“The journey from a commodities-led economy to a diversified economy is one of intelligent urbanisation. If you want to host an economy led by services, innovation, experience and enterprise you need successful vibrant cities.”
-Greg Clark, group advisor for future cities and new industries at HSBC, commenting on Saudi Arabia’s plans to grow Riyadh into a leading investment destination. [Investment Monitor]
“There’s only one Diriyah. We’re the first born, we’re the favorite son. My fellow CEOs can come on the show and say, ‘No, we’re great.’ They’re all great, we love them, but there’s only one Diriyah…It is to Saudi Arabia what the Acropolis is to the Greeks, what the Colosseum is to Rome, what Machu Picchu is to Peruvians.”
-Jerry Inzerillo, CEO of the Diriyah Gate Development Authority, discussing the project, how it has expanded and MBS’ keen interest in it. [Arab News]
“It is important for me that women in the Middle East and Muslim women understand that their face is who they are. But all the scripts I get about Muslim and Arab women [imply that they are] all victims and sad. We are very sassy. We are very strong, so don’t take us for granted.”
–Haifaa al-Mansour, Saudi Arabian filmmaker discussing cinema and the arts on the occasion of her most recent film, “The Perfect Candidate.” [Nikkei Asia]
“This partnership with Zapata is KAUST’s first use case with quantum computing and is essential to building our capacity in this space. This partnership could also open the door to finding solutions to other challenges in the Kingdom and the Middle East.”
-KAUST vice president for innovation and economic development, Kevin Cullen, discussing the university’s partnership with U.S.-based software company Zapata as part of an effort to become a regional leader in quantum technologies and create fuel-efficient airplanes. [ITP Net]
“They [the regulations] are not bank-led, they are more fintech-led, which means that fintechs can operate in isolation from banks, so they don’t need to be partnered with banks, they can really operate freely. That’s a major move that doesn’t happen with a lot of regulators around the region.”
–Maher Loubieh, the chief strategy officer at Riyadh-based Hala, discussing the growth of fintech in Saudi Arabia. Nesma Abdel Azim takes a close look at the fintech scene in the Kingdom, its successes, and challenges. [Wamda]
“Midway between camp and the seashore lies a barren blazing waste, distinguished from other barren blazing wastes by a faint hint of soil caught in a great depression among the brown mushroom hills and sheltered there from the claws of the shemaal…The terms ‘fairway’ and ‘rough’ imply a distinction that is theoretical only. Fairways lie between two rows of stakes but possess nearly the same number of rocky outcrops, sand dunes and gravel banks as the rough. ”
–Philip McConnell, Arabia American Oil Company (Aramco) Chief Petroleum Engineer, describing one of the earliest ‘golf courses’ in Saudi Arabia in 1942. Writing for Golf Course Architecture, Toby Ingleton provides a fascinating history of the growth of golf in the Kingdom. [Golf Course Architecture]
“From a broader perspective, what will be more interesting is whether the region as a whole looks to extend that corporate tax to other perhaps smaller foreign-owned companies or companies that have some foreign ownership. That is something they will have to manage quite carefully because there is very much a push to attract more FDI into the region and so they won’t want to jeopardize that by becoming too aggressive on corporate taxes.”
–Khatija Haque, Emirates NBD chief economist, commenting on the G7’s recent support for global minimum corporate tax and it’s potential impact on GCC states. [Arab News]
“As you know, women now are working and their integration in the workforce is happening in a very good way. This will have a major impact on household income… Saudi Arabia used to have a relatively modest household income because you had just one bread-earner with large families. With better gender equality, we will see the Saudi economy develop and consumption contributing a much higher share of GDP.”
-Alain Bejjani, CEO, Majid Al Futtaim Holding, discussing their $4.26bn Mall of Saudi project and other planned investments. [The National]
“When I was working on ‘Toxic Romance,’ all I had on my mind was that I wanted to create the sound I love. It got me romanticizing about my relationship with it, as it’s a human being; how it was there for me every time I needed it or how I always come around to seek and chase it.”
–Nouf Sufyani, also known as Cosmicat, Saudi Arabia‘s first and leading female DJ and producer. This week, SUSTG featured a story about the 28 year-old DJ’s first-ever single “Toxic Romance” from the website ozedm.com. Cosmicat said she wanted to create a single that included “a big-sounding synth to make the track sound bold and highlight how synthesizers and electronic music can coexist with gentle whispering and my own vocals.” [ozedm.com]
“We are looking forward to using the private sector to manage and finance infrastructure, health services, urban transport networks, school buildings, airport services, water desalination plants, and sewage treatment through these partnerships, in order to ensure better, more cost-effective and efficient implementation that reduces the use of materials and energy, while providing improved products and services for the benefit of citizens and the world at large.”
–Mohammed Al-Jadaan, Saudi Finance Minister, discussing plans to raise $55 billion via privatization which will include identifying 160 projects in 16 sectors, including asset sales and public-private partnerships. [Eurasia Review]
