The 966

The rapidly evolving venture capital environment in the Middle East, Gulf and Saudi Arabia is in focus in this special conversation for The 966. 

1:00 -- Saudi Arabia's incredible, award-winning pavilion at Dubai's Expo 2020 signed off with a big ceremony. Will Saudi Arabia host Expo 2030?
Of the top 5 candidate-cities, two are in Russia and Ukraine. The Russian invasion of Ukraine weakens their candidacy, leaving Saudi Arabia in competition with only Italy (which hosted in 2015) and South Korea. 
So, what would an Expo 2030 Riyadh Saudi Arabia look like? 
Crown Prince Mohammed bin Salman announced the Saudi bid to host Expo 2030 in October last year and the Kingdom submitted its formal application in December to the Bureau International des Expositions, the organization behind the expo.
In its presentation to the BIE in December, Saudi Arabia outlined bold plans to transform Riyadh and the rest of the country into a world-class venue for global connectivity, culture and climate action.
Indeed, Riyadh is a fast-changing city, and the hosts agree, could make for an excellent host to Expo 2030.

7:07 -- Trojena in Saudi Arabia at Neom: You have to see this ambitious new tourism project in the mountains along Saudi Arabia's northwest coast.
Trojena is newly announced year-round tourist destination that will consist of a series of facilities such as the ski village, ultra-luxury family and wellness resorts, a wide range of retail stores and restaurants, in addition to sports activities, including a ski slope, watersports and mountain biking, as well as an interactive nature reserve, according to Saudi Press Agency.
The project is set to be ready by 2026.
The location has some winter-feeling temperatures: the temp in the mountains above NEOM frequently drops below zero celcius. Located at approximately 2,600 meters above sea level, outdoor skiing will be a unique feature of Trojena which is positioning itself as the GCC’s first outdoor skiing destination.

14:38 -- The 966 talks with Col. Brad Gandy, former Chief of the US Training Mission in Saudi Arabia (USMTM) about the U.S.-Saudi security relationship and the ongoing transformation in Saudi Arabia's military.
Col. Gandy has one of the more impressive resumes out there. Before serving as head of USMTM in Saudi Arabia, he served as the senior US defense official and defense attache to Yemen, and he has spent years in the region and in Saudi Arabia in various capacities. He also served as U.S. army attache to the Kingdom of Saudi Arabia between 2006 and 2010...
The hosts ask Brad to help us better understand what the USMTM is and the role it plays, how the Foreign Military Sales (FMS) process works, and more.
The hosts also ask about the ongoing military transformation in Saudi Arabia and the role USMTM plays in it. The Saudi defense transformation plan is coordinating with the USMTM by embedding, for the first time ever, U.S. military and civilian advisors throughout the Saudi Ministry of Defense, and that included select U.S. defense companies to implement advice, assist, and mentor components of the project.
As chief of the USMTM from 2019-2021, Col. Gandy oversaw this process.

1:08:47 - Yallah! Six storylines to get you up to date on Saudi Arabia headed into the Weekend.
•Riyadh Season 2021, the marquis festival of the Saudi Seasons program closes today after a 5-month run begun on October 20, 2021. It has welcomed over 15 million visitors to its 13 zones, spanning 5.4 million square meters. With the slogan ’Imagine More’ this Riyadh Season included several concerts performed by the likes of Sean Paul, Pitbull, Amr Diab, and Mohamed Hamaki, among many others. According to Trade Arabia it also hosted the kingdom’s first cosplay event, attended by hundreds of Saudi nationals, residents and visitors who dressed up as their favorite movie and cartoon characters.

•The second phase of Saudi Arabia's decision to localize professions in grocery stores and supermarkets came into force on Monday, according to a report in the Saudi Gazette. This phase aims to reduce the number of foreign staff in sales by half in the roles of department manager, deputy branch manager, and branch manager. As of 2021, the Ministry of Human Resources and Social Development (HRSD) announced the localization of 20 professions and activities from a variety of sectors, as well as the establishment of nearly 378,000 employment openings.

•Saudi budget airline flynas is in negotiations with both Boeing and its current supplier Airbus to buy aircraft worth $13 billion to $15 billion, according to a report in Reuters. The carrier has increased the number of planned new orders to 250 aircraft and also plans to increase the number of destinations to 165 from 70.

