Episode 34! The hosts welcome Phillip Cornell, senior fellow, Global Energy Center at the Atlantic Council, and Principal for Energy and Sustainability at the Economist Impact, and brings over 15 years of international experience in private and public sectors (World Bank, IEA, Aramco, NATO, Dow Jones) onto The 966 to talk about the global energy transition, green hydrogen, and so much more. The hosts also talk about NEOM’s roadshow in New York, which Richard attended, Saudi drones, and concluded with the top six storylines from the week in the show’s ‘Yallah’ segment.
0:38 – Richard’s One Big Thing This Week is NEOM’s roadshow event in New York City on Tuesday, which he attended – and said was a success. Executives attending on behalf of the futuristic mega-city and development on the Kingdom’s Red Sea coast were enthusiastic about NEOM and what’s to come…
12:27 – Lucien’s One Big Thing This Week is a Saudi UAV company that is hoping to become an exporter of drones in the coming years. Saudi Arabia’s INTRA Defense Technologies CEO Abdulsalam Ghamdi said in an interview with Asharq Alawsat that his company’s Samoom medium-altitude, long-endurance UAV will soon be manufactured in the Kingdom for export, in line with the Kingdom’s stated goal of localizing 50 percent of government military spending as part of its wider Vision 2030.
18:07 – Phillip Cornell, senior fellow, Global Energy Center at the Atlantic Council, and Principal for Energy and Sustainability at the Economist Impact joins The 966 to talk about the global energy transition, green hydrogen, and so much more.
Yallah! Six top storylines to get you up to speed on Saudi Arabia heading into the weekend:
•Saudi Arabian Oil Co. joins Rice Carbon Hub research initiative…
The Saudi Arabian Oil Company, also known as Aramco, recently joined Rice University’s Carbon Hub research initiative, a program that focuses on the development of sustainable uses of hydrocarbons to further the energy transition. First launched in 2019, the program supports a zero-emission future in which hydrogen energy and advanced carbon materials are produced together from hydrocarbons in a sustainable and efficient manner. Aramco has joined this initiative with a five-year sponsorship commitment and brings $10 million worth of funding for it.
•Flat6Labs, SVC launch $40 million startup Seed fund in Saudi Arabia…
Saudi Venture Capital (SVC), one of the most prominent venture investment ecosystem development companies in KSA, has signed a new investment agreement with Flat6Labs, the leading seed and early-stage venture capital firm in the MENA region, to introduce the “Startup Seed Fund”. The fund aims to support startups with growth potential and provide more than 20 Saudi startups annually with seed capital over the next three years, in addition to a number of other benefits.
•Eight qualified bidders for Khnaiguiyah…
The National reported on Monday that the Saudi Ministry of Industry and Mineral Resources announced 8 qualified bidders for the Khnaigiuyah mine site. Qualified bidders have been given two months to complete and submit their proposals. The Saudi Geological Survey has confirmed the site’s considerable geological potential of more than 25 million tonnes of zinc and copper, both of which are critical minerals for the global energy transition.
•Saudi Arabia records zero COVID-19 death for first time in two years…
The Saudi Gazette reported that on Tuesday this week Saudi Arabia did not record any deaths due to coronavirus infection during the past 24 hours, for the first time in more than two years.
•Big PIF spend to push Saudi construction market to pre-Covid levels
Buoyed by the resurgence of the industry post-pandemic, Saudi Arabia’s awarded construction contracts surged to SR142 billion ($38 billion) in 2021 with Q4 alone registering SR70.2 billion, the highest in nearly six years, reported Arab News. The kingdom has seen an uptick in contract awards over five consecutive quarters.
•Saudi Arabia buys 625,000 tons of wheat from Americas, Europe, and Australia
SAGO said it made the purchase at an average price of $422.47 a ton. That was up sharply from $365.14 a ton c&f paid in SAGO’s previous wheat tender in December. Traders say Saudi Arabia is among importing countries hit by disruption to Ukrainian and Russian grain exports and surging prices of wheat and other commodities.