The day came when Saudi Arabia offered more information as to its plans for renewable energy.
An email was sent from the Ministry of Energy and Industry's newly created renewables division, the Renewable Energy Project Development Office (Repdo).
That message presented a couple of interesting points, such as the creation of a body (Repdo) that will be in charge of the process from A to Z, as well as the locations of the solar and wind projects.
To say the message was detailed is an understatement, particularly given the kingdom’s communications history.
But the most interesting part was the actual dates listed:
• The request for qualification (RFQ) will be issued on February 20, "expected to close in July".
• The request for proposals (RFP) for 700MW of solar and wind "would go live April 17".
• And the grand finale: "The first round of projects is due to be awarded in September."
Why is this of particular interest?
Saudi Arabia is showing it is committed to getting these projects under way with a specific timeline that can hold the kingdom accountable for any delays or failure.
This is a positive move for those who may have questioned if the kingdom was really serious about its renewables ambitions.
lgraves@thenational.ae
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Tenet
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Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
In numbers
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Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
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Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
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Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners