Saudi Foreign Minister Faisal bin Farhan said that potential US-Saudi agreements on trade and artificial intelligence are “not tied to any third parties” and “can progress probably quite quickly.” Adding, “Some of the more significant defense cooperation agreements are much more complicated. We would certainly welcome the opportunity to finalize them before the end of the Biden administration’s term, but that’s reliant on factors outside of our control.” Saudi-US bilateral accords ‘not that connected’ to Israel normalization [Arab News]
“I think globally, the serious, serious issue that we need to watch is sovereign debt issues, particularly in low-income countries and emerging economies that do not have the fiscal buffers to lean into in case of disruptions in the market. And hopefully between the IMF and the G20 we will find a solution, and we will be ready to support the world economy in case of shocks in that area, but it is an area that we need to watch, as global leaders, to make sure that it doesn’t surprise us.” Saudi Minister of Finance, Mohammed Al-Jadaan at the Future Investment Initiative in Riyadh, Sovereign debt is the biggest risk to global growth in 2025, Saudi finance minister says [CNBC]
“There’s every reason to think that Saudi in particular can become one of the big winners here. The simplest thing for this country to win is to use its abundant resources and create facilities that no one else can build. There is a huge shortage of electricity in the developed world.” Google Chief Executive Officer Eric Schmidt, AI Leaders Gather in Saudi Arabia to Talk Energy, [Bloomberg]
“According to Saudi Arabia’s National Debt Management Center, the kingdom’s total debt stood at some $308.7 billion at the end of September. Of this total, $183.7 billion was domestic debt, and the remaining $125 billion was foreign debt. Compared to U.S. debt, this is nothing. But compared to 2019 debt levels, it is a palpable increase: in 2019, Saudi debt stood at $180.8 billion.” Saudi Arabia Turns to Debt Markets for Vision 2030 Financing [Oilprice.com]
“People used to come to us and ask for money. We are now seeing a shift from people wanting to take our money to people wanting to co-invest.” PIF Governor Yassir Al-Rumayyan speaking at the Future Investment Initiative, Saudi Arabia’s PIF pivots to domestic focus, eyes AI revolution, says Al-Rumayyan [Arabian Business]
“You are seeing more share of exits taking place in Saudi Arabia, but because Saudi’s venture has really only been active for about five years, many companies in Saudi have not hit the window for exits, relative to the rest of the Mena region. We are waiting and anticipating for exits to continue to rise in the next two to three years.” Philip Bahoshy, chief executive of data platform Magnitt, Why Saudi Arabia is emerging as key exit market for start-ups [The National]
“Saudi Arabia revised upward its foreign direct investment numbers this week, doubling the FDI inflow figure for 2023 to $25.5 billion according to a new government methodology.” New Saudi methodology doubles 2023 FDI inflow [Arabian Gulf Business Insight]
“This camel festival, held in honour of Saudi Arabia’s Crown Prince Mohammed bin Salman, is now in its sixth year and is on par with the richest horse races worldwide. It has come to be recognised as a serious international sport and a great tourist attraction in several Middle Eastern countries. This year, some 21,000 camels are taking part.” Women camel jockeys race in Saudi Arabia, breaking a social barrier [South China Morning Post]
“Do they pay me to come here? Yes. But we must not lose perspective… Changes cannot happen from one day to the next 100%, because society is not prepared for a radical change. No society has ever been like this in history, this change has to happen gradually. I believe that all these things that are happening in the country mean that this change, instead of happening in 50 or 60 years, will happen in a much shorter time. And I believe that, in some way, despite all the criticism, it is worth it and I accept the criticism, I respect it.” 22-time Grand Slam winner Rafael Nadal, Rafael Nadal gives brutally honest verdict on Saudi Arabia criticism and sportswashing claims [Tennis 365]
“I would say it is competitive, and it is not easy to get in, but with the nursing college here, it is really worth it, and you will end up grateful.” — Ali from Saudi Arabia, nursing major, University of South Carolina, Meet Ali from Saudi Arabia, a Nursing Student at the University of South Carolina [Shorelight]
