Discussing Saudi Arabia's growth and construction projects with Waleed Abdel-Fattah, President of the MENA Region at Hill International

In Episode 125, the hosts welcome veteran columnist and analyst Hussein Ibish onto The 966 for his third appearance on the program to unpack the implications of Israel's brutal war in Gaza and the shifting regional and global power dynamics since October 7th. 

Hussein Ibish is a senior resident scholar at the Arab Gulf States Institute in Washington and is a weekly columnist for The National (UAE) and The Atlantic. He's also a former columnist for Bloomberg, regular contributor to The New York Times and The Daily Beast, and frequent contributor to many other U.S. and Middle Eastern publications.

Hussein discusses the war in Gaza and calls it a "savage war of vengeance" and the Biden Administration's response to it. He also talks about how the war has aligned the U.S. and Saudi Arabia's interests in forming a Palestinian state when the war is over and how the issue has brought the U.S. and Saudi Arabia closer diplomatically. 

Abdullah Alshamrani, General Manager of the Digital Entrepreneurship Center at Saudi Arabia’s MCIT join The 966 to talk ecosystem development in the Kingdom, the entrepreneurship scene, and the Kingdom as a future destination for tech.

The conversation comes as the Kingdom's flagship tech event, LEAP, is set to kick off in Riyadh in March.

He also shares his journey to becoming General Manager of Digital Entrepreneurship Center at Ministry of Communications and Information Technology, his time in the USA, and more...

The Kingdom’s Ministry of Communications and Information Technology works to grow KSA’s digital economy and investment to make Saudi Arabia a global leader in the digital economy. 

The boys are back for their normal format and catch up on just some of the seemingly endless new developments and storylines emerging from Saudi Arabia of late. 

Lucien's "One Big Thing" this week is a first person perspective on living in Riyadh with his family during Riyadh Season, and all of the events, activities and other things to do in the Kingdom that make for an amazing experience for citizens and expats alike. Lucien notes that he's tried to attend every event possible, from sports to arts exhibitions to conferences and more. Formula E, Riyadh Season Cup,  World Defense Show, Diriyah Season, Saudi Ladies International presented by PIF, PIF Private Sector Forum, Formula 1, art exhibitions, tech conferences, AI events...the list goes on. Lucien notes that even with an active schedule he's been unable to see even close to all the things on offer in Riyadh, leaving him to draw the conclusion that the Kingdom is increasingly becoming a globally attractive destination for people looking for nice weather and a busy "high" season when cold winters plague other world capitals. 

The hosts jump then to Yallah! and offer a bonus two additional storylines, bringing the total to 8 this week. 

-Saudi Arabia has tapped an ex-Dell Technologies executive to lead the recently formed Public Investment Fund company Alat, an industrial electronics company with $100 billion in backing that aims to become a local manufacturing powerhouse. 

-Saudi Arabia’s budget deficit reached $21.57 billion in the 2023 fiscal year, narrower than the government’s previous estimates, as oil revenue dipped amid production cuts.
It came as the kingdom increased its spending to boost the economy, the Ministry of Finance said in a budget update on Wednesday.

-Saudi Arabia's Ambassador to the United States Princess Reema bint Bandar has addressed criticisms leveled against Saudi Arabia’s potential hosting of the Women's Tennis Association Finals. The ambassador's remarks came as a direct response to an opinion piece in The Washington Post, by tennis greats Chris Evert and Martina Navratilova, which she described as laden with "outdated stereotypes and western-centric views."

-Saudi Arabia’s NEOM has opened its first US office in New York City, which will serve as a base for its business across the US. The announcement comes months after it launched its London office in November to serve as a base for its UK and European business.

-Saudi Arabia’s state-controlled Aramco announced it is pausing plans to raise its crude production capacity from 12 million barrels per day to 13 million barrels per day.

-Organized by Saudi defense regulator General Authority for Military Industries (GAMI), the World Defense Show CEO Andrew Pearcy said the biennial event held February 4-8 aims to “grow and support” an industry for which the government has budgeted $71.73 billion in 2024 – up from $69 billion in 2023.

-South Korea beat Saudi Arabia 4-2 in a penalty shootout to advance to the Asian Cup quarter-finals after a thrilling last-16 tie ended 1-1 after extra time at Education City Stadium on Tuesday. After South Korea's Cho Gue-sung equalised in the 9th minute of second-half added time to cancel out Abdullah Radif's opener, Sami Al-Najei and Abdulrahman Ghareeb had their penalties saved by Jo Hyeon-Woo to send South Korea through.

