 Excellencies, ladies and gentlemen, welcome to our session, Saudi Arabia Vision 2030. I'm really delighted to have such a distinguished panel here today. So allow me to quick introduce all the panelists, even though I do expect that you all know the panelists here on stage. First and foremost, His Excellency Khalid Fali, Minister of Energy, Industry, and Mineral Resources of Saudi Arabia. We have here Lawrence Fink, the chairman and the CEO of BlackRock in New York. We have Minister Al-Qasabi, who is Minister of Commerce and Investment of Saudi Arabia. We have from the private sector also Andrew Lavees, Chairman and CEO of Dow Chemical. One welcome. And last but not least, we have the finance minister of Saudi Arabia, Minister Mohammed Jadan Excellency. A warm welcome to all of you. Big round of applause to our today's panel. Minister Al-Fali, allowing me to start with you. Can you give us a quick, brief overview, even if it's a huge project about the Saudi Vision 2030? Well, thank you, Philip. And indeed, it is huge. It is audacious. It is ambitious. And the word transformative doesn't give it justice. And before I describe what Vision 2030 is all about, I think it's perhaps take a minute and set the stage and talk about where Saudi Arabia starts from. We have a solid base to build on. The Saudi economy is the largest in the Middle East. It's a very substantial GDP that we have, over 1.6 trillion Saudi real. We have a stable currency, pegged to the dollar. We have a very strong fiscal position. We have a robust consumption in the kingdom. So those in the private sector of Saudi Arabia is a very attractive market, very open, no currency restrictions. One of the best places to do business, the infrastructure in Saudi Arabia in many areas is world-class. Obviously, there are gaps here and there. And the demographics are also very good. We have a young, aspiring population. Over 70% of our population is below the age of 25. Schools and vocational centers are all over the kingdom, so we're ready to turn this young population into a very productive force to be reckoned with and to be utilized by the private sector. Now, the vision itself, as I mentioned, is very transformative. At its heart, it's about transforming the economy. Saudi Arabia's economy over the last few decades has been built on our strength, which is what we're known for, the oil resources that have brought Saudi Arabia to where it is. We're proud of what we've done with it. We intend to do more with it and build more wealth and opportunity and create jobs and prosperity with the tremendous resources that remain under the ground. And we think the rest of the world will need them. So nothing that I or my colleagues say should be taken to devalue what we intend to do with our natural resources. But we've become a large economy, as I mentioned, with primarily one engine. And large jumbo jets don't fly with one engine, so we've recognized this and we intend to build multiple engines to add to what we have. So diversification will include mining, for example, that currently only contributes just over $15 billion to our GDP while we have prolific resources still to be discovered and put to production. It will go at least to $60 billion of GDP or more. Services will grow in size and be a contributor to tourism. Banking, finance will all grow in the kingdom. Logistics, the kingdom enjoys one of the best locations in the world, connecting Asia, Africa, Europe, and certainly the center of the Middle East. So logistics will grow as we complete the infrastructure we have and also ease the traffic of goods and services across the kingdom and become a platform to reach the rest of the Middle East. Investments will be a key vehicle to achieve this. We have a large investment fund called the PIF. It will be transformed into one of the world's, if not the world's largest, sovereign wealth fund, targeting $2 trillion of assets and their management and the not too distant future. It will invest strategically within the kingdom, but I think more importantly for diversification purposes, it will also invest strategically abroad and it has started doing this. Evidence is the major investment we've made in technologies of the future with SoftBank, investments in Uber, and other investments. So investments will be a key. Reforms, of course, are a key enabler and the government as proud as we are of the regulatory and the legal system we have in the kingdom. We're not content. We want to be among the world's best in every aspect, so reforms will be introduced and my colleagues will speak about the reforms. Privatization is going to be key. The future Saudi Arabia is going to be private sector-led. And many of these private sector activities that are calculated today as part of the GDP are going to be de-linked from reliance on government spending and oil revenue. And that is, I think, the most important thing, is not only do we grow the GDP to 65, to the private sector to contributing 65% of GDP, but de-link it to the maximum extent possible from government spending from oil revenue. Last but not least on the transformation are the soft factors. Talked about economic infrastructure, ease of doing business, but the soft issues are also important. Talked about the population. We're going to turn Saudi Arabia into a softer place, a more pleasant place to live. We're going to strive to make people happy within the kingdom and we've taken many steps to do that. We're