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.  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.  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.  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.


Now, let us move on to the second part of this thing which is the other features of entity relationship diagrams. This is part the presentation part to the chapter is the same. So, now let us add a new features which will which are motivated by what some of the stuff we saw earlier. The first is a notion of a weak entity set. So, let us start with an example and come back to some of the other stuff there. I showed this notation where the diamond relationship linking section and course was shown with a double diamond. Now, what is this mean? So, the point here is that section has to be associated with the course. So, I have to have a relationship. I also said that every entity must have a primary key. Now, what is the primary key of the section? How is the section uniquely identified? One option is to create a fake ID. I can do that. I will just create an integer ID each section has some unique ID then that is fine. Suppose, I do not want to do that. I know that a section is associated with the course and I do not want to create a fake ID and in our diagram we actually did not create a fake ID. So, it is identified by a course that it is linked to. I could add course ID as an attribute here. In fact, in the relational model course ID is an attribute of section, but if I put course ID here, then I am duplicating stuff. I already have the course ID in the relationship between section and course ID. So, again add course ID purely to get a primary key, I get a view application. So, I should not add course ID here, but instead I am going to say that the section is going to be identified by a combination of the identifying course here. So, there is an identifying relationship for section which is identified by the double diamond, but that is not enough. A particular course may have many sections, how do I uniquely identify which section it is? So, remember we used section ID semester and year. So, instead of showing those as underlines, I am going to have a dashed underline. So, this indicates that the primary key of section consists of the primary key of the other side of this identifying relationship plus all these attributes shown with dashed underlines. And I do not put course ID here. So, since this does not have a primary key, it is called a weak entity set. Its primary key can be inferred, but it is not shown as part of over here. What is shown instead are the dashed underlines which are called the discriminator. It is not the primary key, it is a discriminator. Is this clear? So, this is a way to get around this issue. So, weak entity, yeah, so in the, yeah, that is a good point. In earlier notation, we used a double box around it. Here we did not, we thought it is, the fact that it is linked by a total relationship with an identifying relationship and it does not have a primary key. The two together should make it clear that it is a weak entity. So, we could have added it, could have. One of the reason we did not add it is that, you know, the standard UML tools do not have a way to draw a double box, but yeah, we could have done it. For that matter, they do not have a way to draw a double diamond. We could have done it. We could have done it. We could have done it. We did not. So, coming back to notation, we have a notion of a weak entity set. We have a notion of an identifying entity set for the weak entity set. In fact, you can have more complex situations where you have multiple identifying entity sets for a single weak entity set. So, then you will have multiple identifying relationships which together uniquely identified and then the identifying relationship which is depicted with a double diamond and a discriminator also called a partial key which is part of the primary key. And the actual primary key is formed by the primary key of the strong entity set or the identifying entity set on which the weak entity set is, it is called existent dependent. Now, this brings up another issue. In addition to this notational issue of should it have a primary key or not, there is another deeper issue which says that a section cannot exist without an corresponding course. So, there is a deeper thing which is an existence dependency. This entity is existence dependent upon this other entity. It cannot exist by itself. It makes no sense for a section to exist by itself without a course. So, modeling it as a weak entity with an identifying relationship to another entity set makes this clear that there is an existence dependency. So, what is the impact of the existence dependency? It will have A, a foreign key dependence and B, if you want to allow it to be deleted, the course to be deleted you have to delete the section also otherwise it does not make sense. So, if you want to allow courses to be deleted, you would have an undelete cascade. You could create that automatically. But more likely you will not allow courses to be deleted and cause cascading delete of section. Okay, a strong entity set is one which is not weak. Although in this slide I am saying that the weak entity set is identified by some other strong entity set. It is even possible to have a cascade. You can have one weak entity set which is identified by a strong entity set and then another one further nested within it which is identified by this one and indirectly by that one also. So, you can have a chain of these things. I do not have slides on it, but it is possible. So, now let us with the notations we have seen so far. Let us look at the university enterprise. So, there are many things in here. Let us find some of them student entity is there, instructor entity is there, department entity, section which is a weak entity, course which is an entity, class to classroom which is an entity, time slot which is an entity and then a whole bunch of relationships. Now, if you see here instructor is related to a department, not that we did not put department name in instructor here. In the relational schema we did put the department name as a attribute, but here we do not. Similarly, students are linked to department by student department and students to instructors by advisor, we have seen these. Now, let us come to course and section. Course is of course an entity, it has course ID title credits as before, but it does not have a department because there is a relationship course department. Note a few constraints here. Instructor to department is double line, it is total instructor must be in a department. Similarly, in the relational schema we should put not null, so there are two parts. Because an instructor can have only one