•About 499,000 Saudis entered the employment market in 2021; an average of 1,367 Saudis per day, according to an Okaz/Saudi Gazette study of recently released government reports. The total number of male and female Saudi employees in the local labor market reached about 2.25 million in 2021, marking a 28.51% increase from 2020, when their number reached about 1.75 million.

•FDI inflows totaled $19.3 billion, the most since 2010, according to data published by the Saudi central bank on Monday. according to Bloomberg. The bulk of last year’s FDI total was from state oil company Saudi Aramco selling a $12.4 billion stake in an oil pipelines entity to investors led by EIG Global Energy Partners LLC. A new national investment strategy last year set an FDI target of more than $100 billion annually by 2030.

•SPA announced on Wednesday that Saudi Arabia deposited $5 billion in Egypt's central bank as the Egyptian economy faces new economic pressures as a result of the war in Ukraine. On March 21 Egypt devalued its currency by around 14% after investors had pulled billions of dollars out of Egyptian treasury markets. Saudi Arabia said last October it had deposited $3 billion with Egypt's central bank and extended the term of another $2.3 bln in previous deposits. This new deposit would bring the total to $10.3 billion, this according to a report in Reuters.

0:57 - A new personal status law in Saudi Arabia is set to be a game-changer for Saudi women, in addition to having significant real-life impact for everyone in Saudi Arabia. The personal status law is one of the four laws announced by the Crown Prince Mohammed bin Salman bin Abdulaziz in February, which is designed to enhance the efficiency and integrity of the kingdom's judicial system – a move that will eventually lead to a fully codified law. The crown prince noted that the personal status draft was drawn from the provisions of Islamic Shariah, and took into account the latest legal trends and modern international judicial practices, keeping abreast of developments and changes.

7:46 - Foxconn might build a $9 billion plant in Saudi Arabia, and that could be a big deal. Foxconn, the world’s largest contract assembler of consumer electronics, is in talks with Saudi officials about the prospect of opening a $9 billion factory in NEOM, according to a report in the Wall Street Journal. The company is looking at jointly building a $9 billion multipurpose facility that could make microchips, electric-vehicle components and other electronics like displays.

18:26 - One of the biggest transformations in Saudi Arabia has very little to do with Vision 2030: Saudi Arabia's military is undergoing a massive overhaul...the largest since the founding of the Kingdom. We talk with author, researcher and professor Bilal Saab about the major modernizations and thorough reconstruction of the security apparatus in the Kingdom. Bilal talks about his recent piece for the MEI.edu, A Gradual Reset with Saudi Arabia, as well as his forthcoming book, Rebuilding Arab Defense, available in May.

1:14:57 - Yallah!
•Aramco, ACWA Power, Saudi Arabian Airlines, Ma’aden and ENOWA (a water and energy firm) signed non-binding MOUs to become the first members of Middle East and North Africa regional Voluntary Carbon Market, which the Public Investment Fund launched last year in cooperation with the Saudi stock exchange. PIF said further partners on both the demand and supply side will be on boarded in the coming months, ahead of an introductory round of auctions in fourth quarter of 2022. [Bloomberg]

•Saudi Arabia plans to introduce 60 water projects worth 35 billion Saudi riyals ($9.33bn) as the kingdom accelerates efforts to become the world's largest desalination market. Once completed, the projects will nearly triple Saudi Arabia's desalination capacity to 7.5 million cubic meters of water a day by 2027, from 2.54 cubic metres per day in 2021. [The National]

•The Saudi Super League will begin in June, and attention is now turning to the venues selected for its debut season. The challenger to the PGA tour that has caused controversy for months will begin without the major defection that league CEO Greg Norman had hoped would occur. The eight-tournament series runs from 9 June to 30 October and will comprise seven regular season events and a Team Championship grand finale Match Play. [CNN]

•Saudi Arabia's state oil company Aramco pledged to hike investments by around 50% this year as it reported a doubling in 2021 profits. Aramco benefitted from a more than 50% surge in oil prices last year, as increased COVID-19 vaccination rates and loosening restrictions resulted in demand outpacing supply. [Nasdaq]

•Saudi Arabia’s Ministry of Investment and the Jada Fund of Funds have teamed up to create a platform that will connect Saudi entrepreneurs with investors abroad, according to a report in the National. Catalyse Saudi will host a series of events, the first of which will take place this month in Jeddah and Riyadh under the theme of disruptive technology. [The National]

•Saudi Arabia is planning to raise its port occupancy rate to 70 percent by 2030, CNBC reported citing the head of the Saudi Ports Authority. This comes as the transshipment rate at the Saudi ports grew by more than 35 percent in 2021, Omar bin Talal Hariri disclosed.