going to promote tolerance in our society but make sure it's universal within Saudi Arabia and make Saudi Arabia a model of other Muslim countries in terms of being a tolerant society, gender diversity. Opening more opportunities for women is a centerpiece of Vision 2030. Cutting down unemployment, obviously, is one of our top-line objectives and targets. It's approaching between 11% and 12%, depending on how you calculate. Vision 2030 targets 7%, and as I mentioned, women employment will be a key. Many other factors that time doesn't permit, but these probably are some of the broad lines of the transformation. Thank you, minister. Thank you, colleague. It was really impressive and it's really truly a strategic approach. But to be honest, we do many countries who try to diversify the economy and only a few have been that successful. So now I'm going to ask you, Excellency Minister Al-Qasabi, what is your specific strategy to make sure that you're among those who have been very successful in diversifying their economy? Well, to start with Vision 2030 is a proactive plan that is designed to help the government to shape and face to change the economic model from a government-led model to a market-driven model. And with a population of 81%, that's below the age of 45, we face a lot of challenges as well as a lot of opportunities. So first we have identified our pain areas and our opportunities. Minister Al-Falih have talked about the sector developments and opportunities and mining is logistics and but also local content. Saudi Arabia have been in the last 10 years have imported $1.3 trillion worth of goods. If we were able to capture a good share of such an amount to produce locally and how can we change the culture from a consuming culture or a consumption to production? The government have identified also what I call competitiveness accelerated program. How can we become more competitive to be a world-class leader in terms of competitiveness? So we identify, we are streamlining all business operations, we're fighting bureaucracy, we are looking at all investment and trade ecosystem. For example, Ministry of Commerce and Investment is revamping 30 laws and by-laws of which will put it world-class competitive from commercial law to franchise law to insolvency laws and so forth. So there is a trip, a whole journey of revamping bureaucracy and also an enablers, we have identified all the enablers and drivers that will make it happen. The creation of a small and medium enterprise. You know and everyone knows that the real driver and enabler in any job creators in any other nations are SMEs. So the government have initiated a commission and authority to look into and to enable small and medium enterprises as well as have created fund of funds that will be able $1.3 billion allocation of funds to support and to enable small and medium enterprises. Also the government have created a stimulus packages worth approximately $54 billion to stimulate private sector investment into economy. Now what are our competitive edge or what are our distinctive competence? We talked about geographical location where the Ritz-E, 13.5% of global trade passes by the Ritz-E if we can capture some of these goods as a logistic cups by the Ritz-E that will create traffic and economy in the area. Also in the area of privatization as well as government fighting bureaucracy where all the utilities will be privatized and government is seeking and maybe Minister Ljedaan will talk about the partnership, Triple P's public private partnership, Saudi Arabia is keen to develop strategic partnership with the private sector. Thank you minister. I think we should now check the proposals and therefore I would like to move now to Andrew because you as a truly global company have seen so many diversification or attempts to diversification. What is from your point of view a very honest assessment of what you just has heard? Well Vision 2030 is an astonishing piece of work and is indicative of the incredible capability that's been put in by the leaders here on this stage but many in the room and many not in the room to really understand the dynamic and the role of government in this century. And I think a dozen years ago when we at Dow were looking at around the world for our next major asset investments it became very clear that the many points that both their excellencies have already made about the location of the kingdom and obviously it's natural resources in its natural location. If there was a will, if there was a strategy and now we see it in Vision 2030 but directionally back then it was very clear that as I came into the kingdom many times and started talking to not just Saudi Arabia's leaders but also the leaders of government that this notion that the country had to change this notion that it could not just rely on the one engine of this 747 than how it talked about. It became very obvious to us that it matched what we at Dow were looking for. Certainly a market of size in its own right a location size of its own right but also a will from a government and an incredibly capable partner in Saudi Aramco that really wanted to diversify the economy in reality. So unlike many of the things that might be talked about in terms of the next 10, 15 years of Vision 2030 we actually are in the having done it business. I mean I'm not talking about a theory. As we speak, Dow and Aramco through Siddharah, our joint venture, the world's largest