“I don’t see it as a setback at the moment. Look at what the administration has said publicly, they have said Saudi Arabia is a trusted ally, they are focused on defending and protecting Saudi Arabia….I don’t see the Americans turning away from us, or us turning away from America.”
-Prince Khalid bin Bandar, the Saudi ambassador to London, in comments to the Financial Times on the release of the Khashoggi report and U.S.-Saudi relations going forward. [FT.com]
“We would want to see the companies having a major headquarters office with executive staff; their C-suite being here; operations in other countries reporting to it; and support functions, whether it’s training, product development, consolidation of regional operations, all taking place within their regional headquarters. A superficial nameplate saying ‘this is the regional headquarters’ will not fly.”
-Khaled Al-Falih, Minister of Investment, regarding Saudi Arabia’s recent announcement that by 2024 all international companies would be barred from doing business with “agencies, institutions, and funds owned by the government” unless their regional headquarters were located in the Kingdom. [Consultancy ME]
“That is what diplomacy looks like. That is what a complicated global engagement looks like and we’ve made no secret and have been clear that we are going to hold them accountable on the global stage.”
–Jen Psaki, White House press secretary, regarding U.S. Department of Treasury and Department of State sanctions on 76 Saudis. Psaki added that, “We believe there are more effective ways to make sure that this doesn’t happen again and also to leave room to work with the Saudis on areas where there is mutual agreement.” [CNBC]
“The naval assets are expected to be exhibited on seaports to demonstrate integration with land and air assets, [and viewed] through technology on-site in the World Defense Show’s command-and-control center. We are halfway through building a site north of Riyadh. This exhibition and conference center is approximately, 58,000 square meters of internal exhibition space, [with an additional] 50,000 square meters on outdoor display and demonstration area.”
–Shaun Ormrod, CEO of the World Defense Show. With about one year to go before the March 6-9, 2022, show, the executive said event planners have conducted sales meetings with more than 100 companies in the defense and security sectors, already securing commitments that cover more than half of the show’s exhibition space. [defensenews.com]
“We will not end the pandemic anywhere unless we end it everywhere. Today is a major first step towards realizing our shared vision of vaccine equity, but it’s just the beginning.”
–Tedros Adhanom Ghebreyesus, World Health Organization Director-General, after Ghana became the first country to receive Covid-19 vaccines through the WHO’s on Wednesday. 600,000 doses that were produced in India were the first in a planned distribution of 1 billion doses to 92 countries. [CNN]
“The number of ultra-high-net-worth individuals in the Middle East is projected to increase 24.6 per cent in the next five years, according to a new report by global property consultancy Knight Frank. The region will remain the fourth-largest wealth hub in the world.”
-Deepthi Nair reports for The National on Knight Frank’s recent report. Ultra-high-net-worth individuals (UHNWIs) have a net wealth of $30 million or more. During the pandemic the number of Saudi UHNWIs increased by 9.6%. The kingdom’s UHNWI population has grown by 227 per cent over the past five years, according to Knight Frank. [The National]
“Saudi Arabia has a large expatriate community from major cricket-playing nations like India, Pakistan, Bangladesh and Sri Lanka. People from these countries carry cricket in their bags wherever they go.”
-Dr. Gayas Ahmed Sattar, President, GK International Indian Sports Club (GKIISC) in Riyadh discussing the spread of cricket in Saudi Arabia. [Arab News]
“Trading by Saudis in US stocks during 2020 amounted to $86 billion, a 606% increase compared to 2019. Saudi transactions in the US market accounted for 98% of the total trading in foreign markets.”
-The Capital Market Authority of Saudi Arabia, in recent reporting on trading patterns in foreign markets by Saudi investors. [Saudi Gazette]
“It’s unbelievable, I’ve been waiting all my life to ride a winner in a race like this. It’s a privilege to be connected to such a class horse. I always felt last year in the [Kentucky] Derby if he hadn’t missed the break he would have won so this is redemption for him. It was really important to get a good jump today. I didn’t expect that he was going to be able to travel so well behind the leaders. It took him a little while to get going but then he ran them home.”
–David Egan, jockey on the horse Mishriff after winning the Saudi Cup over the weekend, the world’s richest race with a prize worth $20 million. [racingpost.com]
“The decision to establish regional headquarters for foreign companies and institutions contracting with Saudi Arabia reflects positively on improving local content and enhancing competitiveness for local products and services to reach a high level of quality through the localisation of existing jobs and the creation of others that fit the rapid economic developments in the kingdom.”
–Ajlan Al-Ajlan, Chairman of the Council of Saudi Chambers, discussing Saudi Arabia’s plans to restrict certain government contracts with foreign companies that do no have regional headquarters in Saudi Arabia. [SPA]