Nusf specializes in preparing and qualifying women for executive leadership in Saudi Arabia. The organization was founded to help Saudi and Arab women develop professionally, lead in the corporate world, and make a lasting positive impact on society. Nusf is committed to advancing the Kingdom’s national development agenda and Vision 2030 objective of increasing women’s participation in the workforce. 
Nusf believes that no country can achieve prosperity or realize its full potential if it leaves behind half its population. “Nusf” means “half” in Arabic, hence the company's tagline “Investing in Half the Population.”

Nusf aims to raise the percentage of women in leadership in Saudi Arabia by providing both emerging and accomplished female leaders with the knowledge, skills and networks needed to expand their impact on their individual organizations as well as their wider communities. The organization works to build capacity and boost confidence in professional women through programs that will foster their advancement and enrich their careers, enabling them to become the future leaders in their industries and society.

2:36 - Where is shale oil and why isn't it more impactful in the U.S. energy mix?
U.S. shale oil production transformed global energy markets when it helped U.S. oil production go from just under 4mbd in September 2008 to 13.1 mbd in February 2020. And, despite rapid depletion rates, shale oil production is cheaper and faster to bring online than traditional methods of oil production. By 2014 U.S. oil – specifically shale oil – was widely viewed as the ‘swing producer’ – a role OPEC and specifically Saudi Arabia had held for decades.
By 2014 U.S. shale oil set the ceiling for global oil prices leaving OPEC to try to maintain the floor as best it could.
Still, U.S. Shale Oil won’t be saving the day any time soon. The hosts explore why this is and talk about what might be next for energy markets and U.S. energy policy.

26:05 - A recent study by Uber in Saudi Arabia reveals that female participation in the labor force keeps climbing - and is ahead of schedule for Vision 2030.
Between 2018 and 2021 - female participation in the labor force grew from around 22% to almost 36%.
The increase means that the country has met its Vision 2030 target of 30% female labor force participation almost 10 years ahead of schedule.

32:00 - Dr. Mark Thompson, Senior Research Fellow at the King Faisal Center for Research and Islamic Studies (KFCRIS) and author of the book, Being Young Male and Saudi: Identity and Politics in a Globalized Kingdom (Cambridge University Press) joins The 966 to talk about his research and experiences in Saudi Arabia. Mark also has a new book forthcoming, Governance and Domestic Policy Making in Saudi Arabia: Transforming Society, Economics, Politics and Culture.

The hosts talk with Mark about his methodology, and what it's like to engage with Saudi youth to find out what they want and see for the future. They also discuss educational reforms in Saudi Arabia, Vision 2030 progress, and much more. 

1:49 - Lucid's new Saudi plant is official. Lucid announced a long-term plan to bring advanced automotive manufacturing to Saudi Arabia to address global demand.

The plant will be designed for a maximum annual production capacity of 150,000 vehicles. Lucid estimates that the site could result in up to $3.4 billion in value for the company over 15 years. The plant is expected to create “several thousand highly skilled jobs.”

6:25 - Saudi Arabia is hosting its first ever major defense show this week. The World Defense Show begins in Riyadh in just a few days, and the event will showcase the latest in defense industry tech.

Saudi Arabia is one of the top spenders globally on defense.
In 2020, it was the 6th largest spender on defense, plopping down an estimated $57.5 billion on defense, according to SIPRI.
For 2020, Saudi Arabia's budgeted defense spending is down from that figure, however, at $45.5 billion. That's a trend in the right direction for Saudi Arabia as it looks to localize half of its defense spending by Vision 2030.
Over 420 exhibitors are registered for the event, which will also feature a special zone for startups in the defense space.
Saudi Arabia created a purpose-built space for this event, which will take place every other year.

