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The 966 and host, Richard Wilson welcome to Episode #134 Laura Morgan, Market Intelligence Lead, MEA, JLL to discuss Saudi Arabia’s Booming Construction Sector. Ms. Morgan expands on JLL's Q1 2024 KSA Construction Market Intelligence Report which noted that with $1.5 trillion in the Saudi pipeline of unawarded construction projects, Saudi Arabia accounts for almost 40% of the total MENA pipeline value. Within that pipeline the construction sector represents $950 billion (62% of the total $1.5 trillion), while transportation, infrastructure, and other utilities account for $582 billion (38%).
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 RisksThe Construction Pipeline: A Look at the Projects in Saudi ArabiaSound 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
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In Episode #133 of The 966 podcast, Dr. Jennifer Peck, Swarthmore College, expands on her excellent article in Foreign Affairs magazine (Working Women are Changing Saudi Arabia: Reforms Have Made the Economy More Productive, Families More Resilient, and Saudis More Tolerant) where she writes, "This economic transformation has also raised women’s visible participation in public life, made families more financially resilient, and boosted businesses’ productivity by increasing their access to talent. These shifts, in turn, appear to be driving a feedback loop: the more Saudi society embraces women in the workplace, the more the government is encouraged to pursue ambitious reforms."
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.
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Saknas det avsnitt?
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On the ground the latest Gaza war has caused untold human carnage and massive damage to buildings and infrastructure. It has also severely damaged the reputation of the United States in the region as well as negatively impacted US company brands. Stefanie Hausheer Ali, senior director at international affairs consulting firm Rice, Hadley, Gates & Manuel LLC and Atlantic Council nonresident fellow joins host Richard Wilson on The 966 for a deeply informative Episode #132 in which she discusses five impacts of the Gaza war to watch.
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.
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Show Notes
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 FashionThe Future of Saudi Sportswear: Growth and PotentialSound 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
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Saeed Al-Ansari, Founder and CEO of Tawaref, a Saudi Arabia-based tech investment community that also provides startup advisory, legal consultancy and due diligence support joins Richard Wilson on The 966 to discuss what is needed to establish a business in Saudi Arabia. Saeed and Tawaref bring an extraordinary amount of experience to this challenge. In addition, Tawaref has published a series of invaluable articles in Wamda, a well-known platform, media site and venture capital firm, on how to establish a business in KSA.
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.
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Saudi cinema re-opened six years ago in April 2018 after a 35-year hiatus. The sector has exploded with revenue during that period close to $1b, over 61 million tickets sold, 1,971 films screened including 45 local productions. Saudi-based director, producer and actor Todd Albert Nims joins The 966 to discuss the origins of the Saudi film sector, how it has transformed and what remains to be done. In addition to the recent 10th showing of the Saudi Film Festival, Todd examines other ongoing events (Cannes Film Festival, Red Sea International Film Festival, etc.) including the 2nd U.S.-Saudi Film Forum happening later this month. The 2023 US-Saudi Film Forum Industry Report, is available here https://www.amchamksa.com/us-saudi-industry-film-forum-report.
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William Greene, MD, Chief Investment Officer (CIO) of the Hevolution Foundation, joins The 966 to talk about Hevolution's investment strategy and role as an investor in the emerging field of Healthspan Science. As CIO, Dr. Greene oversees all aspects of Hevolution Foundation’s investment strategy, planning, analysis, and execution.
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).
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U.S. Ambassador to the Kingdom of Saudi Arabia Michael Ratney joins The 966 to talk diplomacy and U.S.-Saudi relations.
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.
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What is the state of the Saudi labor market today? How do Saudis find jobs, and how are young Saudis viewing their prospects in a changing and modernizing Saudi economy and society? Saudi labor market expert Dr. Hanaa Almoaibed talks with Lucien Zeigler about Saudi Arabia's changing labor force, the job market in the Kingdom, youth and employment, the embrace of technical and vocational training, women in the workforce, and so much more.
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.
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In Episode 125, the hosts welcome veteran columnist and analyst Hussein Ibish onto The 966 for his third appearance on the program to unpack the implications of Israel's brutal war in Gaza and the shifting regional and global power dynamics since October 7th.
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.
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Abdullah Alshamrani, General Manager of the Digital Entrepreneurship Center at Saudi Arabia’s MCIT join The 966 to talk ecosystem development in the Kingdom, the entrepreneurship scene, and the Kingdom as a future destination for tech.
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.
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The boys are back for their normal format and catch up on just some of the seemingly endless new developments and storylines emerging from Saudi Arabia of late.
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.
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Waleed Abdel-Fattah, President of the MENA Region at Hill International, joins The 966 to talk about Saudi Arabia’s building boom and Hill’s traction in KSA since entering the market to help build out what is now known as KAFD. Hill has 100 offices across 42 countries, and its main geographical areas are the US, Europe and the North Africa/Middle East region.
Hill has worked on developments like King Salman Park, Jabal Omar development in Makkah, the Riyadh Metro, and others.
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Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement.
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).
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In episode 120, The 966 once again has on offer a menu of excellence discussing some of the most important topics happening in Saudi Arabia this week -- a tough decision for the editorial team as Saudi Arabia continues to create headlines as it marches forward with economic and social reforms.
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.
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In Episode 119, The 966 hosts Lucien and Richard discuss a variety of topics and some of the latest news and developments on Saudi Arabia. First, the hosts discuss Richard's One Big Thing, an update on the Saudi Pro League and the latest news and developments for football in Saudi Arabia heading into key portion of season. The hosts discuss some developments with PIF's investments into the sport and the planned upcoming match between Ronaldo and Messi in the Kingdom. Next, the hosts discuss Lucien's One Big Thing, his first since moving to Riyadh for a few months with his family: two new announcements for large entertainment projects that are impressive and unique, even by Saudi standards these days. Lucien was struck by how quickly Riyadh is changing in virtually every neighborhood, and how seemingly every week there's a new announcement of a project or development. This last week saw the rollout of new designs for a Saudi football/soccer stadium in Qiddiya, the Mohammed Bin Salman Stadium, which are jaw-dropping and innovative. The second project that had been announced but which had new details released is The Rig, an entertainment destination that is situated on an oil rig 10km off the coast of Saudi Arabia to be built and owned by the Public Investment Fund.
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).
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The 966 speaks with Rayan Alyusufi, a young Saudi researcher in public diplomacy and international communication to discuss the Kingdom’s public diplomacy, "sharp power," and evolution of Saudi as an emerging diplomatic player. Rayan is a PHD Candidate at Bournemouth University in the United Kingdom.
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.
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The 966 hosts kick off the new year after a refreshing holiday break following a successful year for the podcast in which the growth of the audience more than doubled across all platforms, and in some cases, grew significantly more than that! The team thanks all of its listeners and viewers for tuning in each week.
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.
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The 966 speaks with Princess Mashael bint Saud Al Shalan and Princess Noura bint Turki Al Saud, co-founders of AEON Collective based in Riyadh, to discuss the recently-concluded COP28 meetings in the UAE earlier this month and where the world stands in the fight to combat climate change and transition away from fossil fuels.
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.
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There's so much that has happened in Saudi Arabia since The 966's last full, normal-format episode. The hosts are back in their normal seats and with a special guest, Dr. Basma Al-Buhairan, Managing Director for the Center for the Fourth Industrial Revolution (C4IR), who joins The 966 to talk about tech adoption and the Center's role in enabling Vision 2030's success.
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... - Visa fler
