“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]
“If you look at history, we in this region have managed to weather through worse geopolitical situations, including actual, real wars…We in Saudi have to focus on the economy and reform…We firmly believe the disputes can only be resolved by dialogue.”
-Mohammed al-Jadaan, in an interview on the sidelines of the World Economic Forum, to Reuters. He added there were “serious efforts” to reduce antagonism between Washington and Tehran. [reuters.com]
“The economic factor is important, but for women here this is also an opportunity to live alone and be independent from their families and they are really eager to have such an experience. Some girls have sacrificed really good jobs in their local areas to move to Riyadh and be on their own.”
–Mona al-Sheddi, assistant professor at the psychology department of King Saud University, in an article from the Financial Times on how Saudi women are embracing new freedoms as gradual reforms take hold. [ft.com]
“I call Saudi Arabia a continent rather than a country…We’re seeing now on TV something we’ve never seen before — we see green fields, we see skiing, we see sun and desert. You can’t believe this is the Arabian Peninsula. That makes it very attractive to every tourist or investor because they have variety, because you’re not restricted to one area or sector where you want to build something. You have a choice as to what you can do.”
–Khalaf Al-Habtoor, founder and chairman of Al-Habtoor Group. [arabnews.com]
“We would love to have the next big thing made in Saudi Arabia. We’re taking it one step at a time. I’m not going to go and compete with Silicon Valley while I don’t have the right ecosystem. We’re building that.”
–Yasir Al-Rumayyan, Saudi Public Investment Fund (PIF) governor, in an interview with Wired about meeting Crown Prince Mohamed Bin Salman, his vision for PIF, and how they need to do a better job communicating PIF strategy. [wired.com]
“Much as thinking about information systems and cyber-risks has become integrated into corporate and public-sector decision making, climate change and its resulting risks will also need to feature as a major factor in decisions. For companies, this will mean taking climate considerations into account when looking at capital allocation, development of products or services, and supply chain management, among others. For cities, a climate focus will become essential for urban planning decisions. Financial institutions could consider the risk in their portfolios. Developing a robust quantitative understanding is complex and will also require the use of new tools, metrics, and analytics. At the same time, opportunities from a changing climate will emerge and require consideration.”
–McKinsey Global Institute, in a recent study on the physical effects of climate change, including on individuals and communities, as well as infrastructure and natural capital. [McKinsey.com]
“At the beginning it was Carlos opening the road until he got stuck. Then Nasser got stuck in the dunes and after that I opened the road for more than 200 kilometres. Navigation was so tricky that we all reduced the speed.”
-Stéphane Peterhansel, French rally racing driver and 3x Dakar Rally winner, on the recent ongoing race in Saudi Arabia. Peterhansel is among three leaders in the race, including Carlos Sainz (ESP) and Nasser Al-Attiyah (QAT). The three leaders have 18 total Dakar Rally wins between them. [redbull.com]
“2,716,858 Umrah visas have been issued this Umrah season with 2,272,163 pilgrims arrived by air, 133,110 arrived by land and 7,299 arrived by sea. Those who arrived included 568,536 Pakistanis, 505,217 Indonesians, 292,822 Indians, 137,834 Egyptians, 124,951 Malaysians, 94,854 Turks, 90,894 Bangladeshis and 89,006 Algerians.”
–Saudi Arabia’s Ministry of Hajj and Umrah, announcing the latest data on Umrah visits issued this year. This year’s Umrah season extends from August 17, 2019 to June 21, 2020. Although there is a surge of Umrah pilgrims during the annual Hajj, pilgrims visit Saudi Arabia during much of the year. [arabnews.com]
