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  • Chart: IMF Expects Subdued Growth as ‘Tightening Starts to Bite’

    The International Monetary Fund (IMF) published its latest update on the state of the world economy on Tuesday, predicting sluggish growth for 2023 and 2024, as many challenges persist and policy tightening is taking effect. According to its World Economic Outlook, the organization now expects global GDP to grow by 3.0 percent this year, down from 3.5 percent in 2022. For next year, the IMF predicts 2.9 percent growth, a slight downward correction from its April 2023 forecast of 3.0 percent.

  • Neolithic Tools Hint at Unknown Rock Art in Saudi Arabia

    The researchers suggest the heavy use of the tools to grind pigments in particular suggest that the Neolithic people at the site were painting on a scale much larger than suggested by the number of rock art sites now known to archaeologists.

  • Sustainability at heart of Saudi Green Building Forum

    The 13th Saudi Green Building Forum opens in Riyadh on Monday at the King Abdullah Financial Center. The two-day event, whose theme is “Localization of Sustainable Development Goals,” seeks to promote a sustainable future for the construction industry by eliminating carbon emissions and promoting the use of eco-friendly materials.

  • Saudi Arabia and India solidify green energy partnership with new agreement

    The signing ceremony took place during the Middle East and North Africa Climate Week 2023, hosted by Saudi Arabia in Riyadh, in collaboration with the Secretariat of the United Nations Framework Convention on Climate Change. The MoU signifies a broad-ranging partnership between the two countries, focusing on electrical interconnection, green/clean hydrogen, and supply chains. In the realm of electrical interconnection, the agreement entails comprehensive cooperation in conducting necessary studies, facilitating electricity exchange during peak times, and addressing emergencies. Both nations commit to co-developing projects related to green/clean hydrogen and renewable energy, leveraging their unique capabilities and adhering to applicable laws and regulations.

  • Powerful Earthquakes Kill More Than 2,400 in Afghanistan: ‘This Is a Huge Disaster’

    Rescue workers are searching for survivors in western Afghanistan after powerful earthquakes killed at least 2,445 people and injured thousands more, in one of the deadliest seismic disasters to hit the country in recent decades. Two magnitude-6.3 earthquakes struck western Afghanistan on Saturday near the city of Herat, destroying more than 1,300 homes, said Janan Sayiq, a spokesman for the country’s disaster-management authority. Some 2,400 people were injured, he said, revising down an earlier figure of more than 9,000.

  • Charting the revival of Najdi fashion and a return to Saudi Arabia’s roots

    In an interview with Arab News, the first Saudi professor to have studied the heritage of traditional Arab costumes and textiles, Lailah Al-Bassam, recalled the origins and rise of Najdi fashion following the establishment of the third Saudi state. “Clothes and garments in any place in the world don’t come from nothing — they’re inherited through generations and evolve across time. Therefore, Najdi clothing is at the heart of the Arabian Peninsula and is of Arabic and Islamic roots,” Al-Bassam said.

  • Saudi Arabia pours millions into digital theme park start-up

    HyperSpace creates elaborate parks that feature a mix of digital and physical entertainment including gaming, an attraction for Saudi Arabia’s relatively young and digitally savvy population. Nearly half a million enthusiasts paying $34 each have flocked to its first location in Dubai, a 40,000-square-foot park, since it opened there nine months ago. The Riyadh-based company plans to expand in Saudi Arabia and beyond to the US. “There’s a big focus on expanding the business” to the rest of the world, Heller said.

  • Q2 2023 sees record high participation of Saudis in private sector jobs

    The number of Saudi citizens employed in private sector establishments rose to 2.2 million employees, with a total growth of approximately 210,000 employees compared to the same quarter in 2022, averaging around 42,000 employees per quarter until the second quarter of 2023. The growth in the number of Saudi citizens working in the private sector can be attributed to the positive economic growth rates in the Saudi economy. These rates contributed to increasing the overall labor market size, strengthening demand for labor, and boosting productivity rates in the market.

  • Iran’s Elderly Tsunami is just Starting

    Recent data reveals a startling fact: Iran is the second fastest aging country in the world. When we measure the increase in the percentage of the population aged 60 and over between 2015 and 2050, Iran trails only South Korea, and that too by a minuscule margin of less than 0.01% source. Such rapid aging is not just a statistic; it's a reality that will have profound implications for the nation's socio-economic fabric.

  • Cruise Saudi partnering with 6 tech companies for Aroya Cruises

    For its phase I of technology stack development for Aroya Cruises, Cruise Saudi will be partnering with Monitor Deloitte, Alibaba Cloud Saudi Arabia, theICEway, SourceToad, Otalio and Versonix Seaware, as part of its commitment to create a seamless passenger experience, from booking to the boarding process, and beyond.