-According to a recent report from Knight Frank, Residential transactions, which accounted for 58.7% of all real estate deals by total value, registered a -16% fall in the number of deals to just under 150,000 sales between January and November 2023, according to global property consultancy Knight Frank’s Winter 2023/24 Saudi Residential Market Review report.

***
 

Waleed Abdel-Fattah, President of the MENA Region at Hill International, joins The 966 to talk about Saudi Arabia’s building boom and Hill’s traction in KSA since entering the market to help build out what is now known as KAFD. Hill has 100 offices across 42 countries, and its main geographical areas are the US, Europe and the North Africa/Middle East region.

Hill has worked on developments like King Salman Park, Jabal Omar development in Makkah, the Riyadh Metro, and others.

Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement.

Jerry Todd, who is also on the PIF’s Management Investment Committee, speaks with Lucien about a range of topics related to the PIF’s investment in key sectors in the local economy, human capital in Saudi Arabia, the development of strong supply chains and competitive ecosystems, and more. 

The conversation takes place just days before the PIF is launching its second annual major forum in Riyadh, called the Private Sector Forum, which will see the massive sovereign wealth fund engaging directly with private sector partners as the PIF continues to develop the local content ecosystem. That Forum, which is set to be at least twice the size of the inaugural event in 2023 in Riyadh, will feature panel discussions, fireside chats, an exhibition for the PIF’s 80+ companies to engage with private sector suppliers, and more. 

The conversation begins with a discussion of the Forum and what it hopes to accomplish. 

Then, Lucien asks Jerry about the PIF as an investment institution. How can the PIF “crowd-in” competing companies in spaces in which it is operating to create a thriving local ecosystem? 

The conversation then steers to a discussion of Musahama, the formal name of the PIF’s wide-ranging efforts to achieve important local content goals, and how PIF companies are working toward achieving a local content target of 60% by 2025.

Jerry Todd is a member of the PIF Management Investment Committee. Prior to joining the PIF, he served as a Managing Director and Head of Business Development for NCB Capital, the largest investment bank in Saudi Arabia (2014-2020). Previously, he was a Managing Director and Head of Private Equity and Investment Banking at Jadwa Investment, a Saudi merchant bank (2007-2014). Mr. Todd was an Associate Principal at McKinsey & Company, where he focused on identifying and evaluating investment opportunities, developing and implementing growth strategies, and creating high performing organizations (1999-2006). Early in his career, Mr. Todd worked as an Energy Engineer for Dobbs International and Johnson Controls (1994-1997). Mr. Todd holds an MBA from Cornell University (1999) and a B.S. in Mechanical Engineering from Christian Brothers University (1994).

In episode 120, The 966 once again has on offer a menu of excellence discussing some of the most important topics happening in Saudi Arabia this week -- a tough decision for the editorial team as Saudi Arabia continues to create headlines as it marches forward with economic and social reforms. 

5:55 - Richard's One Big Thing this week is Saudi Arabia's Arab Peace Initiative and the status of Saudi diplomacy vis-a-vis the ongoing Israeli invasion of Gaza. 5 countries are working on a path to peace, including Saudi Arabia, which is contingent on a Palestinian state living side by side with Israel. The hosts lament the tragedy unfolding on the ground in Gaza and identify the troubling developments rippling across the region as a result. 

17:45 - Lucien's One Big Thing is the upcoming Private Sector Forum organized in Riyadh by Saudi Arabia's Public Investment Fund. The Forum is set to be much larger from its inaugural edition last year and expand the role of the event in fostering new opportunities in Saudi Arabia's private sector. The event will take place at the King Abdul Aziz International Conference Center, which is adjacent to the massive Ritz Carlton in Riyadh with the aim to support the fund’s private sector engagement strategic initiative. The Forum will showcase the PIF and its portfolio companies’ business opportunities, signal potential opportunities for investors/suppliers, and create probably one of the best networking platforms in Saudi Arabia this year. 

Lucien notes that the event will nearly double in size -- with double the expected attendees, double the number of exhibiting companies and booths, and double in physical size with a much larger area to work with at the KAICC. 

27:32 - Yallah!

•Saudi Arabia has said it will open a shop in Riyadh selling alcohol to a select band of non-Muslim expats, the first to open in more than 70 years.