industrial complex ever built at one time is starting up its 26 units, 26 units in an integrated complex that can be seen by satellites from outer space. This is an amazing feat pulled off by the human capital of Saudi Arabia working with Dow engineers and Dow technology in a professional partnership that has no match for us in our globality. We have not seen this type of partnership in terms of capability and I don't say that lightly. Our board's been there quite a few times and what we were very attracted about was what His Excellency was talking about about this notion of SMEs. See Saudi Arabia was sitting on of course oil and gas. They had already taken one step in the chemical business but they recognized that they had an ecosystem available to them. A value chain, a series of capabilities that if you took the step one to add value to it, step two, step three, step four, you could actually attract whole sectors in automobiles, in transportation in general, in infrastructure, in building materials, in construction, auto parts. You could build the mineral strategy value add to that. And I remember sitting with His Excellency, Minister Ali Al-Naimi, a true visionary where he was also talking about this in the sense of the need for Saudi Arabia to diversify because it cannot just rely on the commodity cycle and not just in the field of value add and chemistry but also in the field of energy itself. I mean, where else would you find the world's largest oil and gas producer talking about a renewable strategy and which Vision 2030 now captures in full? And I think this is the reality now of alignment of a government with the private sector in a true PPP model with professional human capability that if I had to go to the what has surprised us bucket, it's the quality of the people that now work in our operation there. We took over 1,000 young Saudis recommended to us. We hired, we recruited, working with Saudi Aramco around the world. All the locations we took them to, wanted to keep them, didn't want to send them back. They were astonishingly capable people and frankly, our satirization, if that's a term of our operation of Siddharah, will be there with minimal experts here in the next year or two and by design but you have to be a local citizen in its fullest right and you have to contribute to the economy as a citizen which leads me to my last point. Now you build an ecosystem based on capability and technology that might come from overseas. Saudi Arabia is recognized that has to innovate locally. It's built a complex use, a series of complex universities, okay, in science and technology and in particular King Abdullah University of Science and Technology on the Red Sea, North of Jeddah which Dow has got a large investment going in a water R&D lab that is world-class and attracted world-class scientists. I think Saudi Arabia is the greatest story never told and I think we've got to tell it and I think this is the sort of thing that we're doing here. So I can do a lot more actual realities around Vision 2030. I'm very excited that the arrival of our company as the kingdom was making its move resulted in, if you like, a first mover of this sort of diversification and of course once we're there, our assets don't tend to move. We'll be there a long time. Thank you Andrew. So let's move to the finance minister. So we just heard some buzzword like privatization and well-knowing that after you I will ask then the investors. So now it's on you to say something. What is your plan according to Saudi Vision 2030? Thank you very much and thank you for having us. Thank you. Thank you for your attention. I think there are some new issues that might be mentioned in the next four or four months. First of all, there is a clear focus on non-profit initiatives and on the way of the example in two years. An annual revenue was only two years ago about 100 billion riyals. We closed 2016 with 200 billion riyals. And our aim is to double that and triple that by 2020. And that would reach about one trillion Saudi riyals by 2030. Second is efficiency. And in the last 18 months a lot of work has been done to ensure that we are efficient in our cabics and the optics as government spending to make sure that our return on investment is better. That led into the establishment of an efficiency unit which worked only in the last eight months looking at various projects and various cabics and optics allocations and made the saving of about 80 billion, just rationalizing spending, 80 billion riyals. And there's more to come in 17 and beyond. The third is and the most important for the people of Saudi Arabia is really directing subsidy where it should go. Currently, there is a lot of misdirected subsidy. People who doesn't need subsidy are actually consuming more subsidy than those who need it. And that's where the new reform and the subsidy is going where we are distributing subsidy through what we call the citizen account. So that the 40% of the families who in most need and the middle class are going to receive cash compensation into their account as an allowance for the energy price reform and other reforms that we are making like the VAT so that the impact on these families are neutralized. Even the third and the fourth categories, if you distribute the citizen or their families into five groups, the first and second would receive about 100% of the impact on reform or from reform. And then the third one would receive 75%. The