The 966

2:36 - Saudi Ministry of Investment Releases Q2 Investment Highlights Report; 49 Deals Worth More Than $925m Inked. Richard's one big thing is the release 13th edition of ”Investment Highlights.” The report examines investment developments and focuses the tourism sector. 

MISA says it oversaw 49 major deals valued at $925 million, which are set to create around 2000 new jobs in the local economy. The report includes an opening by H.E. Ahmed AlKhateeb, Minister of Tourism, and includes a dedicated section on tourism in Saudi Arabia, looking at the latest developments and opportunities driving this dynamic sector forward.

10:03 - Saudi Arabia's STV released an interesting, forward-looking report on the opportunities for investors in the MENA region, particularly in startups. Lucien's one big thing is the report from STV, which says the MENA region is set to witness the birth of more than 45 unicorns in the next eight years, with an estimated total equity value to reach more than $100 billion, according to a new Saudi Technology Ventures (STV) report.

The report from STV Insights highlights the opportunities for investing in the MENA region and Saudi Arabia and particular.  Saudi Arabia was described as the “gravitational center” for scaling tech unicorns, based on the country’s GDP and stock exchange size.

21:48 - The 966 welcomes Ahmed Shawly and Mostafa Fahmy from the Jeddah-based Wall of Sound record label and recording studio to talk about the young and growing music industry in Saudi Arabia, their entrepreneurial journey building the business from the ground up in a new industry with a blend of established and new, indie sounds, and so much more.

1:17:00 - Yallah! Six top storylines to get you up to speed heading into the weekend.

•Women to teach 4th grade elementary students in private and foreign schools

The ministry clarified in the circular that this decision vis-a-vis grade four comes in tandem with the success achieved after application of assigning the teaching of students from the first to third grades of elementary level of the private and foreign girls’ schools to female teachers. “The ministry also desires to continue creating stimulating environments for teaching and learning as well as to support investment in the private general education sector,” it was stated in the circular…

•Saudi Industry Minister: Percentage of National Products in Some Retail Stores Reaches 70%

The largest local stores in the Kingdom began to allocate spaces within their distribution points and branches to highlight national products with the identity of the “Made in Saudi Arabia” Program to enhance the sale of local products and make them a preferred option for consumers, SPA said.

•Aramco expands Namaat industrial investment programs

The Saudi Arabian Oil Company today announced a major expansion of its Namaat industrial investment programs, with 55 agreements and Memoranda of Understanding (MoUs) across the sustainability, digital, industrial, manufacturing and social innovation sectors. Namaat, which has grown from 32 to 55 investments since last year, supports industrial investment partnerships, helping to create jobs for Saudis and contributing to national growth and capacity building. The program aims to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek program and other initiatives.

•Saudi Arabia to host international falcons exhibition

More than half a million people will descend on the 2022 International Saudi Falcons and Hunting Exhibition, the world’s largest falconry event, taking place from August 25 to September 3 in Riyadh, Saudi Arabia. The 10-day extravaganza brings together enthusiasts from around the globe and celebrates the art of falconry and its rich heritage, spanning generations in the Kingdom of Saudi Arabia. Visitors will get to see first-hand the world’s finest collection of falcons and hunting equipment along with having the opportunity to experience unforgettable desert safari trips.

•Saudi Arabia among top 5 overseas markets as ‘Bullet Train’ rakes in $62.5M

The stylized action romp “Bullet Train,” starring Brad Pitt, earned $62.5 million worldwide over its opening weekend, according to studio estimates this week, with Saudi Arabia earning a spot on the overseas play ranking. The film racked up $32.4 million at the international box office and $30.1 million on the domestic charts. Overseas play was led by the UK with a $3.5 million start, followed by France at $3.1 million, Mexico delivering $3 million, Australia rolling to $2.2 million and Saudi Arabia clocking $1.9 million.

•Ahead of Qatar World Cup, expanded Salwa border crossing inaugurated

Capacity at the Salwa border crossing between Saudi Arabia and Qatar has been quadrupled from 3,000 cars to 12,000 cars in each direction per day.  The Salwa border post reopened in January 2021 after the Al-Ula Summit ending a three and a half year closure. 

3:31 - Richard's one big thing is a new agreement between IBM and Saudi Arabia’s IT authority that will upskill 100,000 young Saudis in the digital sector. The MoU to implement eight initiatives seeks to “bolster the Kingdom’s position as a hub of technology and innovation in the Middle East and North Africa region,” according to SPA.

