The 966

Episode 86! The hosts fly solo today with lots to discuss from a busy week in Saudi Arabia. Richard's One Big Thing is the recent developments on Saudi-Syria relations. Syria has come in from the cold in recent days as the Arab League and Saudi Arabia in particular prioritize engagement with Assad regime to solve growing regional challenges - a departure from a decade of isolating the country which has descended into becoming a narco state under Assad. Lucien's One Big Thing is NEOM, which in just the last week had a slew of announcements and dropped an opening date for its first destination, Sindalah Island, located off the coast of the futuristic city. Then the hosts jump right into Yallah! to discuss 6 top storylines on Saudi Arabia headed into the weekend.

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

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

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

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

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

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

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

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

Saudi Arabia and Netherlands agree to collaborate on green energy

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

The 966 Episode 85! The 966 hosts speak with Norah Ortiz, founder of the first authentic Mexican restaurant in Riyadh, Don Reuben's, which is located in the Diplomatic Quarter. Ortiz tells us her story as an American born in San Diego to Mexican parents and her journey to owning and operating the first authentic Mexican restaurant in a city increasingly becoming a hot spot for foodies. Before that discussion, the hosts talk about Richard's One Big Thing: a growing Captagon crisis in the Middle East and Syria's fall into becoming a narco state. Lucien's One Big Thing is Lionel Messi's long relationship with Saudi Arabia as rumors and reports swirl that he might be heading to Saudi Arabia to play for Al Hilal. The hosts then conclude as always with Yallah! 6 top storylines to keep you up to date heading into the weekend.

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

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

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

1:08:44 - Yallah!

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

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

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

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

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

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

In Episode 84, The 966 speaks with Faisal Durrani, partner and head of Middle East research for the global real estate company Knight Frank. Mr. Durrani shares some of the highlights and key information from Knight Frank’s recently-released 2023 report on real estate in Saudi Arabia, The Saudi Report 2023, a publication which touches on many subjects beyond real estate, including hotels and tourism, travel preferences for Saudis domestically, and so much more. Before the conversation, the hosts discuss the situation in Sudan and Saudi Arabia's role in assisting other nations in getting its civilians out of harms way in the country, how a Saudi company became ensnared in the politics of the Western US water crisis, and much more.

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

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

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

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

World Military Spending Rises to Record as Insecurity Swells

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

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

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

Saudis constitute 82.2% of workforce in financial and insurance activities

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

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

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

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

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

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

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

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

Eid Fitr Mubarak! In Episode 83, Mohammed Soliman, the director of the Middle East Institute's Strategic Technologies and Cyber Security Program and a Manager at McLarty Associates’ Middle East and North Africa Practice, joins The 966. Mohammed's work focuses on the intersection of technology, geopolitics, and business in the Middle East and North Africa (MENA). Mohammed frequently appears on Arabic- and English-language television to provide commentary on unfolding events in the Middle East. The 966 talks with Mohammed about his recent writing and work on the subjects of a U.S.-Saudi tech dialogue and much more. But first, the hosts discuss Richard's one big thing, which is a look at the Saudi professional soccer league, and the growth of soccer in recent years in the Kingdom. Lucien's one big thing is King Salman Park, which will be 5x the size of Central Park and checking in on the development of the massive project, which will change the face of Riyadh. The hosts conclude as always with Yallah! 6 top storylines to get you up to speed on Saudi Arabia headed into the weekend.

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

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

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

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

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

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

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

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

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

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

Saudi Arabia launches 4 special economic zones for boosting investments

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

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

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

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

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

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

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

Emirates, Aramco top companies in UAE, Saudi: LinkedIn

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

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

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

Christiano Ronaldo once again dominates headlines, team loses

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

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

In Episode 82, the 966 hosts fly solo and discuss some of the top developments of late on Saudi Arabia - and there are a lot of them. First, the hosts discuss Richard’s One Big Thing, which is the readout of the recent call between the U.S. National Security Advisor, Jake Sullivan, and Saudi Arabia’s Crown Prince Mohammed bin Salman. There were a lot of “Easter eggs” in that call’s readout from the U.S. side, especially the focus on new priorities and less on the traditional dynamics of U.S.-Saudi relations. Next, the hosts discuss Lucien’s One Big Thing this week, which is the Saudi-Iran thaw. When announced, the detente was surprising, and a timeframe of two months was declared. Lucien provides a timeline of what has happened since , and lays the foundation for a discussion on how Saudi Arabia’s foreign policy has shifted in just a few weeks - not just on Iran, but on Iraq, Syria, Yemen, Lebanon, and others. Then the hosts finish up as always with Yallah! A discussion of six top storylines on Saudi Arabia from the previous week to get you up to speed headed into the weekend. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Saudi Heritage Commission Includes 190 New Antiquities Sites in National Register

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

The 966 welcomes back onto the program Bilal Saab, political-military analyst on the Middle East and U.S. policy toward the region and Senior Fellow and Director of the Defense and Security Program at the Middle East Institute. The hosts ask Bilal about his recent piece, entitled "After Oil-for-Security: A Blueprint for Resetting U.S.-Saudi Security Relations." Before that discussion, the hosts discuss fibre-optic cables and data centers in Saudi Arabia, how the Kingdom is doing on its efforts to achieve sustainability, and much more.

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

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

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

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

In Surprise, OPEC Plus Announces Cut in Oil Production

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

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

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

Saudi Arabia's sovereign wealth fund reveals its VC portfolio

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

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

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

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

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

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

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

Mr. James Golsen, Senior Commercial Officer for Saudi Arabia and Bahrain, discusses his work building U.S.-Saudi trade and business relations and his journey to the important post. The 966 hosts talk with James about his role building U.S.-Saudi trade relations and enhancing investment opportunities in Saudi Arabia. They also discuss the recent Boeing deal with the newly-launched Riyadh Airlines, Richard's Al-Ula adventure, and much more. 

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

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

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

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

Saudi Arabia and Iran recently agreed to normalize ties between the two regional powers after seven years. The 966 speaks with three top voices to understand the deal and the potential road ahead for Saudi Arabia, Iran, China, the United States, and other regional and global players.

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

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

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

Episode 78! The 966 hosts fly solo this week ahead of a busy week of travel to Saudi Arabia and the region and an impressive slate of forthcoming guests in the coming weeks. Richard’s One Big Thing this week is a recent collection of articles and items in the media that paint a picture of a U.S.-Saudi relationship that is evolving as Saudi Arabia increasingly becomes an emerging power and global economic and diplomatic player. Lucien’s One Big Thing is highlighting the rapid progress at The Red Sea giga-project, which seemingly makes a new announcement every day and seems to be way ahead of schedule. Then the hosts jump right into the final Yallah! Segment discussing six top storylines of the week to get you up to speed headed into the weekend.

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

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

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

Saudi Arabia announces $400m humanitarian aid to Ukraine

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

Vision 2030 projects trigger a real estate boom in Saudi Arabia

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

First Israeli commercial flight uses Saudi-Omani corridor

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

Hajj Ministry: Pilgrims can perform any number of Umrah

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

Andy Warhol Exhibition Opens in the Saudi Desert

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

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

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

Steve Lutes, Vice President, Middle East Affairs at U.S. Chamber of Commerce, has been active in his role expanding the program in service to the Chamber's membership and the broader U.S.-Saudi relationship. The 966 hosts discuss the U.S.-Saudi Arabia Business Program that Steve has grown over the years, his extensive travels to the region and Saudi Arabia, and much more.