“Trading by Saudis in US stocks during 2020 amounted to $86 billion, a 606% increase compared to 2019. Saudi transactions in the US market accounted for 98% of the total trading in foreign markets.”
-The Capital Market Authority of Saudi Arabia, in recent reporting on trading patterns in foreign markets by Saudi investors. [Saudi Gazette]
“It’s unbelievable, I’ve been waiting all my life to ride a winner in a race like this. It’s a privilege to be connected to such a class horse. I always felt last year in the [Kentucky] Derby if he hadn’t missed the break he would have won so this is redemption for him. It was really important to get a good jump today. I didn’t expect that he was going to be able to travel so well behind the leaders. It took him a little while to get going but then he ran them home.”
–David Egan, jockey on the horse Mishriff after winning the Saudi Cup over the weekend, the world’s richest race with a prize worth $20 million. [racingpost.com]
“The decision to establish regional headquarters for foreign companies and institutions contracting with Saudi Arabia reflects positively on improving local content and enhancing competitiveness for local products and services to reach a high level of quality through the localisation of existing jobs and the creation of others that fit the rapid economic developments in the kingdom.”
–Ajlan Al-Ajlan, Chairman of the Council of Saudi Chambers, discussing Saudi Arabia’s plans to restrict certain government contracts with foreign companies that do no have regional headquarters in Saudi Arabia. [SPA]
“Look, it’s been pretty remarkable. In the space of just a few weeks, we reengaged with allies and partners around the world. I think I’ve made myself maybe 50 calls already. It’s a good thing we’re on the family plan here at the State Department, otherwise we’d be broke.”
-Antony Blinken, U.S. Secretary of State, commenting in an interview with National Public Radio about his outreach to, “diplomats in Europe and beyond.” [NPR]
“In the past, excess oil revenue was invested by the Saudi central bank, mostly in stable liquid assets like U.S. Treasuries. The kingdom missed an opportunity to buy cheap stocks during the 2008 global financial crisis, Al Rumayyan said in December.”
-AnalyzeMarkets.com, discussing Saudi Arabia’s Public Investment Fund’s latest filing with the U.S. Securities and Exchange Commission shows that its U.S. portfolio increased 80% in Q4 2020 with additional investments in video game companies among others. [Analyze Markets]
“We’re going to recalibrate our relationship with Saudi Arabia. Part of that is going back to engagement counterpart-to-counterpart. The president’s counterpart is King Salman.”
-Jen Psaki, Biden Administration Press Secretary, at a press conference to reporters on Tuesday at the White House. [CNN]
“The announcement of significant judicial reforms to be enacted in 2021 could be similar to the UAE, which has a dual legal system of European-style civil law and sharia. Civil courts hear most cases, including commercial disputes, while sharia courts retain jurisdiction over personal status issues but operate under the constraints of codified personal status and civil transactions laws.”
–Albright Stonebridge Group comments on the groundbreaking announcement Saudi Crown Prince Mohammed bin Salman introducing four draft laws – the Personal Status Law, the Civil Transactions Law, the Penal Code for Discretionary Sanctions, and the Law of Evidence – as part of a “new wave of judicial reforms in the Kingdom.” [Albright Stonebridge Group]
“If you’re a 1/7 baby, then you’re definitely from jeel al-tayebeen (the good generation). I’m the eldest of 5 and all five of us share the same birthday. My mother would throw us separate birthday parties spread across the year, as we disliked shared birthdays. But now, as we’re all older and have our own families, we celebrate it together. It’s a big family affair and an inside joke that millions of Saudis share.”
-Jamal Al-Ibrahim, former banker and business owner, one of more than 3.5 million Saudis (10% of the population) who has the fictitious birthday the first of Rajab (1/7 in the Hijri Islamic calendar/February 14 in the Gregorian). When identification cards became mandatory over 60 years ago many who were registered just knew their year of birth. Subsequently, 1/7 was designated for millions of Saudi citizens. [Arab News]
“The inspiration for Cali’s décor comes from four months that Ahmed spent in San Diego when he was 19 years old, visiting an uncle who was a student there. That is a common story: Fueled by a massive government scholarship program, Saudis have completed over 500,000 academic years of education in US universities and colleges in the last two decades.”
-David Kenner writes in Slate about Saudi Arabia’s burgeoning ‘café culture.’ [Slate]
“We now see women out cycling and they want to be part of cycling clubs. We see women running in groups, and coaching courses are widely available. In the past, you would find one or two courses, and only the more athletic women would join. Now, women want to get involved; they want to improve their health and fitness.”
–Cheryl Sewsunker, a sports and fitness professional from South Africa, who has been living in Saudi Arabia for eight years. Sewsunker has witnessed the large-scale changes for women’s health and fitness that have happened in the Kingdom. In 2020, she set up DM Sports Evolution in Jeddah with the goal of developing and promoting homegrown female talent. Her sports-focused business is one of many that have emerged following changes to create a more open society. [salaamgateway.com]