9:32 - Lucien's one big thing is a look at the latest data coming out on the Saudi economy in 2022, which is one of the fastest-growing globally. Saudi Arabia's General Authority for Statistics (GAStat) said that Saudi Arabia’s economy expanded 11.8% in the second quarter of this year, year-on-year, maintaining the fastest pace of growth since 2011. High oil prices and output have powered that growth. But beyond oil, Saudi Arabia is seeing positive signs in the non-oil economy as well, which is key for the Kingdom Vision 2030 economic and social reforms. Non-oil GDP gained 5.4% while the oil economy grew 23.1% compared to last year, according to preliminary estimates.

Separately, Standard and Poors (S&P) released its headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers' Index (PMI) for the whole economy this week. Though the trend for July was down from June, falling to 56.3 in July from 57.0 in June, it remained well above the neutral 50.0 mark that separates growth from contraction.

17:31 - The 966 speaks with Faisal Durrani, Partner and Head of Middle East Research at Knight Frank, the London-based global real estate consultancy. Knight Frank just released two reports on Saudi Arabia’s commercial and residential real estate sectors, providing unique insights into one of the world's fastest growing real estate markets. Faisal joins The 966 from Dubai to discuss the reports and much more. 

1:04 - Yallah! 6 top storylines to get you up to date heading into the weekend. 

US to extend visa validity for Saudis to 10 years starting Aug. 1

Last month, the US announced it would be extending visit visas for Saudi nationals from five to 10 years. The announcement came a day after US President Joe Biden arrived in Saudi Arabia for a two-day official visit as part of his first Middle East tour as president, during which he met King Salman, Crown Prince Mohammed bin Salman and other senior Saudi officials.

Saudis hail Vision 2030 women’s workforce figures

Saudi women now comprise 33.6 percent of the Saudi workforce as of March 2022, according to the General Authority for Statistics. That figure is up from 17.4 percent just five years ago. The unemployment rate of women was the lowest in 20 years as of the first quarter of 2022, falling to 20.2 percent from 22.5 percent during the fourth quarter of 2021.

Biden Approves Arms Sales to Saudi, UAE

The Biden administration on Tuesday approved and notified Congress of possible multibillion-dollar weapons sales to both Saudi Arabia and the United Arab Emirates. The notice of the approval comes just weeks after President Joe Biden met with the leaders of each nation in Jeddah, Saudi Arabia, as he sought to improve relations between the US and the Saudis.

Tiger Woods turns down as much as $800 million for LIV Golf

Tiger Woods turned down an offer that Greg Norman says was "somewhere in that neighborhood" of $700 million to $800 million to take part in the Saudi-funded LIV Golf series.

During an appearance on Fox News with Tucker Carlson that aired Monday night, Norman confirmed what he told the Washington Post in a story two months ago. Norman told the Post in June the offer was "mind-blowingly enormous; we're talking about high nine digits."

Saudi Arabia Eyes Hosting of 2026 Women’s Asian Cup

Saudi Arabia has joined Australia, Jordan and Uzbekistan as nations who have expressed interest in hosting the 2026 Women’s Asian Cup, the Asian Football Confederation (AFC) said on Monday as reported in Reuters.

NEOM’s Oxagon announces annual Kingdom-wide Hackathon 

NEOM’s Oxagon, home to advanced and clean industries with industrial innovation at its core, today launched the first edition of its Hackathon, in partnership with Saudi Arabia’s Ministry of Education, powered by Blossom Accelerator.

The three-day sprint is set to take place from October 6 to 8 in Riyadh, Saudi Arabia and is designed to foster a collaborative and inclusive innovation eco-system across the Kingdom’s burgeoning startup community, a statement said.

1:40 - Richard's one big thing is the Kingdom's newly announced national aspirations and priorities for the research, development and innovation sector to enhance the kingdom’s competitiveness and add 60 billion riyals ($16bn) to its gross domestic product by 2040. Dr. Munir El Desouki, president of King Abdul Aziz City for Science and Technology (KACST) in Riyadh, sat down with The National to explain what these plans for the RDI sector entail. The hosts discuss the importance and impact of this new plan to consolidate the Kingdom's aspirations into one cohesive plan with big investment.

