The 966

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...

The 966 Podcast features a special episode this week for episode 114 with an exclusive, live duo of conversations, first with HRH Dr. Haya Bint Khaled Bin Bandar Al-Saud, Vice President of Organizational Strategy and Development for the Hevolution Foundation, and then with Hevolution's CEO, Dr. Mehmood Khan. Lucien and Richard recorded conversations with top Hevolution officials after the launch of Hevolution's "Global Healthspan Summit" in Riyadh, Saudi Arabia. The event was the organization's coming out party and first major event - unique in the growing field of healthspan science in which Hevolution is aiming to make a big impact and lead the way with hundreds of millions in investments into figuring out how to make humans age healthier. 
HRH Dr. Haya tells Lucien and Richard how she got involved with Hevolution as "Employee #1," the importance of the Foundation's work, the importance of Hevolution as an impact investor, and much more.

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

Amit Sharma, CEO and Founder of FinClusive Capital, a hybrid fin-/reg-tech company based in the United States, joins The 966 to talk digital banking, fintech and more. Finclusive, headquartered in New York, New York, is a global compliance, digital identity and payments platform for a new era of financial services. 
The 966 talks about the sector, FinClusive's approach to streamline services for clients, and the rise of the sector in Saudi Arabia. 

The 966 speaks with Dr. Mehmood Khan, CEO of Saudi Arabia’s Hevolution Foundation, a global non-profit revolutionizing the healthspan field launched by Royal Decree and chaired by HRH the Crown Prince Mohammed bin Salman. Dr. Khan shares his journey, Hevolution’s vision and insights into how he is working to build the organization’s operations from the ground up. The 966’s conversation with Dr. Khan takes place ahead of Hevolution’s inaugural Global Healthspan Summit on Nov. 29-30 in Riyadh, Saudi Arabia. The two-day event at the Four Seasons Hotel promises to serve as a seismic shift in how the world perceives and acts, catalyzing the discussion from lifespan to healthspan.

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

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

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

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

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

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

Tim Callen, ex-IMF Mission Chief to Saudi Arabia and Visiting Fellow at AGSIW, joins The 966 to discuss Saudi Arabia’s budget, government spending, and more. Tim's most recent piece for AGSIW discusses how increased spending in Saudi Arabia raises risks to the Saudi budget. The hosts take advantage of Tim's extensive experience and vast knowledge on how Saudi Arabia's budgeting and fiscal policy works. At the IMF, he was responsible for engagement with the government of Saudi Arabia and for the institution’s research and publications on the country. He also led the IMF’s research program on the GCC region. From 2021-22, he served as special advisor to the executive director for Saudi Arabia at the IMF’s Executive Board. Callen’s research interests focus on oil exporting countries and include prospects and policies for economic diversification away from oil, frameworks and institutions to limit procyclical fiscal policy, and appropriate exchange rate policies.

Before the discussion, the hosts discuss Richard's One Big Thing, a follow up to a recent episode The 966 did with experts Mansour El-Zahab and Zeynep Kösereisoğlu from Frontierview on the Regional HQ program, commonly referred to as the "#RHQ" program. The RHQ program is the requirement that companies seeking to contract with the Saudi government or its affiliates must have their regional headquarters within Saudi Arabia and not in any neighboring nations. Foreign companies are scrambling to meet a Saudi deadline to locate their regional headquarters in the kingdom by January or risk losing hundreds of billions of dollars in government contracts in Saudi Arabia if their regional headquarters are based elsewhere.

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

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

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

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

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

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

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

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

In Episode 110, Maria Medvedeva, Vice President, Saudi Arabia and Bahrain for MasterCard joins to discuss the company’s KSA strategy, fintech, payments, innovation, and her experiences living and working in a changing and evolving Saudi Arabia. Maria, based in Riyadh with her family, is responsible for Mastercard's growth strategy and delivering innovative payment experiences for consumers and merchants.

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

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

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

Chances are if you’ve seen any of the high-quality, professionally-produced promotional videos from Saudi government authorities or leading Saudi companies anywhere online, you've seen some incredible drone footage of Saudi Arabia. The 966 welcomes on to the program for Episode 109 Mohammed Ghazi and Abdulhadi Azouz from the aerial drone production company AZAerials, which films many of these amazing shots for high-profile public and private sector entities including the Ministry of Tourism, Ministry of Sports, Saudia Airlines, Aramco, MDLBeast, the General Entertainment Authority, Riyadh Season, Netflix, and many others. They are the Saudi-based drone operators and film producers creating the footage from the skies using state of the art drone technologies giving the world a never before seen view of a changing Kingdom. They've also worked on several of Saudi Arabia's jaw-dropping "drone light shows" at major events, creating images in the sky using hundreds or even thousands of drones for spectators below. The 966 hosts discuss their journey as Saudis growing up in America who moved to the Kingdom recently to take advantage of the significant opportunities in the filmmaking and content creation industry in Saudi Arabia and how Vision 2030 has created an opportunity for them as entrepreneurs.

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

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

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

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

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

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

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

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

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

In episode 108, Mansour El-Zahab and Zeynep Kösereisoğlu from Frontierview, a leading market intelligence and research company, join The 966 to discuss Saudi Arabia’s Regional HQ program (commonly referred to as the "RHQ" program) and dive into some of the legal and practical details ahead of the effective date of the program starting in 2024. The RHQ program is the requirement that companies seeking to contract with the Saudi government or its affiliates must have their regional headquarters within Saudi Arabia and not in any neighboring nations. That has posed some challenges but also opportunities for foreign investors ahead of a key deadline on January 1, 2024. What companies are subjected to this rule, and what defines compliance here? How have these requirements of compliances changed over time since they were announced? What are some challenges that MNCs are facing in their new HQ setting, or in their journey to get there? And how are neighboring states, like the United Arab Emirates (UAE), reacting to the policy? Mansour and Zeynep dive into these questions and much more.

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

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

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

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

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

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

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

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

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

Hamas' horrific and stunning attack in Israel last week has upended the status quo in the region. With Israel now retaliating in Gaza, bombing an already desperate populace in the Gaza strip, leaving hundreds of thousands of people homeless there, and with thousands dead and injured on both sides, the war has thrown the Levant into crisis and threatens to spillover into a wider conflict in the Middle East. The deal that was reportedly close to completion between Saudi Arabia and Israel, brokered by the United States, is now all but dead. Israel appears poised for a ground invasion that may leave even more dead and displaced. The internet, meanwhile, is dangerously divided and chronically misinformed, with the general discourse lacking nuance and with the ignorant empowered by a short-sighted view of the centuries-old conflict for supremacy in the region with peace perpetually elusive. 

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

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

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

Dr. Robert Mogielnicki, Senior Resident Scholar at The Arab Gulf States Institute in Washington and professorial lecturer at George Washington University joins The 966 to discuss the growing size and role of the Kingdom's sovereign wealth fund, the Public Investment Fund (PIF). Robert has previously characterized the PIF as, “screaming onto the scene” with an “everything, everywhere, all-at-once investment approach.” The 966 hosts dive into that, and many other PIF related topics and questions. Before that, the hosts discuss Richard's One Big Thing, the Saudi bid for the World Cup in 2034. Then, the hosts discuss Lucien's One Big Thing, the upcoming 7th FII Initiative in Riyadh in just a few weeks. 

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

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

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