11:26 - Ukraine, global security, and the Middle East with David Des Roches.

The situation in Ukraine is constantly evolving. So, too, is the geopolitical situation in the region and world in the aftermath of the invasion.

The Wall Street Journal reports that "From the Persian Gulf’s oil-rich monarchies to Israel, U.S. allies and partners are staying neutral or tempering their criticism of Moscow in a revealing sign of Russia’s growing influence in the region." 
The hosts and Des Roches discuss why this is, and if it perhaps could change?

53:24  Yallah! Six headlines to get you caught up before the weekend...

According to a report in Arab News, Saudi Arabia on Monday welcomed the UN Security Council’s resolution labeling the Houthi militia fighting in Yemen a terrorist group, in addition to expanding the scope of an existing arms embargo to encompass the entire membership of the Iran-backed group, which was previously limited to specific individuals and companies.

Another week, another big Saudi IPO...Nahdi Medical Co, Saudi Arabia's market leader in retail pharmacies, aims to raise up to 5.11 billion riyals ($1.36 billion) in the country's biggest initial public offering since Saudi Aramco's listing in 2019, according to a report in Reuters.

Saudi Arabia announced the discovery of 5 new gas wells in four separate regions across the Kingdom, adding more natual gas capacity at an important time in the global energy transition.

Local runner Emblem Road runs out an 80-1 shock winner of $20 million Saudi Cup. The Saudi-trained horse rallied with a wide, sweeping move on the outside to win the $20million (£14.9m) Saudi Cup at 80-1 odds. Established in 2020 and organised by the Jockey Club of Saudi Arabia, the Saudi Cup is a two-day international racing festival, headlined by the USD$20m.

Construction for Gulf Railway connecting Qatar to Saudi kicking-off - The construction of the GCC Railway connecting Qatar to neighboring country Saudi Arabia will kick off soon. The 2,177 km Gulf Railway is a proposed railway system connecting all six GCC countries in Eastern Arabia. The project, expected to cost US$250 billion, is scheduled to be completed by 2023. The completion date is not yet estimated.

Saudi Arabia’s newest travel experience is inspired by the renowned Burning Man festival in the US...Caravan by Habitas AlUla will open in March in one of the oldest cities on the Arabian Peninsula. Surrounded by mountains and ancient Nabatean settlements, Caravan AlUla consists of 22 Airstream trailers.

1:29 - Richard's one big thing this week in Saudi Arabia is an update to Saudi Arabia's founding story as the Kingdom celebrated its Founding Day on February 22.
 
Earlier this year, the government announced the new holiday will be celebrated with a day off for both public and private sector workers, and released a vintage-looking logo used to mark the event.

The Saudi English-daily Arab News features a fascinating report on how historians and experts in the Kingdom worked to reveal the actual founding day as 17 years off from previous recording, instead using the first date of Bin Saud’s first day as ruler of Diryiah, in what is now modern-day Riyadh, instead of his alliance with Sheikh Mohammed ibn Abdulwahhab.

“There is no doubt that the events of 1744, the year in which Imam Mohammed ibn Saud of Diriyah offered sanctuary to the religious reformer Sheikh Mohammed ibn Abdulwahhab, were hugely significant….But over time the importance of that admittedly historic moment of common cause between state and faith came to obscure the far more complex and deeper-rooted origins of the First Saudi State…

“It is to correct this neglect of the Kingdom’s crucial embryonic years that Founding Day has been created, to celebrate 1727 as the true moment of birth and to give Saudis a deeper appreciation of a past far richer than many realize.”

“The theoretical effort of “laying the foundation” for Founding Day is crucial to building states, cementing identity, and enlightening society. The Saudi identity is coherent, modernist, and developed; and like identities throughout history and across the globe, it must be reimagined and reestablished constantly, especially during transitional, historic periods. Today in Saudi Arabia, this effort takes the form of Vision 2030.”

