurship Center at Ministry of Communications and Information Technology, his time in the USA, and more...

The Kingdom’s Ministry of Communications and Information Technology works to grow KSA’s digital economy and investment to make Saudi Arabia a global leader in the digital economy. 

Lucien's "One Big Thing" this week is a first person perspective on living in Riyadh with his family during Riyadh Season, and all of the events, activities and other things to do in the Kingdom that make for an amazing experience for citizens and expats alike. Lucien notes that he's tried to attend every event possible, from sports to arts exhibitions to conferences and more. Formula E, Riyadh Season Cup,  World Defense Show, Diriyah Season, Saudi Ladies International presented by PIF, PIF Private Sector Forum, Formula 1, art exhibitions, tech conferences, AI events...the list goes on. Lucien notes that even with an active schedule he's been unable to see even close to all the things on offer in Riyadh, leaving him to draw the conclusion that the Kingdom is increasingly becoming a globally attractive destination for people looking for nice weather and a busy "high" season when cold winters plague other world capitals. 

The hosts jump then to Yallah! and offer a bonus two additional storylines, bringing the total to 8 this week. 

-Saudi Arabia has tapped an ex-Dell Technologies executive to lead the recently formed Public Investment Fund company Alat, an industrial electronics company with $100 billion in backing that aims to become a local manufacturing powerhouse. 

-Saudi Arabia’s budget deficit reached $21.57 billion in the 2023 fiscal year, narrower than the government’s previous estimates, as oil revenue dipped amid production cuts.
It came as the kingdom increased its spending to boost the economy, the Ministry of Finance said in a budget update on Wednesday.

-Saudi Arabia's Ambassador to the United States Princess Reema bint Bandar has addressed criticisms leveled against Saudi Arabia’s potential hosting of the Women's Tennis Association Finals. The ambassador's remarks came as a direct response to an opinion piece in The Washington Post, by tennis greats Chris Evert and Martina Navratilova, which she described as laden with "outdated stereotypes and western-centric views."

-Saudi Arabia’s NEOM has opened its first US office in New York City, which will serve as a base for its business across the US. The announcement comes months after it launched its London office in November to serve as a base for its UK and European business.

-Saudi Arabia’s state-controlled Aramco announced it is pausing plans to raise its crude production capacity from 12 million barrels per day to 13 million barrels per day.

-Organized by Saudi defense regulator General Authority for Military Industries (GAMI), the World Defense Show CEO Andrew Pearcy said the biennial event held February 4-8 aims to “grow and support” an industry for which the government has budgeted $71.73 billion in 2024 – up from $69 billion in 2023.

-South Korea beat Saudi Arabia 4-2 in a penalty shootout to advance to the Asian Cup quarter-finals after a thrilling last-16 tie ended 1-1 after extra time at Education City Stadium on Tuesday. After South Korea's Cho Gue-sung equalised in the 9th minute of second-half added time to cancel out Abdullah Radif's opener, Sami Al-Najei and Abdulrahman Ghareeb had their penalties saved by Jo Hyeon-Woo to send South Korea through.

-According to a recent report from Knight Frank, Residential transactions, which accounted for 58.7% of all real estate deals by total value, registered a -16% fall in the number of deals to just under 150,000 sales between January and November 2023, according to global property consultancy Knight Frank’s Winter 2023/24 Saudi Residential Market Review report.

***
 

Hill has worked on developments like King Salman Park, Jabal Omar development in Makkah, the Riyadh Metro, and others.

Jerry Todd, who is also on the PIF’s Management Investment Committee, speaks with Lucien about a range of topics related to the PIF’s investment in key sectors in the local economy, human capital in Saudi Arabia, the development of strong supply chains and competitive ecosystems, and more. 

The conversation takes place just days before the PIF is launching its second annual major forum in Riyadh, called the Private Sector Forum, which will see the massive sovereign wealth fund engaging directly with private sector partners as the PIF continues to develop the local content ecosystem. That Forum, which is set to be at least twice the size of the inaugural event in 2023 in Riyadh, will feature panel discussions, fireside chats, an exhibition for the PIF’s 80+ companies to engage with private sector suppliers, and more. 

The conversation begins with a discussion of the Forum and what it hopes to accomplish. 

Then, Lucien asks Jerry about the PIF as an investment institution. How can the PIF “crowd-in” competing companies in spaces in which it is operating to create a thriving local ecosystem? 

The conversation then steers to a discussion of Musahama, the formal name of the PIF’s wide-ranging efforts to achieve important local content goals, and how PIF companies are working toward achieving a local content target of 60% by 2025.

Jerry Todd is a member of the PIF Management Investment Committee. Prior to joining the PIF, he served as a Managing Director and Head of Business Development for NCB Capital, the largest investment bank in Saudi Arabia (2014-2020). Previously, he was a Managing Director and Head of Private Equity and Investment Banking at Jadwa Investment, a Saudi merchant bank (2007-2014). Mr. Todd was an Associate Principal at McKinsey & Company, where he focused on identifying and evaluating investment opportunities, developing and implementing growth strategies, and creating high performing organizations (1999-2006). Early in his career, Mr. Todd worked as an Energy Engineer for Dobbs International and Johnson Controls (1994-1997). Mr. Todd holds an MBA from Cornell University (1999) and a B.S. in Mechanical Engineering from Christian Brothers University (1994).

5:55 - Richard's One Big Thing this week is Saudi Arabia's Arab Peace Initiative and the status of Saudi diplomacy vis-a-vis the ongoing Israeli invasion of Gaza. 5 countries are working on a path to peace, including Saudi Arabia, which is contingent on a Palestinian state living side by side with Israel. The hosts lament the tragedy unfolding on the ground in Gaza and identify the troubling developments rippling across the region as a result. 

17:45 - Lucien's One Big Thing is the upcoming Private Sector Forum organized in Riyadh by Saudi Arabia's Public Investment Fund. The Forum is set to be much larger from its inaugural edition last year and expand the role of the event in fostering new opportunities in Saudi Arabia's private sector. The event will take place at the King Abdul Aziz International Conference Center, which is adjacent to the massive Ritz Carlton in Riyadh with the aim to support the fund’s private sector engagement strategic initiative. The Forum will showcase the PIF and its portfolio companies’ business opportunities, signal potential opportunities for investors/suppliers, and create probably one of the best networking platforms in Saudi Arabia this year. 

Lucien notes that the event will nearly double in size -- with double the expected attendees, double the number of exhibiting companies and booths, and double in physical size with a much larger area to work with at the KAICC. 

27:32 - Yallah!

•Saudi Arabia has said it will open a shop in Riyadh selling alcohol to a select band of non-Muslim expats, the first to open in more than 70 years.

•Rapper Ty Dolla $ign's performance in Jeddah's oldest neighbourhood, known as Al-Balad, alongside artists like Wu-Tang Clan and Major Lazer underscored efforts to revamp the UNESCO World Heritage site, expanding its allure for young Saudis and foreigners.

•The rapidly growing gaming market in Saudi Arabia has received a huge boost after Dubai-based e-sports brand, True Gamers, signed a franchise deal worth $45 million with investment firm, Falak, reports Meed.

•A Saudi doctor saw his fortune close in on $12 billion on Thursday as shares of his healthcare firm rebounded, returning him to the ranks of the Middle East’s wealthiest private individuals.

•Numerous foreign law firms are attempting to set up offices in Saudi Arabia following changes to the country’s Code of Law Practice, which mean that being affiliated with a local firm is no longer sufficient.

•The Israel-Hamas war has halted progress on what’s known as the India-Middle East-Europe Economic Corridor — a project touted last year by Washington and key allies that envisages building new rail links across the Arabian peninsula.

***

The hosts conclude as always with Yallah! 6 top storylines to get you up to speed on Saudi Arabia this week. 

•The 54th Annual Meeting of the World Economic Forum (WEF) is taking place in Davos-Klosters, Switzerland, from January 15–19.

•Aramco, one of the world’s leading integrated energy and chemicals companies, has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures.

•Analysts at real estate firm Savills KSA told Arabian Business that apartment rents in Riyadh surged by as much as 23 percent in northern neighborhoods last year. 

•Aramco Digital and Intel plans to establish Saudi Arabia’s first Open RAN (radio access network) development center

•Konoz, an initiative of the Saudi Ministry of Media’s Center for Government Communication, launched "Horizon", a new documentary documenting the Kingdom’s rich biodiversity and natural resources.

•Rafael Nadal's role in helping to grow tennis in the Gulf is set to increase significantly after the Spanish great was appointed ambassador of the Saudi Tennis Federation (STF).

Recently, Rayan wrote a blog post entitled "The Transformation of Saudi Arabia’s Public Diplomacy" for the University of Southern California’s Center for Public Diplomacy website that discussed Saudi Arabia's "significant influence in the international arena."

"As the wealthiest Middle Eastern state and the birthplace of Islam, it holds a prominent position in the Middle East and the Muslim world. Internationally, Saudi Arabia is a major contributor to organizations such as the Global Fund and the World Health Organization, in addition to being the largest oil exporter. However, its soft power and public diplomacy remain underexplored."

The 996 team explores the reasons for this with Rayan and how Saudi Arabia's public diplomacy has evolved since the launch of Vision 2030.

First, the hosts discuss Richard's One Big Thing, the Dakar Rally, which is set to take place again this year across Saudi Arabia. The race has moved to the Kingdom and began January 5th, running until January 19th, and will pass Riyadh on January 13-14. Lucien will attend the festivities and race there in person. Richard gave a run-down of the race's challenges, vehicle classifications, and importance of Saudi Arabia as a host. According to the Dakar Rally's official site, the race's origins began in 1977, when Thierry Sabine got lost on his motorbike in the Libyan desert during the Abidjan-Nice Rally. Saved from the sands in extremis, he returned to France still in thrall to this landscape and promising himself he would share his fascination with as many people as possible. He proceeded to come up with a route starting in Europe, continuing to Algiers and crossing Agadez before eventually finishing at Dakar. The founder coined a motto for his inspiration: "A challenge for those who go. A dream for those who stay behind."

Next, the hosts discuss Lucien's One Big Thing, the PGA-LIV merger and the future of golf which hangs in the balance as a deadline for an agreement announced in 2023 between PIF and PGA passed with no concrete deal, other than to keep discussions going. The delay creates uncertainty for both pros and fans as the PGA season kicks off in Hawaii. Just weeks after top golfer John Rahm joined the LIV golf tour, 4-time champion Rory McIlroy walked back criticism of LIV players. "I think at this point, I was maybe a little judgmental of the guys who went to LIV golf at the start, and I think it was a bit of a mistake on my part because I now realise that not everyone is in my position or in Tiger Wood's position," the former world number one told the Stick to Football podcast. "We all turn professional to making a living playing the sports that we do, and I think that's what I realised over the last two years. I can't judge people for making that decision."

Lucien discusses the latest with the merger and notes a reason why many Saudis don't care as much about it compared to the coverage it receives.

The hosts conclude as always with Yallah! 6 top storylines from Saudi Arabia this week...

-U.S. Secretary of State Antony J. Blinken will travel to the Middle East region this week to “discuss urgent mechanisms to stem violence, calm rhetoric, and reduce regional tensions,” according to a press release from the State Department.

-A recent study by Gallup International, in collaboration with the Saudi Center for Opinion Polls, has revealed the high level of optimism among Saudi citizens as they look forward to the year 2024.

-Saudi state TV said on Tuesday that the Kingdom had officially begun its membership of the BRICS bloc. Saudi Arabia’s foreign minister had said in August that the Kingdom would study the details before the proposed January 1 joining date and take “the appropriate decision.” Prince Faisal bin Frahan had said BRICS was “a beneficial and important channel” to strengthen economic cooperation.

-Saudi capital Riyadh has emerged as a new regional hub for over 200 international companies, aligning with an upcoming Saudi government policy. Effective January 1, 2024, the policy requires international firms to establish their regional headquarters in the Kingdom to be eligible for government contracts.

-Saudi Arabia’s sovereign wealth fund spent more than any other last year after splashing out $31.5bn (£24.7bn) on investments ranging from a stake in Heathrow to ownership of a US gaming company. The Kingdom’s Public Investment Fund (PIF) has topped an annual ranking of sovereign investment fund spending, compiled by consultancy Global SWF, for the first time.

Investment by PIF accounted for just over a quarter of the $123.8bn (£97.2bn) spent in total

-The ongoing ‘Riyadh Season’, featuring a series of entertainment, fashion, technology and gaming events, attracted a whopping 12 million visitors in the last 60 days, the organizers said. The popular event, which opened in October 2023, targeted 12 million visitor participation during the entire event period, but achieved the target in the middle of the season.

The two princesses, as part of AEON, played a leading role in support of the Kingdom's Net-Zero targets under the Saudi Green Initiative and the Circular Carbon Economy Framework, and recently co-authored an important report along with KAUST and KAPSARC that presents a broad perspective on the implications of a 3°C warmer world, highlighting how this scenario may challenge different aspects of the natural, social, and economic landscapes over the Kingdom of Saudi Arabia.

AEON Collective is a Riyadh-based consultancy and advocacy group that 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.

Princess Mashael bint Saud Al Shalan and Princess Noura bint Turki Al Saud discuss their reactions to the dialogue and outcomes of COP28 as the world begins collective action to slow climate change and mitigate its damaging effects.

Before the conversation, the hosts discuss some key projects for Vision 2030 being delayed, as reported in Bloomberg, and why that is a good thing. Richard reads from a recent Bloomberg item highlighting the delays based on comments from Mohammed Al-Jaddan, Minister of Finance. "The government, which is forecasting budget deficits every year out to 2026, has decided on the extension to build capacity and avert huge inflationary pressures and supply bottlenecks, Finance Minister Mohammed Al Jadaan said Thursday. He didn’t specify which projects would be affected..."

Then the hosts discuss Lucien's One Big Thing, the new US Embassy building in Saudi Arabia's capital, Riyadh. The United States has officially broken ground on its new embassy project in Saudi Arabia’s capital Riyadh, a sprawling new building blending traditional and modern architecture on a 27.5 acre site.

When completed, it will be the largest embassy in Riyadh. U.S. and Saudi officials participated in a ceremony to break ground on the new compound this week, marking a milestone in the longstanding U.S.-Saudi bilateral relationship. Deputy Assistant Secretary for Arabian Peninsula Affairs Daniel Benaim and Saudi Deputy Foreign Minister, His Excellency Mr. Waleed bin Abdulkarim Al-Khuraiji, joined U.S. Ambassador to Saudi Arabia Michael Ratney for the event. 

Next, Lucien and Richard welcome onto The 966 Dr. Basma Al-Buhairan, Managing Director for the Center for the Fourth Industrial Revolution (C4IR). Dr. Basma discusses her work leading Saudi Arabia's efforts at developing what is called "Industry 4.0" or "the Fourth Industrial Revolution" or "4IR" which is the next phase in the digitization of the manufacturing sector, driven by disruptive trends including the rise of data and connectivity, analytics, human-machine interaction, and improvements in robotics. The center supports Saudi Arabia’s Vision 2030 by being a platform for public-private, multi-stakeholder collaboration to maximize technological benefits to society and minimize the risks associated with 4IR technologies in The Kingdom. 

Dr. Basma is also an adviser and part of the founding team of the Research Development Innovation Authority (RDIA)

Lucien and Richard conclude as always with a jam-packed "Yallah!" segment, covering 6 top storylines from Saudi Arabia from the last few weeks, including Expo2030 in Riyadh, a new type of Saudi-made sustainable firewood, and much more...

After that conversation, Lucien and Richard welcome back onto The 966, in perhaps the quickest return for a special guest to-date, the incomparable Dr. Mehmood Khan, Chief Executive Officer of The Hevolution Foundation. Dr. Khan, always dynamic and engaging, recaps the event and all the prizes and grants awarded at the event, while discussing some of the Foundation's next steps in their battle to combat the challenges associated with aging and advancing geroscience from their main HQ in Riyadh. 

Dr. Khan's interview begins at the 7:55 mark. 

#Hevolution is headquartered in Riyadh with additional international hubs to support the expansion and execute the global mission. Its vision is to expand healthy human lifespan for the benefit of all humanity.  Hevolution Foundation aims to be positioned as a global leader, catalyst, partner, and convener, to increase the number of scientists entering the field, to increase the investable opportunities in the field of aging, to help shape the regulatory and government environment.

Dr. Khan also currently serves as the Executive Chairman of Life Biosciences Inc. where he joined the company in April 2019 as the Chief Executive Officer and Board Member. Life Biosciences was founded to advance scientific research and develop innovative new therapies to improve and extend healthy lives for everyone.

