“…[T]here is a palpable sense among many young Saudis that their time has arrived. For example, many young Saudi men believe that Saudi Arabia will soon have an improved standard of living coupled with more societal tolerance. The kingdom will continue to open up to the world, its citizens will be able to communicate more effectively, and, in general, Saudis will become more self-reliant.”
-Mark C. Thompson, writing for the Arab Gulf States Institute in Washington, comments in his article ‘Being Young, Male and Saudi: Identity and Politics in a Globalized Kingdom’ on the perspective of young Saudi men during a time of significant socioeconomic change. [AGSIW]
“The Kingdom of Saudi Arabia doesn’t just want to be recognized by the World Bank, and the IMF, and the United Nations — though those are glorious recognitions to have — we want to be recognized by the employees of your companies who say ‘I am proud to have a relationship with the Kingdom.’ …My role here [as Ambassador] is to put your minds at ease: do you want me to come talk to your companies and employees? Who do I need to speak to to make your lives as CEOs and business leaders easier? Who needs to understand that the headlines don’t always tell the full story? For every negative headline, there are 20 headlines of positive change happening in the Kingdom.”
-Ambassador Reema bint Bandar Al-Saud, in comments at yesterday’s U.S.-Saudi Business Leaders Forum at the U.S. Chamber of Commerce in Washington, D.C.
“The annual throughput of King Abdullah Port for bulk and general cargo increased to 2.98 million ton by the end of 2019, compared to 689,000 ton in 2018, registering a 333 percent increase. In addition, 85 cargo ships docked in the port in 2019 compared to 57 ships in 2018.”
-Arab News reports that King Abdullah Port, the region’s first port fully owned, developed and operated by the private sector, flourished in 2019 and is now one of the world’s 100 largest ports after less than four years of operation. [Arab News]
“The most recent data from the Saudi Arabian Monetary Authority covers the period to September 2019. Foreign direct investment (FDI) in the first three quarters of that year amounted to $3.5 billion, slightly up on the $3.2 billion for the equivalent period in 2018, but still very low compared to the fairly recent past. A decade earlier, FDI in the first nine months of 2009 amounted to $26.6 billion.”
Dominic Dudley in Forbes comments on declining FDI as one reason for the establishment of a new Ministry of Investment with for Minister of Energy, Khalid Al-Falih, as it’s head.
[Forbes]
“We as Saudis, tell a story, our story, and as filmmakers or creators don’t need to sugar-coat or create a flowery image of our society. This is us, we don’t create movies for the approval of the West, we make them to express ourselves.”
-Faisal Al- Amer, Saudi filmmaker, in comments to Arab News. [arabnews.com]
“The most recent data from the Saudi Arabian Monetary Authority covers the period to September 2019. Foreign direct investment (FDI) in the first three quarters of that year amounted to $3.5 billion, slightly up on the $3.2 billion for the equivalent period in 2018, but still very low compared to the fairly recent past. A decade earlier, FDI in the first nine months of 2009 amounted to $26.6 billion.”
Dominic Dudley in Forbes discusses foreign direct investment as one impetus to create a stand alone Ministry of Investment and name former Minister of Energy, Khalid Al-Falih, as its new head.
[Forbes]
“My great-grandfather was the last military leader in the world to win his battles from the saddle. And my grandfather, who was in his twenties, rode alongside him.”
-Prince Bandar bin Khalid Al Faisal, chairman of the Jockey Club of Saudi Arabia, referencing Ibn Saud who founded Saudi Arabia in 1932 in his comments regarding Saudi Arabians’ love for horses and horse racing. The Saudi Cup slate of races featuring an international field and a total of $29 million in purse money and will be run at the King Abdulaziz Racecourse in Riyadh on Saturday, February 29, 2020. [US Racing]
“I did not know at the time that I would be the first woman to serve as the US consul general in Dhahran. I really wanted to learn about energy! I was lucky enough to meet people from the very first moment I arrived. I have always made an effort to get to meet people at different occasions. Saudis have welcomed me into their homes, shared meals and traditions with me. I really have the best job in the best place at the best time.”
-Rachna Korhonen, the US consul general in Dhahran, in an interview with Arab News. [arabnews.com]
“Saudi Arabia has been a strong supporter of Lebanon for decades, it’s not new, but we are watching what is happening at the moment. We are talking to the IMF and others. I would like to see a very clear reform plan that is doable, viable, accepted by the IMF and the supporting countries, and we will obviously assess it and stand ready.”
-Mohammed al Jadaan, Minister of Finance of Saudi Arabia, in comments to CNBC’s Hadley Gamble. [CNBC.com]
“The divergence of opinion over coronavirus’s effect on oil demand goes beyond OPEC. The International Energy Agency warned on Feb. 13 that demand for oil is likely to be 435,000 barrels a day less in the current quarter compared with a year ago. Vitol Group, the world’s largest independent oil trader, is more pessimistic, expecting that quarterly demand will fall by around 2.2 million barrels a day. Under either scenario, a quarterly decline would be the first since the height of the global financial crisis.”
-Summer Said and Benoit Faucon (Wall Street Journal) report on the disparity within OPEC+ regarding the impact of China’s coronavirus on global oil demand and the urgency of a response. They report that Saudi Arabia, Kuwait and the UAE – which represent over half of OPEC’s production capacity – are considering a possible joint output cut of their own. [WSJ]
