“An energy transition that fails to engage with fossil fuel-producing countries and their needs could have profound implications for regional and international security and the stability of global energy markets. If oil revenues start to decline before producer countries have successfully diversified their economies, livelihoods will be lost and poverty rates will increase. In a region with one of the youngest and fastest-growing populations in the world, economic hardship and increasing unemployment risk creating broader unrest and instability.”
-Ali Allawi, deputy prime minister and finance minister of Iraq, and Fatih Birol, executive director of the International Energy Agency. [Guardian]
“The personal ambitions and challenges of Crown Prince Mohammed Bin Salman (MBS) and the new shift in the US policy towards the region undoubtedly offer the Russians an opportunity they could not miss to make strong advances at the expense of their traditional rivals.”
–Fadi Assaf, co-founder of Beirut-based consultancy Middle East Strategic Perspectives (MESP), in a report for Breaking Defense. Saudi Arabia is increasingly willing to diversify its defense relationships beyond its longtime focus on the United States, the report says. [breakingdefense.com]
“The 2021 edition of Lloyd’s List of top 100 Ports was recently published, measuring the annual container throughput volumes of global ports in 2020. It includes three Saudi ports; King Abdullah Port ranking 84 and King Abdulaziz Port at 93 and Jeddah Islamic Port at 37.”
–TradeArabia news service, noting that Saudi Arabia ranks 16th globally in total volume handled. [Trade Arabia]
“In Saudi Arabia, we are starting now to connect the dots and to raise awareness about mental health. Going to a psychologist does still have a negative effect on a person in society.”
–Rasha Alqahtani, an 18-year old Saudi, on why she created and developed an award-winning mental health diagnostic prototype based on the popular on-line game, Minecraft. [Smithsonian]
“The Green Future Index is a ranking of 76 leading countries and territories on their progress and commitment toward building a low carbon future. It measures the degree to which their economies are pivoting toward clean energy, industry, agriculture, and society through investment in renewables, innovation, and green finance.”
-MIT’s Green Future Index ranks Iceland 1st; United States 40th and Saudi Arabia 61st. [MIT Technology Review]
“In June, Kuwait recorded a temperature of 53.2 degrees Celsius (127.76 degrees Fahrenheit), while Oman, the United Arab Emirates, and Saudi Arabia all recorded over 50 degrees (122 degrees). A month later, temperatures in Iraq spiked to 51.5 degrees (124.7 degrees), and Iran recorded a close 51 degrees (123.8 degrees).”
-With the Middle East warming at twice the global average the World Bank says extreme climatic conditions will become routine and the region could face four months of scorching sun every year. [Foreign Policy]
“This leap is a translation of the support of our wise leadership and the industrial transformation that the Kingdom is witnessing, a golden age for industry, and an important indicator that reflects the attractiveness of the sector and its ability to attract capital.”
Bandar Alkhorayef, minister of industry and mineral resources, discussing how the Saudi industrial sector attracted investments worth SR70 billion ($18.7 billion) in 2021 so far. The sector also saw a boost in employment among Saudis. [Arab News]
“The Islamic banking industry is only around 40 years old and has already proven to be tremendously successful—a showcase for the ethical banking opportunity. But with younger generations set to account for three quarters of all Islamic banking revenue by 2023, the industry must listen to the demands of these digital natives, both in the Middle East and beyond, if it wants to stay ahead of the curve.”
-Miljan Stamenkovic, general manager of the Middle East and North Africa region for Mambu (a cloud-banking platform serving Islamic banks and lenders) discussing the growth of Islamic banking. [International Banker]
“You can remember when they used to say, ‘We want to save the oil for our grandchildren.’ Well, now the grandchildren are in charge, and they’re thinking about this in monetary terms. They know what’s going on in terms of the energy transition.”
-Daniel Yergin, vice chairman of IHS Markit and a director of the Council on Foreign Relations, commenting on evolving attitudes regarding energy production in the Middle East. Part of an excellent interview with Jon Alterman on global energy transitions. [CSIS]
“Gamers Without Borders, Saudi Esports Federation’s COVID-19 fundraiser, welcomed gamers from 77 countries to more than 164,000 online matches… These events drew more than 136.6 million online streams, with an enormous global audience tuning in for in excess of 25.3 million hours so far since June 7.”
–Ign.com, in a story about the fundraiser which offered a $10m charity prize. The money was donated to support vaccine distribution in the world’s most vulnerable nations through organizations including UNICEF, Gavi, Direct Relief, KSA Relief, and the International Medical Corps. [IGN Middle East]
