The 966

The 966 features an exclusive, two-part interview with Fahad Nazer, spokesperson for the Saudi embassy in Washington. In  part of the interview, the hosts ask Mr. Nazer about a wide range of issues, including Saudi Arabia's energy plans, the Kingdom's relationship with the U.S. Congress (and the Biden administration), the Jamal Khashoggi murder, and other domestic-focused topics in part 1 of this exclusive two part interview.

Nazer, who has been a contributor to SUSTG.com as well as Arab News and other publications in the region and United States, has served in the role since January 2019. Previously, Nazer served as a political consultant to the Embassy. He has held positions with JTG, Inc., Array Information Technology, Inc., and the Arab Gulf States Institute in Washington.

1:31 - A significant number of entertainment and other events in Riyadh this winter has transformed the Saudi capital.
The hosts discuss the significant changes ongoing in Riyadh as the city hosts "Riyadh Season." The grouping of events as part of a massive season-long entertainment push has Saudis traveling from all over the country to visit the capital, as guest co-host Fahad Almaliki attested. Saudi Arabia’s Riyadh Season has welcomed more than 4.5 million visits in a month, according to the Saudi Press Agency. The season also generated more than 122,000 jobs.

7:50 - A rundown of all the Saudi-related golf news this week.
Saudi Arabia's annual golf tournament got some big names to commit this week. The Saudi International, which is hosted at the really beautiful Royal Greens golf club in Saudi Arabia, got commitments from Dustin Johnson, Bryson DeChambeau, Phil Mickelson, Tommy Fleetwood, Abraham Ancer, Paul Casey, Sergio, Kokrak...This is a who's who of golf. This is interest that can be fairly described as "overwhelming" from some of the top names in the sport. The PGA has 30 days before to not allow the players to play...or face a fine. Saudi Arabia's moves in this sport are generating widespread interest.

10:55 - Saudi Arabia's Tadawul is set to IPO. It's just the latest in a hot streak for the Saudi bourse.
Earlier this month Tadawul got approval for the IPO in what could be one of the biggest in the exchange sector since Euronext NV’s $1.2 billion listing. This has been in the works for years, since at least 2016. Tadawul at that time hired HSBC to help with the listing, and has since replaced HSBC with Citigroup Inc., JPMorgan Chase & Co., and SNB Capital as financial advisers and global coordinators for the IPO.
The hosts get Fahad Almaliki's valuable take on this space.

27:25 - Shale gas in...Saudi Arabia?
We've talked a lot about Shale so far on this podcast, but mostly we've discussed U.S. shale. Saudi Arabia is making a shale gas play within the Kingdom's borders, on the Eastern province, The Jafurah shale field, according to several reports including one in SPGlobal.com.
Saudi Aramco expects its Jafurah shale play to yield up to 2 Bcf/d of gas and contribute a significant amount of 418 MMcf/d of ethane and 630,000 boe/d of gas liquids and condensates by 2030.
Aramco is really beginning to accelerate the company's development of unconventional resources.
Just this week, Aramco awarded $10 billion dollars in EPC contracts for work at the field.

35:15 - Saudi Arabia's growing economy and a year of optimism in 2022
Economic forecasts are starting to congeal around the fact that the Saudi economy is set for a big year in 2022. The Saudi Government is forecasting growth at 7.5% in 2022. The World Bank says 4.9 percent. Jadwa Investment predicts 7 percent year-on-year growth.
The consensus is not in the number but in the sentiment: the Kingdom is set for a pretty strong year economically, Omicron and other externalities notwithstanding...

1:20 - Women's soccer in Saudi Arabia takes a big leap forward.
Saudi soccer officials said they will launch the first edition of a women’s league. The new women’s league will be playing in two phases within the regional league, and sixteen teams will take part in the first phase with games played in three cities — the capital Riyadh, Jeddah and Dammam. Saudi officials also announced the hiring of Monika Staab to lead the Saudi Arabian national women’s team.

7:30 - SOUNDSTORM, a massive EDM festival in Saudi Arabia, features some of the world's best DJs.
SOUNDSTORM is a music festival that is taking place in Saudi Arabia - the second installment after the first in 2019 (and a break in 2020 during the pandemic). It is being billed as the region’s biggest and loudest music festival. SOUNDSTORM will take place in Riyadh from December 16 to 19, and will feature a world-class international music lineup, including more than 150 global superstar headliners and international dance acts, as well as local and regional talent. International artists Armin Van Buuren, David Guetta, Deadmau5, DJ Snake, Eric Prydz, Steve Aoki, are among those slated to perform.
Saudi Arabia’s MDLBeast, the organizing company, said that the festival will include at least 6 female DJs.

