Saudi-Israeli normalization, women in family businesses in Saudi Arabia, and a conversation with management consultant Jack Fowler from YCP Solidiance

1:28 – Will Saudi Arabia normalize relations with Israel soon? 

Richard’s one big thing this week is what people are talking about in Saudi foreign policy this week: “normalization.”

Are Saudi Arabia and Israel in fact close to normalizing relations?

The hosts discuss the gap that currently exists between Israel and Saudi Arabia and why there’s a lot in the way between the two countries preventing a further warming of ties.

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Lucien’s one big thing is this study, with features valuable and unique insights into the viewpoints of Saudi women in family businesses in the Kingdom.

While many studies have examined the changing business roles of women over time, “few discuss the role of women specifically in family businesses,” KPMG writes, as it shares insights gathered from interviewing women business leaders working in family businesses across Saudi Arabia, “all of whom generously agreed to openly discuss and share their challenges, opportunities, and successes while working in their family business.”

“We shaped the insights we gathered into four themes that emerged during our interviews; The role of women in family business, Leadership styles, Sustainability and succession, and Unique opportunities and mandatory legislation that affects women’s opportunities within business. In the first theme, The role of women in family business, we looked at the differences and challenges associated with women’s varying roles within their families and businesses. We also explore the gender differences that women face in relation to treatment and opportunities within the family business as well as the role mentors—both male and female—play in advancing women within family businesses,” KPMG said.

The full study is worth a read, and is available here:

https://assets.kpmg/content/dam/kpmg/sa/pdf/2022/the-power-of-women-in-family-business.pdf

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19:21 – The 966 talks with Jack Fowler, director at the global management consulting firm YCP Solidiance and co-author of a new report on Saudi Arabia’s construction industry, ‘Partnering for Success in Saudi Arabia Construction.’

The report highlights Key Drivers for Saudi Arabia’s Development as well as challenges, risks, and opportunities of doing business in Saudi Arabia.

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Saudi Arabia’s parallel market’s Nomu capped index took investors by surprise as its market value grew at a faster rate than the main market’s TASI during the first quarter of 2022, according to a report in Arab News. Nomu’s market capitalization rose 209 percent on the year to SR38.5 billion ($10.3 billion) from SR12.5 billion ($3.3 billion) in the year-ago period, according to statistics by the Capital Market Authority. However, the market cap of the main market, which captures the performance of 215 firms listed on the Saudi exchange, increased at a slower rate of 24 percent to SR11.96 trillion ($3.19 billion).

Female Saudi graduates have significantly outnumbered Saudi men in the national on-the-job training program launched by the Human Resources Development Fund (Hadaf), according to a report in The National. Hadaf said 74 percent of 61,000 participants – who have benefited from Tamheer, a three to six-month on-the-job training scheme for Saudi graduates, since its launch in 2017 – were female. Most of the participants were from Makkah, Riyadh and the Eastern Province. The number of women with jobs in Saudi Arabia has nearly doubled in the last five years and now stands at more than 35 per cent of the workforce.

According to a report in The Hollywood Reporter, BBC Studios, which owns the format rights, and MBC Studios, the production arm of Saudi-owned Middle East satellite giant MBC, have unveiled Al Maktab, the first Arabic-language version of the long-running and award-winning comedy series. The 20-part series will broadcast on MBC’s TV channels, and via its streaming platform Shahid VIP, later this year.

•Starbucks KSA opens first all-Saudi female operated store
Alshaya Starbucks KSA has launched its first all-Saudi female operated Drive-Thru store in the Eastern Province of Saudi Arabia as part of its ongoing commitment to creating more work opportunities for Saudi women in line with the Kingdom’s 2030 vision, according to a report in Trade Arabia. The new all-female Drive-Thru only store located on the Coast Road is a significant step towards increasing its women workforce to 30% by the end of 2022, with plans to launch many more Drive-Thru stores over the coming years in Saudi Arabia, said Starbucks KSA.

According to a report in Al Arabiya, Saudi Arabia’s King Abdullah port topped the 2021 edition of the global Container Port Performance Index (CPPI) developed by the World Bank and S&P Global Market Intelligence. Saudi Arabia’s Jeddah Islamic Port also featured strongly in eighth place overall and King Abdulaziz Port placed at 14th. “CPPI is a comparable index of global container port performance intended to serve as a reference point for key stakeholders in the global economy… The ranking is based on time vessels needed to spend in port to complete workloads over the course of 2021, a year that saw unprecedented port congestion and disruption to global supply chains,” according to the World Bank.

Greece and Saudi Arabia agreed on Tuesday on the main terms to set up a joint venture to lay a fiber optic data cable that will link Europe with Asia, Greek sources said on Tuesday according to a report in US News. The “East to Med data Corridor”, an undersea and land data cable, will be developed by MENA HUB, owned by Saudi Arabia’s STC and Greek telecoms and satellite applications company TTSA.