Dr. Khan previously served as Vice Chairman and Chief Scientific Officer of Global Research and Development at PepsiCo, a Fortune 50 company employing upwards of 250,000 employees across 22 brands. At PepsiCo, Dr. Khan played a pivotal role in the company’s global R&D efforts to create breakthrough innovations in food, beverages, and nutrition, including the incorporation of healthier and more nutritious offerings across its portfolio. Dr. Khan also oversaw PepsiCo's global sustainability initiatives based on the belief that success in business is inextricably linked to the sustainability of the world we share. Prior to joining PepsiCo, Dr. Khan served as President of Global R&D at Takeda Pharmaceuticals, leading the global efforts of one of the largest pharmaceutical companies in the world by revenue.

Before moving into industry, Dr. Khan had a distinguished medical career as a faculty member in endocrinology at the Mayo Clinic and Mayo Medical School where he served as Director of the Diabetes, Endocrine and Nutritional Trials Unit. He also spent nine years leading programs in diabetes, endocrinology, metabolism and nutrition in Minneapolis, MN.

Dr. Khan is currently a member of the Board of Directors of Reckitt Benckiser.

Then the hosts discuss Lucien's One Big Thing, a preview of an exciting mega-conference coming up presented by the #Hevolution Foundation called the Global Healthspan Summit, and some interesting and exciting announcements for The 966 in the coming weeks.  

The hosts conclude as always with Yallah! 6 top storylines to get you up to speed heading into the weekend. 

-Saudi Arabia has postponed the fifth Arab-African summit that was scheduled for Friday and will, instead, host emergency Arab League and Organisation of Islamic Co-operation summits on Friday and Saturday to discuss Israel’s war on Gaza.

-Foreign direct investment into Saudi Arabia rose 22 per cent annually last year as the kingdom continues to pursue its economic transformation agenda and open up more sectors for foreign investments.

-International investors no longer have to visit a Saudi embassy to get a visa to travel to the Kingdom after the process for applying for the permit was moved online. The government have introduced the second phase of the “Investor Visitor” e-visa service, expanding its coverage from nearly 60 nations to include all countries worldwide, as reported by the Saudi Press Agency. 

-Saudi Arabia was recently crowned the Overwatch World Cup Champions at the Overwatch World Cup becoming the first team from the Middle East to win the tournament.  

-The Red Sea International Film Festival (Red Sea IFF) has unveiled the line-up for its Competition and Arab Spectacular strands.
The festival will take place from November 30-December 9 in the port city of Jeddah under the theme ’Your Stories, Your Festival.’

-The Saudi Fund for Development will sign agreements worth 2 billion riyals ($533 million) with African countries, Saudi Finance Minister Mohammed Al-Jadaan said on Thursday during the Saudi-Arab-African Economic Conference in Riyadh.

Before the discussion with Maria, the hosts discuss Richard’s One Big Thing, which is Saudi Arabia’s recent adoption of the Gregorian calendar for all official business going forward. Saudi Arabia has approved the use of the Gregorian calendar for all official dealings, except those related to the provisions of Islamic Shariah where the calculation of periods will continue to be based on the Hijri calendar. The Kingdom has traditionally prioritized the Hijri calendar with the Gregorian used as a secondary measure. However, some official and legal activities had already been aligned with the Gregorian calendar before Tuesday’s ruling.

Then the host discuss Lucien’s One Big Thing, which is the announcement of key details surrounding Neom’s new destination, Leyja. The mountainous wellness resort joins Trojena and Sindalah as tourism locations for Neom, and new photos and a video released of the designs of the area are fascinating. One of the details announced this week is that Habitas, the luxury hotel management company who Lucien notes has created a masterpiece experience in Al Ula, having recently stayed at that resort. Habitas Neom will likely be something for many people’s bucket list, when completed. 

The hosts conclude as always with Yallah! 6 top storylines on Saudi Arabia to get you up to speed heading into the weekend.

Before the discussion, the hosts discuss Richard's One Big Thing, which is an overview of the Kingdom's efforts to create a car industry from scratch with a diversified set of investments and initiatives that are just now gaining traction in Saudi Arabia. 

Then the hosts discuss Lucien's One Big Thing, which is Saudi Arabia's forecasted non-oil economic growth in 2023 and beyond. Saudi Arabia’s Finance Minister Mohammed Al-Jadaan addressed Saudi Arabia’s economy and fiscal situation in 2023 and beyond during his speech at the FII in Riyadh, noting that Saudi Arabia’s non-oil gross domestic product (GDP) is expected to grow by around 6% this year and said it would continue to see similarly healthy growth in the years ahead.

The hosts conclude as always with Yallah! 6 top storylines on Saudi Arabia to get you up to speed heading into the weekend. 

•A White House readout reported that President Joseph R. Biden Jr. spoke with Crown Prince and Prime Minister Mohamed bin Salman about the situation in the Middle East region.

•JPMorgan CEO Jamie Dimon, Citigroup’s Jane Fraser and other top names on Wall Street were in Saudi Arabia for the 7th FII investment conference as they try to look beyond risks that the Israel-Hamas war could widen into a regional conflict and deal a new blow to the global economy. 

•Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday that recent multi-billion dollar acquisitions by U.S. oil majors Exxon Mobil and Chevron of smaller rivals showed that hydrocarbons were "here to stay".

•A “boundary-pushing” esports festival is to take place in Saudi Arabia next summer. The inaugural Esports World Cup was announced by Saudi Crown Prince Mohammed bin Salman during The New Global Sport Conference and will be held annually.

•South Korea's Hyundai Engineering & Constructionand Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco to build a gas processing plant, Seoul's presidential office said on Tuesday.

•NEOM has today announced the inauguration of its strategic investment arm, the NEOM Investment Fund (NIF), NEOM’s wholly owned subsidiary which is set up to support the buildout and development of NEOM’s 14 priority sectors and deliver long-term value while enabling creation of jobs in NEOM.

Before the conversation, the hosts discuss Richard's One Big Thing, which is Saudi Arabia's investments into the development of its own local defense sector. The Kingdom is effectively seeking to build a local military industry from scratch - a tall order with a high price tag. But an even higher price tag for Saudi Arabia to-date has been its foreign military purchases from other nations, especially the United States. The hosts discuss the progress of the development of the sector, headed by GAMI and SAMI in Riyadh, ahead of the forthcoming World Defense Show in Saudi Arabia in 2024.

Next, the hosts discuss Lucien's One Big Thing - a Goldman Sachs article that was published earlier this week on the progress and achievements of Vision 2030. The 154 year old financial services behemoth, maybe the most recognizable name in banking and financial services in the world, and the second largest investment bank by revenue in the world behind only JP Morgan Chase, published an article entitled "How Saudi Arabia is investing to transform its economy" and is available on the Goldman Sachs website. Goldman Sachs Research identifies as areas that are benefiting from increased investment and are likely to drive a “capex supercycle” through the end of the decade.

The hosts conclude as always with Yallah! 6 top storylines to get you up to speed on Saudi Arabia heading into the weekend. 

•A week after revealing talks with Australia about bidding to co-host the 2034 World Cup, Indonesian soccer leader Erick Thohir said his federation is now supporting Saudi Arabia's candidacy to host the tournament. 

•The second edition of the “Made in Saudi Expo” exhibition will be held at the Roshn Front in Riyadh from October 16 to 19, 2023, under the patronage of Bandar Alkhorayef, Minister of Industry and Mineral Resources and Chairman of the Saudi Export Development Authority. 

•Saudi Arabia's crude oil exports in August hit their lowest level in 28 months as they fell for a fifth straight month, data from the Joint Organizations Data Initiative (JODI) showed on Monday.

•Saudi Arabia’s $700 billion Public Investment Fund has disclosed that Swedish venture capital fund Northzone has taken investment from its venture investment arm Sanabil — the only European VC firm known to have done so. 

•Amin Nasser, said his company is looking at more investments in liquefied natural gas (LNG) to boost its plans to become a leading player in the seaborne gas market.

•A landmark report released during the Middle East and North Africa Climate Week, which ran here from Oct. 8 to 12, highlights the challenges that Saudi Arabia might face in a world that is warmer by 3 degrees Celsius.

The 966 hosts discuss the situation, some of the meaning for Saudi Arabia and the region, and what might happen next.

After that, the hosts discuss an interesting quote from Karim Benzema on his participation in the Saudi Pro League. Karim Benzema joined Al Ittihad this summer because he always wanted to live in Saudi Arabia and "help Saudi football grow."

The hosts finish the episode as always with Yallah! 6 top storylines to get you up to speed headed into the weekend. 

Richard's One Big Thing is Saudi Arabia's bid for the World Cup in 2034. The Saudi announcement came shortly after FIFA named Morocco, Spain and Portugal as hosts of the 2030 World Cup, with Uruguay, Argentina and Paraguay hosting the opening matches to mark the tournament's centenary, per Reuters. "Saudi Arabia’s inaugural FIFA World Cup bid is backed by the country’s growing experience of hosting world-class football events and its ongoing plans to welcome fans across the world to the 2023 FIFA Club World Cup and 2027 AFC Asian Cup."

Lucien's One Big Thing is the upcoming 7th Future Investment Initiative which will take place in Riyadh in just a few weeks. The new theme and slogan (which it rolled out earlier this year) is “The New Compass." Lucien notes that in recent years, the FII conference in Riyadh was a truly massive and frankly an impressive sight to be seen, but that might change slightly in coming years as the FII Institute becomes established and serializes the event in different formats around the world throughout the year. 

Dr. Robert Mogielnicki, Senior Resident Scholar at The Arab Gulf States Institute in Washington and professorial lecturer at George Washington University joins The 966 to discuss the growing size and role of the Kingdom's sovereign wealth fund, the Public Investment Fund (PIF). Robert has previously characterized the PIF as, “screaming onto the scene” with an “everything, everywhere, all-at-once investment approach.” The 966 hosts dive into that, and many other PIF related topics and questions.

6:50 - Richard's One Big Thing is crypto in the MENA region and the region's growth as a player in that space. Saudi Arabia is the fastest growing crypto economy globally amid a regional drive in the sector. The kingdom led globally with a 12% increase in crypto transaction volume reaching nearly $31 billion from July 2022 through June 2023, according to an industry report released Tuesday cited by Al Monitor.

17:27 - Lucien's One Big Thing is a recent report from the real estate firm Knight Frank on Saudi Arabia, which included an excellent update on the progress and top-level figures of Saudi Arabia’s giga-projects. This one is available online and published by 2x previous guest of The 966, Faisal Durrani, who is partner and head of MENA research for the global real estate firm. The firm reviews how the total value of real estate (and infrastructure) projects since the launch of Saudi Arabia’s National Transformation Plan in 2016 has crossed US$ 1.25 trillion. "The phenomenal transformation in 2022’s fastest- growing major global economy is clearly visible across the entire urban landscape, with the Kingdom’s Giga projects set to deliver a new urban future for Saudi Arabia through a transformed and vastly expanded residential, office, retail, hospitality and industrial offering, designed to support the projected population growth which is expected to top 50 million by 2030 (government forecasts) as well as the arrival of 100 million international visitors by 2030," the report said.

24:18 - Amjad Ahmad, a leading venture capitalist and seasoned investment professional with extensive experience in VC and private equity in emerging markets, joins The 966.

1:24:30 - Yallah! 6 top storylines to get you up to speed on Saudi Arabia this week.

Saudi Arabia said on Monday it has decided to end light-touch oversight of its nuclear activities by the U.N. atomic watchdog and switch to full-blown safeguards, a change the agency has been demanding for years.

Soudah Peaks is Saudi’s new luxury mountain destination opening in Aseer in 2033. Spanning across 627 square kilometres, it will sit 3,015 metres above sea level on the highest mountain peak in Saudi and will have 2,700 keys, 1,336 residential units, over 30 attractions and 80,000 square metres of commerical space.

As many as 500 leaders, sector experts and officials from 120 countries are expected to attend the World Tourism Day in Riyadh on September 27-28, the organising committee for the events said. World Tourism Day 2023 will be held under the slogan “Green Tourism and Investment”.

Saudi traffic authorities have said a visitor is allowed to use a foreign driving licence for one year in the kingdom, which is seeking to attract more tourists as part of efforts to diversify its oil-reliant economy.

In a significant move toward economic diversification and revolutionizing the national transportation landscape, the Economic Cities and Special Zones Authority has granted Lucid Motors a permit to operate a manufacturing unit in King Abdullah Economic City.

The Saudi foreign minister addressed the UN General Assembly on 24 September in a speech calling for the establishment of a Palestinian state and a “just, comprehensive solution to the Palestinian issue” while criticizing Israel for its ongoing illegal building of Jewish settlements in the occupied West Bank.

2:35 - Richard's One Big Thing is the upcoming celebration of Saudi Arabia's National Day, a Kingdom-wide holiday celebrating Saudi Arabia's rich history and unique culture - as well as its national identity.

7:53 - Lucien's One Big Thing is HRH Crown Prince Mohammed bin Salman's interview with Fox News and reacting to some themes and takeaways from the momentous conversation - his first in English with an American news channel. The interview was billed in advance by a media release as “no holds barred." The Crown Prince discussed Vision 2030, the economy, foreign policy, Iran, Israel, the United States, oil, Russia’s invasion of Ukraine, legal reforms in Saudi Arabia and much more. Lucien notes that we don’t get a lot of these interviews and this is the first ever of its kind, so as such, it was fascinating to get the rare insight into the Crown Prince's thinking and vision.

22:28 - Gautam Sashittal, the CEO of #Riyadh's financial district that has redefined Riyadh’s skyline and is the city’s most sought-after business address and lifestyle destination, joins The 966 podcast. The district is home to many of Saudi Arabia’s largest companies and regional headquarters of international corporations doing business in the region, as well as the Kingdom’s finest restaurants and real estate.
KAFD is now owned by Saudi Arabia’s public investment fund (PIF) whose headquarters, the PIF tower,  is now located in the Financial District.
Gautam took over as CEO of KAFD in January 2021, before that, he was CEO and COO of the Dubai Multi Commodities Centre DMCC Dubai Multi Commodities Centre, Which was eight times crowned ‘Global Free Zone of the Year’.

55:47 - Yallah! 6 top storylines on Saudi Arabia this week to get you up to speed this week.

•As part of the inaugural Cityscape Global meeting recently held in Riyadh, promoters of NEOM were on hand to present plans for the TROJENA and OXAGON segments of their $500 billion NEOM megaproject.

•Saudi Arabia welcomed positive results from discussions to reach a road map supporting the peace process in Yemen, the kingdom's foreign ministry said in a statement on Wednesday, after Houthi negotiators' talks with the Saudis in Riyadh.

•Saudi Arabia officially unveiled "The Garage," its latest addition to the thriving startup ecosystem on Monday. Situated within the King Abdulaziz City for Science and Technology in Riyadh, The Garage spans an impressive 28,000 square meters, earning the title of the largest innovation district in the Middle East.

•Saudi nationals employed in the private sector have witnessed a substantial 45% increment in their salaries over the past five years, as per the data released by the Kingdom’s National Labor Observatory.

•Founded in 1955 as the European Cup, the UEFA Champions League (UCL) represents the pinnacle of European club soccer, with the best teams from across the continent all striving to lift the famous trophy. 

•Red Sea Global has teamed up with British adventurer and TV presenter Bear Grylls to bring his adventure and survival brand to Saudi Arabia.

7:36 - Richard's One Big Thing is AlUla's invite-only AlUla World Archaeological Summit taking place this week. The three-day summit’s program of panels, discussions and excursions commenced yesterday at Maraya Concert Hall, the ancient region’s giant mirror-cladded multipurpose venue located amid a wealth of archaeological treasures stemming from the Neolithic era to the early 20th century. 

16:26 - Lucien's One Big Thing is Aramco's VC arm Wa'ed and its investment into an exciting, California-based 3D homebuilding company called Mighty Buildings. The company claims its proprietary printed material, made of 60% recycled glass, is five times the strength of concrete, 70% the weight and produces fewer carbon emissions during manufacturing. It’s also rated for winds up to 150 miles per hour — hurricane-force, in other words — and compliant with the California Building Code, including Title 24 Energy requirements and other regulatory standards. Mighty Buildings employs ultraviolet light to cure its material off-site. This allows for “highly refined” and “unique” shapes with a range of customization options, the startup says, while reducing waste as only the material that’s required is cured.

28:36 - Author David Rundell joins to discuss King Salman's incredible impact on Saudi Arabia. Rundell spent 15 of his 30 total years in service as a diplomat in Saudi Arabia, including as Chief of Mission. Lately, Mr. Rundell has been active in providing commentary and analysis in the media -- two items from David which we’ve referenced recently on The 966 include his recent piece for the online publication Unherd, entitled “How MBS wins friends and influences people,” and for Newsweek earlier this year, entitled Saudi Arabia's True Role in 9/11, in which he and fellow author Michael Gfoeller dispel some common myths on Saudi Arabia’s connection to those attacks.