fourth category would receive 50% of the impact of the reform. So generally, there are a lot of work to ensure that we increase our non-oil revenue but also make sure that the impact is managed, that the families who are in need, the low income and mid income are managed and supported and that the private sector, which is the fourth point, is very much supported. That, as Excellency mentioned, we are aiming for a private sector to generate 65% of our GDP. If we are committed to that and we are very much committed, then we need to make sure that we enable the private sector to do it. So we are engaging in significant reform program, allowing private sector to flourish, enabling it to flourish, partnering with the private sector where we need to partner with them. Privatizing significant sectors of the economy. So a lot of work and we are very confident that we would achieve the targets. Thank you, Finance Minister. And before I will now turn to Larry, private sector was mentioned by the Finance Minister. So please prepare yourself. I would like to give you the opportunity later on to ask some questions from a private sector perspective. But before, Larry, after listening to all the different Excellencies to the ministers, to the first business assessment, is Saudi Arabia, under the vision 2030, a place to invest? Well, Philip, thank you. Well, I have a context of being in the kingdom for 15 years. And what I've witnessed in the last few years, as Andrew said, it's a secret that people just don't understand. We spend so much time focusing on other issues. And actually, we spend so much time talking about negative issues and we don't focus enough on some of the more positive issues in it. And one of the great positive issues in this world of uncertainty is Saudi Arabia. And it is a real pleasure for me to watch as a, you know, as a partial participant, but witnessing the transformation of the kingdom. And I would say the transformation of the entire region is also encouraging. So this is not just one component. I think his Excellencies said the right thing. What we are hearing is market dynamics. You asked the first question about, you know, many countries have failed. Mostly countries have failed because it wasn't based on market dynamics. It was made, and it wasn't a full, I would say governmental commitment. And in every conversation I have, we talk about not just a government commitment, but I think a full understanding that this transformation is not a transformation for a trade. It is not for the moment. It is not a transformation that is going to be short lived. It is a transformation to take the entire kingdom in a much more opportunistic direction. And I'm not the one who normally advocates and supports. I mean, I have, we represent more firemen and policemen and school teachers money than anyone. We have to be judicious how we invest their money. And we believe that the opportunities in the kingdom can be very large for our investors. We began last year. We launched the first Western ETF. We are working with the kingdom to expand the opportunities to invest. In other words, being part of the MSCI index, which would then expand the investors quite considerably. But also on the private side, we, whether these entities that are gonna be going private are gonna be going private in the first wave as a public entity or first wave being in a private entity and getting prepared for being in the public domain, we're prepared to be bringing our investors money worldwide to the kingdom. And let's be clear, we have a glut of savings worldwide. We live in a world today of low and negative interest rates, which is killing our savers. If we could find an opportunity such as the kingdom in which we could invest their money at a higher returning environment that benefits the vitality of a country and builds a better world in that. We're not only serving our investors in their interest, which is my fiduciary responsibility. We're building a safer world through those investments. And this is how we are looking upon as we expand. But I need to get back to the basic assumption. It is market-based. The market is gonna dictate the valuations. It is not gonna be something that we're gonna be unhappy with. Even in my conversations with all the potential IPOs, every conversation I've heard was an understanding that this is a partnership with the investors. The kingdom understands investors are gonna have to be rewarded. And society in the kingdom will be rewarded. But we're encouraged from the social side, we're encouraged in so many other facets that this under-recognized component of the world economy is gonna be more recognized. And we're gonna do our job to make sure that we're a component of that new recognition. Thank you, Larry. And ladies and gentlemen, what I promise, now it's on you. Let's stick on three rules. First, if you have a question, identify yourself. Second, say who we would like to ask. And third, please really focus on Saudi Arabia Vision 2030. If we have these three rules, I'm really happy now to ask for the first question. We have even microphones. Here this gentleman, let's wait one second for the microphone. Let's see how it works. Can you stand up? Then the other colleagues can see you. Stand up. Stand up. So that's nice. My name is Yusuf Ali. I am in the retail Lulu hypermarket chain in Saudi Arabia since 15 years. And I appreciate the government for their all new reforms. Because