department, we could put department name as an attribute of instructor, otherwise we cannot. Second, because of the total participation here, instructor must have a department, therefore we can say not null. So this is where constraints in the year diagram are reflected in SQL constraints, which ensure that the database does not violate some basic property, is this clear? Now, let us come to the other thing which is courses have sections and this is a weak entity and note that because there is a double line here total participation with an identifying relationship, we know that section is identified by course and its primary key when we converted to relations will be course ID, section ID, semester ID. Note that in our relational model, we actually stored the building and rule number with a section, but when we do the year modeling we are not jumping to that. We have a section and associate a section to a classroom by section class. Now, we are assuming that a section, so in general a section might meet in different classrooms on different days maybe, but here we have made the restriction that section should have only one classroom, it should not keep changing, if it change we have to do more, which day is it in which classroom, we are not modeling all that here. So, we are insisting that a section should have should have a classroom and only one classroom, so total and arrow. Now, again this property that a section has definitely has a classroom and only one, let us later on when we convert to a relational model it let us, so it has an attribute in section, otherwise we would have a separate relation section classroom, which keep strike of which classrooms are associated with which section. So, take a teachers and takes for example, are not many to one, therefore they are many to many, therefore we had to keep them as separate relation, teachers is a relation, teacher takes is a relation and grade we made an attribute of takes, so that became an attribute of the takes relation and prereq is a relationship between course and course with role labels here, course ID and prereq ID, so the role indicators are here. And finally, I want to point this part out, time slot in our relational model was actually a bit funny, which causes some complication, but when we do the ER model, we want to model time slot as an entity, now this is a choice we made, we did not have to model it as an entity, but it might be useful to do so, we chose to do so here. Again there is no one true answer in the context of ER modeling, there are many many possible reasonably correct ER models for a particular enterprise, which you choose is a matter of the things which you want to model and your taste both of these. Section 2, classroom, because this is not shown as a double diamond, identifying relationships are shown as double diamond, no no just because a classroom is a strong entity, section is a weak entity, does not mean it identifies section, so if you think about it, section is not conceptually part of a classroom, it has an independent existence, in fact the total relationship here might be questionable, maybe when I first create data, I may actually create sections without an associated classroom, that's how it works actually, therefore I probably don't want to put the total there, but anyway in this case I have done that, so if you think of it at a conceptual level, section is not existence dependent on classroom, it is existence dependent on course and that's why we made the section course be an identifying relationship, so coming back here I chose time slot to be an entity, entity set, it has a time slot id and now it has a multi-valued attribute which is day start time and end time and I am not actually noting here that day and start time is a key for this set, it's not part of our notation, so there's a limit to how many kind of constraints we put in, not everything can be modeled using the built-in constraint, this actually is true in UML also, UML in general has a notion of constraints which it provides by itself, it also has the ability to put in any text you want there, additional constraints which are not part of the standard, but these are things which you can annotate it with, so maybe we could annotate here saying that day and start time uniquely identify a member of this set, so you could add on your own textual annotations to an entity relationship diagram. Now there are two other topics which are covered here, reduction to relational schemas and extra features, the reduction to relational schemas I think I have been telling you on the fly as we did it, so given that we have about 10 minutes left I'll just quickly touch on just one or two topics, first of all every strong entity set will become a relation of its own, every weak entity set would become a relationship of its own, relationships may become relations of their own or may get folded into entity sets, so here section became an entity set, section become a relation rather, whatever its attributes, you have to copy over the primary key from the identifying course, so course ID, section ID, semester year, what are the other attributes, that depends on what relationships we fold into section, we'll come to that in a moment, for the moment the section relationship has course ID, section ID, semester year, the course relation has course ID, title, credit, for the moment, moving on there is an instructor relation, student relation with just these attributes for now, advisor should it become a relation or should it become an attribute of student, that's a choice, we chose to make advisor a relation to potentially give us the flexibility of having a student with multiple adversaries, so first of all if this is many to many there is no choice, advisor has to be a relation, but because it is many to one, we actually have the option of storing an instructor ID along with student, now note that it's not total, which means the student may not have an advisor, you can model that by having a null value for that advisor, so what does it mean, if we keep advisor as an attribute of the student relation, it has to be a foreign key referencing instructor, however it is nullable, because the student may not have an advisor, so this is why SQL allows foreign keys which are nullable, but if it's total a student must have an advisor, you could say not null, forcing it to have a specific advisor, not a null value, is this clear, so supposing advisor had an attribute last meeting time, and I decided to fold advisor into student, then the attribute last meeting time will also get folded into student, now sometimes you can have redundancy here, so for example here, so if I created a relation institute department, then it's actually easier to, you could create a separate relation