•Rapper Ty Dolla $ign's performance in Jeddah's oldest neighbourhood, known as Al-Balad, alongside artists like Wu-Tang Clan and Major Lazer underscored efforts to revamp the UNESCO World Heritage site, expanding its allure for young Saudis and foreigners.

•The rapidly growing gaming market in Saudi Arabia has received a huge boost after Dubai-based e-sports brand, True Gamers, signed a franchise deal worth $45 million with investment firm, Falak, reports Meed.

•A Saudi doctor saw his fortune close in on $12 billion on Thursday as shares of his healthcare firm rebounded, returning him to the ranks of the Middle East’s wealthiest private individuals.

•Numerous foreign law firms are attempting to set up offices in Saudi Arabia following changes to the country’s Code of Law Practice, which mean that being affiliated with a local firm is no longer sufficient.

•The Israel-Hamas war has halted progress on what’s known as the India-Middle East-Europe Economic Corridor — a project touted last year by Washington and key allies that envisages building new rail links across the Arabian peninsula.

***

In Episode 119, The 966 hosts Lucien and Richard discuss a variety of topics and some of the latest news and developments on Saudi Arabia. First, the hosts discuss Richard's One Big Thing, an update on the Saudi Pro League and the latest news and developments for football in Saudi Arabia heading into key portion of season. The hosts discuss some developments with PIF's investments into the sport and the planned upcoming match between Ronaldo and Messi in the Kingdom. Next, the hosts discuss Lucien's One Big Thing, his first since moving to Riyadh for a few months with his family: two new announcements for large entertainment projects that are impressive and unique, even by Saudi standards these days. Lucien was struck by how quickly Riyadh is changing in virtually every neighborhood, and how seemingly every week there's a new announcement of a project or development. This last week saw the rollout of new designs for a Saudi football/soccer stadium in Qiddiya, the Mohammed Bin Salman Stadium, which are jaw-dropping and innovative. The second project that had been announced but which had new details released is The Rig, an entertainment destination that is situated on an oil rig 10km off the coast of Saudi Arabia to be built and owned by the Public Investment Fund. 

The hosts conclude as always with Yallah! 6 top storylines to get you up to speed on Saudi Arabia this week. 

•The 54th Annual Meeting of the World Economic Forum (WEF) is taking place in Davos-Klosters, Switzerland, from January 15–19.

•Aramco, one of the world’s leading integrated energy and chemicals companies, has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures.

•Analysts at real estate firm Savills KSA told Arabian Business that apartment rents in Riyadh surged by as much as 23 percent in northern neighborhoods last year. 

•Aramco Digital and Intel plans to establish Saudi Arabia’s first Open RAN (radio access network) development center

•Konoz, an initiative of the Saudi Ministry of Media’s Center for Government Communication, launched "Horizon", a new documentary documenting the Kingdom’s rich biodiversity and natural resources.

•Rafael Nadal's role in helping to grow tennis in the Gulf is set to increase significantly after the Spanish great was appointed ambassador of the Saudi Tennis Federation (STF).

The 966 speaks with Rayan Alyusufi, a young Saudi researcher in public diplomacy and international communication to discuss the Kingdom’s public diplomacy, "sharp power," and evolution of Saudi as an emerging diplomatic player. Rayan is a PHD Candidate at Bournemouth University in the United Kingdom.

Recently, Rayan wrote a blog post entitled "The Transformation of Saudi Arabia’s Public Diplomacy" for the University of Southern California’s Center for Public Diplomacy website that discussed Saudi Arabia's "significant influence in the international arena."

"As the wealthiest Middle Eastern state and the birthplace of Islam, it holds a prominent position in the Middle East and the Muslim world. Internationally, Saudi Arabia is a major contributor to organizations such as the Global Fund and the World Health Organization, in addition to being the largest oil exporter. However, its soft power and public diplomacy remain underexplored."

The 996 team explores the reasons for this with Rayan and how Saudi Arabia's public diplomacy has evolved since the launch of Vision 2030.

The 966 hosts kick off the new year after a refreshing holiday break following a successful year for the podcast in which the growth of the audience more than doubled across all platforms, and in some cases, grew significantly more than that! The team thanks all of its listeners and viewers for tuning in each week.