14:08 - President Biden's decision to tap the Strategic Petroleum Reserve, and what this means for oil.
President Biden will release 50 million barrels of oil from the SPR, of which 32 million will be an exchange of oil that will be returned in the years ahead, and 18 million will be the acceleration of a sale of oil previously authorized by Congress. Pump prices in the U.S. are up 61% from a year ago, with regular unleaded selling last week at a national average price of $3.40 a gallon, according to Energy Department data.
The SPR is a complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts which can hold 714 million barrels.
The SPR's very existence is tied to Saudi Arabia, having been set up 40 years ago in response to the Arab Oil crisis of 1973.

27:58 - Saudi Arabia's Covid 19 response - the envy of the world?
Saudi Arabia has had fewer than 100 new daily cases of Covid since mid-September. The Kingdom has all but beaten the pandemic, and has taken bold, progressive actions that have put their economy in an advantageous position for a major comeback in the months to come. 
As of today 70% of Saudi Arabia has had at least one vaccine.
 
42:25 - Why "sportswashing" fails to tell the whole story of Saudi Arabia's sports ambitions.
Sportswashing is when a country or corporation uses international sport to improve its reputation. Usually this is done through hosting a sporting event, the purchase or sponsorship of sporting teams, or by participation in the sport itself. 
A report out earlier this year said that Saudi Arabia spent $1.5 billion on high-profile international sports and sporting events, and that report was published before the purchase of Newcastle United by Saudi Arabia's Public Investment Fund. 
The hosts discuss why this term doesn't come close to telling the whole story of Saudi Arabia's sporting ambitions, and argue that what the Kingdom is doing is not "sportswashing," but instead attempting to develop sports at home while making savvy investments into sporting properties around the world. 

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1:35 - Richard's One Big Thing This Week is the recent U.S.-GCC statement on Iran.
Diplomats from the U.S., Saudi Arabia and other GCC nations convened in Riyadh this week to discuss a coordinated effort to counter Iran’s “range of aggressive and dangerous policies,” the State Department confirmed in a statement. The U.S. GCC Iran Working Group Statement “affirmed the longstanding partnership between the U.S. and the members of the GCC and our shared determination to contribute to regional security and stability, under the framework of the GCC-US Strategic Partnership.”

The statement said that all participants urged the new Iranian Administration “to seize the current diplomatic opportunity to prevent conflict and crisis and create the basis for enhanced regional security and prosperity.”
6:37 - Lucien's One Big Thing This Week is the recent news that Saudia (Saudi Airlines) may be a huge buyer of planes in the coming years.
Saudia, also known as Saudi Airlines, is potentially targeting an aircraft order from Airbus SE or Boeing Co. that could total well above 100 jets as part of a push to lure more tourists,” Bloomberg reports. The carrier is targeting a fleet of 250 aircraft by 2030, which would mean adding around “100 for growth while renewing a significant chunk of an existing 150-plane fleet,” according to Saudia's CEO Ibrahim Koshy.
9:37 - Topic 1 - Where is oil's price going in 2022?
The International Energy Agency (IEA) on Tuesday upped its average Brent crude oil price assumption for 2022 to $79.40 a barrel. Brent is expected to average $71.50 a barrel this year. U.S. output made up for half the increase in global oil production last month, but the IEA doesn't see US production getting to pre-pandemic levels until the end of next year. The hosts discuss why Saudi Arabia sets the price floor and shale oil sets the ceiling.
21:10 - Topic 2 - Saudi Arabia grants citizenship to talented expats. What does that mean for Saudi Arabia?
Saudi Arabia is redefining citizenship, at least for a few. A royal decree issued last Thursday grants citizenship to "experts and exceptional global talents" who will contribute to the growth of the kingdom, according to the news carried by state news agency SPA.
The naturalization program will seek out individuals in Islamic scholarship, medicine, science, culture, sports and technology with a view to creating an "attractive environment" to cultivate and retain exceptional talent to help achieve Vision 2030 goals, SPA said.
31:28 - Topic 3 - Saudi Arabia announces two new mega-development plans in a Week
Two huge announcements this week. Let's start first near the capital Riyadh, where MBS is planning an eponymous new city called the Prince Mohammed bin Salman Non-Profit City, which will be built on a 3.4 square kilometer (1.3 square mile) plot of land donated by the Crown Prince.The second is Oxagon: the world's largest floating industrial complex, which will be located just outside of NEOM.
Neom didn’t say how much the city would cost, or how the complex would be engineered to float.
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The 966 is a new podcast focusing on all things Saudi Arabia.