instructor department which has ID and department name, but it's easier to fold it in here, so when I say redundancy or schema, I'm saying that I could create the relation, but instead I choose to fold it in, the title may not be a very clear one, so I think we have seen all this, there are a few issues with composite and multi-valued attributes, composite attributes are actually easy, I can just create a name, for example a name first name, I could make it as name underscore first underscore name, name underscore middle underscore initial or something, so to make it unique, so it's flat in the relational model, what about phone number, it's a multi-valued attribute, the standard relational model or relational database do not have multi-valued attributes, actually many do support it today, I could use it if I wish, but if I don't want to do that, then what do I do, how do I store phone number, I have to create a separate relation phone number, what would its attributes be, the primary key of the entity ID and the second one would be phone number itself, so every multi-valued attribute would turn into a separate relation, that's shown here, so instructor phone with ID and phone number, I'll skip some of the details, these are obvious, now this brings us to why we did some weird stuff with the time slot ID, so we had section to time slot mapping, now each section has at most one time slot and time slot had a day start time and time, so what do we do here, I folded time slot ID into section, I didn't keep a separate relationship section time slot, I folded it into section, now for this part time slot, I could have normally I would create two relations, one is a time slot relation and then second one is a time slot timings or something like that relation which has this part, now what is the time slot relation contain now, what attribute with the time slot relation have, time slot ID, that's all, nothing else, so I could have done that, I could have kept that relation and then in section time slot ID would be a foreign key referencing time slot, I could have done that and then there's a time slot relation with only time slot ID, nothing else and the third relation time slot details which has time slot ID, day start time and time, time slot ID, day start time and time, what is the key for this because I know that I had this extra information that end time is unique given these three, this becomes the primary key of this relation, now I chose when I did the relational schema, I chose to merge these two tables, time slot and time slot details I merged it, what is the implication of this, basically those two tables one had just time slot ID, nothing else, the other had the details, I merged it into one table, so that's the schema you saw in the end, but there is one catch, in the merge table is time slot ID a primary key, it's not, in this table the primary key is time slot ID, day start time, in section now I have a time slot ID which is an attribute, can it be a foreign key, let me repeat the question, in section I put time slot ID as an attribute, on this side I merge those two tables into one, can time slot ID be a foreign key into this relation, the answer is what, yes or no, no why, because the three attributes together form a primary key, time slot by itself is not a primary key, it's not even unique, so it cannot be a foreign key, SQL does not support foreign key into something which is not unique, so I cannot declare it as a foreign key, so this is something which I have lost, that's a trade off, we chose this, so the flip side is, because it's not a foreign key I can put in any value I want in time slot ID, I can have a section with time slot 59 and no information about 59 in terms of the meeting time, so that is a potential for inconsistency, because I merge these two tables, so that's the quick summary of ER2 relational conversion and the last part is extended ER feature, I'll just do it by example, the first of these extended concept is specialization, this is actually a very very useful feature, I have between instructor and student, we had several common, we had ID, we had name, maybe we would have many more like this, now both instructors and students might be allowed to borrow library books, so as far as the library is concerned, I may have to keep, if I want to keep track of the separately, student, instructor, library, database has to have two separate tables, it actually makes sense for the library to have a single table, a single conceptual thing, the library, which is a library user, which could be any person, any person is a library user, so by modeling a person which has the common attributes here, student has a specialization of person, employee is a specialization of person and has salary, employee again can be specialized the instructor and secretary, instructor may have a rank, secretary may have something else, this is fake, do not pay any attention to the meaning of the attribute, you can create a specialization hierarchy, so this is very useful in ER modeling, we did not do it in our university here, but we could have, we could have combined student and instructor into a person, which we have done here, there are also issues in constraints on this specialization should it, so for example here, if this specialization is disjoint, that means a person can be an employee or a student, but not both, if it is overlapping an employee can be, a person can be an employee and a student, so that is a constraint, disjoint versus overlapping, there are many more constraints, I am not going to tell you complete everything, but completeness which is a constraint which is, should a higher level entity set, must it, must it necessarily belong to a lower level or is that optional, could you have a person who is not an instructor or a student, if so it is a partial, if it is total, if the completeness constraint is partial it is optional, which total every person must be an instructor or a student or both depending on the previous constraint, and now depending on the choices with the constraints that you put in there, you have multiple choices for the relational schema, so one relational schema is the, I have a person, let us just look at person, student employee, not the lower level, I have person with ID name, street city, student with ID total credits, but not named street city, I am not repeating that information, so a student is represented twice, once in the student table, once in the person table, similarly an employee is represented twice, once in the employee table, once in the person table, there is no duplication, another option, but of course the drawback of this is, if I want all the information of a student, you have to join with person and student, another option is to copy all the attributes