8:47 - Lucien's one big thing this week is THE LINE, a futuristic, almost unbelievable concept from Saudi Arabia. It’s essentially a huge city, which is only one building, that is 109 miles long in the shape of a single mirrored line cutting through the Saudi desert in NEOM. THE LINE will ultimately house 9 million people, will be 200-meters wide (656 feet), and is designed to sit 500 meters (1,640 feet) above sea level.
THE LINE in NEOM will span 34 square kilometers (13 square miles). The Line will run entirely on renewable energy, with no roads, cars or emissions. High-speed rail will connect sections of The Line. Lucien and Richard react to the announcement and the ambition of the concept.

23:23 - The 966 talks with Eyad Albayouk from the VC firm Flat6Labs KSA. Eyad chats with us about Saudi Arabia’s growing startup ecosystem and entrepreneurship in the Kingdom, and the state of Saudi VC in 2022 as the Kingdom ramps up Vision 2030 execution.

1:15:00 - Yallah! 6 Top Storylines in Saudi Arabia this week to get you up to date ahead of the weekend.

1) Will Lucid Motors’ Saudi Arabian Connection Help Win Them A Big Aston Martin Partnership?

According to a post on Medium: "Inside Evs Ben O’Hare reports that Aston Martin, a century-old British luxury car maker, may be looking to go electric to combat against flagging sales. The company is in somewhat dire straits, holding around $1 billion in debt and finishing off 2021 with a deficit of nearly $91 million for the year. Despite their recent struggles, Aston Martin revealed last year that they hope to have their first EV available sometime in 2025. To help facilitate this, they are said to be weighing other manufacturer platforms to help expedite their journey to a finished product. Lucid Motors, Mercedes Benz and Rimrac are believed to be favorites."

2 Saudi Arabia Concludes its Participation at Farnborough International Airshow

Saudi Arabia concluded its participation at Farnborough International Airshow (FIA 2022), according a report in Asharq Alawsat. The five-day show was held in the United Kingdom, and witnessed wide-scale participation from across the globe. Under the national “Invest Saudi”, the Saudi Pavilion was organized and led by the General Authority for Military Industries (GAMI). It comprised GAMI, the Saudi Ministry of Investment, the World Defense Show (WDS), and the Saudi Arabian Military Industries (SAMI). Ahmad Al-Ohali, GAMI Governor, said the core message to global stakeholders was it has never been easier to localize business.  Also announced was that the Saudi defense sector localization rate grew from 2% in 2018 to 11.7% in 2021.

3) Saudi Arabia Plans Air-Cargo Roadshows to Lure Amazon, DHL

Saudi Arabia plans to stage a number of roadshows in the next 12 to 18 months as it seeks to persuade the likes of Amazon.com Inc., Alibaba Group Holding Ltd. and Deutsche Post AG’s DHL to help scale up air-cargo and distribution operations, Bloomberg reports. The Mideast country will invite private companies to establish partnerships and set up freight-forwarding and warehousing activities, said Mohammed Fahad Alkhuraisi, vice president for strategy at the Saudi General Authority of Civil Aviation.

4) YouTube removes offensive ads upon request by Saudi Arabia regulators

YouTube removed certain offensive advertisements which were described as inconsistent with Islamic and Saudi societal standards upon the request of media regulators in Saudi Arabia, Arabic news media Bloomberg Asharq reported on Monday, citing a YouTube spokesperson. On Sunday, Saudi Arabia’s General Commission for Audiovisual Media (GCAM) and the Communications and Information Technology Commission (CITC) released a statement demanding the Google-owned video-sharing platform remove the offensive advertisements. A spokesperson from YouTube told the broadcaster that accounts of the advertisers who broadcasted the offensive content had been shut down.

5) 40 Saudi colleges to convert into applied colleges

The Saudi Council of Universities Affairs has decided to convert 40 theoretical colleges, located in various governorates, into applied colleges specialized in health, technology and engineering, Zawya reports. By this, the number of applied colleges in the Kingdom would rise to 75. The council approved the classification of the model Saudi universities into five categories. These are comprehensive, pedagogical, research, specialized, and applied. These criteria aimed to enhance differentiation between universities, raise the level of specialization and focus, enhance the efficiency of their operation, raise the level of added value to society and the nation with a road map to focus strategies for these universities, and to improve the quality of education outputs in line with the requirements of the national, regional and global labor market.

