In Episode 12 of The 966, the hosts tackle a recent oil price prediction from the IEA, a new Saudi Royal Decree that grants citizenship to “exceptional” people, and discuss the two newly announced mega-developments in Saudi Arabia and how they stack in comparison to the other mega- and giga-projects in the Kingdom.

1:35 – Richard’s One Big Thing This Week is the recent U.S.-GCC statement on Iran.
Diplomats from the U.S., Saudi Arabia and other GCC nations convened in Riyadh this week to discuss a coordinated effort to counter Iran’s “range of aggressive and dangerous policies,” the State Department confirmed in a statement. The U.S. GCC Iran Working Group Statement “affirmed the longstanding partnership between the U.S. and the members of the GCC and our shared determination to contribute to regional security and stability, under the framework of the GCC-US Strategic Partnership.”The statement said that all participants urged the new Iranian Administration “to seize the current diplomatic opportunity to prevent conflict and crisis and create the basis for enhanced regional security and prosperity.”
6:37 – Lucien’s One Big Thing This Week is the recent news that Saudia (Saudi Airlines) may be a huge buyer of planes in the coming years.
Saudia, also known as Saudi Airlines, is potentially targeting an aircraft order from Airbus SE or Boeing Co. that could total well above 100 jets as part of a push to lure more tourists,” Bloomberg reports. The carrier is targeting a fleet of 250 aircraft by 2030, which would mean adding around “100 for growth while renewing a significant chunk of an existing 150-plane fleet,” according to Saudia’s CEO Ibrahim Koshy.
9:37 – Topic 1 – Where is oil’s price going in 2022?
The International Energy Agency (IEA) on Tuesday upped its average Brent crude oil price assumption for 2022 to $79.40 a barrel. Brent is expected to average $71.50 a barrel this year. U.S. output made up for half the increase in global oil production last month, but the IEA doesn’t see US production getting to pre-pandemic levels until the end of next year. The hosts discuss why Saudi Arabia sets the price floor and shale oil sets the ceiling.
21:10 – Topic 2 – Saudi Arabia grants citizenship to talented expats. What does that mean for Saudi Arabia?
Saudi Arabia is redefining citizenship, at least for a few. A royal decree issued last Thursday grants citizenship to “experts and exceptional global talents” who will contribute to the growth of the kingdom, according to the news carried by state news agency SPA.
The naturalization program will seek out individuals in Islamic scholarship, medicine, science, culture, sports and technology with a view to creating an “attractive environment” to cultivate and retain exceptional talent to help achieve Vision 2030 goals, SPA said.
31:28 – Topic 3 – Saudi Arabia announces two new mega-development plans in a Week
Two huge announcements this week. Let’s start first near the capital Riyadh, where MBS is planning an eponymous new city called the Prince Mohammed bin Salman Non-Profit City, which will be built on a 3.4 square kilometer (1.3 square mile) plot of land donated by the Crown Prince.The second is Oxagon: the world’s largest floating industrial complex, which will be located just outside of NEOM.
Neom didn’t say how much the city would cost, or how the complex would be engineered to float.