11:43 - Lucien's one big thing in Saudi Arabia this week is a look at the oil market and Saudi oil exports as the Russian invasion in Ukraine rages. Where is Saudi Arabia's oil going now, and what's next for energy markets? With oil now headed over $100 a barrel on Brent and possibly even higher as the situation in Ukraine deteriorates, Washington is already in close coordination with Saudi Arabia on energy markets.
Russia of course is a big player in the oil markets - making up the "plus" in the new market-setting cartel "OPEC+," which adds a layer of complexity to the crisis in Ukraine and as as sanctions against Russia start to ratchet up, although the West is not sanctioning the Russian oil sector yet.
But much of Saudi Arabia's oil now heads to Asia - in fact in 2021, 80% of Saudi crude headed to Asia, with China as the leading consumer.
The top four destinations for Saudi crude are China, Japan, South Korea and India.
Recent data show that US was again the only non-Asian importer of Saudi oil to make the top five, but the amount the U.S. imported from Saudi Arabia decreased from 407,000 b/d in 2020 to 376,000 b/d in 2021.  This is the lowest in 36 years.
Saudi exports to European markets also dropped in 2021.

39:58 - Yallah! Six storylines in Saudi Arabia from the week to get you updated heading into the weekend.

•Expo 2020 in Dubai is not just jaw-dropping national pavilions and entertainment. Governments and global leaders convened this week at the Dubai Exhibition Centre at Expo 2020 for the Food, Agriculture and Livelihoods Business Forum. New Zealand, which is recognized globally as one of the most progressive agricultural and aqua-cultural nations – its food sector feeds around 40 million global consumers each year, eight times its population – is New Zealand is taking the lead on the forum that will address the urgent need to transform the world’s food and agricultural systems to feed 10 billion people by 2050, within environmental limits.

 
•It was a historic day for Saudi Arabia as the women's national football team played, and won, its first official international match on Sunday. The Saudi squad traveled to the Maldives to beat the Seychelles 2-0 in a friendly which comes just a month after the final team was named. It will now face the Maldives in its second match today. The team was congratulated by Brazilian soccer legend Pelé, who called it a "historic day."

•Speaking at the Munich Security Conference, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud said that Lebanon must offer stronger signals that it is serious about reform to secure support from the international community as it struggles with a financial crisis. “Lebanon first needs to be actively saving itself… We need a stronger signal from the Lebanese body politic that they are going to step up.”  He said this included stabilizing the economy and addressing issues of corruption and mismanagement as well as “regional interference and loss of state sovereignty.”

•To mark World Radio Day, the Saudi Broadcasting Authority recently launched Al-Ekhbariya Radio, the first news radio station in Saudi Arabia. The station will have a network of 85 correspondents and will focus 80% of its programming on local news with the remainder focused on Arab and international news. Station director Mubarak Al-Ati said, “Launching the station is in the interest of the Saudi media renaissance to keep pace with the developments the kingdom is undergoing at all levels. Saudi media will continue to advance in service of the kingdom’s leadership and people.”

 
•Arab News recently reported that the government has not yet decided to integrate it innovative Tawakkalna application with the Absher platform. The Absher app was introduced in 2015 by the Ministry of Interior and is the leading e-services platform in Saudi Arabia. It served 23 million users who carried out more than 85 million operations in 2021.  Tawakkalna was launched in 2020 by the Ministry of Health and is mandatory for all people in the country to enter worksites, shops, and malls. It also has more than 23 million users and last year was selected among the top applications in the e-health category by World Summit on the Information Society Prizes.

•Leading Saudi soccer clubs Al-Nassr and Al-Hilal have each signed long-term strategic partnerships with the investment vehicle of Qiddiya, the new entertainment district near Riyadh which plans to build a new 40,000-seat, cliff-top stadium for the two Riyadh-based clubs. Likewise, the PIF-owned Central Jeddah Development Company has also signed deals with two other top clubs Al-Ittihad and Al-Ahli for the same annual amount of $26.6 million and the same duration – until 2042.

2:10 - Richard's "One Big Thing" this week: Al Dawaa Medical Services Co., one of the largest pharmaceutical retail companies in Saudi Arabia, will list 25.5 million shares on the Saudi Stock Market (Tadawul) seeking to raise about $500 million. Al Nahdi Medical Co., the kingdom’s largest pharmacy retail chain, plans to seek about $1.3 billion in an IPO in the next few months in what could be the largest share sale in the kingdom since state oil giant Saudi Aramco went public in 2019...

