Episode 50! The 966 talks with Raghad Fathaddin, communications analyst for PepsiCo based in Riyadh, an entrepreneur and founder of Sangha “Estidama Hub”, a Y20 delegate and also a WIn fellow. Before that conversation, the hosts discuss a new app from Saudi Arabia that is changing the way people register for the Hajj pilgrimage, oil markets and prices ahead of President Biden’s visit, and much more.

1:50 – The Saudi Ministry of Hajj announced all potential pilgrims from the West must apply through ‘Motawif’ platform. Richard’s One Big Thing is this new disruptive portal became the only place to buy accredited Hajj packages across 57 western countries.

8:15 – OPEC+ has delayed a big decision on oil production quotas, but just how much spare capacity does the group and Saudi Arabia in particular have left? 

Lucien’s One Big Thing is the Saudi-led OPEC+ group of oil producers, which includes Russia, said on Thursday it would stick to its planned oil output hikes in August, basically delaying the decision on future output increases. But is there enough left to make a difference? A new analysis from Javier Blas sheds light on why we don’t know this for sure yet…

15:35 – The 966 speaks with Raghad Fathaddin, communications analyst for PepsiCo based in Riyadh, an entrepreneur and founder of Sangha “Estidama Hub”, a Y20 delegate and also a WIn fellow. Raghad is a graduate of the University of Southampton for undergrad and holds a master’s degree in public policy from King’s College London, and talks with The 966 about her journey and professional experiences working with the Y20, PepsiCo, and much more.

1:07:04 – Yallah! Six top storylines to get you up to date headed into the weekend…

Saudi EXIM Bank offered over 50% of its $450m loans to SMEs in 2021

The Saudi Export-Import Bank, also known as Saudi EXIM, approved loans worth $450 million in 2021, with 51 percent of the total financing given to small and medium enterprises, according to the bank’s CEO, Saad Alkhalb. The bank also reported a total revenue of $10.52 million in 2021. Citing its annual report, Argaam reported that this financing helped Saudi products reach more than 50 countries including India, Germany, China, the US, Indonesia, etc.

Saudi Arabia ends embargo on Turkish exports after MBS visit

Saudi Arabia has lifted its unofficial embargo against Turkish exports, Dr. Majed Al-Qassabi told a group of Turkish and Saudi businessmen in Ankara. Saudi Arabia has been imposing a silent embargo on Turkish goods since 2018,  As a result, Turkish exports saw a sharp drop of nearly 92 percent up to 2021. Nail Olpak, the chairman of the Foreign Economic Relations Board of Turkey, said at the event on Thursday that they were aiming to increase the bilateral trade to $10bn next year, from $4bn in 2020.

Dakar Rally returns to Saudi Arabia for 2023 with a longer route

The Dakar Rally returns to Saudi Arabia for 2023 with a longer course, according to Time Out Riyadh. The 45th edition of the rally will be the fourth one to take place in Saudi Arabia. The Dakar Rally 2023 will start on Saturday December 31. 2022 and run until Sunday January 15, 2023. The rally will follow a new route that drivers will complete in 14 stages.

McLaren Racing has announced a long-term partnership in its electric division with Neom, the city project funded by Saudi Arabia’s Public Investment Fund.

McLaren will make its debut in Formula E later this year after announcing in May that it had purchased Mercedes’ entry, having previously announced plans to race in Extreme E from 2022. McLaren’s teams will be known as NEOM McLaren Formula E Team and NEOM McLaren Extreme E, as well as operating under the combined banner of NEOM McLaren Electric Racing.

Saudi refining capacity rises 14% in 2021

Saudi Arabia’s refining capacity rose 13.7% in 2021, one of the biggest increases among its peers, as the world’s largest exporter for crude continues to expand its downstream capabilities, according to the latest OPEC Annual Statistical Bulletin. The OPEC+ kingpin added 400,000 b/d of refining capacity in 2021, raising its overall capacity to refine crude to 3.327 million b/d. The increase was largely due to the addition of the 400,000 b/d Jizan refinery in the country’s Red Sea-facing western coast.

Saudi Arabia’s population has decreased by at least 2.6 per cent

Saudi Arabia’s population has decreased by at least 2.6 per cent over the past two years, due to the significant amount of expatriate workers who left the Kingdom throughout the Covid-19 pandemic.

In a report published today by the Kingdom’s General Authority for Statistics (GASTAT), it stated that the country’s population in the middle of last year was 34.1 million, down from 35 million in the middle of 2020.