56:44 - Yallah! Top storylines on Saudi Arabia this week ---

•Saudi Arabia is working on its own major commercial cruise line brand designed for those with “Arabian preferences.” AROYA Cruises sets sail next year with a single ship, formerly known as World Dream, the last remaining ship of the struggling Dream Cruises company.

•The United States and Saudi Arabia are in talks to secure metals in Africa needed to help them with their energy transitions, the Wall Street Journal reported on Sunday, citing people with knowledge of the talks.

•Noor Riyadh, the Largest Light Art Festival in the World, will return for its third edition in Riyadh, with the festival running from November 30 to December 16, 2023, and the exhibition from November 30, 2023 to March 2, 2024.

•Saudi Arabia's new Red Sea International airport (RSI) is on track to open this year along with the first three resorts at The Red Sea destination and Saudi Arabian Airlines (Saudia) will become the first airline to operate out of the airport.

•Saudi Arabia's new Red Sea International airport (RSI) is on track to open this year along with the first three resorts at The Red Sea destination and Saudi Arabian Airlines (Saudia) will become the first airline to operate out of the airport.

•The company formed to build the kilometre-high Jeddah Tower in the Saudi city of Jeddah has restarted work on the scheme and has drawn up a list of contractors who may complete the structure.

4:23 - Richard's One Big Thing this week is Hevolution, and its $1 billion mission to advance humanity's fight against aging based on a recent Wall Street Journal article from this week.

13:58 - Lucien's One Big Thing this week is Saudi Arabia's tourism industry, which has put up some impressive numbers in 2023. Saudi Arabia only very recently rolled out tourist visas for visitors on September 28, 2019, months before the pandemic. Tourism revenues in Saudi Arabia tripled during the first quarter of 2023, reaching about $9.86 billion, according to the state-run Saudi Press Agency (SPA).
The Kingdom has recovered significantly since the COVID pandemic, hosting approximately 7.8 million tourists during the first quarter of the year. That number represents a 64% increase in the number of tourists so far in 2023, compared to the pre-COVID record year in 2019.

27:06 - Rawan Hashem from the data insights firm Carma joins The 966 to discuss evolving media perspectives of Saudi Arabia and Vision 2030.

1:06:00 - Yallah!

•The Saudi Esports Federation has announced a three-year partnership with American fast food company KFC. The partnership will focus on supporting local esports talent in the region by providing more opportunities to advance to international esports events.

•Saudi is planting 80 million trees in the Saudi Royal Reserves. The new forests will protect wildlife and are part of eco-tourism developments and the goal to attract 2.3 million tourists by 2030

•The second edition of the NEOM Beach Games is scheduled to start on October 21 and continuing to the end of November.

•Saudi Arabia and Russia said they would extend their cuts in oil supplies through for the rest of 2023.

•Saudi Arabia and Iran have reached a “groundbreaking” deal to resume home-and-away football matches between club sides after seven years of competing in neutral venues, the Asian Football Confederation (AFC) said on Monday.

•Saudi Arabia’s Public Investment Fund will fully acquire the Saudi Iron & Steel Company (Hadeed) from Saudi Basic Industries Corporation (Sabic) in a $3.3 billion deal, as the kingdom seeks to accelerate its industrial development.

4:20 - Richard's One Big Thing is the Saudi Pro League's rise and some interesting updates and facts about the Pro League, which made its mark in the transfer season this year and, while on the rise, is nowhere close to outspending other leagues for players. The hosts also discuss the latest in big name signings and the new coach of the Saudi national team, which stands to benefit from the influx of stars into the national league. 

21:10 - Lucien's One Big Thing is an update on the New Murraba project and the importance of the recent news that the project's planners will bring on Bechtel, the world's leading construction and project management firm, for a PMC role to bring the project to fruition. The project was announced February 16th with the launch of the New Murabba Development Company, and the project is massive – it aims to develop the world’s largest modern downtown in Riyadh. 

38:34 - 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.

1:18:41 - Yallah! 6 top storylines and topics from the week on Saudi Arabia...

•The Kingdom of Saudi Arabia assumed command of a multinational task force that monitors merchant shipping through key strategic chokepoints during an indoor ceremony here Aug. 27.

•New Saudi Arabia coach Roberto Mancini is counting on the recent influx of global stars to the Saudi Pro League to help the local players improve.

•Saudi Arabia’s Ades International Holding is set to list in Riyadh, a deal that’s set to be the kingdom’s largest initial public offering this year, according to reports. 

•White House officials have notified the Israeli government that a possible normalization deal with Saudi Arabia will require them to make “significant concessions” to the Palestinians, four US officials with knowledge of the matter told Axios.

•Saudi Arabia is considering bids to build a nuclear power station from countries including China, France and Russia as the kingdom seeks to sway the US over a sensitive security pact.

•Saudi Arabia’s newest airline, Riyadh Air, plans to focus on the niche market for flights to and from the kingdom rather than competing with its Gulf neighbors’ vast hubs, its chief executive has said, in an explanation of its “super aggressive” growth plans.

MESSAGE FROM THE HOSTS: "The hosts want to thank the loyal, growing listenership and viewership of the program for making it a success and number one in the space. There are tens of thousands of you around the world in over 100 countries and that number keeps growing. It's a privilege and genuinely fun to be doing this - thank you!"

10:30 - Richard's One Big Thing this week is an update on the mining and minerals strategy that Saudi Arabia is executing on now.

26:12 - Lucien's One Big Thing is Saudi Arabia's invitation to join the BRICS group, and some thoughts on the pros and cons of Saudi Arabia joining the group.

45:40 - Nadia Maqbool Al-Lawatiya, a leading Riyadh-based architect and urban designer who is closely familiar with Salmani architecture, joins The 966.

1:31:32 - Yallah! 6 top storylines on Saudi Arabia to get you up to speed heading into the weekend.

•Saudi Arabia and the United Arab Emirates have bought thousands of Nvidia GPUs as they develop generative AI applications

•SRMG Ventures, the venture capital arm of Ryadh-based conglomerate Saudi Research and Media Group, has announced a small but significant $5 million investment in Anghami

•Axiom Space has raised $350 million in a funding round led by Saudi Arabia's Aljazira Capital and Korean healthcare firm Boryung as the startup works with NASA

•A falcon from a Saudi breeding facility has become the most expensive in the Middle East, fetching a record $134,000 at auction

•More than 7 million students in Saudi Arabia returned to school on Sunday, resuming their studies after a two-month summer vacation

•A video published by the UAE-based The National shows Mecca’s Clock Tower, one of the tallest buildings in the world, being dramatically struck by a bolt of lightning amid heavy rains that caused localized flooding.

8:50 - The hosts the latest with The Line at Neom in Saudi Arabia. The Line is ambitious, but that's the point -- and Saudi Arabia is not shying away from building a city that is unlike others in the world. The Line is a smart city under construction in Saudi Arabia in Neom, Tabuk Province. The city is designed to have no cars, streets, or carbon emissions. It will be 170 kilometers (110 miles) long and 200 meters (660 feet) wide. The Line is expected to house 9 million people. The Line is part of the Saudi Vision 2030 project, which aims to create a more sustainable and diverse Saudi Arabia. The government set a completion target for 2025, but experts are skeptical. The project's success depends on factors such as financing and technology. Construction on The Line began in the first quarter of 2021 and is estimated to cost between $100 and $200 billion.

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. Saudi Arabia until recently banned movie theaters in the Kingdom, but this month permitted “Barbie” in its cinemas earlier this month and "many moviegoers got into the spirit of things, wearing pink abayas—the long robe overdress traditionally worn in the Arabian Gulf region—and munching pink éclairs," the Wall Street Journal noted.

According to the leading local English language news outlet Arab News, last Thursday, on the opening day in Riyadh, movie goers “descended on cinemas wearing various shades of pink and their funkiest accessories, demonstrating how the popularity of the film has affected local audiences.”

Neighboring Kuwait has banned “Barbie,” while there is heated debate underway in Lebanon on whether to do so.

34:31 - The 966 speaks with Princess Mashael bint Saud Al-Shalan, Founding Partner, Aeon Strategy.

1:34:00 - Yallah! 6 top storylines to get you up to speed heading into the weekend...

•Hilton Plans to More Than Quadruple its Presence in Saudi Arabia

•The Saudi Data and Artificial Intelligence Authority (SDAIA), in cooperation with Google Cloud, continues to train 1,000 women

•Saudi Arabia has appointed its first ambassador to the Palestinians

•GoDaddy, the web hosting provider has announced the launch of its .AI domain extension in Saudi Arabia

•Cristiano Ronaldo has yet again left the competition behind as the five-time Ballon D'Or winner was named Instagram's top earner for the third year in a row

•Saudi Arabia Passes Law Requiring USB-C Charging on New iPhones, Androids, and Laptops.

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. The hosts discuss the current state of the talks and why the talks alone are a good thing for all parties and create an uptick in U.S.-Saudi diplomacy. 

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.

"We are not limited by our ability to manufacture. Most of the supply chain has now come through out of the COVID era," CEO Peter Rawlinson told Reuters. "We are limited by our ability to sell the cars right now, and that is my key focus."

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. Al-Saif is an assistant professor of history at Kuwait University and a non-resident fellow at the Arab Gulf States Institute in Washington. He holds a PhD with distinction from Georgetown University, a Master of Education and a Master of Theology, both with honors from Harvard University, and a Master of Law with honors from the School of Oriental and African Studies, University of London. He graduated summa cum laude from Boston College with a double major in political science and history.

1:35:05 - Yallah! 6 top storylines on Saudi Arabia to get you up to speed headed into the weekend...

•China is said to be in support of a third round of talks to find a framework for peace in Ukraine after a meeting of senior officials from about 40 countries in Saudi Arabia over the weekend.

•The long-awaited operation to resolve the issue of the ageing tanker SFO Safer, currently decaying off the coast of Yemen, is set to end in the coming days, with over 96 percent of the ship’s oil cargo transferred to a replacement tanker, the Yemeni government said on Wednesday.

•After pumping tens of billions of dollars into high-profile global investments, the $700 billion Public Investment Fund is accelerating spending at home, often on obscure startups and projects that it plans to own and operate.

•US oil production this year will rise faster than previously expected according to a new government forecast. Higher-than-expected well productivity and rising crude prices will help boost US production to a record 12.8 million barrels a day in 2023, up from a previous forecast of 12.6 million, according to a monthly report from the US Energy Information Administration released Tuesday.

•IMG has locked a series of international broadcast deals for the Saudi Pro League’s (SPL) 2023/24 season. The confirmed deals span over 130 territories, including what has been described as a “landmark deal” with DAZN in multiple territories (Austria, Belgium, Canada, Germany, and the UK) as well as Sport TV (Portugal), La 7 (Italy), Marca.com (Spain), and Canal+ (France).

•More than 3,000 Marines and sailors arrived in the Middle East on Sunday in a deployment meant to deter Iran from seizing and harassing merchant ships near the Strait of Hormuz, according to U.S. Naval Forces Central Command.

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.

9:48 – Richard’s One Big Thing this week 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.

30:25 – Lucien’s One Big Thing this week is the surprising announcement via Royal Order from Crown Prince Mohammed bin Salman to restructure King Saud University, located in the heart of Riyadh. Saudi investment into its universities are part of the Kingdom’s Vision 2030, and the Crown Prince ordered a new board of directors to oversee the University and its transition to a non-profit institution. 

45:35 – 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. PepsiCo’s products/brands include the popular household names like Pepsi-Cola, Mirinda, 7-UP, Mountain Dew, and Aquafina, Lay’s, Cheetos, Doritos and Quaker Oats. Aamer Sheikh told The 966 that one point of emphasis for his team is the development of local talent, sharing skills with the next generation, and empowering Saudi women. This is part of the company’s “Proudly Saudi” campaign in 2021, he said. PepsiCo Middle East employs close to 9,000 people across 86 site operations; Saudization rates reach over 40% in some business units; and 1 in 5 are female.

1:21:01 – Yallah! 6 top storylines to get you up to speed heading into the weekend…

•Saudi state mining giant Ma’aden and US-based Ivanhoe Electric have closed a deal to investigate 48,500 sq km of under-explored lands in the Arabian Shield for “critical minerals” that are key to powering the global energy transition.

•According to Euromonitor International, the inflation rates for the United Arab Emirates and Saudi Arabia in 2022 were 5% and 2.5%, respectively.

•The population of Saudi Arabia has reached 32.2 million, 42% of whom are foreign nationals with 63% of Saudis under age 30, the country’s general authority for statistics said on Wednesday.

•Delivery Hero, the German online food delivery company, is taking full ownership of its Saudi subsidiary in a transaction valued at $297 million.

•The King Salman Humanitarian Aid and Relief Center (KSRelief) affirmed that Saudi Arabia is one of the few countries that hosts the largest number of refugees who enjoy the status of visitors.

•Saudi Arabia’s leadership in OPEC+ with voluntary cuts to production has proven to be costly, sending its receipts from oil sales abroad down by a third, to its lowest in over a year, according to a report in Bloomberg.

7:47 - Richard's one big thing this week is a discussion of 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.

15:45 - 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.

27:06 - Yallah! Six top storylines on Saudi Arabia to get you up to date heading into the weekend. 

•Saudi Arabia was the most active country for contract awards in a recent MEED survey for 2022. 

•Saudi Arabia agreed on Tuesday to buy Turkish drones in the biggest defence contract in Turkey's history as President Tayyip Erdogan reaped the benefits of his diplomatic push to repair ties with Gulf powers and help Ankara's struggling economy. 

•Saudi Arabia was considered the 28th best country to live in as an expat and the United States ranked 30th, according to the Expat Insider 2023.

•The Japanese premier, Fumio Kishida, kicked off his Gulf tour over the weekend with a stop in Saudi Arabia.

•An official from Israel’s Ministry of Foreign Affairs has confirmed to Al-Monitor that work has begun on a land bridge project connecting the country to Saudi Arabia, and that it will operate even if diplomatic ties between the two countries are not officially normalized.

•Saudi Arabia was announced as the host of the 2027 Pan Arab Games at the conclusion of this year’s  multi-sport event in Algeria.

3:35 - The 966 hosts discuss Riyadh's pitch to host Expo 2030

13:39 - The progress for Saudi women since 2016 and the impressive gains for Saudi women in the workforce.

27:14 - 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.

1:19:25 - Yallah! 6 top storylines to get you up to speed headed into the weekend. 

9:30 - Richard's One Big Thing is a recent survey which examines the conversations and sentiments surrounding Saudi Arabia in 2022, seeking to understand the impact of Vision 2030. The leading research firm Carma analyzed media coverage across 33 major markets from traditional, digital, and broadcast media. The hosts discuss the changing perceptions of Saudi Arabia both in the Kingdom and abroad. 

16:20 - Lucien's One Big Thing is a new report from the Financial Times says Saudi Arabia plans to launch a multibillion-dollar investment company to expand its sports interests. The new entity will feature a “war chest” to fund its expansion, a sign that KSA wants to make further acquisitions, according to the report. Lucien highlights some of the facts in the piece, then Richard and Lucien provide some thoughts on all the progress in this space for Saudi Arabia. 

34:54 - 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.

1:07:32 - Yallah! 6 top storylines to get you up to date heading into the weekend. 

•Non-oil business activity in Saudi Arabia surged in June, supported by strength in construction and tourism, a survey showed on Wednesday. 

•Saudi Arabia has begun issuing electronic visas for the new season of Umrah or lesser pilgrimage starting later this month, after the end of the annual Hajj pilgrimage.

•The Kingdom of Saudi Arabia (KSA) Civil Transactions Law (the Law) enacted on 19 June 2023, by Royal Decree M/191, has now been published in the official gazette "Umm Al-Qura."

•ATP Tour chair confirms “positive” investment discussions with Saudi’s PIF

•Saudi Arabia is considering a push to attract more outside investors to bolster its top football competition, part of a strategic revamp that’s started with an influx of star players from Europe.

•Startups in Mena raised $35.6 million in June 2023 across 45 deals, pushing the half year funding total to $1.6 billion.

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. 

5:22 - Richard's One Big Thing is drawing attention and giving credit to a recent op-ed in Newsweek by a previous guest of The 966, David Rundell. Rundell and Gfoeller argue that Saudis "never made up the majority of al-Qaeda's leadership or membership. Below Osama bin Ladin, al-Qaeda's leadership was primarily Egyptian. Al-Qaeda's foot soldiers came from across the Muslim world with North Africans, Indonesians and Pakistanis contributing far more than Saudis. Saudis were used to carry out the 9/11 attacks primarily because it was far easier for them to obtain visas to the United States than it was for their Egyptian or Pakistani colleagues....Nor did al-Qaeda's political agenda originate in Saudi Arabia. Saudi Islam has a long tradition of puritanical intolerance which has most often been directed against the religious practices of other Muslims. Within Saudi Arabia, the religious scholars have an equally long history of condemning terrorism, especially when it involves suicide."