10:35 - Lucien's "One Big Thing" this week: The Saudi Ministry of Industry and Mineral Resources has opened the next stage for licensing the Khnaiguiyah site, the largest exploration site in the Kingdom. Extensive exploration work already has been carried out at Khnaiguiyah site, covering 100,000m drilled and a 3D geological model. The Saudi Geological Survey has confirmed the site's considerable geological potential of approximately 26mn tons of zinc and copper, both critical minerals for the global energy transition. With over 40 years of experience in the sector, Amr talks about the importance of the revitalization of the mining sector in the Kingdom and the opportunities that are waiting for investors. 

25:10 - How has Saudi foreign policy evolved since the rise of King Salman, and how the Kingdom's position and influence in global affairs has grown? This is the starting point for The 966's discussion with Amr Khashoggi, who begins by placing it in context starting with the 9/11 attacks and the damage that did to U.S.-Saudi relations and Saudi Arabia's reputation. After those attacks, Amr represented the Kingdom in delegations that engaged directly with graduate students and professors at U.S. Universities for several years. Amr also discussed how the U.S.-Saudi relationship remains strong and endures from president to president and has withstood an array of tests and challenges. 

47:52 - The conversation pivots to talking about Amr Khashoggi's work as chairman of Amkest Group, how his business has grown under the Kingdom's Vision 2030 economic and social diversification plans, and the renewable energy space, in which Amkest is invested. The group then discusses the good work that Amr is doing with Qaederoon, which is a successful non-profit in Saudi Arabia and with an inspiring mission.

1:17:00 - Yallah! 🐪 Six news stories to get you up to date headed into the weekend...

•The Saudi Cabinet has approved a license for a local digital bank to be established with a capital of$440 million. The D360 Bank will be established through a consortium of individual and corporate investors, led by Derayah Financial Company, with the Public Investment Fund being one of the main investors. With the newly issued license, the total number of licensed banks in the Kingdom will reach 35, including 11 local banks, three local digital banks and 21 foreign bank branches, according to SAMA.

•Golf Saudi has attained full member status of the European Disabled Golf Association (EDGA) as part of its efforts to promote the sport for all players in Saudi Arabia. The news was revealed during the Saudi International tournament by Majed Al Sorour, CEO of Golf Saudi and the Saudi Golf Federation, who said its membership in EDGA would enhance the accessibility of golf in Saudi Arabia.

•NADEC – the country’s leading agricultural and food processing company and one of the largest in the Middle East and North Africa has announced that its solar energy project is now commercially operational. The solar PV park was developed as part of a 25-year corporate power purchase agreement between NADEC and French energy company ENGIE, the first of its kind in the country. The facility is roughly equivalent to 21 football pitches, has a capacity of 30 MW and is expected to lower carbon emissions by 53 million kg per year.

•Fresh off her sold-out concert at The Maraya Concert Hall in AlUla, singer-songwriter Alicia Keys joined Saudi Ambassador to the United States, Princess Reema Bint Bandar Al-Saud, and a group of other creative Saudi women in an intimate conversation under the theme “Women to Women.” The off-the-record dialogue, hosted by Good Intentions, a newly launched Saudi-based creative consultancy, was held in a town hall style, where audience members asked questions, made comments, and interacted with the panel.

•On Sunday 4% of Saudi Aramco shares worth $80 billion were transferred to the kingdom’s Public Investment Fund which is taking the lead in efforts to transform the Saudi economy and diversify away from oil revenues. The Saudi state remains the largest shareholder in Saudi Aramco after the transfer process with more than 94% of the company’s shares. The shares transfer is expected to help the PIF achieve its goal of growing to over $1 trillion under management by the end of 2025.

•For centuries millions of saksaul trees, commonly known by their Arabic name Al-Ghadha, provided firewood, animal feed and respite from the desert heat for the Bedouin forefathers of modern Saudis. Planting saksaul trees is now part of green initiative by the Saudi government aimed at reducing carbon emissions, pollution, and land degradation. 250,000 of the drought-resistant trees will be planted this year in the central Qassim region. The kingdom aims to plant 10 billion trees in the coming decades as well as work with other Arab states to plant an additional 40 billion trees across the Middle East.

