“Saudi Arabia is the most improved country in the region, as it continues to reduce its oil dependence, diversify its economy, and bolster its public services. It has also been making some progress towards gender equality.”
The World Happiness Report tracks 149 countries. [Visual Capitalist]
“Saudi Arabia is pushing to become a tech hub and in August 2021 launched a series of technology initiatives worth more than $1.2bn. It launched the biggest tech program in the Middle East and North Africa region, which aims to enhance digital capabilities and is designed to create one programmer out of every 100 Saudi nationals by 2030, in addition to encouraging innovation and creativity.”
Five Middle Eastern countries for investors to watch in 2022 [Investment Monitor]
“Over the last year we have witnessed a 37% increase in the number of operating fintech companies in Saudi Arabia and a record level of over $350 million in venture capital investment into Saudi Arabian fintech companies. There has also been a number of regulatory and infrastructure developments including the release of new fintech activity regulations, the launch of SARIE, the Instant Payment System, and the Council of Ministers’ approval to license two local digital banks, STC Bank and Saudi Digital Bank.”
“We are all trying to congregate around the idea of reducing emissions of all greenhouse gases… are we really trying to achieve that goal or are we trying to take that hope as a pretext to… get rid of hydrocarbons?”
–Abdulaziz bin Salman, Saudi energy minister, speaking at the World Economic Forum. [S&P Global]
“There is a solid economic case [for energy transition], there will be money that will be made.”
-Prince Abdulaziz Bin Salman, Saudi Minister of Energy, speaking at Abu Dhabi Sustainability Week. [Argus]
“It is not the job of the Saudi leadership to pander to the cultural sensitivities of foreign critics. But having set its heart on bringing about change, it is the leadership’s job to balance the concerns and ambitions of the different sectors of its own society.”
-Jonathan Gornall suggests that, “Instead of sniping every time Saudi Arabia takes another step toward constructive engagement with the wider world, how about its critics hold fire and meet it halfway.” [Asia Times]
“The 2020s could become the era of a big race for technology leadership, as costs are likely to fall sharply with learning and scaling-up of needed infrastructure. Equipment manufacturing offers an opportunity to capture value in the coming years and decades.”
[IRENA]
“From a U.S. perspective, the campaign against Huawei has proven successful in preventing China from dominating the 5G marketplace; however, it also highlighted the need for a much more diversified 5G ecosystem that allows rising wealthy middle powers — the Gulf in this case — to maintain their tech sovereignty independent of the growing tensions and complex dynamics between the U.S. and China.”
The Gulf has a 5G conundrum and Open RAN is the key to its tech sovereignty. [Middle East Institute]
“Saudi walking wonder Nayef Shukri recently completed a 760-kilometer trek from Jeddah to AlUla. Battling through extreme weather conditions and the pain barrier, Shukri covered the distance in 22 days, sleeping along the way in places including gas stations and under trees, and proudly carrying the Saudi national flag.”
The 33-year-old adventurer has also walked in the footsteps of the Prophet Muhammad (peace be upon him) following the old Hijrah road, and last year hiked from Jeddah to NEOM on what he dubbed his Vision 2030 trip. [Arab News]
“Al Rumayyan has said the kingdom missed an opportunity to buy cheap stocks during the 2008 global financial crisis, and the PIF used the transfer from the country’s reserves to take advantage of a slump in markets during the coronavirus pandemic. The fund invested only about half of the $40 billion it planned to plow into the domestic economy last year, underscoring the difficulty for the Saudi economy to digest such vast sums. Still, the crown prince has reiterated the fund’s aim to hit the domestic investment target of $40 billion in 2022.”
-Saudi Wealth Fund Plans to Buy $10 Billion in Stocks in 2022 [Yahoo Finance via Bloomberg]