24:01 - Lucien's One Big Thing is discussion of Crown Prince Mohammed bin Salman's remarks to a Discovery Channel documentary on Neom and all the other developments that happened in Neom in just the past two weeks. Lucien shares the comments that the Crown Prince made, which demonstrate his enthusiasm for the project and the genesis of the design and need to provide a new, global city for Saudis. Also recently, NEOM has announced that it has finalized contracts with investors for the first phase of its residential communities’ expansion, a social infrastructure project that will house the region’s growing workforce, and signed a deal with a global yachting brand, a major Saudi media organization, and more. 

38:38 - The 966 speaks with Professor 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).

1:33 - Yallah! 6 Top Storylines to get you up to speed heading into the weekend. 

•Nearly 1.5 million foreign pilgrims have arrived in Saudi Arabia so far for annual Hajj pilgrimage 

•Kingdom at the Forefront of Air Taxi Tech with Test of Volocopter in Collaboration with Neom

•Aston Martin Ties with Lucid for EV Partnership

•Kante joins Benzema at Al-Ittihad on 3-year deal as Saudi Arabia entices another star player

•The framework of the merger agreement of the PGA Tour and Saudi-backed LIV Golf says a for-profit subsidiary of the U.S. golfing body will be created 

•The 2023 Club World Cup will take place in Saudi Arabian city of Jeddah

Eid Al-Adha Mubarak to all followers and friends! -The 966 Team

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, and the importance of being a leading local content provider for Saudi Arabia. They also discuss how Johnson Controls Arabia is proving to be a trailblazer 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. 

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.

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. 

Before the interview, The 966 hosts talk about their visit to the recent LIV Golf Tournament in Washington, D.C., Lucid's current rocky road, the royal wedding between a Saudi architect and Jordan's Crown Prince, and much more in the final Yallah! segment.

5:15 - Richard (and Lucien's!) One Big Thing is LIV Golf DC. The 966 boys headed on a field trip to the event on Saturday and soaked it all in. Richard and Lucien converse about the vibe, atmosphere, professionalism, and more on the event held in Northern Virginia right on the Potomac River. A former guest of The 966 also joined to take in some golf. The hosts even donned their swag they purchased, with Richard declaring his fandom for the RangeGoats GC and Lucien declaring he will remain a free agent fan until an offer is made he can't refuse.

31:17 - Lucien's (small, but still big) One Big Thing is the recent announcement by the PIF that it will invest in another round in Lucid Motors Group.

43:25 - CEO of the Saudi Center for Commercial Arbitration, Dr. Hamed Merah, joins The 966 to talk about the SCCA’s rise as a leading dispute resolution body in the region and increasingly, globally. As Saudi Arabia targets attracting foreign investors and businesses looking to do business in the Kingdom, having a reputable and professional commercial arbitration center is important for growth. Dr. Merah talks about his work at the SCCA and its growth as an organization since its launch in 2014 and the significant expansion of the non-profit in just a few years.

One of the most important priorities for the SCCA is to provide “a user-focused environment with clear, fast and flexible procedures.”

The SCCA uses the latest case management technology in Arabic and English.

1:34:45 - Yallah! Six top storylines to get you up to date heading into the weekend.

Amazon has launched a new fulfillment center in Riyadh doubling its total storage capacity in Saudi Arabia and increasing selling opportunities for small and medium-sized businesses. The facility, which spans 390,000 sq. feet across five floors, with 2.7 million cubic feet capacity can store more than 9 million products. “Whenever a new fulfillment center opens, it has a transformative impact on the economy of the host city by contributing to expanding product selection and availability, growth of e-commerce sales, talent development, and the acceleration of entrepreneurship,” said Prashant Saran, director of operations for Amazon in the Middle East and North Africa region

The royal wedding of Crown Prince Hussein of Jordan and Saudi Arabian architect Rajwa Al Saif is today, June 1 at 4:00 p.m. at Zahran Palace in Amman, Jordan.  Distinguished guests from around the world, including heads of state, esteemed political and diplomatic figures, and close friends and members of the royal family, will attend the ceremony. Jordanian flags and pictures of Crown Prince Hussein are festooned along the highway that connects Amman’s airport to the centre of the city. It will be one of the highest profile events in Jordan for more than two decades.

According to a census published Wednesday, Saudi Arabia's population has grown 34.2% since 2010, to 32.2 million, an increase of 8.2 million people. Of these, 4.8 million or 58.4% are Saudi nationals and most others are from South Asia or elsewhere in the Middle East and North Africa region. The majority of the kingdom's nationals are under 30 years old.  The 2022 Saudi census marks the "most comprehensive and precise population survey conducted in the Kingdom's history," the General Authority of Statistics said.

Mortgage lending in Saudi Arabia, a key component of the kingdom's total bank credit to the private sector, softened to a new low in April 2023 as higher interest rates drove away potential home buyers. Mortgage lending has surged in Saudi Arabia the past decade, often outpacing corporate lending, after the kingdom introduced regulations. It gained momentum in 2016 on the back of a government drive to boost home ownership to 70% under the Vision 2030 programme.  As a result of this push, homeownership has increased from 47% in 2017 to 67% in 2022, according to the real estate consultancy Knight Frank.

Saudi Arabia announced the extension of its Makkah Route Initiative to Türkiye, aiming to facilitate travel, immigration and other processes for pilgrims visiting the holy cities of Makkah and Medina Tuesday. The Makkah Route Initiative, which began in 2019 as part of the "Guests of God Service Program," is being carried out in Morocco, Indonesia, Malaysia, Pakistan, Bangladesh, and Ivory Coast, as well as Türkiye, according to the Saudi Interior Ministry. It aims to assist pilgrims by simplifying procedures so that they can be completed in their home countries.

Boeing Co (BA.N) is working on a deal to sell at least 150 737 Max jetliners to Saudi Arabian startup Riyadh Air, Bloomberg News reported on Sunday. The new carrier, wholly owned by Saudi Arabia's Public Investment Fund (PIF), is looking for about 300 to 400 single-aisle jets in total, the report said, citing people familiar with the matter. Airbus SE (AIR.PA) could also claim a part of the order, the report added.

7:19 - A new report by Saudi Arabia-based consultancy Mukatafa and Kearney found that 74% of online shoppers in Saudi Arabia expect to increase their purchases from the kingdom’s ecommerce platforms compared to their purchases from China, GCC, Europe and US. However, further support will be needed to ensure a level playing field for all ecommerce players, thereby protecting consumer interests, and promoting local investments, the report said. 

20:51 - SpaceX delivered another quartet of astronauts to the International Space Station on Monday - two Americans and two Saudis as part of the Axiom Mission 2 (Ax-2) launch to the International Space Station at Kennedy Space Center, Florida. To coincide with the launch, U.S. Ambassador to Saudi Arabia Michael Ratney released a positive video congratulating the astronauts and the people of both the US and KSA.  

34:47 - Venture capitalist Eyad Albayouk returns to The 966 to talk about the latest developments in the VC sector in Saudi Arabia as well as the closing of his new startup seed fund with Flat6Labs in Saudi Arabia. Eyad joins The 966 from Riyadh. The hosts discuss with Eyad the rocky start for new funding rounds in the Kingdom after a red hot 2022.

1:12:51 - Yallah! 6 top storylines to get you up to date headed into the weekend. 

Saudi Arabia's Neom Green Hydrogen Company has signed deals worth $8.4 billion with financial institutions for the plant it is building at Oxagon in the kingdom's $500 billion futuristic city Neom.

The Kingdom of Saudi Arabia (KSA) has recently introduced a new work visa, known as the "Temporary Work Visa", which replaces the previous "Work Visit Visa".

A goalless draw against Leicester City on Monday secured Newcastle United’s spot in next season’s Champions League for the first time in 20 years, a sensational rise for a team on course to be relegated from the English Premier League 18 months ago. 

A major entertainment calendar is due to kick off this week in Saudi Arabia, covering 16 cities across the kingdom where the entertainment industry is experiencing an unprecedented boom.

IHG Hotels & Resorts, one of the world’s leading hotel companies with more than 6,000 hotels, across 18 distinct brands, has signed a Master Development Agreement (MDA) with Tashyid for Hotel Operations, which will see the development of 12 hotels and 2,500 keys under the Holiday Inn Express brand across the Kingdom of Saudi Arabia.

The Saudi science and engineering team arrived back in the Kingdom on Sunday after winning 27 awards, including 23 major and four special prizes, at the Regeneron International Science and Engineering Fair. 

***

5:18 - Richard's One Big Thing is the rise of Salmani Architecture. Salmani architecture, becoming the norm in Riyadh for new buildings and construction, was characterized by an aesthetic appeal with six core values that were carefully planned and overseen by King Salman himself. The design process absorbs the guidance of all six values: Authenticity, Continuity, Human-Centricity, Livability, Innovation, and Sustainability.

28:36 - Lucien's One Big Thing this week is the launch of VIA RIYADH, a bougie new shopping and dining development in the heart of the Saudi capital. VIA Riyadh is done in the Salmani architecture style, and as the newest example of it, is a great look at some of the key elements and features of that style. VIA Riyadh was designed to work in perfect harmony with the local identity of the capital, preserving the unique identity of the city. The ancient stones that formed the famous Tuwaiq mountain in Dhurma ages ago, were professionally extracted to bring them to the present. The area has a significant place in Saudi history since it was the birthplace of the Second Saudi State in the 1820s.
VIA RIYADH launched on May 11th and is welcoming visitors and patrons now, and includes a shopping mall, a hotel, a cinema, and a variety of super trendy restaurants and chic cafes.

36:36 - Yallah! 6 top storylines to get you up to speed headed into the weekend...

Saudi Crown Prince merges Riyadh districts and names them after King Salman

Via Mariam Nihal in thenationalnews.com: Saudi Crown Prince Mohammed bin Salman has merged two Riyadh districts and renamed them after his father in a tribute to his leadership of more than five decades. Al Waha and Salah Al Din districts, which are located in the heart of the capital, close to King Salman Park, will now be known as King Salman Neighbourhood, the Saudi Press Agency reported. The areas will be redeveloped and equipped with proper infrastructure and recreational amenities in a manner designed to allow them to keep pace with the growth of the city. Spanning an area of 6.6 square kilometres, the combined district will feature Salmani architecture.

https://www.thenationalnews.com/gulf-news/2023/05/15/saudi-crown-prince-merges-riyadh-districts-and-names-them-after-king-salman/

Contract Signed for $1.5 Billion for NEOM High-Speed Railway to Connect Port Development of Oxagon and The Line

Milan, Italy-based Webuild and its joint-venture partner Shibh Al Jazira Contracting Company (SAJCO) have signed a contract worth circa $1.5 billion to design and build 57 kilometers (35.4 miles) of a high-speed railway in NEOM, along the north Red Sea coast of Saudi Arabia which will connect Oxagon and The Line, according to reports.

https://www.sustg.com/contract-signed-for-1-5-billion-for-neom-high-speed-railway-to-connect-port-development-of-oxagon-and-the-line/

Saudi Arabia hits record 31.81 mm average rainfall in April, the highest in 40 years

The Ministry of Environment, Water and Agriculture (MEWA) announced that the average rainfall in various regions of the Kingdom of Saudi Arabia hit an exceptional record of 31.81 mm in April 2023.

According to MEWA, this is the highest average recorded in 40 years; it is higher than the average of 9.23 mm which it recorded in April 2022.

https://www.zawya.com/en/life/saudi-arabia-hits-record-3181-mm-average-rainfall-in-april-the-highest-in-40-years-nrqxo6vo

Saudi Wealth Fund Staffs NY Unit With Goldman, Point72 Hires

The US subsidiary of Saudi Arabia’s $730 billion sovereign wealth fund is hiring from Wall Street firms and top hedge funds to manage its growing portfolio of investments in the country. In January, former Point72 Asset Management executive Jason Chung joined as head of the New York office of USSA International, the fund’s US arm, after spending almost 13 years at billionaire Steve Cohen’s hedge fund, according to LinkedIn. That month, Meredith Wood Doherty joined from investment firm Baillie Gifford as USSA International’s head of compliance and governance, her LinkedIn profile shows.

https://www.bloomberg.com/news/articles/2023-05-16/saudi-wealth-fund-staffs-ny-unit-with-goldman-point72-hires?sref=5jMtLoGc

Ma’aden and Ivanhoe to explore untapped resources in Saudi Arabia

Ma’aden, a Saudi Arabian mining company, has finalised its agreement with Ivanhoe Electric Inc. (IE) to purchase 9.9% shares in the company and form a 50/50 joint venture (JV) to undertake one of the largest exploration programmes ever conducted.

The deal will provide Ma’aden, through the JV, with access to IE’s breakthrough Typhoon™ geophysical survey technology, which will accelerate the exploration of Saudi Arabia’s lands, estimated to hold US$1.3 trillion of untapped minerals.

Saudi Arabia’s Public Investment Fund (PIF) is pumping more money in the gaming industry, and has increased its stake in American gaming company Electronic Arts (EA) by 55%. 

The PIF held 16.1 million shares in the FIFA and Madden NFL game publisher before Q4 2022, but after Q1 2023, it held 24.81 million shares, according to financial research publisher Seeking Alpha. Saudi Arabia already has investments in Activision Blizzard and Take-Two Interactive from the United States.

3:55 - Richard's One Big Thing is the recent developments on Saudi-Syria relations. Syria has come in from the cold in recent days as the Arab League and Saudi Arabia in particular prioritize engagement with Assad regime to solve growing regional challenges - a departure from a decade of isolating the country which has descended into becoming a narco state under Assad.

23:57 - Lucien's One Big Thing is NEOM, which in just the last week had a slew of announcements and dropped an opening date for its first destination, Sindalah Island, located off the coast of the futuristic city.

37:17 - Yallah! 6 top storylines to get you up to speed headed into the weekend.

Saudi Ambassador to Washington, Princess Reema bint Bandar, visited a Boeing facility in Charleston, South Carolina, to celebrate Saudi Arabia’s $37 billion deal struck in March to purchase up to 121 Boeing aircraft.
“This historic investment will create around 100,000 direct & indirect jobs in the US across several states, including hundreds of suppliers and many small businesses.” According to Princess Reema.  This is the fifth-largest commercial aircraft deal by value in Boeing’s history.

The Saudi Tourism Authority Says LGBT+ Visitors Are Welcome In Saudi Arabia
In the FAQ section of STA’S website, somebody inquired whether or not LGBT+ visitors were welcome in Saudi Arabia. The response was: “everyone is welcome to visit Saudi Arabia, and visitors are not asked to disclose such personal details.”

Lucid losses put Saudi Arabia's EV strategy in the headlamps
Lucid, a U.S. company in which PIF owns a 60.46% stake, fell well short of analyst forecasts on Tuesday with a sharp first quarter revenue fall and a cut to its 2023 production outlook, according to Reuters.
That performance could put another potential dent in Saudi plans to build its own EV industry, which includes Lucid's first manufacturing plant outside the U.S., as part of its far-reaching diversification plan led by Crown Prince Mohammed bin Salman.

Saudi Arabia is planning to transform Islam's second holiest city of Madinah into a "modern Islamic and cultural destination" according to a report yesterday by Arab News.
The project, which is part of the Kingdom's Vision2030 strategy, will be overseen by Rua Al Madinah Holding Co., a real estate firm owned by the Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF)

World’s first Transformers indoor theme parks to open in Saudi Arabia
Toy giant Hasbro and Saudi Entertainment Ventures are teaming up to launch the world’s first Transformers-themed indoor entertainment centers.

Saudi Arabia and Netherlands agree to collaborate on green energy

Saudi Arabia and the Netherlands on Thursday signed a memorandum of understanding to collaborate on the development of green energy and hydrogen. The Netherlands could be the main destination for the transport of hydrogen derived from renewable energy sources from Saudi Arabia to Europe, Saudi energy minister Prince Abdulaziz bin Salman said at the World Hydrogen Summit in Rotterdam.

9:11 - Richard's one big thing is a growing Captagon crisis in the Middle East and Syria's fall into becoming a narco state. Captagon is a synthetic amphetamine-type stimulant, fenethylline and has become the center of an increasing number of drug busts across the Middle East. The vast majority of global captagon production occurs in Syria, with the Gulf region being its primary destination.

24:24 - MESSI TO SAUDI? Lucien's one big thing is what is dominating the headlines this week for the Kingdom. There are reports now, not just rumors, that it’s going to happen… Messi to Saudi Arabia and probably to Al Hilal. Messi was officially unveiled as a brand ambassador for the Saudi Tourism Authority last year, and rumors swirled about him playing in Saudi Arabia eventually. Lucien provides a timeline of Messi's experiences and relationship with Saudi Arabia and some thoughts on what this might mean for the Saudi Professional League.

