In 2020, “Saudi Arabia, Oman, Bahrain and Egypt could lead bond sales in the Middle East and North Africa in what Abdul Kadir Hussain, the head of fixed-income asset management at Arqaam Capital in Dubai, predicts will be another strong year for issuance. Governments and companies in the region raised a record $111 billion selling debt in 2019.”
–Bloomberg’s Netty Idayu Ismail, assessing some of the trends we might see in the Middle East in 2020. [Bloomberg]
“Right now, the kingdom is losing a significant portion of its top-tier tech talent to Silicon Valley and other tech ecosystems around the world. So its challenge is twofold: building leadership in emerging fourth industrial revolution tech fields, like artificial intelligence, for example, to attract Saudi tech talent home; and developing homegrown tech talent to feed the investments in emerging tech sectors.”
-Wes Schwalje, COO at Dubai-based research firm Tahseen Consulting, in comments on Saudi efforts to promote tech innovation and entrepreneurship. [ComputerWeekly]
“The kingdom considers the European Union one of its most important international partners…Saudi Arabia looks forward to strengthening the partnership between the two sides to serve their common interests and to support international efforts to achieve security and stability in the world.”
-Saudi Arabia’s King Salman, in a call with the President of the European Commission, Ursula von der Leyen, in which the two leaders discussed the upcoming G20 2020 summit in Riyadh. Ms. von der Leyen expressed the EU’s “keenness to play a constructive role.”
“With the launch of the Dakar Rally here in the kingdom, the world will see the picturesque nature of our country and its wonderful desert…The world will come closer than ever to the people of the hospitable kingdom (that is) looking forward to welcoming the world.”
–Prince Abdulaziz bin Turki al-Faisal, chairman of Saudi Arabia’s General Sports Authority, in remarks to reporters in Qiddiya on the upcoming 2020 Dakar Rally. [France24]
“[W]e hope that we’ve put in place the sort of deterrence that will avoid another attack, we’ve enhanced Saudi’s air defenses and so have other countries, and we’re going to continue to enhance Saudi defenses and our defenses in the region to avoid it from happening again.”
-U.S. Special Representative for Iran Brian Hook, referencing Iran’s alleged role in an attack on Saudi Aramco’s facilities in September 14th, in an interview with CNBC’s Hadley Gamble during the Doha forum in Qatar. [CNBC.com]
“Confirmation of adding Saudi Arabia to our schedule for 2020 is an exciting prospect… and having seen the quality of the event staging [at Royal Greens in KAEC] for the Saudi International, I am sure this will be a fantastic experience for our players.”
–Alexandra Armas, Ladies European Tour CEO, in an announcement confirming that Saudi Arabia would play host to its first-ever women’s golf tournament in March. [ESPN.com]
“Public revenue is budgeted to be $222 billion, 62 percent of which is attributed to the oil revenue and 38 percent to the non-oil revenue. The budgeted expenditure for 2020 is $272 billion, out of which about 50 percent is allocated to employee compensation. At 19 percent, education has the largest allocation in terms of sectors, followed by military, with an allocation of 18 percent.”
–Global Accounting Firm KPMG, in its newly-published KSA 2020 Budget Report
“For years, Saudi Arabia has been the region’s largest economy, boasting consumers of the highest purchasing power and a young tech-savvy population; but recent developments make this an especially opportune time to move into the Saudi tech scene. If you’re looking for the emerging hub of digital innovation and entrepreneurship in the MENA region today, you’ll find it in Saudi Arabia.”
–Omar Christidis, ArabNet Founder and CEO, at the launch of the 8th edition of the Arabnet Riyadh tech-focused event.
“We don’t rule out that there might be squeeze of liquidity later on, that’s why I am ready and stand ready to intervene.”
–Ahmed al-Kholifey, Saudi Central Bank governor, on how the body is ready for any potential liquidity squeeze from Saudi Aramco’s IPO. Al-Kholifey is closely monitoring local banks after heavy demand for loans to buy the stock. [Reuters]
“When we, as Saudis, heard last Friday the news of the hideous crime inside the Pensacola naval base in Florida, we were shocked…This work can only be done by a cowardly villain. He has betrayed his country, which trusted him and spent millions on his education. Instead, he stabbed her in the back and created a major political and cultural crisis.”
–Dr. Hamdan Al-Shehri, Saudi political analyst and international relations scholar, writing in Arab News.