the reforms not only in the newspaper or in the media, now it is on the ground. And we are very happy. And the investors, which are looking to Saudi Arabia, they are really coming, not on the talking or just telling that you are coming, no. Number two, I just compliment my friend, Saudi, the employees of Saudi Arabian nationals. They are very, very great. And they are doing their job perfectly. And we never expected that we can get this type of employment treatment from the employee treatment from the Saudi nationals. And regarding the PPP, which our Honorable Finance Minister mentioned, that we want to know what all sectors going to be in PPP sector to hear all my other colleagues. Thank you. So let me emphasize the character of questions. And so here is one. And then we will bring it in. Hazem Galal from PWC. I want to ask a question about the implementation of the vision. I mean, the vision is very comprehensive. But as all great visions, implementation is key. And maybe someone from the panel could respond. What are the biggest risks they see and how they're mitigating it? Yes, follow up with a question of implementation, Mr. Al-Qasabi. I think execution is always a challenge in any plan that you carry. Human resources, challenges, financial resources, IT. However, we have identified, we have developed the three-foot plan, as we say, the detailed action plan. We have identified all champions and what is need to be done to achieve these targets. So at the end of the day, it's just like any other business opportunities. Completion is a challenge. However, we have all the means. We have identified all the challenges and opportunities to make us reach to that finish line. Now, this finish line could move further, could move closer, but identifying all the enablers was part of the execution plan for all the ministries. And there is a mechanism which follows. The idea is not achieving or not achieving. The idea is, how can you correct and re-navigate and adjust your compass while you're going through? And the Council of Economic and Development have created the mechanism where KPIs is established, where challenges has to be identified, where monthly reports has to be presented to the Council. So it's a journey and it's a learning curve part of it. Thank you. Yeah, maybe I could just build on. In terms of the PPP landscape, it's really extensive. But the big ones, of course, are going to be an infrastructure and health care, education, and so on and so forth. In infrastructure, we're talking about energy infrastructure. All of the power generation going forward will be done by the private sector with an offtake by the national utility, which will be limited to transmission and distribution. The existing 65 gigawatts of generation capacity will be turned over to the private sector through a process to be announced very soon. Water desalination, which is the largest globally and growing going forward, given the size of the population and the added nature of Saudi Arabia, will also be turned to the private sector. I came from health care a year ago, and I can tell you, government running health care and regulating health care at the same time and having to balance between those two is not a good model. And the decision was made. It's just a matter of execution. It is to corporatize what we have currently in existence in preparation for various PPP models, but definitely all of the new major health care facilities we're calling on the private sector globally to come to Saudi Arabia and partner with us, not only with the traditional models of health care, but also bring more technology-enabled and new models of health care, which will build the health care system. Hopefully, that will be a global model. Education is very important, and the Education Ministry is looking for ways to turn it over to the private sector in a win-win situation. Ultimately, as His Excellency Minister of Finance said, this all needs to be positive for the citizen. So if it's a service, it needs to either improve the service or lower the cost or do both, and it needs to offload the government from some of its expenditures. And we have a belief that the private sector can do that can be very profitable. It has to meet the rate of return of expectations of the pensioners and investors globally, but it also has to improve service, lower cost, and create, hopefully, an investment environment that is very... In terms of execution, I just want to add a couple of things. First of all, many new centers have been created that are very dynamic. They look like they're... I mean, when you work around our government today, you think you're in a corporate world. There is a center for performance measurement. There is a center for strategic development and follow-up on strategies. There are KPIs that have been established at a high level, middle level, and lower level, and it's all cascaded, linked, tied to Vision 2030, to NTP, to each ministry. And we're not waiting for annual or five-year. We're being followed on monthly. I mean, there are things that are five-year plans, and a month after it's launched, you're being given a red tag on a grid that says you haven't done what you're supposed to. So we realize that if you start slow, if you start wrong, it's going to impact your long-term performance. And we're really hitting the ground running in terms of measuring our performance and giving feedback to the organization. One final element is