40:10 - Riyadh-based restaurateur Norah Ortiz, who is founder of the popular authentic Mexican restaurant Don Reuben’s, located in the diplomatic quarter. Don Reuben’s is the first authentic taco shop in the Kingdom and recently won the “highly commended” Riyadh Time out awards for best Latin American restaurant in the capital city. Ortiz tells us her story as an American born in San Diego to Mexican parents and her journey to owning and operating the first authentic Mexican restaurant in a city increasingly becoming a hot spot for foodies.

1:08:44 - Yallah!

MENA startups Raised $7 Million in April 2023, a 93 Percent Decline Year-on-Year – WAMDA Report
In April 2023, startups based in the Middle East and North Africa raised roughly $7 million, a drop of 97 per cent compared to March 2023 and a 99 per cent drop compared to April 2022, according to a report in Wamda, which we shared on SUSTG.com today.

Banker Pay Surges For Those Willing to Work in Saudi Arabia
According to Bloomberg, banking jobs remain plentiful and salaries are surging in one unexpected corner of the world: Saudi Arabia.

Aramco In Talks With Sinopec and Total on $10 Billion Saudi Gas Deal
According to Bloomberg, Sinopec and TotalEnergies SE are among companies holding talks to invest in the Jafurah development in Saudi Arabia, according to people familiar with the matter, as the kingdom seeks to exploit one of the world’s largest untapped gas fields.

Saudi economy edging closer to reducing dependence on oil, IMF official says
According to Reuters, Government-led reforms and the growth of private investment in new sectors will help support non-oil economic growth in Saudi Arabia amid an expected sharp slowdown in overall growth this year, a senior IMF official said.

Asset Management Firm Tiger Global, Visa Invest in UAE Fintech Company Tarabut Gateway for Saudi Expansion – Report
Payments giant Visa Inc. has made its first open banking investment in the Middle East, joining Tiger Global Management in backing UAE-based fintech firm Tarabut Gateway’s latest fundraising which outlines an expansion to Saudi Arabia, according to Bloomberg.

Middle East Set to Outpace Other Regions in Growth of Travel Demand: Rategain
The Middle East region is expected to outpace all other travel markets in its rate of recovery for travel demand in the April-June quarter, according to India-headquartered travel technology firm Rategain.

4:01 - Richard's one big thing is Saudi Arabia's assistance in getting civilians out of harms way in the war-torn country. Sudan is just across the Red Sea from Saudi Arabia, and both nations share a long border with that pivotal trade route, raising the stakes for the Kingdom as yet another nation in its neighborhood is threatened with instability. Sudan has a 530-mile (853 km) coastline bordering the Red Sea, and that waterway's maximum width is 190 miles. There are fears that the fighting could further fragment the country, worsen political turbulence and draw in neighboring states. Saudi Arabia received praise from U.S. President Joe Biden for its work and hospitality in rescuing civilians from harm's way. 

12:04 - Lucien's one big thing is the water crisis in the American west, and how it has ensnared a Saudi company, Fondomonte, a subsidiary of Almarai, the Kingdom's largest big agricultural company. Saudi Arabia's own water conservation has lead Saudi Arabia to explore farming and agriculture opportunities abroad, both in wheat and other imports from places like Ukraine and in Africa, and in agricultural enterprises abroad, including in the United States. Fondomonte in Arizona farms alfalfa to feed cows for dairy products in the Kingdom. Fondomonte had permitting applications into the state for drilling the wells but those were denied ceremoniously by the state’s attorney general, Kris Mayes, who used the opportunity to make an example of Saudi Arabia’s farms in Arizona and the need for water to be used by locals. The permits were denied after Hays raised objections in early April to state agencies about discrepancies in application paperwork, including listing different landowners and conflicting information about whether the wells were new or replacements,” azcentral.com reports. 
Valued at $14.3 billion, the Almarai Company – which owns about 10,000 acres of farmland in Arizona under its subsidiary, Fondomonte – is one of the biggest players in the Middle East’s dairy supply. The company also owns about 3,500 acres in agriculture-heavy Southern California, according to public land records, where they use Colorado River water to irrigate crops.

26:28 - The 966 speaks with Faisal Durrani, partner and head of Middle East research for the global real estate company Knight Frank. Mr. Durrani shares some of the highlights and key information from Knight Frank’s recently-released 2023 report on real estate in Saudi Arabia, The Saudi Report 2023, a publication which touches on many subjects beyond real estate, including hotels and tourism, travel preferences for Saudis domestically, and so much more.

1:12:07 - Yallah! 6 top storylines to get you up to speed on all things Saudi headed into the weekend.

World Military Spending Rises to Record as Insecurity Swells

Defense expenditure increased by 3.7% in real terms to reach a record high of $2.24 trillion in 2022, the Stockholm International Peace Research Institute, SIPRI, said on Monday. About half the annual increase was due to Ukraine’s ballooning military budget, according to data for the eastern European country that excludes foreign aid. Arms budgets are expanding across Europe in response to Russia’s aggression at the same time as tensions in East Asia are prompting larger outlays in that part of the world. In another sign of how the world is sliding back into a situation last seen during the Cold War, military expenditure in central and western European countries exceeded the 1989 level for the first time.

Saudi Arabia Advances 17 Ranks in World Bank's Logistics Performance Index

Saudi Arabia, which came in at 38, was ranked 55 in the 2018 report, and has seen its stock as a global logistics hub rise as it formulates plans for as many as 60 logistics hubs around the Kingdom, and contemplates wholesale upgrades of existing ports, as well as a number of greenfield facilities. Identical rankings to Saudi Arabia were achieved by India, Lithuania, Portugal and Turkey, also all ranked 38-equal, with identical overall LPI scores of 3.4. The rankings were topped by Singapore, with a score of 4.2, with Finland coming second, also on 4.2 and Denmark third, with 4.1

Saudis constitute 82.2% of workforce in financial and insurance activities

Reflecting the success of localization efforts, Saudis constituted 82.2 percent of the number of workers in the financial and insurance sectors in 2022.  Saudi citizens who are working in financial and insurance activities reached 75,001, while foreigners totaled only 16,290 or 17.8 percent, bringing the total number of workers to 91,291 last year.  Male workers made up 93 percent of the workforce in financial and insurance activities – reaching 71,648 workers in 2022, while the number of females working in these activities hit 19,643, according to Al-Eqtisadiyah. 

Saudi Public Investment Fund ranks 5th with worth $620bn

The ranking of Saudi Arabia’s Public Investment Fund (PIF) has improved from sixth to fifth place among the largest sovereign funds in the world for the first time, with assets valued at SR2.3 trillion ($620 billion). The fund’s share of the world’s sovereign wealth has increased to 6.2%, up from 5.9%, according to Arab News.

Unemployment in Saudi Arabia Reaches Record Low with Women Driving the Change — Jadwa Investment

The unemployment rate in Saudi Arabia dropped to 8 percent at the end of 2022, down from 11 percent in 2021, with women driving that positive change, according to a recently-released report from Jadwa Investment, citing the General Authority for Statistics’ (GaStat) latest labor market release.

Female unemployment was down to 15.4 percent in 2022 versus 22.5 percent in the previous year.

Saudi Arabia is building more hotels than UAE for the first time

According to a report in Hotelier Middle East, the UAE is no longer the regional leader when it comes to building hotels. "According to STR, Saudi Arabia has almost double the number of hotel rooms being built than the UAE. Saudi sits behind only China and the US globally in terms of the number of hotel rooms currently being built."

5:14 - Richard's one big thing this week is is a look at the Saudi professional soccer league, and the growth of soccer in recent years in the Kingdom.

16:41 - Lucien's one big thing this week is King Salman Park, which is massive in size and ambition. Covering 6.4 square miles on the grounds of the former King Salman Air Base, it is going to be seven times the size of London’s Hyde Park and five times the size of New York’s Central Park. The completed project will have 5 metro stops when the Riyadh metro is complete and become a large urban oasis that will drastically improve the quality of life for citizens and visitors of Riyadh. 

28:52 - Mohammed Soliman, the director of the Middle East Institute's Strategic Technologies and Cyber Security Program and a Manager at McLarty Associates’ Middle East and North Africa Practice, joins The 966. Mohammed's work focuses on the intersection of technology, geopolitics, and business in the Middle East and North Africa (MENA). Mohammed frequently appears on Arabic- and English-language television to provide commentary on unfolding events in the Middle East. The 966 talks with Mohammed about his recent writing and work on the subjects of a U.S.-Saudi tech dialogue and much more.

58:05 - Yallah! 6 top storylines to get you up to speed heading into the weekend.

WSJ: Saudi Arabia, U.A.E. Scoop Up Russian Oil Products at Steep Discounts

As Russia scours the globe for buyers of its energy products, it is finding eager trade partners in an unlikely place: The oil-rich petrostates of the Persian Gulf. Since Western sanctions over the war in Ukraine cut off Russia from many of its established trading partners, state companies from Saudi Arabia and the United Arab Emirates have stepped in to take advantage of discounted prices for Russian products, according to oil executives and industry analysts. 

https://www.wsj.com/articles/saudi-arabia-u-a-e-scoop-up-russian-oil-products-at-steep-discounts-d327a2ee

IMF Says Saudi Budget to Win From OPEC Cuts With Oil Price Boost

Saudi Arabia’s budget will more than make up for a production cut announced by the kingdom with OPEC and its allies, according to the International Monetary Fund, as it reels in more revenue thanks to higher crude prices and keeps spending in check.

https://www.bloomberg.com/news/articles/2023-04-18/imf-says-saudi-budget-to-win-from-opec-cuts-with-oil-price-boost?sref=5jMtLoGc

Saudi Arabia launches 4 special economic zones for boosting investments

Saudi Arabia launched four special economic zones on Thursday in Riyadh, Jizan, Ras Al-Khair, and King Abdullah Economic City, north of Jeddah, according to Forbes Middle East.

 Saudi Crown Prince Mohammed bin Salman highlighted "huge opportunities for the development of the local economy" that the zones will provide in terms of job creation, technology transfer, industry localization, and development of the Saudi business community.

https://www.jordannews.jo/Section-113/All/Saudi-Arabia-launches-4-special-economic-zones-for-boosting-investments-28119

Israeli PM: Peace with Saudi Arabia would be 'giant leap' towards ending Arab-Israeli conflict

Israeli Prime Minister Benjamin Netanyahu said on Monday that normalizing relations with Saudi Arabia would be a "giant leap" towards ending the Arab-Israeli conflict.

"We want normalization and peace with Saudi Arabia. We view that as perhaps a giant leap towards ending the Arab-Israeli conflict," Netanyahu said, speaking during a meeting in Jerusalem with U.S. Republican Senator Lindsey Graham.

https://www.reuters.com/world/middle-east/israeli-pm-peace-with-saudi-arabia-would-be-giant-leap-towards-ending-arab-2023-04-17/

Emirates, Aramco top companies in UAE, Saudi: LinkedIn

UAE’s Emirates Airlines and Saudi Arabia’s Saudi Aramco are the top companies in UAE and KSA respectively as per LinkedIn’s annual list of Top Companies for the UAE and Saudi Arabia.

While in the UAE, Procter & Gamble, Kearney, Majid Al Futtaim and Visa take the next four spots, in Saudi Arabia Red Sea Global Hospitality, stc Telecommunications Procter & Gamble and Saudia are the next in the pecking order.

https://www.zawya.com/en/economy/gcc/emirates-aramco-top-companies-in-uae-saudi-linkedin-dhfz0vrp

Christiano Ronaldo once again dominates headlines, team loses

Christiano Ronaldo once again dominated the headlines both during and after his side's 2-0 loss to Al-Hilal on Tuesday. After being booked for a WWE-style tackle, Ronaldo reacted to chants from home supporters of Lionel Messi allegedly with an obscene gesture in their direction. The incident caused debate and drama throughout the Kingdom. Odion Ighalo got the better of Cristiano Ronaldo as he scored the two goals which earned Al Hilal a 2-0 home win against Al Nassr in the Saudi Arabia League on Tuesday.

https://www.goal.com/en-gb/news/al-nassr-respond-cristiano-ronaldo-expelled-saudi-arabia-controversial-gesture/bltf437a028d15bb8fd

3:47 - Richard’s One Big Thing is based on the readout of the recent call between the U.S. National Security Advisor, Jake Sullivan, and Saudi Arabia’s Crown Prince Mohammed bin Salman. There were a lot of “Easter eggs” in that call’s readout from the U.S. side, especially the focus on new priorities and less on the traditional dynamics of U.S.-Saudi relations.

Here’s what the Readout said from the U.S. side:

“National Security Advisor Jake Sullivan spoke with Crown Prince and Prime Minister Mohammed bin Salman Al Saud of Saudi Arabia today.  They discussed a number of global and regional matters, to include ongoing diplomacy related to ending the war in Yemen.  Mr. Sullivan highlighted the remarkable progress in Yemen over the past year, during which fighting has nearly ceased under a UN-mediated truce.  He welcomed Saudi Arabia’s extraordinary efforts to pursue a more comprehensive roadmap for ending the war and offered full U.S. support for those efforts, noting that Special Envoy Tim Lenderking will be in the region over the coming days.  Mr. Sullivan and Crown Prince Salman also discussed broader trends toward de-escalation in the region, while underscoring the need to maintain deterrence against threats from Iran and elsewhere.  Mr. Sullivan reaffirmed President Biden’s unwavering commitment to ensure Iran can never acquire a nuclear weapon.  Mr. Sullivan and Crown Prince Salman committed to stay in regular contact and to accelerate contact between the Saudi and U.S. national security teams on issues including the Partnership for Global Infrastructure and Investment (PGII), clean energy cooperation, and development and investment in cutting-edge Open Radio Access Network (O-Ran) 5G and 6G technologies.”

15:42 - Lucien’s One Big Thing this week, which is the Saudi-Iran thaw. When announced, the detente was surprising and a timeframe of two months was declared. A timeline of what has happened since lays the foundation for a discussion on how Saudi Arabia’s foreign policy has shifted in just a few weeks; not just on Iran, but on Iraq, Syria, Yemen, Lebanon, and others.

30:32 - Yallah! 6 top storylines to get you up to speed heading into the weekend. 

Citigroup Sees Oil Falling Despite OPEC Efforts to Prop Near $80

Oil prices are likely to fall below $80 a barrel even with OPEC’s recent apparent efforts to support that level with unexpected cuts, according to Ed Morse, global head of commodities research at CitiGroup. 

Saudi Arabia’s National Center for Privatisation (NCP) has announced the launch of 200 development projects across 17 sectors.

The initiative will provide local and international investors with an opportunity for advanced preparation to ensure their readiness to participate in the projects tendered to the market. Schemes include four airports, seven desalination plants, six wastewater treatment plants and 10 strategic water reservoirs.  According to HE Mohammed Al-Jadaan, Minister of Finance, these projects will increase the attractiveness of the economy, create opportunities for local and international investor and increase private sector contribution to GDP.

Masters 2023: Jon Rahm won big, but so did LIV Golf

Jon Rahm was the day’s biggest winner. But LIV Golf, the breakaway tour that’s caused a civil war within golf’s ranks, scored a major victory of its own this weekend. Derided as a tour for washed-up former stars and unknowns, a money grab for has-beens and never-was’es, LIV this weekend put three players in the top 6 — Mickelson, Brooks Koepka and Patrick Reed — and 12/17 players made the cut. Whatever else LIV may be, on this weekend the breakaway tour came up big. “We're still the same people,” said Koepka, who held the clubhouse lead for three rounds and three holes. “I think that’s just manufactured by the media that we can’t compete anymore, that we are washed up.”

Hajj Minister: Makkah and Madinah now host 1.3 million foreign pilgrims and visitors

Minister of Hajj and Umrah Dr. Tawfiq Al-Rabiah said that Makkah and Madinah are witnessing a record number of foreign pilgrims and visitors and there are currently 1.3 million in the two holy cities. “All the procedures have been improved remarkably and there is a major qualitative shift in the movement of worshipers as well as in the facilities and services being provided to them inside the Two Holy Mosques.” he said while addressing a dialogue session as part of the first edition of the Manafea Forum, which kicked off here on Monday.

Middle East debt issuances nearly triple in Q1 2023 as Saudis take lead

Middle East and North Africa (MENA) debt issuances nearly tripled year-on-year from January to March 2023 to $26.9 billion compared to the previous quarter, marking the highest start to a year by proceeds since 2011. This is a major shift since last year’s total of $37.3 billion, the lowest full-year amount since 2011, according to American-British financial data company Refinitv. In Q1 of 2023, Saudi Arabia was the leading debt issuer in the MENA region.