First, the hosts discuss Richard's One Big Thing, the Dakar Rally, which is set to take place again this year across Saudi Arabia. The race has moved to the Kingdom and began January 5th, running until January 19th, and will pass Riyadh on January 13-14. Lucien will attend the festivities and race there in person. Richard gave a run-down of the race's challenges, vehicle classifications, and importance of Saudi Arabia as a host. According to the Dakar Rally's official site, the race's origins began in 1977, when Thierry Sabine got lost on his motorbike in the Libyan desert during the Abidjan-Nice Rally. Saved from the sands in extremis, he returned to France still in thrall to this landscape and promising himself he would share his fascination with as many people as possible. He proceeded to come up with a route starting in Europe, continuing to Algiers and crossing Agadez before eventually finishing at Dakar. The founder coined a motto for his inspiration: "A challenge for those who go. A dream for those who stay behind."

Next, the hosts discuss Lucien's One Big Thing, the PGA-LIV merger and the future of golf which hangs in the balance as a deadline for an agreement announced in 2023 between PIF and PGA passed with no concrete deal, other than to keep discussions going. The delay creates uncertainty for both pros and fans as the PGA season kicks off in Hawaii. Just weeks after top golfer John Rahm joined the LIV golf tour, 4-time champion Rory McIlroy walked back criticism of LIV players. "I think at this point, I was maybe a little judgmental of the guys who went to LIV golf at the start, and I think it was a bit of a mistake on my part because I now realise that not everyone is in my position or in Tiger Wood's position," the former world number one told the Stick to Football podcast. "We all turn professional to making a living playing the sports that we do, and I think that's what I realised over the last two years. I can't judge people for making that decision."

Lucien discusses the latest with the merger and notes a reason why many Saudis don't care as much about it compared to the coverage it receives.

The hosts conclude as always with Yallah! 6 top storylines from Saudi Arabia this week...

-U.S. Secretary of State Antony J. Blinken will travel to the Middle East region this week to “discuss urgent mechanisms to stem violence, calm rhetoric, and reduce regional tensions,” according to a press release from the State Department.

-A recent study by Gallup International, in collaboration with the Saudi Center for Opinion Polls, has revealed the high level of optimism among Saudi citizens as they look forward to the year 2024.

-Saudi state TV said on Tuesday that the Kingdom had officially begun its membership of the BRICS bloc. Saudi Arabia’s foreign minister had said in August that the Kingdom would study the details before the proposed January 1 joining date and take “the appropriate decision.” Prince Faisal bin Frahan had said BRICS was “a beneficial and important channel” to strengthen economic cooperation.

-Saudi capital Riyadh has emerged as a new regional hub for over 200 international companies, aligning with an upcoming Saudi government policy. Effective January 1, 2024, the policy requires international firms to establish their regional headquarters in the Kingdom to be eligible for government contracts.

-Saudi Arabia’s sovereign wealth fund spent more than any other last year after splashing out $31.5bn (£24.7bn) on investments ranging from a stake in Heathrow to ownership of a US gaming company. The Kingdom’s Public Investment Fund (PIF) has topped an annual ranking of sovereign investment fund spending, compiled by consultancy Global SWF, for the first time.

Investment by PIF accounted for just over a quarter of the $123.8bn (£97.2bn) spent in total

-The ongoing ‘Riyadh Season’, featuring a series of entertainment, fashion, technology and gaming events, attracted a whopping 12 million visitors in the last 60 days, the organizers said. The popular event, which opened in October 2023, targeted 12 million visitor participation during the entire event period, but achieved the target in the middle of the season.

The 966 speaks with Princess Mashael bint Saud Al Shalan and Princess Noura bint Turki Al Saud, co-founders of AEON Collective based in Riyadh, to discuss the recently-concluded COP28 meetings in the UAE earlier this month and where the world stands in the fight to combat climate change and transition away from fossil fuels. 

The two princesses, as part of AEON, played a leading role in support of the Kingdom's Net-Zero targets under the Saudi Green Initiative and the Circular Carbon Economy Framework, and recently co-authored an important report along with KAUST and KAPSARC that presents a broad perspective on the implications of a 3°C warmer world, highlighting how this scenario may challenge different aspects of the natural, social, and economic landscapes over the Kingdom of Saudi Arabia.

AEON Collective is a Riyadh-based consultancy and advocacy group that aims to lead Saudi Arabia towards a sustainable future by designing and scaling pioneering, science-backed, researched based business and policy solutions that create and sustain equal benefits for the nation’s economy, ecology and society.

Princess Mashael bint Saud Al Shalan and Princess Noura bint Turki Al Saud discuss their reactions to the dialogue and outcomes of COP28 as the world begins collective action to slow climate change and mitigate its damaging effects.