down, person has ID name, street city, student has ID name, street city total credits, employee has ID name, street city salary, what is the difference between these two options, one is the efficiency, but this one can be redundant under what condition, if it is total, so if it is total, you could put nothing in the person table and have only student and employee, that could be an option, but then if you have some relationship to person, you cannot represent that, but if it is partial again some of these issues crop up again, there is another issue also, so that is one, total versus partial, the other is disjoint versus overlapping, supposing it is overlapping, a person can be a student and an employee, then all this information is repeated for the same ID, it is there in student and an employee, name, street, city are redundant, it is stored twice, so it may be stored twice in person and student, or twice in student and employee, or may be twice in all three, so this thing has a danger of redundancy, so you would do it if we do not care about person anymore, there are no relationships directly with person, so we do not have to store the person table, it is total, nobody is just a person and it is disjoint, nobody can be a student and an employee, then you can do this, otherwise you should go for the previous one, is this clear, so the conversion depends on all these constraints, we do not have time for this and I just want to wrap up, so there are other slides on comparison of this notation, summary of notation and comparison with other earlier notation, the 10 and the IDE 1 FX notation, so it is there in the book as well as in the slides, the stuff on UML again I am going to skip that, this is just comparing our yarn notation with UML, it looks visually close, but there are some differences and we will stop, there are a few more concepts, there is something called aggregation, I do not have time for it now.


So here we are at the poster area of the Mofi conference and we are about to go and speak to some of the poster presenters. What is your name and where do you come from? Hi, my name is Greta Raba and I'm from Tallinn University of Technology. And what's the title of your poster? The title of my poster, as you can see, is dietary fibers and muscines as modulators of gut microbiota in vitro studies. And in one sentence, why is this research important? In one sentence, I would say that we are taking a step closer to understanding how the dietary fibers also help to protect the epithelium of our gastrointestinal tract. What's your name and where do you come from? I'm Razendagal, I'm a physician at the University of Copenhagen. And what is your title of your poster? The effect of dietary feed microbes on in vitro rumen from mutation of grass silage or mesilage. And in one sentence, can you summarize why this research is important? The rumenins are known for culprit of methane emission. So, there can be alternative solution using a dietary feed microbes to reduce the methane. What's your name and where do you come from? My name is Ulifona and I come from Switzerland. And what's the title of your poster today? Malt flavor in Swiss semi-hard cheese. And in one sentence, can you summarize why this research is important? Because you want to avoid the multi-taste in Swiss cheese that's not liked in Swiss type cheese like raclette. What's your name and where do you come from? My name is Michelle O'Connor and I'm from the APC Microbiome Ireland based in University College Cork. What's the title of your poster? Man's best friend antimicrobial compounds isolated from bacterial strains of canine source. In one sentence, can you summarize why this research is important? I think it's important because antimicrobial resistance is something that's a big threat to worldwide. So, not just in humans but also in the veterinary field. So, looking for novel antimicrobial compounds to target pathogens within the veterinary industry that are clinically relevant is very important. What's your name and where do you come from? I'm Gaetanet. I'm a PhD student here in Copenhagen University and I'm from Ethiopia. What's the title of your poster? The Get Microbiot of Children with Diharia in Jimma, Ethiopia. Can you summarize in one sentence why this research is important? Diharia is one of the leading cause of disease in sub-Saharan Africa. And there are treatment modalities that are used currently to treat diharia for the shorter duration of diharia like acute diharia, which lasts for seven days. But there is no treatment modalities that are used to treat for children having diharia duration greater than seven days. So, what we're looking for is how the Get Microbiot can be modulated to three children having diharia duration greater than seven days. What's your name and where do you come from? My name is Chong Shen and I'm representing IFF and from Brown Brown, Denmark. What's the title of your poster? In vitro-amul modulatory effect of cymo and synavonahide blend and organic acid. As a scientist, I think it is a very important meeting to keep us updated to know what's the industry and to communicate with other colleagues and also to increase our product and our company's visibility in the field. What's your name and where do you come from? My name is Julia Beschner. I'm from the Technical University of Munich. And what's the title of your poster? The title of my poster is Water Kefir represents reservoir for lactic acid bacteria and coding novel glucansic races. And in one sentence, can you summarize why this research is important? Doing the research, the background research on those glucansic races, we can learn more about how lactic acid bacteria can shape their own environment. But at the same time, it's quite important to understand the enzymes behind it, the glucansic races to maybe apply them in food fermentations. What's your name and where do you come from? My name is Michela Verne. I'm from the University of Bari, Italy. And what's the title of your poster? Lactic acid bacteria fermentation is a tool to improve the antioxidant properties of brewery-spent grain by process setup, characterization and application in pasta making. Then in one sentence, can you tell us why is this research important? Well, it's important because, first of all, we tried to make new use for a side stream of the brewing industry, which is brewery-spent grain. And by doing so, we didn't not only improve the nutritional and technological properties of the spent grain, but we also made sure to find an application, which is in the pasta making. We made something that is high fiber, high proteins, and it could be used as, you know, anyone, eaten by anyone, and maybe having beneficial effects on the human body because it has antioxidant properties.