Saudi Heritage Commission Includes 190 New Antiquities Sites in National Register

The Saudi Heritage Commission approved the registration and documentation of 190 new archaeological sites in the national register of Antiquities. There are now 8,788 such locations in the national register across the country, representing a national legacy that reflects the historical richness of the Kingdom. Asir region has the largest number with 35, followed by Al-Jouf with 32, Tabuk with 31, Hail with 23, Al-Qassim with 22, and the Eastern Province with 20. Of the new registrations, 11 are in Jazan, 10 are in the Makkah region, five are in Al-Baha, and one is in Madinah.

4:32 - Richard's One Big Thing is how Saudi Arabia is ‘redrawing the map of the future with fibre-optic cables’, citing a recent piece in the Middle East Eye. Saudi Arabia sees an opportunity with Egypt acting often as a bottleneck.

18:02 - Lucien's One Big Thing is a discussion on how Saudi Arabia's Green Initiative (SGI) is performing against international evaluations on sustainability progress. One new report, published annually by MIT called The Green Future Index, says that Saudi Arabia made a leap forward against its performance last year by jumping 10 places. But, it wasn't all good news for Saudi Arabia - the Kingdom is in the second-to-last category for these rankings. Still, the progress is laudable and can already be seen on the ground in Saudi Arabia. So far, Saudi Arabia has planted 18 million trees within the Kingdom and of those 13 million are mangroves.

32:35 - The 966 welcomes back onto the program Bilal Saab,  political-military analyst on the Middle East and U.S. policy toward the region and Senior Fellow and Director of the Defense and Security Program at the Middle East Institute. The hosts ask Bilal about his recent piece, entitled "After Oil-for-Security: A Blueprint for Resetting U.S.-Saudi Security Relations."

1:13:08 - Yallah! 6 top storylines to get you up to speed heading into the weekend.

In Surprise, OPEC Plus Announces Cut in Oil Production

Saudi Arabia, Russia and their oil-producing allies announced that they would cut production by more than 1.2 million barrels of crude a day, or more than 1 percent of world supplies, in an apparent effort to increase prices. The production cut was unexpected because leaders of the group, known collectively as OPEC Plus, said in recent days that they did not intend to make changes in their policies. The cuts, which are voluntary and start in May, could be temporary depending on economic conditions.

Fitch upgrades Saudi Arabia to 'A+' on strong balance sheet, buffers

Ratings agency Fitch on Wednesday upgraded Saudi Arabia's credit rating to 'A+' from 'A', citing the Gulf state's robust fiscal and external balance sheets, including a favourable debt-to-GDP ratio and strong sovereign net foreign assets. Oil revenue will account for about 60% of total budget revenue in 2023-2024, according to Fitch, despite a major government push towards developing the non-oil sectors of the economy. "The upgrade also assumes ongoing commitment to gradual progress with fiscal, economic and governance reforms," Fitch said.

Saudi Arabia's sovereign wealth fund reveals its VC portfolio

The venture arm of Saudi Arabia's sovereign wealth fund, Sanabil Investments, has revealed dozens of US and European venture capital and private equity firms in its portfolio, shedding new light on the kingdom’s expanding global economic footprint. The fund’s portfolio contains 18 startups along with big-name VC and growth funds like California-based Andreessen Horowitz, 500 Global and New York-based, General Atlantic.

Top Saudi, Iranian diplomats to meet in China, say media, officials

The top envoys for Saudi Arabia and Iran will meet in Beijing on Thursday, an Iranian official and a Saudi-owned newspaper said, as the two regional rivals work to hash out next steps of their diplomatic rapprochement amid a China-brokered deal. The meeting between Prince Faisal bin Farhan Al Saud and his Iranian counterpart, Hossein Amirabdollahian, will be the first formal meeting between Saudi Arabia and Iran's most senior diplomats in more than seven years.

CIA director visits Saudi Arabia to reinforce US commitment to intel cooperation

The head of the Central Intelligence Agency (CIA) Bill Burns was in Saudi Arabia this week to meet with officials and reinforce Washington’s commitment to intelligence cooperation, a US official told Al Arabiya English on Wednesday. The CIA director’s quiet trip comes on the heels of a surprising agreement signed between Riyadh and Tehran, brokered by China, to restore diplomatic ties, reopen embassies and exchange ambassadors in the next month.

The UN is going forward with an operation to prevent a disastrous oil spill from a rusting tanker in the Red Sea.

The United Nations Development Programme has purchased a ship to take 1.1 million barrels of crude oil that has been sitting in a decrepit supertanker, SFO Safer, off the port of Ras Isa in Yemen’s west coast. It has contracted SMIT Salvage BV, a Dutch firm specializing in marine salvage, to extract the oil and remove the Safer to safety. The replacement vessel is currently in drydock in China, being fitted for its new purpose as a floating oil storage vessel. It is expected to arrive in the Red Sea next month.

1:32 - Richard discusses his recent adventure to Al Ula, Saudi Arabia. 

28:08 - Lucien's one big thing is Saudi Arabia's announcement that it will purchase up to 121 Boeing 787 Dreamliner aircraft equipped with General Electric’s most advanced GEnex engines to anchor the newly-formed Riyadh Air and expand the Saudia Airlines fleet.

41:53 - James Golsen, Senior Commercial Officer for Saudi Arabia and Bahrain, joins The 966 to discuss his work building U.S.-Saudi trade and business relations and his journey to this current post. 
Mr. Golsen’s career has taken him around the globe. Previously he served as the Senior Commercial Officer in Moscow from 2019 - 2021, and before that, he was with the US Department of Commerce as Executive Director-Asia. He’s held top-level commercial roles at embassies across Asia, including in Chennai, Thailand, Shanghai, Myanmar.
The 966 hosts talk with James about his role building U.S.-Saudi trade relations and enhancing investment opportunities in Saudi Arabia. They also discuss the recent Boeing deal with the newly-launched Riyadh Airlines and much more.

1:11:52 - Yallah! 6 Top storylines to get you up to speed heading into the weekend.

First, the hosts speak with the top spokesperson for the Saudi embassy in Washington, Fahad Nazer, to discuss the recent announcement that the Kingdom and Iran would normalize relations after 7 years. The deal was agreed to and announced in China, raising eyebrows in Washington and heightening concerns that China's influence in the Middle East region is rising. But Nazer noted that the Kingdom's foreign policy is not a "zero-sum" game, and that relations with other regional and global actors are not reflective of its relationship with the United States, with which Saudi Arabia has a long and historic partnership.

Next, the hosts welcome on Dr. Jon Alterman, senior vice president and director of the Middle East Program at CSIS in Washington about the surprise development. Dr. Alterman noted that the Saudi move with Iran is “part of a broader Saudi strategy to re-orient the relationship with the United States" and that the decision is a change for an emerging Saudi Arabia in the region. But Alterman also noted that Saudi Arabia will likely still be relying on American security guarantees.

Then, the hosts welcome on Dr. Abdulaziz Alghashian, a scholar and researcher with a focus on Saudi-Israeli relations, who discusses the regional view on the recently-announced, China-brokered Saudi-Iran deal to normalize relations. What's the view from Riyadh and what are the implications for Israel and other regional actors? The 966 welcomes Dr. Abdulaziz back onto the program to answer these questions and chat about the implications for the region going forward. 

3:11 - Richard’s One Big Thing this week is a recent collection of articles and items in the media that paint a picture of a U.S.-Saudi relationship that is evolving as Saudi Arabia increasingly becomes an emerging power and global economic and diplomatic player. Richard highlights recent pieces specifically by Bilal Saab and Hussein Ibish.

17:35 - Lucien’s One Big Thing is highlighting the rapid progress at The Red Sea giga-project. By all accounts and from everything one can see on social media, the development is proceeding ahead of schedule. Red Sea Global’s dynamic and news-making CEO, John Pagano, announced the “first luxury resort brand revealed at AMAALA,” Clinique La Prairie, which is a leading Swiss clinic, and bills itself as master of longevity resort which has both medical and wellness programs. Red Sea Global also announced a new Four Seasons resort for the area, and renderings show a nearly-magical design that is set to rival the Maldives. 

26:31 - Yallah! 6 Top Storylines to get you up to speed headed into the weekend…

Saudi Arabia announces $400m humanitarian aid to Ukraine

According to Andrii Yermak, head of the President’s Office of Ukraine, after meeting Faisal bin Farhan Al Saud, Saudi Minister of Foreign Affairs, Saudi Arabia will supply Ukraine with an aid package worth $400m. Two documents were signed formalizing $100m worth of humanitarian aid and $300m worth of oil products.

Vision 2030 projects trigger a real estate boom in Saudi Arabia

With multibillion-dollar projects related to the Vision 2030 strategy, Saudi Arabia’s real estate sector is expected to witness a record boom, real estate experts told Arab News. Faisal Durrani, partner – head of Middle East Research, Knight Frank, said that, “in Riyadh, average apartment values are up 30 percent in the last 12 months, and this is even higher at around 40 percent for some of the most desirable suburbs in north Riyadh. Villa prices in the capital have also risen by 20 percent.”  According to Knight Frank, over 555,000 residential units, more than 275,000 hotel keys, over 4.3 million sq. m of retail space, and over 6.1 million sq. m of new office space are expected by 2030.

First Israeli commercial flight uses Saudi-Omani corridor

Oman has become the latest Middle Eastern state to allow overflights of Israeli registered aircraft. It joins Saudi Arabia, and creates room for a significant air corridor to and from Asia since Israeli carriers still cannot overfly Iranian airspace – previously requiring them to route much further south. On Feb 26, El Al flight 871 from Tel Aviv to Bangkok became the first Israeli aircraft to transit Oman’s airspace! The journey, which previously took over 10 hours, lasted just under 8 hours.

Hajj Ministry: Pilgrims can perform any number of Umrah

The Ministry of Hajj and Umrah confirmed that pilgrims are not limited to a specific number of times to perform Umrah. The ministry stated that those who arrived in the Kingdom on a visit, tourist, or work visa can perform Umrah. The pilgrim can also change the means of transportation that he had used for his arrival during his departure from the Kingdom. The ministry pointed out that the holder of the Umrah visa can travel between Makkah and Madinah as well as among all the cities of the Kingdom during the permitted period of his stay. The Umrah pilgrims can enter and leave Saudi Arabia from any international or regional airport in the Kingdom.

Andy Warhol Exhibition Opens in the Saudi Desert

Earlier this month, Saudi Arabia’s first exhibition on Andy Warhol opened at the Maraya, a mirrored building in the desert. Titled “FAME: Andy Warhol in AlUla,” the show is part of the second annual AlUla Arts Festival, a government-funded initiative to help bolster the country’s reputation as an arts destination. The show zeros in on Warhol’s fascination with celebrity through some 70 carefully selected pieces of the late Pop Art icon’s work. One section includes portraits of celebrities like Elizabeth Taylor, Marlon Brando, Muhammad Ali, Bob Dylan and Salvador Dalí. Another houses Warhol’s Silver Clouds, a room of large metallic balloons.

LIV GOLF fails to match PGA ratings. And that’s ok…

An average of 286,000 and 291,000 viewers tuned in Saturday and Sunday, respectively, to watch LIV GOLF's first event of the season. Phil Mickelson and former number one Dustin Johnson lead an all-star cast at LIV's season opener in Mayakoba, Mexico, but ratings were far below that of the PGA Tour. The PGA Tour's Honda Classic brought in 1.61 million viewers Saturday and 2.38 million on Sunday, by comparison, on NBC.

4:05 - Richard's one big thing is all the international events ongoing in Saudi Arabia and its capital, Riyadh, these days, making it a global destination for events.

10:30 - Lucien's one big thing is LEAP, the four-day long event in the Kingdom that welcomed thousands of visitors and over 700 speakers to talk tech, VC, and next-generation industries. The event also saw 900 exhibitors. The event kicked off with some headline-grabbing major announcements of large investment figures by Minister of Communications and Information Technology in Saudi Arabia Abdullah Alswaha, in a keynote. The minister announced investments worth $9 billion to support future technologies, digital entrepreneurship, and tech startups, all with the overall goal of advancing the Kingdom’s position as the largest digital economy in the Middle East and North Africa region.

19:14 - Yallah! 6 top storylines to get you up to date on Saudi Arabia heading into the weekend.

Hajj 2023: Saudi Arabia extends Nusuk programme to more countries

Saudi Arabia has expanded its Nusuk programme for Hajj pilgrims to more countries around the world. Nusuk is a unified government portal that helps pilgrims to apply and pay online for electronic visas, book flights and pay for accommodation and transport. The move will benefit pilgrims from Europe, the US, Australia and more than 58 countries and will, “raise the quality of the services provided to enrich the religious and cultural experience, while also achieving the objectives of the kingdom’s Vision 2030 programmes.” the Saudi Press Agency quoted the Ministry of Hajj and Umrah as saying.

The Big 5 Saudi 2023 doubles in size in its new venue

The 11th edition of The Big 5 Saudi, organized by dmg events, will take place at the Riyadh Front Exhibition and Conference Center from 18-21 February 2023. This largest construction event in Saudi Arabia will bring together 28,000+ attendees and over 750 local and international exhibitors from 40 countries, showcasing the latest in construction innovations and technologies.  Twelve country pavilions will shine the spotlight on construction solutions from Italy, Germany, Greece, Poland, Spain, Egypt, China, Kuwait, Turkiye, Qatar, Austria and India.

Saudi MBS offers to build stadiums in Greece, Egypt if they join World Cup bid

Saudi Arabia has offered to pay for new football stadiums in Greece and Egypt in return for their alliance in jointly bidding to host the 2030 World Cup. The joint bid between the three friendly countries is in competition with a joint European bid by Spain, Portugal and Ukraine, and a joint South American bid by Argentina, Uruguay, Paraguay and Chile. The window for bids opened in June last year, and the decision on the tournament will be voted on by the 200-member FIFA congress in 2024.

Saudi Arabia FDI inflows up 10.7% in third quarter 2022 -investment ministry

Foreign direct investment (FDI) inflows into Saudi Arabia rose 10.7% in the third quarter of 2022 over the same period a year earlier, figures from the investment ministry showed. FDI inflows totalled 7.2 billion riyals ($1.9 billion) in the third quarter of 2022, according to the investment ministry's latest monthly bulletin published on Monday, versus 6.5 billion riyals in the third quarter of 2021.

Al Hilal beat Flamengo to become first Saudi club to reach Club World Cup final

Salem Al Dawsari scored two penalties as Al Hilal beat Flamengo 3-2 to become the first Saudi Arabian club to reach the Fifa Club World Cup final. Al-Hilal football club will go head-to-head against 5-time Fifa Club World Cup winner Real Madrid in the final this Saturday after the Spanish team’s 4-1 win over Egypt’s al-Ahly.

Saudi Arabia's gaming sector gets $488m funding to boost talent and development

Saudi Arabia's gaming industry received a boost with new funding worth $488 million, as the kingdom pushes forward in positioning itself as a global leader in the industry. The financing is being provided by the Saudi Esports Federation, National Development Fund and the Social Development Bank. It targets both the gaming and e-sports sectors. The gaming industry in Saudi Arabia, the Arab world's biggest economy, is poised to grow 250 per cent by 2030, with e-sports leading the growth, a recent study from YouGov found.

1:24 - Richard's one big thing is the real estate market in Saudi Arabia, and discusses recent information shared by the global real estate consultancy Knight Frank on the market in the Kingdom as well as the expanding giga-developments being undertaken across Saudi Arabia. Faisal Durrani, Partner – head of Middle East research for Knight Frank, said: “A bold new vision is unfolding in Saudi Arabia. The phenomenal transformation taking place in the world’s fastest growing economy is clearly visible across the entire urban landscape. With over 555,000 residential units, more than 275,000 hotel keys, in excess of 4.3 million square metres of retail space and over 6.1 million square metres of new office space expected by 2030, the planned construction in the kingdom will easily make Saudi Arabia the largest construction site the world has ever known."

“What’s more, healthcare, education and wellbeing sit at the core of the transformative plans, which will contribute to an extraordinary evolution in the kingdom’s physical realm, making it unrecognisable from what we see today by the end of the decade.”

16:16 - Lucien's one big thing is the big Riyadh metro project, priced at $22.5 billion, which is almost complete. The Riyadh Metro project, the game-changing public transportation project in Saudi Arabia’s capital, “will be opened soon,” Rai Al Youm reported on Wednesday, citing the German News Agency (DPA). The project is the largest for public transport networks in the world. The announcement was reportedly made by Fahd Al-Rasheed, the chief executive officer of the Royal Commission for Riyadh City.

Al-Rasheed, in a statement to DPA, said that the King Abdulaziz Public Transport Project will open “its first phase at the beginning of this year, to be followed by other phases at close intervals.”

The first phase of Riyadh Metro is reportedly expected to start in March and the final operation will take place before the year ends.

23:55 - Yallah! 6 top storylines to get you up to date headed into the weekend.