From the team that publishes the most widely-read daily email newsletter on Saudi Arabia, The 966 explores the news, people, and issues that actually matter for the Kingdom through weekly conversations and interviews with Saudi business leaders, officials, newsmakers and others.  Hosted by Richard Wilson and Lucien Zeigler, The 966 goes beyond the headlines and tackles complex economic, social and political issues – why they matter to and within Saudi Arabia, how they impact U.S. interests in the region and what they mean for the U.S.-Saudi relationship.

2:58 - Rivian’s IPO. Rivian, the electric adventure vehicle company, IPOed this week. The stock began trading at $106.75 a share, giving Rivian a market valuation of $91 billion.

5:36 - Saudi Arabia gears up to host world’s largest camel fest.   

8:24 - Saudi Arabia's Red Sea International Festival. This is Saudi Arabia's first-ever film festival, and it will run from December 6-15 in Jeddah, Saudi Arabia. The original date was in 2020. In total, the Red Sea Film Festival will feature 138 feature films and shorts from 67 countries in 34 languages, including 25 world premieres. Among this lineup are a slate of 27 new Saudi features from emerging local filmmakers.

13:41 - 7 Years of King Salman. Saudi's worldwide celebrated the 7th anniversary of King Salman ascending to the throne as custodian of the two holy mosques. The second youngest of the Sudairy seven, King Salman is the 7th King of Saudi Arabia. The hosts discuss why he is the Reformer King.

35:54 - Saudi Arabia at COP 26. OPEC+ countries, including Saudi Arabia, are defending a future role for fossil fuels at COP26.
"It is imperative that we recognise the diversity of climate solutions, and the importance of emissions ... without any bias towards or against any particular source of energy," Saudi Arabian Energy Minister Prince Abdulaziz bin Salman Al-Saud said in a speech to the conference.
“We should use all [energy] resources as long as we congregate around mitigating.” 

1:19: A slow-reveal of Richard's one big thing this week...but it involves the PMI and Saudi Arabia's economy.
6:02: One of the most interesting men in Saudi Arabia is Turki Al-Sheikh. According to Al-Sheikh's insta, he's written a horror film. The Cello is coming out in 2022, and stars academy award-winner Jememy Irons. Al-Sheikh shared the film’s poster in a Twitter post with the caption “2022.”
8:39: Saudi Arabia wants to host the world's fair in 2030. Riyadh has submitted a formal request to host Expo 2030 under the theme "The era of change: Leading the planet to a foresighted tomorrow." This year, Expo 2020, which was delayed due to the Coronavirus pandemic, is ongoing and hosted in neighboring Dubai.
13:35: A team of French and Saudi archaeologists has begun work on excavating near Al-Ula in Saudi Arabia in hopes of discovering the remnants of the ancient and long-forgotten kingdoms of Dadan and Lihyan, according to a Reuters report.
20:08: Can Saudi Arabia become a home for carmakers? A deep answer from Richard reveals all the things going for the potential for a car industry in Saudi Arabia. Saudi Arabia is in talks with several carmakers about manufacturing in the Kingdom's borders, according to Khalid Al Falih, Saudi Arabia's minister of investment.

