“Biotechnology has risen to the top of national agendas in the post-pandemic era. PwC forecasts that mergers and acquisitions in the U.S. pharmaceuticals and life sciences sector alone could reach US$225 billion to US$275 billion in 2023. Biotechnology harnesses cellular and biological processes to develop products and technologies used in our everyday lives. The sector has grown globally over the past couple of decades owing to its potential to transform human health and its wide applicability across sectors, including health, agriculture, and chemicals. The green agenda has also brought to the fore applications such as resource recovery, recycling, and hazardous waste disposal.”
Accelerating Saudi Arabia’s biotechnology sector [Strategy&/PwC]
“More than three dozen different forms or funds based in Saudi Arabia have made investments in U.S. startups since 2016 — with many leading or co-leading some of them. Saudi Arabia’s Public Investment Fund has led or co-led the most deals worth the most cash since 2016, however, most of those deals are older. In 2016, the firm led a $3.5 billion investment in Uber, and a $1 billion round for Lucid Motors in 2018. In total, the fund has led or co-led four rounds for U.S.-based startups totaling more than $5.3 billion.”
-Chris Metinko, Saudi Arabia Investment Is Increasing In US-Based Startups [Crunchbase]
“At the helm of Saudi Arabia’s AI expedition is the project codenamed Shaheen III, a supercomputer project poised to reshape computational horizons, planned to be powered by 700 Nvidia Grace Hopper superconductor chips.”
Saudi Arabia and the UAE opt for Nvidia chips to power their AI ambitions [KAWA News]
“Apart from debate on the role of fossil fuels, at COP28 all eyes will be on how the UAE and its neighboring hydrocarbon-rich states will tackle the implementation of climate mitigation policies. Because of economic and population growth, industrial expansion, rising living standards, and a sixfold increase in energy consumption since the 1980s (faster than in any other part of the world) driven in part by higher demand for cooling, the Gulf states recognize the importance of developing alternative energy sources, such as renewable energy.”
Aisha Al-Sarihi, From Sharm el Sheikh to Dubai: What to Expect From the UAE as Host of COP28 [Arab Gulf States Institute in Washington]
“The new strategy focuses on increasing the likelihood of turning research into economically beneficial innovations. This ambition will be achieved through three major initiatives: the launch of the National Transformation Institute for Applied Research to accelerate technology development and commercialization to support the Kingdom’s economic diversification aspirations; the restructuring of research centers to align with national priorities for research, development, and innovation; and the creation of a $200m fund (SR750 million) to deliver unmet investment in local and international firms specializing in high-tech, which will enhance economic diversification and contribute to the creation of high quality technical jobs.”
Saudi Arabia launches $200m fund for early investment in high-tech companies [Arab News]
“Voice and accountability are critical components of modern governance, allowing citizens to articulate their concerns, contribute to decision-making processes and hold the government accountable. Recognizing the significance of citizen engagement, Saudi Arabia has initiated numerous reforms to empower its people.”
Turki Faisal Al-Rasheed, Saudi Arabia’s commendable progress on governance indicators [Arab News]
“Honest, open, useful and fruitful talks based on neighborly policy. Through the wills of heads of the two countries, sustainable bilateral ties in all fields have persisted. We agree on ‘security and development for all’ in the region.”
-Iran’s foreign minister, Hossein Amirabdollahian, in comments after meeting Friday with Saudi Arabia’s Crown Prince Mohammed bin Salman as part of his visit to the kingdom. [ABC/AP]
“I have achieved a lot in Europe and enjoyed special times, but I have always wanted to be a global player and test myself with new challenges and opportunities in new places. I want to write new sporting history, and the Saudi Pro League has tremendous energy and quality players at the moment.”
-Neymar. [Daily Post]
“Jeddah was, for centuries, the most important, largest, and richest port on the Red Sea. Today, Historic Jeddah is the last surviving urban site along the Red Sea coast that still boasts a commercial-based economy, multi-cultural environment, isolated outward-oriented houses, coral masonry construction, facades with intricate decorative woodwork, and long used methods to aid internal ventilation common before the advent of modern air-conditioning units.”
Paige Peterson, Jeddah ~ Al-Balad ~ “The Town” [National Council on US-Arab Relations]
“Uniquely among nonnuclear powers that seek to develop civilian nuclear energy production on a large scale for economic reasons, Saudi Arabia possesses and intends to mine its own uranium. Under a 123 process, it would have to essentially mine that uranium, export it to be processed into usable rods, reimport the rods for use in Saudi reactors, and then export the spent rods again for disposal. This wouldn’t be profitable and makes little sense from a Saudi perspective. Therefore, a modified arrangement involving oversight, but not the pinball-style movement of Saudi raw and enriched uranium or spent rods, is more reasonable.”
Hussein Ibish, Obstacles From All Sides Face a U.S.-Saudi Arabia-Israel Grand Bargain [Arab Gulf States Institute in Washingon]