Al-Attiyah holds off Loeb to win Dakar Rally 2023

Nasser Al-Attiyah captured his second straight Dakar Rally on Sunday in dominant fashion, moving into second place in the event's all-time list in the process. Al-Attiyah now has five wins in what has been considered rally racing's top event. Stephane Peterhansel holds the all-time record with 14 Dakar wins, eight of which came in the premier car category. Sébastien Loeb finished in second place but was more than 80 minutes behind in the overall standings.

World Economic Forum opens in Davos

 The 53rd edition of the World Economic Forum opened on Monday in Davos, Switzerland where leaders from across the globe will meet to discuss the global economy. The meeting follows a tumultuous year for the global economy with rising food prices driven by Russia’s invasion of Ukraine which began in February 2022, and which saw numerous countries imposing sanctions on many Russian politicians and oligarchs. A number of high-ranking officials from Saudi Arabia including Saudi ambassador to the US, Princess Reema Bandar Al-Saud and Economy Minister Faisal Alibrahim will attend the conference and participate in a number of panel discussions.

More Saudi Women Assume Diplomatic Posts

The number of Saudi women assuming diplomatic positions has increased to five, with the addition of Ambassadors Nisreen Al-Shibel and Haifa Al-Jedia to the list of Saudi representatives in the Kingdom’s embassies abroad. They join Princess Rima bint Bandar Al Saud, who took over the duties of the Saudi embassy in Washington, becoming at that time the first Saudi woman to hold the position of ambassador. She was later joined by Amal Al-Mouallimi, ambassador to Norway, and Enas Al-Shahwan, ambassador to Sweden.

Saudi Arabia keeps up pace of women’s development hosting first international tournament

Saudi Arabia, who have launched a bid to host the AFC Women’s Asian Cup 2026, have taken a further step forward with the women’s game in the country, with Dammam hosting the Kingdom’s first-ever women’s 11-a-side international tournament. The four-team tournament featuring Saudi Arabia, Comoros, Pakistan, and Mauritius, kicked off January 11 and runs until January 19. The hosting of the tournament in Dammam is being hailed as a major milestone for the women’s game as the country seeks to achieve a first FIFA ranking. A women’s first division is to follow, while the Saudis have also launched a school’s league for young women.

Defending its crown: Saudi issuers line up deals ahead of big ECM year

After a strong IPO year across the GCC, the Kingdom of Saudi Arabia is poised to strengthen its claim as the region’s strongest IPO hub in 2023 fueled by a pipeline of mega listings and private mandates to be won. According to Dialogic data, there was USD 9.37bn worth of IPO issuance on the local exchange Tadawul last year, just above the USD 8.5bn recorded in Dubai and USD 4.6bn on the ADX. January is already proving busy for the kingdom’s capital markets. Last week, four private sector issuers — manufacturer Al Watanian for Industries Company, Jamjoom Pharma, Mawarid Manpower Company, and Murabaha Marina Financing Company — gained regulatory approval from Saudi Arabia’s Capital Markets Authority (CMA) to list on the Tadawul.

Saudi Arabia launches Events Investment Fund, SPA reports

Saudi Arabia has launched an investment fund to support the culture, tourism, entertainment and sports industries, state news agency SPA reported on Tuesday. The Events Investment Fund (EIF) will focus on developing and increasing direct foreign investment opportunities for a contribution of 28 billion riyals ($7.45 billion) to the country's gross domestic product by 2045, SPA added.

1:03:23 - Yallah! Six top storylines to get you up to speed heading into the weekend...

•Messi and Ronaldo likely to meet in friendly in Saudi Arabia
French champions Paris Saint-Germain have confirmed plans for a mid-season trip to the Middle East. PSG will leave France on January 17 and visit Doha in Qatar and then Riyadh in Saudi Arabia, where they will play a friendly match at King Fahd Stadium on January 19. Recent Al Nassr signing Cristiano Ronaldo is expected to play for the Saudi all-star XI, while Lionel Messi will likely line-up for PSG.

•Saudi Arabia says this year's hajj pilgrimage will return to pre-COVID levels
Islam's annual hajj pilgrimage in Saudi Arabia will return to pre-pandemic levels this year after restrictions saw the annual religious commemoration curtailed over concerns about the coronavirus, authorities say.

•Saudi Arabia's Ma'aden forms JV with the PIF to invest in mining assets abroad
Saudi Arabian Mining Co, the Gulf's largest miner, said on Wednesday it agreed to form a joint venture with the kingdom's sovereign wealth fund to invest in mining assets globally.
Ma'aden will own 51% in the venture while the Public Investment Fund (PIF) will own 49%, the company said in a regulatory filing.

•Saudi Arabia includes Diriyah tourism project in PIF's portfolio
Saudi Arabia has included a Diriyah tourism project in the portfolio of its sovereign wealth fund, the Public Investment Fund (PIF), to improve investment efficiency and public-private cooperation, state news agency SPA reported on Monday.
The development of Diriyah, a UNESCO World Heritage Site, was previously under Diriyah Gate Development Authority (DGDA), which will continue its supervision, SPA said, citing an announcement by the Saudi crown prince.
 
•Visitors to Saudi Arabia spend $7bn in six months
Visitors to Saudi Arabia spent 27 billion riyals ($7.19 billion) during the first six months of 2022, making tourism one of the kingdom's most promising sectors.The Ministry of Investment said 3.6 million foreign tourists visited the kingdom during the second quarter of the year, greatly contributing to a plan to diversify sources of income as part of Vision 2030.
 
•Saudi Arabia aims to create Formula 1 hub in Kingdom
Saudi Arabia signed a 10-year contract with Formula 1 that will see teams race in Jeddah for a few more years before a brand-new complex in Qiddiya becomes the country's permanent F1 venue.
But Prince Khalid Bin Sultan Al Faisal, president of the Saudi Automobile and Motorcycle Federation, wants to take the Kingdom's involvement in motorsport to the next level by establishing in the future a veritable hub similar to the racing nerve center located in the UK.
"We want to create a hub," Prince Khalid told Motor Sport magazine. "We have big companies that can help the future of motorsport."

3:06 - Richard's one big thing is the upcoming Future Minerals Forum 2023

14:54 - Lucien's one big thing is water! Rain has fallen across Saudi Arabia in recent weeks. That lead Lucien to thinking about the recent maturity of Saudi Arabia's water sector, including innovative techniques in desalination and opportunities for the private sector in the coming years. The subject also ties in with Saudi Arabia's national farming policies, including a recent story from Arizona about a Saudi-owned company, Almarai, and its local subsidiary using groundwater for alfalfa production.

30:45 - The 966 welcomes Dr. Aziz Alghashian, a Saudi researcher and writer focused on Saudi-Israel relations. Dr. Aziz is often quoted in media outlets like the NYT, France24, Sky, BBC about the developments in this interesting area of Saudi foreign policy. The hosts also talk with Dr. Aziz about his story growing up just out of Washington, D.C. and his studies and work in the UK.

1:41:00 - Yallah! 6 top storylines to get you up to speed headed into the weekend...

Portugal’s Cristiano Ronaldo joins Saudi Arabia club Al Nassr

Portugal captain Cristiano Ronaldo has joined Saudi Arabian club Al Nassr on a 2-1/2 year deal, a month after the 37-year-old forward became a free agent when his contract with Premier League club Manchester United was terminated. Al Nassr said the five-time Ballon d’Or winner will join on a deal until 2025 but did not disclose any financial details. Ronaldo’s contract with the team has been estimated by media to be worth more than 200 million euros ($214.5m).

Hyundai Motor to be first Korean carmaker with factory in Middle East

Saudi Arabia’s Ministry of Industry has signed a memorandum of understanding with the South Korean company “Hyundai Motors” to build a factory for the complete assembly of electric cars in the Kingdom. The memorandum of understanding stipulates planning to build a complete assembly plant with the “CKD” system for electric cars and internal combustion engine cars, to be located in Saudi Arabia.

Employment in Saudi Arabia's non-oil sector rises at strongest pace since 2018

Hiring at companies in Saudi Arabia's non-oil sector increased at its strongest pace in about five years in December, driven by "robust” business activity. The acceleration in sales growth drove businesses in the kingdom to increase hiring in December to boost operating efficiency. The rate of job creation was the fastest recorded since January 2018, while the increase in staffing capacity helped companies to reduce outstanding work for the seventh month running.

Saudi Arabia Gains Majority Stake in Magic Leap in $450M Deal

Saudi Arabia has taken majority share of the US-based augmented reality company Magic Leap, The Telegraph reports, widening the stake via its state-owned sovereign wealth fund with a deal amounting to $450 million. The investment puts the country’s ownership of Magic Leap over 50 percent, giving it overall majority control. To date, Magic Leap has raised $4 billion, with minority investors including Google, Alibaba, Qualcomm, AT&T, and Axel Springer.

Gulf Cup gives Iraq chance to draw closer to Arab neighbors

From Jan. 6-19, the southern city of Basra will host the 25th edition of the Arabian Gulf Cup (AGC), a biennial football tournament amongst Gulf Arab states first held in 1970 in Bahrain. Iraq will be the venue of a major international football competition for the first time since it both hosted and won the AGC in 1979. Eight regional teams—Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen—will participate in the tournament. Matches will take place at the Basra International Stadium and the Al-Minaa Olympic Stadium, venues with capacities of 65,000 and 30,000 spectators respectively.

Saudi Arabia to launch kingdom's version of Airbnb

Saudi Arabia is to allow its citizens to operate Airbnb-style property rentals after the kingdom announced a new portal similar to the global lettings marketplace. Minister of Tourism Ahmed Al Khateeb approved the tourism law this week. Properties will be advertised through an official tourism service provider in line with the regulations set by the ministry, which will publish prices inclusive of taxes. Strict guidelines have been issued on maintaining tourists' privacy, with constant surveillance of authorities on security, health and safety measures, including ambulance and evacuation procedures.

The hosts discuss Richard's one big thing: Saudi Arabia as a $1 Trillion economy, a development which has been years in the making but was pushed forward in part by Russia's war in Ukraine. Saudi Arabia's economy is growing at an impressive clip, and will be the fastest growing economy in the G20 in 2022.

Lucien's one big thing is green hydrogen. Saudi Arabia saw traction in two ways this week, first, in a potentially large buyer in Germany, and second, in the agreement to secure financing for the work to produce ammonia for export at Neom. Air Products, along with Neom and ACWA Power, entered into a deal in July 2020 to produce ammonia at Neom for export. The three companies are betting big that Europe would be one of the largest importers of green ammonia. The three industrial heavyweights created the Neom Green Hydrogen Company (NGHC), NEOM’s NGHC announced yesterday that it had inked facility agreements with local, regional, and international banks and Saudi Arabia’s SIDF to finance the construction of the plant.

The 966 welcomes Todd Albert Nims. Mr. Nims, born in Saudi Arabia, is a leader in the Kingdom's film industry. He co-produced the major feature film Born a King, shot in London and Saudi Arabia which broke box office records for the Gulf.  He held the Film Producer position at the Kingdom of Saudi Arabia's state-of-the-art hub for inspiring creativity and global culture, Ithra, for six years where he established the Kingdom's first cinema and assisted in launching the first Saudi Film Days (saudifilmdays.com) program to provide funding and development to Saudi filmmakers while screening their films in Hollywood. Mr. Nims owns an entertainment company based in Riyadh with several scripts and projects in development and a creative consultancy business based in the USA. He also sits as chairman of the Arts, Culture & Entertainment Committee for the American Chamber of Commerce in KSA.

Yallah! 6 Top Storylines this week...

Per Bloomberg: Saudi Arabia’s gross domestic product expanded an annual 8.8% in the third quarter, keeping the oil-rich kingdom on track to be the fastest-growing among the Group of 20 economies this year. The final figure was slightly higher than a preliminary estimate of 8.6% due to further expansion in the non-oil economy, data from the General Authority for Statistics showed Sunday. All sectors displayed positive annual growth.Saudi Arabia has previously said it anticipates full-year economic growth of 8.5%, as well as its first budget surplus in nearly a decade.

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According to Reuters, Saudi Arabian Oil Company (Aramco) and TotalEnergies will join forces to build a new petrochemicals complex in Saudi Arabia, the French energy group said on Thursday. The project involves investment of about $11 billion, of which $4 billion will be funded through equity by Aramco (62.5%) and TotalEnergies (37.5%), the statement said.

 
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Per CNBC, Electric vehicle maker Lucid Group said Monday that it has completed a planned $1.5 billion equity offering. The company first announced the offering in November, when it reported its third-quarter results.
 
Lucid raised the majority of that cash, about $915 million, via a private sale of nearly 86 million shares to an affiliate of its largest investor, Saudi Arabia’s Public Investment Fund. The remaining $600 million was raised via a traditional secondary stock offering, in which Lucid sold an additional 56 million shares.

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Saudi's Water and Electricity Holding Company (Badeel) and energy company ACWA Power have signed power purchase agreements to develop the largest solar energy plant in the Middle East, Reuters reports. The 2,060 megawatt solar facility will be built in Al-Shuaibah, in the Makkah province, and is expected to become operational by the fourth quarter of 2025.

 
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According to a report in MEMO, Saudi Arabia plans 2km high 'megascraper' – Saudi Arabia is planning to build a 2,000 metre high tower in the capital Riyadh. If the plans go ahead, it will be the tallest building in the world, eclipsing the UAE's Burj Khalifa in Dubai which stands at 828 metres high. The estimated cost is around $5 billion according to a report by Middle East business intelligence (MEED). A design competition is currently underway with a participation fee of $1 million, the report said, citing sources close to the contest who also disclosed that several of the world's leading architecture firms have already been invited to take part.
 
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Eurofruit reports that “Indonesia is the main focus of the latest marketing drive for Saudi dates, along with Morocco, France, the UK and the US, as the Kingdom aims to be the first choice for date consumers globally.” According to Abdullah Al-Yahya, marketing department manager at the National Centre for Palms and Dates (NCPD), Saudi Arabia alone produces more than 400 kinds of dates. “There are more than 400 kinds of dates in Saudi Arabia, but we are focusing on a dozen or so. We are trying to educate people on the different kinds available, how tasty, how juicy, how healthy they are. We are focusing on organic dates as a super fruit and a healthy fruit.”

Happy new year!

AmCham's work includes analyzing and providing insights on policies and structural changes impacting American business interests through its eleven sector committees that represent established industries and emerging markets in Saudi Arabia. AmCham Saudi Arabia is a Kingdom-wide organization, with headquarters in Riyadh and active chapters in the Eastern Province and Jeddah. 

AmCham members and sponsors engage in leadership roles within its committees, participate in industry panels and policy forums, network at social events, and contribute to its monthly newsletters and social media platforms. AmCham Saudi Arabia is a registered nonprofit and NGO. 

In Bill Foster's role with the Jones Group Middle East, Foster manages the firm’s business in the Middle East-North Africa region and leads a growing Riyadh-based team of consultants, focused primarily on the defense, security, and healthcare markets.

HRH Prince Turki Al-Faisal Al-Saud is former head of Saudi Arabia’s General Intelligence Directorate for 23 years, former Ambassador of Saudi Arabia, first to the United Kingdom and Ireland, and after that, to the United States. He serves as co-founder and trustee of the King Faisal Foundation, established in 1976, Chairman of the Board, King Faisal Center for Research and Islamic Studies, and a visiting Distinguished Professor at Georgetown University.

2:47 - Richard's One Big Thing is the world's population crossing 8 billion people. What does that mean for humanity and the Middle East region? How will policy and business need to adapt to meet the challenges and opportunities of a growing human race?

11:29 - Lucien's One Big Thing is Crown Prince Mohammed bin Salman's trip to Asia for the G20 meetings in Indonesia and separate trips to South Korea, where $30 billion in deals were signed, and Thailand. China's president Xi Xinping will also visit Saudi Arabia in December.

19:33 - 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.

1:15:53 - Yallah! 6 top storylines to get you up to speed headed into the weekend.

•Funding for Green-Hydrogen Plant at Saudi Arabia’s Neom Almost Done

•IBM to help tighten Saudi Arabia’s cybersecurity as hackers target supply chains: General manager

•Saudi Aramco signs agreement to establish carbon capture and storage hub

•UAE and US in strategic partnership to invest $100bn in clean energy projects

•Goldman Is Hiring in the Middle East to Tap Deals, Fund Flow

•Andy Warhol Exhibition to Come to Saudi Arabia as Part of AlUla Arts Festival

1:28 - Richard's One Big Thing is why U.S.-Saudi relations are in need of a healthy reset and how some recent commentary on U.S.-Saudi relations seems to recognize the need for the U.S. perspective to be updated on Saudi Arabia

13:14 - Lucien's one big thing is all of the recent developments in Saudi Arabia's mining and minerals sector, overseen by Minister Bandar bin Ibrahim AlKhorayef, Deputy Minister for Mining Affairs Khalid Al-Mudaifer, and Deputy Minster Osama Zamil. The team is full steam ahead with developing the mining and minerals sector and working to make Saudi Arabia more attractive for industry in general.
AlKhroyef said recently that Saudi Arabia plans to award over a dozen mining exploration licenses to international investors.
Five new exploration sites are up for licensing and the kingdom will release details of an additional 10 opportunities next year, the minister said in a speech at IMARC. More than 145 licenses have been issued so far and the country has seen a 27% year-on-year growth in its mining revenue. The Minster also referenced the recently announced ambitious strategy to attract investments worth $32 billion to the sector.