Saudi Arabia’s changing society, economy, and the impact of King Salman with guest David Rundell, author of the book Vision or Mirage, Saudi Arabia at the Crossroads.

7:16 - Richard's one big thing this week is the Saudi Games 2022 will welcome 6,000 athletes in March - the first time this huge event has been held in the Kingdom.
6000 athletes from both sexes will compete in 45 sports in the host city Riyadh from March 10 - 20 with big prizes awarded.

13:08 - Lucien's one big thing is a new report from the World Bank highlights the truly staggering annual cost of pollution in the MENA Region.
Air pollution alone costs the MENA region about $141 billion a year, or 2% of economic output. Air pollution levels in MENA’s largest cities are among the highest in the world. The average citizen in these cities is breathing in air that is 10 times more polluted than the WHO says is safe. 

The World Bank study said air pollution causes about 270,000 deaths a year, and the average MENA resident is sick at least 60 days in his/her lifetime due to exposure to elevated air pollution levels.

The report talks about damage to the region's seas and coasts, which is especially interesting for Saudi Arabia as it is full steam ahead with plans to develop its Red Sea coastline for tourism.

24:05 - The hosts take advantage of David Rundell's extensive experiences and knowledge about Saudi Arabia, and ask about the important role of Saudi Arabia's King Salman, changes in Saudi Arabia, and the "stakeholders" outlined in David's book, Vision or Mirage: Saudi Arabia at the Crossroads. 

1:05:35 - Yallah!
•Authorities in Saudi Arabia released the new logo for the “Founding Day,” a new holiday in Saudi Arabia to be celebrated in February, which includes various historical and traditional symbols linked to the glories, heroisms and nobility of the Saudi state. Per Arab News, "The phrase “Foundation Day — 1727 AD” is written below in a font inspired by several ancient manuscripts chronicling the history of the first Saudi state, so that the logo’s comprehensive message is linked to the values ​​that represent the common Saudi culture, and conveys the meanings of pride, enthusiasm, authenticity, interdependence, hospitality, generosity, knowledge and science."

•Organizers for the upcoming World Defense Show in Riyadh said they have sold out all of its pavilllions, as the Kingdom gears up to host its first major global defense and security event of its kind in Saudi Arabia. On March 5, as a pre-cursor to the inaugural World Defense Show, the first-ever Riyadh Defense Forum will be conducted by the International Institute for Strategic Studies (IISS). Founded by the General Authority for Military Industries (GAMI), the World Defense Show will kick off the first day with a "spectacular opening ceremony featuring live demonstrations of interoperable defense capabilities across all key domains."

•U.S. Central Command boss Gen. Kenneth F. McKenzie Jr said there is ‘Rare Opportunity’ to Integrate Air, Missile Defense in Gulf Region, according to a report from Airforcemag.com. McKenzie said that “the most immediate and credible threats to the American homeland” are still coming from the Middle East. Iran “remains the central threat around which U.S. Central Command is organized and my top priority as its commander,” McKenzie said in remarks to the Middle East Institute. "Specifically, my mission is to deter Iran from undertaking malign activities that undermine the security and stability of the region.”

•Saudi Arabia’s Public Investment Fund (PIF) has been assigned debut ratings by agencies Fitch and Moody’s, receiving an ‘A’ rating and ‘A1’ rating, respectively. The PIF is looking to extend credit facilities and raise public debt to fund its ambitious spending and investment commitments at home and abroad, according to the Financial Times. Fitch said when issuing the rating, "“It is Fitch’s view that the government has an oversight over PIF, notably over its investment and funding strategies through its Board of Directors, which is chaired by the Crown Prince and governed by appointed Ministries and government officials. Since 2015 PIF is organised under Council of Economic and Development Affairs of Saudi Arabia (CEDA) chaired by the Crown Prince, which is the supervisory body over PIF’s operations. As the key policy -driven economic agent of Saudi Arabia, Fitch does not expect changes to PIF’s status, ownership and control over the medium term.”

•Saudi Arabia’s Ministry of Human Resources and Social Development (MHRSD) has approved the introduction of work from home in the government sector. The ministry’s approval of telework as a new method of work in the government sector is part of achieving diversification and ensuring continuity of jobs in various work environments.