6) Saudi Arabia most positive on its country’s economic outlook: Survey

Saudi Arabia is the most positive on its country’s economic outlook with 93 percent rating it as good, according to the Ipsos Global Consumer Confidence survey. The survey used a representative sample of 20,022 adults aged 16-74 in 27 participating countries. According to the survey, across 27 countries, 32 percent on average say that the current economic situation in their country is good, while a majority of 68 percent say that it is bad.

2:00 - First up, The 966 speaks with Hussein Ibish, columnist for Bloomberg and The National and Senior resident scholar at the Arab Gulf States Institute in Washington. Hussein discusses his view, shared with the Washington Post, that “[a]nyone expecting a checklist of achievements was looking at the wrong visit. Biden didn’t go with a list but a long-term agenda."

33:49 - Next, The 966 welcomes Dr. Jon Alterman to the program to talk about the visit and its significance. Jon notes that there was a very different feel between Biden's welcome to Israel, which he visited before Saudi Arabia, and the Kingdom. The hosts discuss with Jon a recalibration in relations and a renewed American role in the Middle East region.

1:11:47 - Last but certainly not least, Col. David Des Roches joins The 966 from London to discuss the significance and potential impact of the visit. Des Roches is Associate Professor at the National Defense University and a Non-Resident Fellow, AGSIW. The hosts discuss with Des Roches some of the security aspects of the meeting between President Biden and his team and King Salman, Crown Prince Mohammed bin Salman and the host of ministers in attendance for working meetings in Jeddah. 

Dr. Sean Foley, professor at MTSU and author of the book Changing Saudi Arabia: Art, Culture, and Society in the Kingdom, joins The 966. 
Dr. Foley specializes in Middle East history and the cultural, political, and religious trends in the wider Islamic World.
Before that discussion, the hosts do a small preview of President Biden's visit to Saudi Arabia this weekend, and discuss The 966's plans for next week which include a special format in which the hosts solicit views from many experts on the visit after it has completed. 

The 966 asks John about the state of the Saudi economy, economic reforms ongoing in the Kingdom, the PIF, and much more.

1:50 - The Saudi Ministry of Hajj announced all potential pilgrims from the West must apply through ‘Motawif’ platform. Richard’s One Big Thing is this new disruptive portal became the only place to buy accredited Hajj packages across 57 western countries.

8:15 - OPEC+ has delayed a big decision on oil production quotas, but just how much spare capacity does the group and Saudi Arabia in particular have left? 

Lucien’s One Big Thing is the Saudi-led OPEC+ group of oil producers, which includes Russia, said on Thursday it would stick to its planned oil output hikes in August, basically delaying the decision on future output increases. But is there enough left to make a difference? A new analysis from Javier Blas sheds light on why we don’t know this for sure yet…

15:35 - The 966 speaks with Raghad Fathaddin, communications analyst for PepsiCo based in Riyadh, an entrepreneur and founder of Sangha "Estidama Hub", a Y20 delegate and also a WIn fellow. Raghad is a graduate of the University of Southampton for undergrad and holds a master’s degree in public policy from King’s College London, and talks with The 966 about her journey and professional experiences working with the Y20, PepsiCo, and much more.

1:07:04 - Yallah! Six top storylines to get you up to date headed into the weekend…

Saudi EXIM Bank offered over 50% of its $450m loans to SMEs in 2021

The Saudi Export-Import Bank, also known as Saudi EXIM, approved loans worth $450 million in 2021, with 51 percent of the total financing given to small and medium enterprises, according to the bank’s CEO, Saad Alkhalb. The bank also reported a total revenue of $10.52 million in 2021. Citing its annual report, Argaam reported that this financing helped Saudi products reach more than 50 countries including India, Germany, China, the US, Indonesia, etc.

Saudi Arabia ends embargo on Turkish exports after MBS visit

Saudi Arabia has lifted its unofficial embargo against Turkish exports, Dr. Majed Al-Qassabi told a group of Turkish and Saudi businessmen in Ankara. Saudi Arabia has been imposing a silent embargo on Turkish goods since 2018,  As a result, Turkish exports saw a sharp drop of nearly 92 percent up to 2021. Nail Olpak, the chairman of the Foreign Economic Relations Board of Turkey, said at the event on Thursday that they were aiming to increase the bilateral trade to $10bn next year, from $4bn in 2020.

