“Aramco has demonstrated the full power of the Saudi market…[W]e believe the Saudi market will continue to be a strong and vibrant market for IP0s in 2020.”
-Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd in Abu Dhabi. [reuters.com]
“Our goal with the newly launched Samsung Innovation Campus is to equip our youth with the skills that are essential for the Fourth Industrial Revolution. Our education initiative reflects our vision to enable young adults and boost local talents in the Kingdom by providing top-quality training that ensures their readiness for the future.”
-Y. J. Kim, President of Samsung Electronics in Saudi Arabia, on the launch of the Samsung Innovation Campus in partnership with MiSK Academy. The academy aims to help young adults in the Kingdom gain skills that are useful for their academic and professional careers in the technology-driven job market. [saudigazette.com]
“We’re seeing the dialogues right now coming upon AI ethics, on data, and on cyber resilience. We’re trying to steer the conversation between those that are pro-consumer, pro-privacy, those that are pro-big tech, and how they can come to a middle ground.”
-Abdullah Alswaha, Saudi Arabia Minister of Communications and Information Technology, discussing Saudi Arabia’s G20 presidency and interest in steering the global conversation on technology policies and standards in an interview with CGTN while attending the recent World Economic Forum. [cgtn.com]
“Saudi Arabia is one of the fastest growing ecosystems in the region. With the government clearly identifying innovation and entrepreneurship as one of their key focuses in line with Vision 2030, many new initiatives have been launched in 2018 and 2019. Usually, these initiatives take time to come to fruition, but we have already seen their impact on the ecosystem in the country and Mena region,”
–Philip Bahoshy, CEO of UAE-based data platform Magniit, discussing his company’s “2019 Saudi Arabia Venture Capital Snapshot” report. [wamda.com]
“If there was one thing I had to say about my recent trip to Al Ula in Saudi Arabia, is that it’s a place of extraordinary natural beauty, cultural heritage and kind hearted people. I learned firsthand that is a place of awe-inspiring beauty, a landscape of cliffs and canyons featuring ancient petroglyphs and rock art. It feels like another planet. There’s no light pollution, so you can see pretty much every single star in the sky. There is no traffic, so the air is fresh, there are no skyscrapers, so your views are totally unobstructed.”
-Yousra Zaki, journalist and web features editor of Gulf News, in a story highlighting her recent visit to Al Ula in Saudi Arabia. [gulfnews.com]
“It is important that we do not exaggerate projections related to future decreases in oil demand due to events in China…OPEC and OPEC+ member countries will discuss market conditions (in March) and, if required, all options to ensure continued market balance.”
–UAE Minister of Energy Suhail al-Mazrouei, in comments echoing Saudi Arabia and other OPEC members that urge caution against “gloomy expectations” regarding the possible impact of the spread of the coronavirus on the global economy and oil demand. [nytimes.com]
“…[G]olf has a bright future, and should provide many job and career opportunities for Saudis, both male and female. The Saudi Golf Federation and Golf Saudi have developed wonderful plans for golf courses, academies, training programs and entertainment golf that will accelerate the spread of the sport in Saudi Arabia.”
–Prince Khalid bin Saud Al-Faisal, adviser to the Saudi Golf Federation and Golf Saudi, in comments to Arab News. The Kingdom will host The Saudi International at King Abdullah Economic City (KAEC) next week from Jan. 30 — Feb. 2. [arabnews.com]
“The move to one sale per year has been something we have been discussing for some time now. We needed to respond to the new needs of Middle Eastern collectors who are hungry for a curated sale of quality works…Collectors have matured in their choices and their buying. The majority of top modern Middle Eastern artworks have been sold over the last 10 years and are not yet back out on the market And most institutions have no intention to resell their work. This means that now we are looking at helping the contemporary scene and the contemporary market.”
-Caroline Louca, auction house Christie’s new managing director in the Middle East, on the decision to nix its annual March auction in Dubai, an indication of the overall success of the market. The event will now be folded into a London sale scheduled to take place in October. [artnet.com]
“We are converting our power sector and its energy mix to a point whereby 2030 I am confident we will become one of the top producers of solar energy and renewables. We’re also getting involved in nuclear because we want to have all our options open.”
-Saudi Energy Minister Prince Abdulaziz bin Salman, speaking on climate change and clean energy production at a special event during the annual WEF meeting in Davos. [aawsat.com]
There’s a “wall of cash that investors need to put to work” and Saudi Arabia “ticks all the boxes.”
–Chavan Bhogaita, head of strategy at First Abu Dhabi Bank, comments on Saudi Arabia’s just completed $5 billion Eurobond that is part of the $32 billion of local currency and international debt the kingdom is expected to issue in 2020. This bond issue had more than $23 billion in orders. [bloomberg.com]
