“As far as international business, including foreign military sales, the tendency of the people in the Biden administration [and] in the president’s own statements, reiterate his view that alliances are important that they need to be cultivated, and that they have real value in deterrence and national defense…I do think that we’ll have a more open environment for [foreign military sales] and direct commercial sales to our international partners.”
-Jim Taiclet, Lockheed Martin CEO, who added he expected foreign arms sales to remain a priority in the Biden administration. [Defense One]
“With a brand value of US$46.8 billion, Saudi Aramco is the most valuable among the 44 new entrants in the ranking. The publication of the Saudi Arabian oil and gas company’s financials at the time of the IPO allowed for its brand to be included in Brand Finance’s annual study for the first time, placing 24th globally.”
-Brand Finance issued its Global 500 2020 report on the world’s most valuable brands which tagged Saudi Aramco as the most valuable brand in the Middle East and Africa. [Brand Finance]
“We are still more than ten months away from lights out on the first ever Saudi Arabian Grand Prix and, while anticipation is already at fever pitch, I am sure Saudi Arabia’s passionate race fans can wait one week longer for the race that so many of us have already waited our whole lives for.”
-Prince Khalid bin Sultan Al-Faisal, president of Saudi Automobile and Motorcycle Federation, said of Formula 1’s decision to rework the 2021 season calendar, which means delaying the dates of Formula 1 Jeddah street race by one week. Prince Khalid said he agrees with the decision, which “doesn’t do anything to quell the excitement and expectation around what promises to be a thrilling Saudi Arabian Grand Prix held at the deciding end of the season.” [Arab News]
“This technology that processes complex data faster will enable new discoveries and enhanced recoveries, which are crucial to both ensuring the availability of adequate supply to meet the demand for energy and to cut costs while boosting productivity.”
-Amin H. Nasser, president and CEO of Saudi Aramco, on the addition of Dammam 7, a global top ten-ranked supercomputer, to Aramco’s supercomputer center. Dammam 7 (10) joins Aramco’s other Top500 supercomputers Unizah-II (86), Makman-3 (177), Makman-2 (192) and Unayzah (438). [HPCWire]
“The economy has matured a lot compared to 10, 20 years ago. One of the lessons learned from 2009, is that limited regulation didn’t provide international investors with sufficient comfort, therefore limiting capital flows. Not anymore.”
-Saeed Jaffar, Middle East head for New York-based Alvarez & Marshall, one of a number of large restructuring firms boosting their presence in the Gulf region in anticipation of turnaround work required by economic hardships caused by the Covid-19 pandemic. [Yahoo Finance via Bloomberg]
“PIF made sizable bets, scooping up discounted US and European blue chip equities when the coronavirus hit hard and earning profits when share prices rebounded.”
-According to the Sovereign Wealth Fund Institute, Gulf-based sovereign wealth funds bet big on the United States during 2020 with $14.7 billion directly invested in the US versus $6.5 billion in 2019 and $6.2 billion in 2018. [Arabian Business]
“The challenges of the Covid-19 pandemic brought with it investment opportunities in many sectors, especially those related to technology and entrepreneurship. For example, investments in SMEs grew by 300 percent during the second quarter of 2020 compared to the same period last year.”
–Adel Al Ateeq, CEO of Jada Fund of Funds Co., (Jada), which in 2020 invested $266 million in private equity and venture capital funds in order to stimulate the growth of the small and medium enterprises in Saudi Arabia. [Asharq Al-Awsat]
“The holy cities have received prioritized care and attention from each of the Saudi monarchs since the era of the late King Abdulaziz. The holy sites, may Allah protect them, are the most sanctified symbols of our religion and historical history.”
-Prince Abdullah bin Bandar bin Abdulaziz, chairman of the board of directors at Kidana, a new $270 million company launched to develop Saudi Arabia’s holy sites. Kidana will be headquartered in Mina and is the first closed joint-stock company owned by the Royal Commission for Makkah Al-Mukarramah and the Holy Sites (RCMC). [Arab News]
“In cooperation with Saudi Arabia’s Al-Hokair Group and our regional partner in the United Arab Emirates, Al-Tayer Group, we will invest $300 million over five years in operating cinemas across the kingdom…Cinépolis is proud to be contributing to the kingdom’s ‘Vision 2030’ by providing moviegoers with unrivaled experiences as Saudi Arabia increases its culture and entertainment offering.”
-Alejandro Aguilera, Cinépolis Gulf CEO, in comments SPA regarding his company’s plans to invest $300 million into Saudi cinemas. Aguilera added that the project aims to “offer job opportunities to more Saudi nationals.” [MEMO]
“What controls the success of universities under the new system is their ability to build endowment programs that give them self-sufficiency in spending.”
-Amal Al-Fawzan, professor of curriculum and teaching methodology at Princess Nourah Bint Abdulrahman University, in Riyadh discussing Saudi Arabia’s new higher-education governance system which grants public universities more financial, administrative and academic independence. The new system covers 29 public universities, but so far only King Saud University, in Riyadh; King Abdulaziz University, in Jeddah, and Imam Abdulrahman bin Faisal University, in Dammam have started working under it. These three universities have a total of about 145,000 students in their various disciplines. [Al-Fanar Media]
