“AEC is considered the ‘crown jewel’ of Saudi Arabia’s military industries and a proud accomplishment for its citizens, and will bring about transformative change in the Kingdom’s defense sector.”
-Ahmed Al-Khateeb, Chairman of Saudi Arabian Military Industries (SAMI) which is a subsidiary of the Public Investment Fund (PIF), discussing SAMI’s purchase of the Advanced Electronics Company, the country’s largest ever military industries deal. [Arab News]
“We will show them how they can make a lot of money from camels, how it can be a profitable business for them; we have many surprises to share with camel owners around the world.”
-Fahd bin Falah bin Hathleen, Chairman of International Organization of Camels (ICO) and the Saudi Camel Club, discussing the establishment of the ICO in 2019 (now over 100 member countries) and Saudi efforts to address issues related to camels as a heritage and promote the camel industry globally. [Associated Press]
-Khalid Al-Falih, Saudi Minister of Investment, in announcing that a total of 306 new international companies were granted investor licenses in Saudi Arabia in the third quarter of 2020, a 96 percent increase on the previous three-month period. [Arab News]
“While the average availability of water worldwide is 7,453 m3 per capita per year, in the Middle East this figure falls to 736 m3.”
-The Saudi publicly-owned Saline Water Conversion Corporation (SWCC) has awarded ACCIONA, and its partner RTCC, the design and construction of the Shuqaiq 1 desalination plant on the Red Sea coast in Saudi Arabia. The contract amount awarded is US $384 million. The facility, which is expected to be completed in 2023, is ACCIONA´S fifth desalination plant built in the country and the third awarded to the company by SWCC. [Utilities ME]
“Resilience against a backdrop of global uncertainty is a clear sign that the Saudi opportunity has not changed. We look forward to continuing our support of foreign investors as they access and enjoy the benefits of the Kingdom’s emerging opportunities.”
-Khalid Al-Falih, Saudi Minister of Investment, in announcing that a total of 306 new international companies were granted investor licenses in Saudi Arabia in the third quarter of 2020, a 96 percent increase on the previous three-month period. [Arab News]
“I believe you know our destinations at mainly the Red Sea will be positioned among the best destinations globally by 2030 and people will definitely experience them, even if we don’t offer alcohol…We need to inject about $70 billion until 2023 and more than $200 billion by 2030 to fill the gap in the offering, whether in retail, hospitality or in recreation. Therefore we have been sharing our story with the world.”
-Ahmed Al-Khateeb, Saudi Arabia’s Minister of Tourism, spoke to Arab News’ Frank Kane about the Kingdom’s ambitious plan to become one of the world’s top tourist destinations. [Arab News]
“Energy continues to play a key role in the cooperation between our countries, with significant potential in the creation of new technologies for oil production and enhanced oil recovery, the use of artificial intelligence and scientific cooperation.”
-Alexander Novak, Russian Deputy Prime Minister and former Minister of Energy, on Sunday following a visit to Saudi Arabia. Novak said that work was continuing to expand Saudi Aramco’s role in Russian energy projects. [Reuters]
“Young Arabs will need every job outlet they can find. On the eve of the Arab uprisings, nearly 30% of youth faced unemployment. That number has barely budged a decade later. For the tenth year in a row, in a wide-ranging, highly regarded survey of Arab youth, they listed unemployment as a top concern.”
-Afshin Molavi analyzes China’s significantly increased trade with the Arab world (up approximately 700% since 2004) and its impact on FDI, employment and policy. [Quartz]
“Saudi Arabia’s Public Investment Fund is committed to a diverse workforce, underlining the fund’s commitment to delivering on Vision 2030; developing young Saudi talent and improving access to high-quality career opportunities.”
–The Public Investment Fund, which has been on a hiring spree over the last year, in a statement to Reuters. The PIF said that about 84% of PIF’s employees are Saudi citizens and 26% of its total employees are women, including Shihana AlAzzaz, the fund’s general counsel and secretary general to the board. [Reuters.]
“Saudi Arabia’s 2021 budget is expansionary. We wanted to make sure that we stimulate the economy and support growth and diversification. It doesn’t need to be just through government expenditure.”
-Mohammed Al-Jadaan, Saudi Arabia’s Minister of Finance, discussing the Kingdom’s annual budget statement, released today for 2021. Saudi Arabia announced a 990 billion riyal ($263.91 billion) budget for 2021 on Tuesday, around 7% less than estimated spending for this year. [Bloomberg]
