“In 2019, electricity consumption dropped by 3.5% year-on-year. It is the first time on record (the available data goes back to 1970) that year-on-year demand has declined. The drop in total electricity demand resulted from two energy price reforms (in 2016 and 2018) and efficiency measures to promote the rationalization of electricity consumption.”
-KAPSARC, which added the decline was achieved despite a steady increase in the customer base, which grew at 5% per year on average from 2016 to 2019 [King Abdullah Petroleum Studies and Research Center]
“Despite the severity of the pandemic we are currently facing, it did not create an obstacle to the continuity of the Saudi G20 presidency agenda…The Saudi G20 presidency led international collective efforts to work and seek solutions to this crisis, as the presidency program and Engagement Groups’ meetings have continued and adapted to a new normal with courage and creativity, hoping for a better world that enjoys stability, health resilience and food security.”
-Foreign Minister Prince Faisal bin Farhan, in comments made on behalf of King Salman of Saudi Arabia,which emphasized that the coronavirus pandemic has not been an obstacle to the Saudi G20 presidency. [Asharq Alawsat]
“It is the duty of the wise men to advocate for what upholds the spirit of tolerance and constructive cooperation in the world, which is based on the concepts of righteousness, benevolence, goodness and human dignity, and to reject practices that lead to hatred, violence, and extremism.”
-The Council of Senior Scholars, Saudi Arabia’s top religious body, denounced the terrorist attack in Nice, France, which resulted in multiple deaths and injuries. [Al-Khaleej Today]
“This fund is set to revolutionise SME lending, as it will enable faster and more flexible lending than most of the lending facilities in the region. Our application process is indeed straight forward, as all is completed online on our platform, with the initial approval to be granted within as little as 24 hours and final approval in seven days. Foodics Capital is able to extend loans from $5,000 (SAR18,750), up to $133,000 (SAR500,000) as and when needed by small businesses.”
-Abdullah Tahboub, CFO for Foodics which has partnered with Saudi Arabia-based Maalem Finance to raise $100m to launch Foodics Capital, a micro loan fund. to support Saudi F&B merchants post Covid-19 through Shariah-compliant micro loans. [Gulf Business]
“Our new campaign kicked off in early October and will run for six weeks, using outdoor media with digital advertisement through eight large LED screens and two large unipoles on the main streets of Jeddah, and in selected cities in the Southern province including Najran, Jizan, Al Taef, and Al Medinah Al Munawwarah.”
-Eszter Somogyi, USA Rice director of Europe, Middle East, and Africa, discussing aspects of a new media campaign launched in Saudi Arabia to promote U.S. rice consumption. [USA Rice]
“I guess the worst part is over…We are still vigilant. I think there is a big shift all together in terms of where we are today and where we were in April and May.”
-Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, at the virtual India Energy Forum by CERAWeek when asked to comment on the status of the oil market recovery. [Reuters]
“Engaging people as equal, ensuring that people do understand that the lack of conformity and lack of commitment would undermine … the credibility of this agreement to the market…Therefore the market, instead of rewarding us, it would actually penalize, and the more it penalizes, the less the others who are in conformity with it would see the point of continuing control, and then all of this will cascade down to nothing.”
-Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, in response to a question about how OPEC+ has ensured high compliance with production quotas. [Reuters]
“From the start of November, the kingdom will allow pilgrims traveling from both inside and outside the country to perform the ritual at full capacity. This amounts to 20,000 pilgrims and 60,000 worshipers a day. Only pilgrims between 18-50 years of age will be allowed to travel from abroad for Umrah, and they will have to provide a negative Covid-19 test upon arrival in the country. All pilgrims coming from abroad will need to self-quarantine for three days. The authorities said they have co-ordinated with state-owned Saudi Arabian Airlines to provide the necessary seat capacity for pilgrims arriving from abroad.”
-Ieva Paldaviciute reporting on the implementation of the third phase of Saudi Arabia’s four-phase plan to resume Umrah. [Argus Media]
“Looking ahead, residential rental rates in the kingdom are expected to remain under pressure in the short-to-medium term, namely on the back of wider macroeconomic factors such as the growth in unemployment rates, and consequent contraction in household incomes.”
-Dana Salbak, head of research for JLL MENA, in a recent research report by the real estate company. [Arabian Business]
“Preparations are underway to acquire a site for a new embassy in Riyadh, which along with new contracts with Jeddah and Dhahran represent an investment of more than $1 billion. We have the 26-acre-site picked out and a target completion date of 2026 for the new embassy.”
David Schenker, Assistant Secretary of State for the Bureau of Near Eastern Affairs, U.S. Department of State
