“As you know, women now are working and their integration in the workforce is happening in a very good way. This will have a major impact on household income… Saudi Arabia used to have a relatively modest household income because you had just one bread-earner with large families. With better gender equality, we will see the Saudi economy develop and consumption contributing a much higher share of GDP.”
-Alain Bejjani, CEO, Majid Al Futtaim Holding, discussing their $4.26bn Mall of Saudi project and other planned investments. [The National]
“When I was working on ‘Toxic Romance,’ all I had on my mind was that I wanted to create the sound I love. It got me romanticizing about my relationship with it, as it’s a human being; how it was there for me every time I needed it or how I always come around to seek and chase it.”
–Nouf Sufyani, also known as Cosmicat, Saudi Arabia‘s first and leading female DJ and producer. This week, SUSTG featured a story about the 28 year-old DJ’s first-ever single “Toxic Romance” from the website ozedm.com. Cosmicat said she wanted to create a single that included “a big-sounding synth to make the track sound bold and highlight how synthesizers and electronic music can coexist with gentle whispering and my own vocals.” [ozedm.com]
“We are looking forward to using the private sector to manage and finance infrastructure, health services, urban transport networks, school buildings, airport services, water desalination plants, and sewage treatment through these partnerships, in order to ensure better, more cost-effective and efficient implementation that reduces the use of materials and energy, while providing improved products and services for the benefit of citizens and the world at large.”
–Mohammed Al-Jadaan, Saudi Finance Minister, discussing plans to raise $55 billion via privatization which will include identifying 160 projects in 16 sectors, including asset sales and public-private partnerships. [Eurasia Review]
“There will always be a good amount of supply to meet demand, but we’ll have to see demand before you see supply.”
–Prince Abdulaziz bin Salman, Saudi Arabia’s minister of energy, said when asked about the risk of the oil market overheating, calling such talk premature. [Reuters]
“Saudi Arabia is no longer an oil country, it’s an energy-producing country… we are low-cost in producing oil, low cost in producing gas and low-cost in producing renewables and will definitely be the least-cost producer of hydrogen. I urge the world to accept this as a reality. We are going to be winners of all these activities.”
–Prince Abdulaziz bin Salman, Saudi Minister of Energy. [S&P Global]
“Saudi Arabia’s population grew by 2.3 percent to 35.01 million last year from 34.22 million in 2019. Males represent 58 percent of the population (20.23 million) while females represent 42 percent (14.78 million).”
–Saudi Arabia’s General Authority for Statistics. [Zawya]
“I remember the onslaught of the cicadas. I remember ‘Hands Across America’ and the best of the music and the culture of the 1980s. My memories of America are memories of joy.”
–Princess Reema bint Bandar, Saudi Arabia’s ambassador to the United States, discussing growing up in the United States from 1983 to 2005 during her father, Prince Bandar Bin Sultan Al-Saud’s tenure as ambassador. As to current day Saudi Arabia, “We can’t wait for change to happen. We have to make it happen. We’re transforming faster than anyone had ever imagined, and that reform process is real, and it’s here to stay.” [Washington Diplomat]
“Saudi Arabia has seen a much more self-forgiving government that is taking action as needed while allowing itself to perfect its approach late. Acting fast rather than acting ‘spot on’ has become the norm. This is especially tangible in the digitalization of the customer experience, where a certain level of error and risk is now allowed to implement new technologies.”
–Ismail Alani, Head of Government and Public Sector, KPMG in Saudi Arabia. KPMG’s report Modernizing Government: Global Trends examines how the pandemic, “has unexpectedly revealed what’s possible and forward-looking governments are now wisely leveraging their momentum to seize a ‘golden opportunity’ for historic innovation.” [KPMG]
“Saudi banks sold a record $12.45 billion of new mortgages in the first quarter of 2021, according to central bank data, up from $11.44 billion in the preceding three months and from $8.32 billion in the prior-year period. Banks account for more than 60% of the country’s mortgage market share, according to an Al Rajhi Capital report.”
–Matt Smith reporting for S&P Global on Saudi Real Estate Refinance Co.’s projections to double or triple its balance sheet and begin issuing mortgage-backed securities in 2021 as a domestic home loan boom shows little sign of easing. [S&P Global]
“Investor interest is currently focused on the financial technology (fintech) sector, which has grown from just 10 registered fintech startups in 2018, to a total of 155 in 2020. In the first quarter of this year, fintech startups based in Saudi Arabia raised in excess of $127 million, a whopping jump compared to the $23 million raised by fintech startups in the country from 2015-2020.”
–Nagham Al Eithan reports for Wamda on Saudi Arabia’s booming venture capital activity. [Wamda]
