“They are happy with our progress and they are happy to fund. We have a long way to go. There is a lot of room for growth and a lot of countries to cover.”

Noon founder Mohamed Alabbar. Amazon.com Inc’s Middle Eastern rival Noon.com is set to draw as much as $2 billion in financing from investors including Saudi Arabia’s sovereign wealth fund over three to four years

“By 2045, it predicts its members’ oil will constitute 39% of global crude consumption, up from about 33% now. The group said it expects the Middle East—dominated by OPEC members such as Saudi Arabia and the United Arab Emirates—to ship 57% of the world’s crude exports by 2045, up from 48% in 2019.” 

–OPEC, in its annual report on long-term energy trends, the Organization of the Petroleum Exporting Countries said it expects global oil demand to grow steadily over the next two decades.  [Wall Street Journal]

“Having served in Saudi Arabia before Vision 2030 and now as the project is in full swing, it’s really impossible to overstate how much things here have changed. It’s made a big difference in how we as diplomats live in and interact with the country as well; Saudi Arabia is open for us to explore and appreciate in a way that wasn’t possible before.” 

-Dana Pinoli, US Consular Officer, and other staff members of US Embassy Riyadh comment on their experiences while serving in Saudi Arabia. [State Magazine]

“It’s the same concept. It’s inspiring how they did it and nobody thought it’s possible.”

–Faisal al-Rasheed, one of a small team of Saudi skiers and snowboarders trying to qualify for the Beijing 2022 Olympic Winter Games, comparing the Saudi effort with the Jamaican men’s bobsled team that gave the Caribbean nation their first-ever Winter Olympians at the 1988 Calgary Games. [Olympics]

“If we look at aggregate amounts, companies in the GCC energy sector do not face higher funding costs than other regional corporates, or even banks. In fact, funding costs for the energy sector are currently lower than for other corporates and relatively in line with those of Russian peers and the oil majors.”

–A S&P report assessed how GCC National Oil Companies’ are positioned for the accelerating impact of energy transition.  It concluded that, “”Notably, we believe these players’ large and abundant reserves, good cash flow visibility, and attractive cost-competitive profiles could mean they are the last ones standing among oil producers.” [Menafn]

“In its annual report on long-term energy trends, the Organization of the Petroleum Exporting Countries said it expects global oil demand to grow steadily over the next two decades. By 2045, it predicts its members’ oil will constitute 39% of global crude consumption, up from about 33% now. The group said it expects the Middle East—dominated by OPEC members like Saudi Arabia and the United Arab Emirates—to ship 57% of the world’s crude exports by 2045, up from 48% in 2019.”

-Benoit Faucon and David Hodari, journalists at the Wall Street Journal, reporting on how OPEC is forecasting that it will dramatically boost its influence in the global oil market over the next two decades. [Wall Street Journal]

“In our view, UAE banks are among the most vulnerable in the GCC region, as a result of their high exposure to real estate and other hard-hit sectors, while Saudi banks are better placed thanks to stronger profitability.”

–S&P Global Ratings, in a recent report. Saudi banks will continue to benefit from mortgage growth and the implementation of Vision 2030, which it expects will boost asset quality and profitability indicators. [Zawya]

“Currently, more than 35 Non-Bank Financial Institutions (NBFIs) are operating in Saudi Arabia. As at the end of FY 2020, the total paid up capital of these entities was $3.8 billion where real estate companies stand at $1 billion, non-real estate companies $2.3 billion and Saudi Real Estate Refinance Company, as the refinancing entity of the industry, $403 million.” KPMG’s Future of NBFI Financing, looks into the performance of Non-Bank Financial Institutions in the Kingdom. [Zawya]

“We have the right to be proud of Saudi Arabia’s solid economy and its ability to overcome the COVID-19 fallout with high flexibility.” 

-Mohammed Al-Jadaan, Minister of Finance, discussing steps taken during the pandemic that have contributed to a rebounding Saudi economy. [Saudi Gazette]

“Most of our guests are Saudis or residents in Saudi Arabia… So we have adapted our product from a 100% European offer to a mix with Saudi and Gulf style.”

Mohammed Abdulfattah, events manager at MSC Bellisima. Saudi Arabia rented the MSC Bellissima from its Geneva-based operator MSC Cruises as part of its Saudi Summer campaign designed to encourage tourism from home and abroad. The onboard entertainment, which includes dance shows, concerts and stand up comedians, has been amended to cater for Saudi tourists. [Reuters}