•The Richard Mille AlUla Desert Polo 2022 is set to become the first modern polo tournament in the world to be staged in the desert. Taking place on 11 – 12 February, the event will bring together polo patrons and professionals from around the world. Organized by RCU in partnership with the SPF and Richard Mille, the event marks the second season of the two-day tournament, first introduced by RCU in 2020. Richard Mille became the name sponsor as of today.

1:48 - Richard's one big thing is the announcement of Saudi Arabia's Founding Day - a new holiday in Saudi Arabia.
Saudi Arabia's Council of Ministers has chosen Feb. 22 to commemorate the Founding Day of Saudi Arabia.
Annual celebrations will recognize the foundation of the first Saudi state in 1727 by Imam Mohammed bin Saud, a move that brought unity, peace, and stability to the Arabian Peninsula following centuries of fragmentation and dissension.

11:44 - Lucien's one big thing is the one big golf tournament that happens in Saudi Arabia every year begins this week. The tournament itself is growing, with a $5 million purse and superstars like Bryson and Dustin and many others teeing it up on the Red Sea. But it is Saudi Arabia's wider golf ambitions that have the world watching this weekend.
Greg Norman is again pushing his (and the PIF's) vision to grow the game of golf internationally.
At a press conference this week, Norman said the PIF and LIV Golf is increasing its annual investment in a series of 10 Asian Tour events from $200 million to $300 million. Those events, called the International Series, will be played in Thailand, England, Korea, Vietnam, the Middle East, China, Singapore and Hong Kong, LIV Golf said in a press conference.
Norman said that was just the start.

23:43 - Social entrepreneurship in Saudi Arabia and the social enterprise sector in Saudi Arabia - where is it now, and where is it going?
The importance of entrepreneurship for Saudi Arabia's ambitious Vision 2030 social and economic reform program is well-known. And in that respect, the Kingdom is experiencing measurable success: The Global Entrepreneurship Monitor report 2020/2021 said the kingdom ranked 7th in entrepreneurship, and 9 out of 10 asked said it was easy to start a business in Saudi Arabia.
But what about social entrepreneurship?
This sector sits between philanthropy and private enterprise, using commercial methods to address social needs in innovative, financially sustainable ways.
A recent report by the consulting firm PWC noted that social entrepreneurship in developed economies leads to economic activity...and although the social enterprise sector is in its infancy in Saudi Arabia, it presents a significant opportunity.
The hosts tap into Ghadah's research experience in this space in Saudi Arabia and talk about what the future holds for Saudi Arabia's social entrepreneurs.

45:45 - Yallah! 🐪  The 966's finishing segment to get you informed before the weekend.
•According to Bloomberg’s recently released Covid Resilience Ranking, Saudi Arabia ranks second among countries ‘best coexisting with COVID-19 pandemic.’ The top five countries are UAE, Saudi Arabia, Finland, Turkey and Singapore.

•Neom is set to issue its first tenders to build a renewable power grid later this year, according to the executive director of Neom Energy. The first tender packages to be issued will be in the range of 400 MW to 800 MW. Ultimately, Neom is planning to install 8 to 10 GW of wind power and 16 to 20 GW of solar power generation.

•Red Sea Farms, which is backed by investors from Saudi Arabia and the UAE, is expanding into the US through its new agriculture technology that tackles food security problems by helping countries to grow crops in areas with scarce water resources. The University of Arizona's College of Agriculture and Life Sciences will evaluate the company's latest technology with the aim of introducing it in the world’s largest economy. 

•The 2021 Riyadh Season which was launched on October 20 has attracted over 10 million visitors and 1 million tourists in roughly 100 days. The five-month Season lasts until March 22.

•The Saudi Shura Council unanimously approved on Monday a draft amendment to the flag, emblem and national anthem system. The proposed changes aim to more clearly define the proper uses of the state emblem, raise awareness about the importance of the flag and anthem and protect the flag from infringement or neglect. 

•If you have not noticed how fast Saudi Arabia’s art scene is moving, we recommend Rahel Aima’s recent article for ArtForum – Stepping Stones: The Saudi Scene Takes the World Stage – a terrific report on the current state of the Jeddah and Riyadh art scenes.