Episode 58! Dr. Saad Alshahrani, Deputy Minister for economic affairs and investment studies at Saudi Arabia’s Ministry of Investment joins The 966 to talk about the Saudi economy, investment opportunities, and reforms in the Kingdom. Dr. Saad also shares his story of studying in the U.S. and journey to becoming a deputy minister. Before the interview, the hosts discuss the Kingdom’s recent IMF consultations, which found that Saudi Arabia may just be the fastest growing economy in the world in 2022. The hosts also discuss the PIFs latest investments and much more in the program’s Yallah! segment.
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1:35 — The IMF this week maintained its economic growth forecast for Saudi Arabia at 7.6% this year, likely placing it among the top growing economies in the world in 2022. Richard’s one big thing this week is the release of the report, in which The IMF said it expected the kingdom’s non-oil gross domestic product to grow by 4.2% this year. Also, Saudi Arabia’s fiscal surplus is likely to be 5.5% of GDP.
9:46 – Saudi Arabia’s Public Investment Fund (PIF) bought shares in Alphabet, Zoom Video, and Microsoft this week as part of a wider pick of U.S. stocks, bringing the market value of the sovereign wealth fund’s investment portfolio to about $40.8 billion at the end of the second quarter. Lucien’s one big thing this week is discussing the recent stock buy by the PIF. The PIF, with $620 billion in assets, also added to positions it held in Facebook Inc. owner Meta Platforms Inc., PayPal Holdings Inc. and Electronic Arts Inc. in the second quarter, according to a SEC 13F filing by the PIF, a quarterly report that is required to be filed by all institutional investment managers with at least $100 million in assets under management.
17:36 – The 966 interviews Dr. Saad Alshahrani, Deputy Minister for economic affairs and investment studies at Saudi Arabia’s Ministry of Investment. Dr. Saad joins The 966 from Riyadh to talk about the Saudi economy, investment opportunities, and reforms in the Kingdom. The hosts also ask Dr. Saad about the red hot tourism sector in Saudi Arabia and the opportunities there. He also shares his story of studying in the U.S. and journey to becoming a deputy minister.
1:03:10 – Yallah! 6 top storylines on Saudi Arabia this week to get you up to date headed into the weekend.
High oil prices help Saudi Aramco earn $88B in first half
Saudi energy company Aramco reported that its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. The increase is a boon for the kingdom and the crown prince’s spending power as energy companies worldwide rake in big earnings, the AP reports.
For more than 20 years, Time Out’s reviewers have conducted anonymous, independent restaurant visits in the region, booking anonymously and paying for every meal in order to establish which restaurants are truly worth diners’ time and money. The Time Out Restaurant Awards are the longest-running, most established dining awards in the Middle East. In 2022, the Time Out Riyadh Restaurant Awards will be held for the very first time. Following 12 months of anonymous restaurant reviews, taking in all corners of the city, and the full spectrum of price points and dining experiences, Time Out presents a shortlist of 150 of Riyadh’s best restaurants across 17 categories. The winners will be revealed September 15th.
Electronic payments exceeded the use of cash for the first time in Saudi Arabia in 2021, with these transactions representing 94 percent of all payments when measured by value, a study conducted by the Saudi Central Bank revealed. In terms of volume, the use of electronic payments increased to 62 percent last year from 44 percent in 2019 across all areas of economic activities. The Saudi government sector has almost completely converted to electronic payment methods for all outward payments to individuals, business establishments or other government agencies, the report noted.
According to a report in the New York Times, Thirty-six prisoners remain at Guantánamo Bay today, and Saudi Arabia’s reintegration center for recovering Islamic extremists may be an option for President Biden, who is looking to close the detention center in Cuba. Saudi Arabia’s program, with its campus in Riyadh, and another in Jeddah, grew from a counterterrorism campaign that began in 2004 to re-educate citizens who had made their way home from jihadist training camps in Afghanistan and others influenced by them.
Saudi Arabia’s Crown Prince Mohammed bin Salman Tuesday led the annual washing ceremony of the Holy Kaaba on behalf of Saudi King Salman bin Abdulaziz, the Saudi Press Agency reported. The Crown Prince was accompanied by a number of dignitaries and carried out the ceremony, which is part of the tradition set by Prophet Mohammed, after performing prayers.
Images shared by the CEO of the Red Sea Development Company (TRSDC) John Pagano show significant progress made at the Ummahat Islands reserve site.
Playing host to Nujama, part of the luxury hotel-chain Ritz Carlton’s Reserve collection, the 82-key resort will welcome guests in 2023, according to Pagano.