Dakar Rally returns to Saudi Arabia for 2023 with a longer route

The Dakar Rally returns to Saudi Arabia for 2023 with a longer course, according to Time Out Riyadh. The 45th edition of the rally will be the fourth one to take place in Saudi Arabia. The Dakar Rally 2023 will start on Saturday December 31. 2022 and run until Sunday January 15, 2023. The rally will follow a new route that drivers will complete in 14 stages.

McLaren Racing has announced a long-term partnership in its electric division with Neom, the city project funded by Saudi Arabia’s Public Investment Fund.

McLaren will make its debut in Formula E later this year after announcing in May that it had purchased Mercedes’ entry, having previously announced plans to race in Extreme E from 2022. McLaren's teams will be known as NEOM McLaren Formula E Team and NEOM McLaren Extreme E, as well as operating under the combined banner of NEOM McLaren Electric Racing.

Saudi refining capacity rises 14% in 2021

Saudi Arabia's refining capacity rose 13.7% in 2021, one of the biggest increases among its peers, as the world's largest exporter for crude continues to expand its downstream capabilities, according to the latest OPEC Annual Statistical Bulletin. The OPEC+ kingpin added 400,000 b/d of refining capacity in 2021, raising its overall capacity to refine crude to 3.327 million b/d. The increase was largely due to the addition of the 400,000 b/d Jizan refinery in the country's Red Sea-facing western coast.

Saudi Arabia's population has decreased by at least 2.6 per cent

Saudi Arabia's population has decreased by at least 2.6 per cent over the past two years, due to the significant amount of expatriate workers who left the Kingdom throughout the Covid-19 pandemic.

In a report published today by the Kingdom's General Authority for Statistics (GASTAT), it stated that the country's population in the middle of last year was 34.1 million, down from 35 million in the middle of 2020.

3:17 - Saudi Crown Prince Mohammed bin Salman landed in Turkey for the first time in several years on Wednesday for talks with President Erdogan, after visiting neighboring Egypt and Jordan as part of a regional tour. The visit to Turkey, a member of NATO, is aimed at fully normalizing ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi. Richard's one big thing this week is the significant changes in Saudi foreign policy in the previous 18 months, including how Crown Prince MBS has come in from the cold over this period.

12:30 - The 966 has talked about the US-Saudi relationship a decent amount in recent weeks with President Biden's planned visit to Saudi Arabia July 15-16. Lucien's one big thing this week is charting much of the recent diplomatic and commercial activity that has come to life since the planned visit was confirmed, including an excellent business event hosted by the U.S. Chamber of Commerce last week which saw comments from HRH Ambassador Princess Reema bint Bandar and Dr. Majid Al-Qassabi, Saudi Arabia's minister of commerce and acting minister of media.

19:00 - Dhay Aldhawyan, Head of the Center for Development of Urban Design and Planning of Saudi Cities; Principal at DHAY DHAWYAN Architects and consultant to McKinsey & Co., joins The 966 to discuss her journey and some of the big projects and developments happening now across Saudi Arabia. Dhay joins us from her offices in Riyadh.

1:12 - Yallah 🐪 6 top storylines in Saudi Arabia this week...

•The Saudi initial public offering of the Middle East Domino’s Pizza franchise has received orders for all shares on offer within hours of opening its books, Bloomberg reports, citing people familiar with the matter. Alamar Foods’ order book is fully covered, the undentified people said.

•Russia-Saudi relations are “as warm as the weather in Riyadh”, the Kingdom's energy minister Prince Abdulaziz bin Salman told media on Thursday after attending a meeting in Russia with the country's deputy prime minister. This according to a report in Arab News. The prince made a surprise appearance at the St. Petersburg International Economic Forum while not being listed on an official schedule.

•Egypt and Saudi Arabia will sign 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, announced Saudi Minister of Commerce Majid al-Qasabi said on Tuesday, Asharq Alawsat reports. The agreements cover the fields of renewable energy, oil, infrastructure and cyber security.

•Saudi Arabia's education topped the list of Arab countries, and ranked 30th internationally in the British "Nature" index for evaluating countries, universities, and public and private institutions for the year 2022 in the quality of scientific research, reported SPA.

•Brooks Koepka keeps the drip of golf defectors from the PGA to Saudi Arabia's PIF-backed LIV Golf tour, joining reportedly Abraham Ancer this week. Brooks Koepka, one of the first players to denounce a rival league for only 48 players, is the latest PGA Tour player to sign on with Saudi-funded LIV Golf series, The Associated Press has learned.