[Note: here is the interview referenced by Lucien: https://im-mining.com/2022/11/02/91213/]

22:37 - 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.

1:10:14 - Yallah! 6 top storylines to get you up to date heading into the weekend...

COP 27 in Egypt Underway

The conference officially runs from Nov. 6 through Nov. 18. The meetings are being held at the Sharm el Sheikh. There are two main sites for the event: the Blue Zone and the Green Zone. The Blue Zone, based at the Sharm el Sheikh International Convention Center just south of the town center, is where the official negotiations will be held. That space will be managed by the United Nations and is subject to international law. More than 35,000 delegates are expected to attend the event, including President Biden and more than 100 heads of state, according to the U.N. climate body. That is smaller than last year’s summit in Glasgow, which brought together 120 world leaders and over 40,000 registered participants. But for a year in which no major decisions are officially expected, it is still a substantial gathering.

Saudi Arabia announces visa-free entry ahead of FIFA World Cup Qatar 2022

For the first time ever, Saudi Tourism Authority announces the extension of the Saudi multi-entry visa, the new announcement states that the multi-entry visa allows Hayya Card holders to stay in Saudi for up to 60 days, with pre-entry to the FIFA World Cup not required. Further extensions will allow for ‘Hayya with Me (1+3)’, allowing Hayya Card holders and three additional friends and family members to enter the kingdom.

Saudi Arabia Launches Its Own EV Brand

The kingdom's sovereign wealth fund announced last week it is launching an electric vehicle brand together with Taiwan's Foxconn, called Ceer. It will become the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture, and sell a range of vehicles for consumers in the country and the MENA (Middle East and North Africa) region, including sedans and sports utility vehicles.

Saudi Arabia Hosting The 22nd Arab Radio & TV Festival

Running from 9th-12th November 2022, 30 other countries will be participating in the event – including 12 that are non-Arab countries. Over 1000 media experts and professionals from around 200 radio and television networks and production and distribution companies will be attending. 2022’s edition of the Arab Radio and Television Festival is being held in Saudi Arabia for the first time, as opposed to its usual location in Tunisia, where its headquarters are based and will coincide with the establishment of the Future of Media Exhibition.

Saudi Arabia commits $2.5bn to Middle East Green Initiative over next 10 years

Saudi Arabia will contribute $2.5 billion to a green initiative in the Middle East over the next ten years, Crown Prince Mohammed bin Salman announced during the Cop27 UN climate summit. Prince Mohammed was speaking at the second edition of the Middle East Green Initiative conference being held in Cairo alongside the Cop27 climate change summit in Egypt. He told attendees that the kingdom aims to provide more sustainable energy systems and that Saudi Arabia would build a prominent headquarters for the initiative. “With concerted regional efforts, the initiative seeks to support efforts and co-operation in the region to reduce and eliminate emissions by more than 670 million tonnes of carbon dioxide equivalent,” he said.

Saudi Arabia’s October PMI marks highest growth since January 2021

The headline seasonally adjusted Purchasing Managers’ Index (PMI) of Saudi Arabia rose to 57.2 in October 2022 from 56.6 last September, marking the strongest business outlook since January 2021. The PMI highlighted solid business conditions in the non-oil private sector economy during October 2022, according to Riyad Bank’s data. Firms witnessed enhanced domestic economic conditions and smooth inf...

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.

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.

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

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.

•New Saudi Companies Law 2022: Key Changes, and Next Steps for Companies in KSA

On 28 June 2022, the Saudi Cabinet of Ministers approved the New Companies Law, and it was published in the official gazette (Umm Al Qura newspaper) on 4 July 2022. The New Law will come into effect on or around 1 January 2023, replacing the previous Companies Law which was issued 10/11/2015 and the Law of Professional Companies issued 25 September 2019. The implementing regulations of the New Law are expected to be released prior to the New Law taking effect.

•Salman Rushdie attack ‘unacceptable’ to Islam, says MWL chief Al-Issa
Muhammad bin Abdul Karim Al-Issa, secretary-general of the Muslim World League, called the attack on writer Salman Rushdie “a crime that Islam does not accept.” In an interview with Arab News on the side of his participation in a conference on inter-religious dialogue in the Italian city of Rimini, he said: “Islam is against violence and can never admit any method of violence. Religious and intellectual issues, including phrases that may read in full or partly as offensive, cannot never be dealt with in these violent ways.”

•Pride of Ukraine: Usyk beats Joshua, keeps heavyweight belts
Oleksandr Usyk kissed the blue-and-yellow flag of Ukraine and looked to the Saudi Arabian sky as he waited to discover if he had honored his war-torn country by retaining his world heavyweight titles. Six months ago, he was patrolling the streets of Kyiv with an automatic rifle and defending Ukraine from the invading Russians. Inside the King Abdullah Sport City arena, the still-undefeated Usyk lived up to his billing as the sporting pride of Ukraine by beating Anthony Joshua in a closely fought rematch to keep his WBA, WBO and IBF belts. “I devote this victory to my country, to my family, to my team, to all the military defending this country,” the 35-year-old Usyk said through a translator. “Thank you very, very much.”

•Saudi Energy Ministry completes legal framework for rollout of EV charging stations
Saudi Arabia’s Ministry of Energy, in cooperation with other related government agencies and in integration with the private sector, haslaunched the regulations for the rollout of electric vehicle (EV) charging stations so as to ensure quality, efficiency and protection of users and facilities across the Kingdom, according to a report in Saudi Gazette.

•KAPSARC sets new record in Saudi Arabia with five LEED EBOM Platinum certifications
The U.S. Green Building Council (USGBC) awarded King Abdullah Petroleum Studies and Research Center (KAPSARC) in Saudi Arabia five Leadership in Energy and Environmental Design (LEED) Platinum certificates under the Existing Building: Operation and Maintenance (EBOM) rating system with a rating of over 80 points. KAPSARC’s facilities are the only buildings in the Kingdom to have achieved LEED-EBOM Platinum certification.

•Saudi Arabia’s Crown Prince Mohammed bin Salman inaugurated the master plan for the ‘Rua al-Madinah Project’ that lies east of the Prophet’s Mosque.
The Saudi Press Agency reported on Wednesday that the project will increase the occupant capacity and be able to host 30 million Umrah pilgrims.

9:46 - Saudi Arabia’s Public Investment Fund (PIF) bought shares in Alphabet, Zoom Video, and Microsoft this week as part of a wider pick of U.S. stocks, bringing the market value of the sovereign wealth fund’s investment portfolio to about $40.8 billion at the end of the second quarter. Lucien's one big thing this week is discussing the recent stock buy by the PIF. The PIF, with $620 billion in assets, also added to positions it held in Facebook Inc. owner Meta Platforms Inc., PayPal Holdings Inc. and Electronic Arts Inc. in the second quarter, according to a SEC 13F filing by the PIF, a quarterly report that is required to be filed by all institutional investment managers with at least $100 million in assets under management.

17:36 - The 966 interviews Dr. Saad Alshahrani, Deputy Minister for economic affairs and investment studies at Saudi Arabia's Ministry of Investment. Dr. Saad joins The 966 from Riyadh to talk about the Saudi economy, investment opportunities, and reforms in the Kingdom. The hosts also ask Dr. Saad about the red hot tourism sector in Saudi Arabia and the opportunities there. He also shares his story of studying in the U.S. and journey to becoming a deputy minister.

1:03:10 - Yallah! 6 top storylines on Saudi Arabia this week to get you up to date headed into the weekend.

High oil prices help Saudi Aramco earn $88B in first half

Saudi energy company Aramco reported that its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. The increase is a boon for the kingdom and the crown prince’s spending power as energy companies worldwide rake in big earnings, the AP reports.

Time Out Riyadh Restaurant Awards shortlist 2022: nominees revealed

For more than 20 years, Time Out’s reviewers have conducted anonymous, independent restaurant visits in the region, booking anonymously and paying for every meal in order to establish which restaurants are truly worth diners’ time and money. The Time Out Restaurant Awards are the longest-running, most established dining awards in the Middle East. In 2022, the Time Out Riyadh Restaurant Awards will be held for the very first time. Following 12 months of anonymous restaurant reviews, taking in all corners of the city, and the full spectrum of price points and dining experiences, Time Out presents a shortlist of 150 of Riyadh’s best restaurants across 17 categories. The winners will be revealed September 15th. 

Digital payments exceed cash for first time in Saudi Arabia with 94% transaction value 

Electronic payments exceeded the use of cash for the first time in Saudi Arabia in 2021, with these transactions representing 94 percent of all payments when measured by value, a study conducted by the Saudi Central Bank revealed. In terms of volume, the use of electronic payments increased to 62 percent last year from 44 percent in 2019 across all areas of economic activities. The Saudi government sector has almost completely converted to electronic payment methods for all outward payments to individuals, business establishments or other government agencies, the report noted.

As President Biden looks to close GITMO, Saudi Arabia emerges as an option

According to a report in the New York Times, Thirty-six prisoners remain at Guantánamo Bay today, and Saudi Arabia’s reintegration center for recovering Islamic extremists may be an option for President Biden, who is looking to close the detention center in Cuba. Saudi Arabia’s program, with its campus in Riyadh, and another in Jeddah, grew from a counterterrorism campaign that began in 2004 to re-educate citizens who had made their way home from jihadist training camps in Afghanistan and others influenced by them.

Saudi Crown Prince leads washing ceremony of Holy Kaaba in Mecca

Saudi Arabia's Crown Prince Mohammed bin Salman Tuesday led the annual washing ceremony of the Holy Kaaba on behalf of Saudi King Salman bin Abdulaziz, the Saudi Press Agency reported. The Crown Prince was accompanied by a number of dignitaries and carried out the ceremony, which is part of the tradition set by Prophet Mohammed, after performing prayers.

Photos show progress made on Saudi Arabia’s Red Sea Project, guests expected in 2023

Images shared by the CEO of the Red Sea Development Company (TRSDC) John Pagano show significant progress made at the Ummahat Islands reserve site.

Playing host to Nujama, part of the luxury hotel-chain Ritz Carlton’s Reserve collection, the 82-key resort will welcome guests in 2023, according to Pagano.

MISA says it oversaw 49 major deals valued at $925 million, which are set to create around 2000 new jobs in the local economy. The report includes an opening by H.E. Ahmed AlKhateeb, Minister of Tourism, and includes a dedicated section on tourism in Saudi Arabia, looking at the latest developments and opportunities driving this dynamic sector forward.

10:03 - Saudi Arabia's STV released an interesting, forward-looking report on the opportunities for investors in the MENA region, particularly in startups. Lucien's one big thing is the report from STV, which says the MENA region is set to witness the birth of more than 45 unicorns in the next eight years, with an estimated total equity value to reach more than $100 billion, according to a new Saudi Technology Ventures (STV) report.

The report from STV Insights highlights the opportunities for investing in the MENA region and Saudi Arabia and particular.  Saudi Arabia was described as the “gravitational center” for scaling tech unicorns, based on the country’s GDP and stock exchange size.

21:48 - The 966 welcomes Ahmed Shawly 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 a blend of established and new, indie sounds, and so much more.

1:17:00 - Yallah! Six top storylines to get you up to speed heading into the weekend.

•Women to teach 4th grade elementary students in private and foreign schools

The ministry clarified in the circular that this decision vis-a-vis grade four comes in tandem with the success achieved after application of assigning the teaching of students from the first to third grades of elementary level of the private and foreign girls’ schools to female teachers. “The ministry also desires to continue creating stimulating environments for teaching and learning as well as to support investment in the private general education sector,” it was stated in the circular…

•Saudi Industry Minister: Percentage of National Products in Some Retail Stores Reaches 70%

The largest local stores in the Kingdom began to allocate spaces within their distribution points and branches to highlight national products with the identity of the “Made in Saudi Arabia” Program to enhance the sale of local products and make them a preferred option for consumers, SPA said.

•Aramco expands Namaat industrial investment programs

The Saudi Arabian Oil Company today announced a major expansion of its Namaat industrial investment programs, with 55 agreements and Memoranda of Understanding (MoUs) across the sustainability, digital, industrial, manufacturing and social innovation sectors. Namaat, which has grown from 32 to 55 investments since last year, supports industrial investment partnerships, helping to create jobs for Saudis and contributing to national growth and capacity building. The program aims to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek program and other initiatives.

•Saudi Arabia to host international falcons exhibition

More than half a million people will descend on the 2022 International Saudi Falcons and Hunting Exhibition, the world’s largest falconry event, taking place from August 25 to September 3 in Riyadh, Saudi Arabia. The 10-day extravaganza brings together enthusiasts from around the globe and celebrates the art of falconry and its rich heritage, spanning generations in the Kingdom of Saudi Arabia. Visitors will get to see first-hand the world’s finest collection of falcons and hunting equipment along with having the opportunity to experience unforgettable desert safari trips.

•Saudi Arabia among top 5 overseas markets as ‘Bullet Train’ rakes in $62.5M

The stylized action romp “Bullet Train,” starring Brad Pitt, earned $62.5 million worldwide over its opening weekend, according to studio estimates this week, with Saudi Arabia earning a spot on the overseas play ranking. The film racked up $32.4 million at the international box office and $30.1 million on the domestic charts. Overseas play was led by the UK with a $3.5 million start, followed by France at $3.1 million, Mexico delivering $3 million, Australia rolling to $2.2 million and Saudi Arabia clocking $1.9 million.

•Ahead of Qatar World Cup, expanded Salwa border crossing inaugurated

Capacity at the Salwa border crossing between Saudi Arabia and Qatar has been quadrupled from 3,000 cars to 12,000 cars in each direction per day.  The Salwa border post reopened in January 2021 after the Al-Ula Summit ending a three and a half year closure. 

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. 

US to extend visa validity for Saudis to 10 years starting Aug. 1

Last month, the US announced it would be extending visit visas for Saudi nationals from five to 10 years. The announcement came a day after US President Joe Biden arrived in Saudi Arabia for a two-day official visit as part of his first Middle East tour as president, during which he met King Salman, Crown Prince Mohammed bin Salman and other senior Saudi officials.

Saudis hail Vision 2030 women’s workforce figures

Saudi women now comprise 33.6 percent of the Saudi workforce as of March 2022, according to the General Authority for Statistics. That figure is up from 17.4 percent just five years ago. The unemployment rate of women was the lowest in 20 years as of the first quarter of 2022, falling to 20.2 percent from 22.5 percent during the fourth quarter of 2021.

Biden Approves Arms Sales to Saudi, UAE

The Biden administration on Tuesday approved and notified Congress of possible multibillion-dollar weapons sales to both Saudi Arabia and the United Arab Emirates. The notice of the approval comes just weeks after President Joe Biden met with the leaders of each nation in Jeddah, Saudi Arabia, as he sought to improve relations between the US and the Saudis.

Tiger Woods turns down as much as $800 million for LIV Golf

Tiger Woods turned down an offer that Greg Norman says was "somewhere in that neighborhood" of $700 million to $800 million to take part in the Saudi-funded LIV Golf series.

During an appearance on Fox News with Tucker Carlson that aired Monday night, Norman confirmed what he told the Washington Post in a story two months ago. Norman told the Post in June the offer was "mind-blowingly enormous; we're talking about high nine digits."

Saudi Arabia Eyes Hosting of 2026 Women’s Asian Cup

Saudi Arabia has joined Australia, Jordan and Uzbekistan as nations who have expressed interest in hosting the 2026 Women’s Asian Cup, the Asian Football Confederation (AFC) said on Monday as reported in Reuters.

NEOM’s Oxagon announces annual Kingdom-wide Hackathon 

NEOM’s Oxagon, home to advanced and clean industries with industrial innovation at its core, today launched the first edition of its Hackathon, in partnership with Saudi Arabia’s Ministry of Education, powered by Blossom Accelerator.

The three-day sprint is set to take place from October 6 to 8 in Riyadh, Saudi Arabia and is designed to foster a collaborative and inclusive innovation eco-system across the Kingdom’s burgeoning startup community, a statement said.

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.

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. 

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.

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.

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.

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

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.

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. 

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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. 

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.

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.

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.

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.

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.

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.

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.