1:18 - A discussion about Boeing's prospects in the Middle East and beyond with a recent issue of its commercial market outlook
3:48 - Saudi Arabia's golf scene is set to come alive with the reported announcement of a partnership with Greg Norman. Saudi Arabia is interested in golf. Regardless of what happens in the coming week, Saudi Arabia is building several new and potentially awesome golf courses, and will continue with hosting The Saudi International this year with the Asian Tour.
5:31 - Net-Zero for Saudi Arabia + Climate Change Summit in Riyadh. Saudi Arabia has pledged to achieve net-zero emissions by 2060. The announcement was made in a speech Saturday by Crown Prince Mohammed bin Salman at the Saudi Green Initiative (SGI), an event in Riyadh timed to take place just before this weekend's climate change summit which starts on Sunday in Glasgow. 2060 is a decade after the United States has promised to reach net-zero. The announcement makes it clear that Saudi Arabia will still export oil and continue as a reliable supplier and market regulator during the transition.
21:00 - The 5th FII in Saudi Arabia. Sometimes casually referred to as “Davos in the Desert,” the FII saw conversations and public comments from (just to name a few) Larry Fink of BlackRock, David Solomon, chairman of Goldman Sachs Group, Ray Dalio, founder and co-chairman of Bridgewater Associates and many more. It also saw appearances and comments from just about every Saudi minister, top CEO in Saudi, and more. The hosts discuss why this year's vibe felt different.
26:20 - Is Saudi Arabia's tourism industry set to grow? Saudi Arabia wants to be a tourist destination, and the Kingdom is building a tourism industry effectively from scratch. As part of the ongoing economic reforms in Saudi Arabia, authorities want Saudis to want to travel within the Kingdom's borders instead of going abroad for vacation, and they want foreigners to visit. The goal is both to open the Kingdom up to the world - and more importantly to grow the Saudi economy. 
After the pandemic year, Saudi Arabia is going to be looking closely for a big rebound in tourism.

Dress Code at the Jeddah Grand Prix?
The Upcoming Formula One Grand Prix in Jeddah is December 5th, and a new dress code for the event is making the rounds on the internet.
The dress code includes "no excessive makeup, no transparent clothing, no clothing which rests above the knee, no miniskirts, no backless dresses, nothing which shows straps, no tight clothing and no bikinis."
Saudi may want tourism, but it doesn't want to be Las Vegas.
The Puzzle of U.S.-Saudi Ties
Jon Alterman from the Center for Strategic and International Studies (CSIS), a reputable DC-based think tank, published a commentary on "the Puzzle" of U.S.-Saudi relations. It begins, "By most accounts, the Biden administration is pleased with the results of its policy toward Saudi Arabia, Alterman writes. But, he says, "The Saudis seem less satisfied, though. They feel the Biden team has pocketed their efforts at partnership and has given little in return." The hosts discuss why this commentary gets it right.
Saudi Arabia's Stock Market, the Tadawul, hits a 15-YEAR high
On Tuesday of this week, Saudi stocks reached a more than 15-year high. Those gains continued through the rest of the week, and the Tadawul ended even higher on Thursday.
The 966 hosts discuss why investors remain optimistic in the region.
The Rising Cost of Solar in Saudi Arabia
Bid prices to develop Saudi Arabia’s latest round of solar-power projects rose substantially from earlier this year. This underscores how soaring panel costs are hitting the renewable-energy industry, according to a Bloomberg report. The hosts discuss the status of solar development in Saudi Arabia and why they would like to see it move faster. 

The 966 interviews Saudi Arabia's Lina Almaeena, who spent well over a decade leading the charge for women’s sports in Saudi Arabia after co-founding Jeddah United in 2006.  Almaeena then served on Saudi Arabia's top legislative advisory body, the Shura Council, and continues to work to advance women's empowerment in Saudi Arabia in line with Vision 2030's reforms. 
After the launch of Vision 2030 by Saudi Arabia's Crown Prince Mohammed bin Salman in 2016, Lina was appointed to the Shoura Council, the highest legislative body in Saudi Arabia. 
Almaeena discusses her experiences in starting a growing a business, government service, and her work going forward with The 966 in this exclusive interview. 
The 966 is a podcast and show that focuses on all things Saudi Arabia. Get updates and subscribe on the show's page, 966.transistor.fm, and get the podcast on Apple Podcasts, Spotify and more.

4:30 - Topic #1: This week, An Australian company called EV Metals Group Plc plans to invest $3 billion in Saudi Arabia, according to Bloomberg. The investment is a bet on the metals used in batteries for electric vehicles (EVs.) 

9:08 - Topic #2: Electricity and Power demand in Saudi Arabia. Electricity demand in Saudi Arabia changing after the implementation of efficiency measures and energy price reforms. KAPSARC projected the growth in total Saudi electricity demand to significantly decelerate over the coming decade compared with the historical trend. Has consumer behavior structurally shifted?

14:00 - Topic #3: Saudi Arabia plans to create special economic zones offering incentives to invest in sectors including health care, manufacturing and cloud computing. Investment in the kingdom has been “less than hoped for,” Al-Falih said, according to Bloomberg. “We want to import capital -- and bring back Saudi capital that didn’t find opportunities inside our kingdom.”