•On 7th June 2022, almost twenty-five days before Hajj, the Saudi Arabian Government has announced new Hajj rules and regulations that oblige the citizens of the UK, US, Europe, and Australia to register for the annual pilgrimage via a government website, Motawif. This online portal has been designed to give western Muslims visas based on the results of an automated lottery system.

1:46 - Richard's one big thing this week is a new report from Saudi Arabia's Ministry of Investment that highlights all the reasons to invest in Saudi Arabia now.
In the 12th edition of ''Investment Highlights'', the Invest Saudi team discusses a record-breaking Q1 2022. The deals overseen by MISA are expected to drive investments worth more than $4 billion and create 5,816 new jobs in the local economy, and things are just starting to heat up. Saudi Arabia’s economy is proving to be one of the fastest globally to rebound from the economic fallout of the COVID-19 pandemic, with flash estimates pointing to 9.6% real GDP growth in the first quarter of 2022, driven by a surge in global energy demand and a 3.7% rise in non-oil activity.

9:50 - Lucien's one big thing is President Biden's visit to Saudi Arabia is now confirmed for June 15-16.
First, the hosts share all the facts available about the visit and its importance to the relationship, then the hosts discuss all of the drama, criticism, and opportunities surrounding Biden's visit.

26:39 - Yallah! 6 top storylines in Saudi Arabia to get you up to date heading into the weekend.

•The official Saudi Press Agency reported on Sunday the Kingdom’s Ministry of Human Resources and Social Development announced that it will issue a ban on working under the sun between noon and 3:00 p.m. from Wednesday (June 15). The decision will go continue until September 15, to safeguard the health and safety of workers during the hot summer months.

•Saudi Arabia is gearing up to host its first ever European Film Festival, organized by the Delegation of the European Union in Riyadh and film distribution company Arabia Pictures Group. Set to take place at The Esplanade in Riyadh, the film festival will run from June 15 to June 22 and will screen 14 European films from different countries including Austria, Belgium, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Italy, Malta, Poland, Spain, and Sweden.

•In its first legislative initiative since its founding earlier this year, the Abraham Accords Caucus, comprised of members of both the House and Senate, introduced legislation on Thursday to encourage the U.S. to pursue a joint missile-defense architecture with Israel and the U.S.’s Arab allies and partners in the Middle East — including Saudi Arabia and Iraq. The bipartisan Deterring Enemy Forces and Enabling National Defenses (DEFEND) Act advances a priority of both lawmakers on Capitol Hill and U.S. military command in the Middle East — building an integrated air- and missile-defense capability among the U.S.’s regional partners and allies to ward off ongoing drone and missile attacks by Iran and its proxies.

•King Salman Humanitarian Aid and Relief Centre (KSrelief) announced Sunday that Saudi Arabia will provide $10 million to contribute to addressing the existing threats arising from the oil tanker, Safer, which is anchored off the Red Sea coast north of the Yemeni port city of Al Hodeidah. The Safer tanker contains more than one million barrels of oil, and has not been maintained since 2015, and any leakage would threaten regional marine life, fisheries, and biodiversity.

•Saudi Arabia has closed its registrations for domestic pilgrims who wish to perform Hajj. The more than 390,000 applicants will now wait on the results of a lottery to learn if they have been selected. Hajj authorities opened registrations for domestic pilgrims this month as the kingdom lifted restrictions on participation that were imposed in the past two years in response to the coronavirus pandemic.

•According to an image leaked on Saturday, Lucid Motors is getting ready to open a new showroom in Riyadh, Saudi Arabia’s capital and main financial hub. The company has currently 19 studios in the U.S., 2 in Canada (Vancouver and Toronto, and one in Germany (Munich). The U.S.-based company plans to establish operations at AMP-2 initially for re-assembly of Lucid Air vehicle “kits” that are pre-manufactured at the company’s U.S. AMP-1 facility in Arizona, and, over time, for production of complete vehicles. The new Sau02di factory expected to address growing global demand for Lucid electric vehicles by increasing Lucid’s global production capacity mid-decade to 500,000 EVs per year, the company recently said.

1:43 - Richard's one big thing this week is a new report highlighting how Saudi Arabia's Vision 2030 is shifting Saudi Arabia’s global perception.
Vision 2030 has become the largest single contributor to the Kingdom of Saudi Arabia’s global media coverage, a recent report indicated.

