“This fund is set to revolutionise SME lending, as it will enable faster and more flexible lending than most of the lending facilities in the region. Our application process is indeed straight forward, as all is completed online on our platform, with the initial approval to be granted within as little as 24 hours and final approval in seven days. Foodics Capital is able to extend loans from $5,000 (SAR18,750), up to $133,000 (SAR500,000) as and when needed by small businesses.”
-Abdullah Tahboub, CFO for Foodics which has partnered with Saudi Arabia-based Maalem Finance to raise $100m to launch Foodics Capital, a micro loan fund. to support Saudi F&B merchants post Covid-19 through Shariah-compliant micro loans. [Gulf Business]
“Our new campaign kicked off in early October and will run for six weeks, using outdoor media with digital advertisement through eight large LED screens and two large unipoles on the main streets of Jeddah, and in selected cities in the Southern province including Najran, Jizan, Al Taef, and Al Medinah Al Munawwarah.”
-Eszter Somogyi, USA Rice director of Europe, Middle East, and Africa, discussing aspects of a new media campaign launched in Saudi Arabia to promote U.S. rice consumption. [USA Rice]
“I guess the worst part is over…We are still vigilant. I think there is a big shift all together in terms of where we are today and where we were in April and May.”
-Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, at the virtual India Energy Forum by CERAWeek when asked to comment on the status of the oil market recovery. [Reuters]
“Engaging people as equal, ensuring that people do understand that the lack of conformity and lack of commitment would undermine … the credibility of this agreement to the market…Therefore the market, instead of rewarding us, it would actually penalize, and the more it penalizes, the less the others who are in conformity with it would see the point of continuing control, and then all of this will cascade down to nothing.”
-Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, in response to a question about how OPEC+ has ensured high compliance with production quotas. [Reuters]
“From the start of November, the kingdom will allow pilgrims traveling from both inside and outside the country to perform the ritual at full capacity. This amounts to 20,000 pilgrims and 60,000 worshipers a day. Only pilgrims between 18-50 years of age will be allowed to travel from abroad for Umrah, and they will have to provide a negative Covid-19 test upon arrival in the country. All pilgrims coming from abroad will need to self-quarantine for three days. The authorities said they have co-ordinated with state-owned Saudi Arabian Airlines to provide the necessary seat capacity for pilgrims arriving from abroad.”
-Ieva Paldaviciute reporting on the implementation of the third phase of Saudi Arabia’s four-phase plan to resume Umrah. [Argus Media]
“Looking ahead, residential rental rates in the kingdom are expected to remain under pressure in the short-to-medium term, namely on the back of wider macroeconomic factors such as the growth in unemployment rates, and consequent contraction in household incomes.”
-Dana Salbak, head of research for JLL MENA, in a recent research report by the real estate company. [Arabian Business]
“Preparations are underway to acquire a site for a new embassy in Riyadh, which along with new contracts with Jeddah and Dhahran represent an investment of more than $1 billion. We have the 26-acre-site picked out and a target completion date of 2026 for the new embassy.”
David Schenker, Assistant Secretary of State for the Bureau of Near Eastern Affairs, U.S. Department of State
“Saudi Arabia strongly believes that a sound economic recovery, to overcome the impacts of the current pandemic, cannot be achieved without comprehensive, social and, economic programs for women to achieve gender equality and create economic opportunities.”
-Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment and acting Minister of Media of Saudi Arabia, during his opening address at the Women 20 (W20) Summit. [Arabian Business]
“The problem with that argument comes when you talk with U.S. partners in Asia about that plan. Almost completely reliant on the Middle East for energy, they fear a U.S. rebalance away from the region will leave them both vulnerable to upheavals and even more susceptible to Chinese pressure. Put simply, they worry that a greater U.S. focus on China at the expense of the Middle East will prove self-defeating, because a U.S. abandonment of the Middle East actually will make China more dominant in Asia.”
-Jon B. Alterman, senior vice president, Zbigniew Brzezinski Chair in Global Security and Geostrategy, and director of the Middle East Program at the Center for Strategic and International Studies in Washington, D.C., takes a closer look at potential ramifications in the Middle East of an American ‘pivot to Asia.’ [Center for Strategic & International Studies]
“Our leaders, our government and our security are a red line and they do not accept to be harmed.”
-Othaim Markets, Danube Supermarkets, Tamimi Markets and Panda Retail Company issued statements announcing they would stop carrying Turkish goods once existing stocks are sold off, joining an informal boycott of Turkish imports. [Reuters]