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Look at this auto Sergio Herrera for Osasuna first-numbered auto 25 for Osasuna equalizers Fernandez the gold coming up after this tricolor of I can Munoz for Sociedad and It is Vinicius, Jr. Holy cow five of ten terrace gold Vinicius, Jr. Way, man Real Madrid Wang s Get that one mag too. That's a beauty. That's a beauty What's up Mike? Rodrigo Real Madrid patch card. This is a good product Blake. It's good stuff a Lot of the number cards are lower number than other than other products. It's young I don't think there's anything numbered over like a hundred. Hey, see you man Gold again Muhammad Ali Cho rookie select future seven of ten There you go, Sociedad Yeah, the auto list is pretty crazy. Yeah, that's a good product silver Falcal for Viacano tricolor page re on the Field level with a dimple in it. Unfortunately Barcelona, we're gonna box out the Barcelona That's we have we're having only I got the box coming out to Barcelona and I'd let you go Yannick Carrasco to 75 on the purple Again, that's mezzanine right there terrace and mezzanine are pretty close in my opinion terrace mezzanine So happens you commit penalties got silver John Monca Monca Yola silver unstoppable canales got a red Javi pwado Espanyol and zebra mark Andre ter Stegan Barcelona Field level to 25.  Yeah, now these are sick. Yeah, it's like the league is awesome Another ter Stegan here Jersey card Barcelona Select is a couple hundred more than Donner soccer. I believe Got you on all black, but two autos Looks like three hits like two autos in a rally usually per box Ricky silver is oh man. That's the one Marma. Marma dash really Valencia and another S is cocaine this time.  Auto list is crazy Nice cocaine Really different product though. Let's do a recap I was like what four or five zebras It's like three golds. Yeah, so the print runs not crazy on this stuff. So you get a lot of low-numbered cards Thanks for Mars. Have a go man. So we had tie-dye to 35 Weissman, but Dia Sadik a Dembele zebra to 25 ter Stegan Jimenez coque Fernandez Rodrigo to 20 agrees one white to 20 and 20 agrees one and on a hell Korea Gold bar in Shaya Baronet Shia Muhammad Ali Cho Relics of the Diego Costa Neymar. That's a match war Neymar Rodrigo Ter Stegan come a venga and 20 cruise to five on this one Autos of Rivaldo Stoll I did Mastrev ski Gareth Bale Hector Bellarine Diego for lawn and Sergio Herrera had Visionary of Gavi for Barcelona and Cristiano Ronaldo Real Madrid and a gold Vinicius junior Terrace so terrace is like the concourse Five out of ten of Real Madrid Nice break. Thanks again everybody on to some baseball


What's going on everyone Sam here with late in sports cards ripping one box. It's 21 Panini origins football first off the line A photo for Andrew J. I like photos Good luck here Jake versus Vaughn on the show after this on twitch, bro. I will stay up and watch that And there's your first off the line sticker Here we go got Kellan Mond 13 of 17 first off the line exclusive Matt Stafford 10 of 17 feel free Saquon Barkley and Elijah Moore rookie first hit is gonna be a trace sermon That is 73 out of 199 for the Niners Trace sermon on a two-color patch We've got a Rookie at Jersey auto that is two of 99 Dami Brown for the commanders Commanders Dami Brown. That's 92 of 99. Excuse me. If I said to 92 of 99 three colored RPA and nice one here. It's gonna be a Rondale Moore one of 17 on the first off the line exclusive Congrats on that one there Andrew potentially potentially wide receiver one there right now I would say Because he because the Hopkins is probably gone and Marquis Brown can't catch so That'll do it for your break there Andrew congrats on all the hits buddy. We'll get them right out to you