The research, titled “KSA Reputation: How Vision 2030 is Rebranding the Nation,” released last month by global media intelligence provider CARMA, showed that the Kingdom’s "transformative vision had put it in a more positive light than 15 months ago."

8:02 - Strap in everyone, because all the drama surrounding the new Saudi-backed LIV Golf tour came to a head this week. Lucien's one big thing is recapping all that's going on with LIV Golf, including the surprising announcements this week and what's to come for the well-funded, upstart competitor to the PGA Tour.
LIV Golf is "supercharging the professional golf landscape and creating new value for fans and players alike."
Here's who is IN...
Bryson DeChambeau, the 2020 U.S. Open Champion, is joining the LIV Golf Invitational Series, a source confirmed to ESPN on Wednesday.
Patrick Reed, the 2018 Masters champion, is also joining the LIV series, according to multiple reports.
Dustin Johnson, recent 2020 FedEx Cup Winner and Master's Champion...
Phil Mickelson, who won the 2021 PGA Championship...
...and others.

20:40:00 - The hosts welcome on Dr. Mark Thompson and Dr. Neil Quilliam, authors of a new book on Saudi Arabia's governance and policymaking, for a fascinating discussion on how decision-making is changing and evolving at all levels in Saudi Arabia as Vision 2030 continues apace.

1:08:52 - Yallah! 6 top storylines in Saudi Arabia this week.

Saudi GDP grows 9.9% in Q1, beating flash estimate
Saudi Arabia's gross domestic product grew 9.9% in the first quarter, the fastest in a decade and more than a flash estimate last month of 9.6%, official data showed on Tuesday, according to Reuters. It was the fastest expansion since the third quarter of 2011 with the increase in oil production a key factor, said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
https://www.reuters.com/markets/asia/saudi-gdp-grows-99-q1-beating-flash-estimate-official-data-2022-06-07/#:~:text=DUBAI%2C%20June%207%20(Reuters),official%20data%20showed%20on%20Tuesday.

Biden's meeting with Saudi crown prince pushed back to July
A meeting between President Joe Biden and Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, is now expected to happen next month, according to an administration official. CNN reported earlier this week that Biden and the crown prince were planning to meet at the end of June as part of a broader summit of the Gulf Cooperation Council, which Saudi Arabia currently presides over.
https://www.cnn.com/2022/06/04/politics/biden-mohammed-bin-salman-saudi-meeting/index.html

Saudi Wealth Fund’s $3 Billion Jordan Unit Aims to Ramp Up Deals
The Saudi Jordanian Investment Fund, controlled by Saudi Arabia’s sovereign wealth fund, is backing the development of a $400 million hospital in Amman as it looks to ramp up spending over the next few years.
The fund, which has committed capital of $3 billion, will be the only equity investor in a new 300-bed hospital in Jordan in a partnership with California’s UCLA Health and University College London’s medical school.
https://www.bloomberg.com/news/articles/2022-06-06/saudi-wealth-fund-s-3-billion-jordan-unit-aims-to-ramp-up-deals?sref=5jMtLoGc

Saudi Arabia plans to spend $1 billion a year discovering treatments to slow aging
The Saudi royal family has started a not-for-profit organization called the Hevolution Foundation that plans to spend up to $1 billion a year of its oil wealth supporting basic research on the biology of aging and finding ways to extend the number of years people live in good health, a concept known as “health span.”
https://www.technologyreview.com/2022/06/07/1053132/saudi-arabia-slow-aging-metformin/

2 Saudi delegations to visit US to improve economic ties
This comes “at a time when Riyadh and Washington are intensifying their efforts to repair their tense relations with the aim of paving the way for US President Joe Biden’s visit,” according to Reuters.
The first delegation is expected to visit Washington on June 15, headed by Saudi Commerce Minister Majid bin Abdullah Al-Qasabi, while the second delegation, headed by Investment Minister Khaled Al-Falih, intends to visit the United States by the end of the month.
https://www.siasat.com/2-saudi-delegations-to-visit-us-to-improve-economic-ties-2342661/

Saudi Arabia condemns Indian officials’ comments insulting Prophet Mohammed
Saudi Arabia condemns and denounces statements by the spokeswoman of India's ruling Bharatiya Janata Party (BJP) which constituted an insult to the Prophet Mohammed, the Ministry of Foreign Affairs said on Sunday.
https://english.alarabiya.net/News/gulf/2022/06/05/Saudi-Arabia-condemns-Indian-officials-comments-insulting-Prophet-Mohammed