restructuring of bodies that have existed for decades have been restructured. If you look at the ministry I'm responsible for and the ministry that Dr. Qasabi is responsible for, these have been rejigged to bring entities that used to compete in a way, or at least conflict, and go in different direction, all under one umbrella. So in my case, industry, energy, mineral resources, infrastructure, in terms of Royal Commission for Jubilee and Yambua and industrial cities, city of science and technology, nuclear energy and renewables have all been made part of one structure. So we have no excuse. We have, and one final thing is, I don't know if any country that has the undivided support and attention of its top leadership, there is nothing that any of us has asked of our leadership that has not been given to us. So we have the support, we have the willingness to make tough decisions, which is ensuring that, and the restructuring of government and the enabling bodies. And finally, communication and getting the rest of the population on board. There is a recent survey, a global survey that has been published, which showed people who are happy with the direction their countries are going. Saudi Arabia was ranked number two. This is a year and a half after coming up with some tough decisions that would have been expected to be very unpopular, including energy price reforms and taking some of the subsidies. A year and a half later, this survey shows that Saudi Arabia is number two. By far, very supportive of government decisions. Thank you very much. So I think we have time for one final question. There's a question here at the bottom. Well, that's good. It's German. I'm Mustafa Mokas, CEO of Bayer Capital, Climate Finance, and I have a question actually. We assist developing countries in developing green economy business models, innovative business model, that creates social impact and also green impact. And I have a question on the space for renewable energy in the vision of Saudi Arabia 2030. Thank you. Well, this is a very timely question. We announced during Abu Dhabi Sustainability Week a couple of days ago, actually, the launch of phase one of a very ambitious program for auctioning about 10 gigawatts through the PPP model I just described. And as we speak this week, we're erecting two pilot wind turbines that one of them I believe is operational that Saudi Aramco just launched. Saudi Electricity Company is having another one. And we have a number of solar projects that are on the ground generating electricity. But I think the big news is 10 gigawatts of solar and wind as Andrew said, not only is the country supporting them, but all of the enterprises within the kingdom are moving forward to help implement them. And we're inviting the international community of developers, of financiers, and we want to localize those industries. We want to turn the kingdom into an energy powerhouse, not just conventional oil and gas, which will continue to grow, but also wind, solar, nuclear in the future, all forms of energy hopefully will be definitely utilized in Saudi Arabia, but with the innovation, with the financial resources, with the integration of our capabilities, and with the environment we're attracting best in class international operators to come and partner with us on this, we want to turn the kingdom into an exporter of these diverse energies, including green energies. One good news in addition to Saudi Vision 2030 is we have another five minutes. I would like to use this for you, ladies and gentlemen. So if there's, oh, okay. Maybe you could get the microphone notes. Ignacio Garcia-Alves, Arthur Delittle. I'm very pleased to see this positive development plan, and I wanted to understand how you're going to create the trust that the rules are not changing over the years, because when companies invest, in fact, one of their main criteria is to get good visibility about the long term, and not that the rules are not changing. I think that's one of the key success factors, apart from those that have been already mentioned. That's a question, I guess, for the finance minister, but please head up, so it's all recorded. So what you now say will be even better. Excellent. No, I'm very happy. And thank you very much for the question. I think it's a very important one. The government of Saudi Arabia recognizes the need to be predictable, the need to be accountable, the need to be consistent in its policies. And as a recognition, in the last year, the government published a small book called the Physical Balance Program, or we call it even the Budget Balance Program. And that basically provides a roadmap between now and 2020 and tells our people in Saudi Arabia, the private sector, local and international, here is what you should expect in the next four or five years. And the government is committed in writing that this is where they are going. There is no additional cost than what you are going to see in this book. You should not be surprised with anything that would negatively impact your business. You are able to develop, you are able to plan, you are able to invest. That said, there is actually a very heavy calendar in 2017 of actually positive news. One of them have started with his Excellency announcement a couple of days back on the renewable energy investment that is going to be supported by the government of anything between 30 and 50 billion dollars in the next few years. There is a 200 billion reels of budgeted amount for the next four years to support the private sector to ensure that we provide the private sector with the necessary support financially, but not only financially, but also technically to allow particularly the small businesses that are unable to possibly buy the expertise to be more efficient in their utilization of energy to actually, we will fund that and we'll help them be more efficient. There are other sectors that are going to see significant development and going to be announced concretely and throughout 2017 that will provide significant opportunities for the private sector. Tourism and the religious tourism is going to be a significant source of GDP in the next five and possibly 15 years. We are talking about more than doubling the number of playgrounds that come to Mecca and Medina in the next 10 years or so. So a lot of opportunities for the private sector and a lot of confidence that we are saying, we are committed, here is what you should be expecting, no surprises, we are predictable and we just wanted to make sure that they receive what they deserve. So Andrew wanted to come in in the question of sustainability of political decisions Andrew. Yeah, I mean, I really do want to go on record and please get the cameras rolling, that the conversation on transparency happened at our board when you make a 20 odd billion dollar decision in that region of the world. I mean, what has been astonishing is the transparency and these last few years in particular, it's accelerating, this is a business-oriented government and there's no gap between the say-do ratio and rule of law and transparency and the will from the political side and then obviously to the economic and the reform side to put this country into the modern century to diversify its economy for its citizens and its youth and to allow investors to come in and participate in that in public-private partnerships of the type described. That transparency is as good as anywhere we operate in, including the United States, by the way. So I would say to you that this is why I say it's the greatest story I've never told and what Larry was saying and we're not here to make everyone, our colleagues here feel good. This is our experience and we've got money on the ground to prove that and so I would tell you that give it a chance. I mean, we need countries like Saudi Arabia to lead the way in this modern century to put in place the structural reforms that are creating the uncertainties by not doing these structural reforms. We've got the opposite, the lack of will. We've got populism. We've got all these other things. This country's got the courage to put in the reforms and it's doing that. I'd like to add one last thing. Certainly. In my private meetings throughout the kingdom, I was always surprised up until recently that many of the participants did not believe in Saudi. And what I saw in the last two, three years and seeing today is a real belief in itself. And that's a contagious opportunity as you continue to believe in yourself and believe in the opportunities and reach higher, investors will believe in that too. And that's key. Just another perspective to look at. Of course, we do live by the letter of agreements and contracts. There is no question about it. But I think another aspect, not just for Saudi Arabia, anywhere you do business and whether it's government, people or enterprises, values are very important. And we're constrained by the legal aspect but we're driven and directed by our values. And in Saudi Arabia, one of our very strong values is partnership and to meet the moral as well as the legal expectations. And we have evidence to show this. I will just give you from my background, if you look at the oil industry, gone back to the 70s when the norm in developing countries was to nationalize their oil companies. And these are trillion dollar assets that became very acceptable for a country to nationalize the assets and kick out and still happens in some jurisdictions. Saudi Arabia, we did it gradually through negotiation just like any two business partners would buy each other's share gradually until the government with the full consent, full compensation of the US companies. If you look at the big investments that came into the 70s and downstream, petrochemicals and refining, when the Middle East was not a proven location to have these global larger investments, very lucrative terms were given for 15, 20 year contracts that expired in 15, 20 years. And they were renewed more or less on the same term, incrementally improved, but no nationalization, no radical changes. So if you go to the companies that have been there for 40, 50 years, the Shells and the Exxons and the Chevrons, they'll tell you that probably there is no better place in terms of stability and living to the letter and the spirit of the agreements than Saudi Arabia. So ladies and gentlemen, I know there are many questions but maybe the good news is we have a lot of time until 2030 so we can have similar discussions. But I have to finish because you don't know but I would like to mention Andrew literally walked an extra mile to be here today with us because usually he had to go even yesterday to Washington for the inauguration. So we are really grateful and let me conclude and only one point, you excellency mentioned, you have a plan, you have the resources, you have the motivated people, so there's no excuse. Thank you very much. Thank you.