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  • IMF projects Saudi Arabia budget deficit at 1.2 percent of GDP in 2023

    The International Monetary Fund (IMF) projects Saudi Arabia to swing to a fiscal deficit of 1.2 percent of GDP in 2023, from a surplus of 2.5 percent in 2022, it said in its latest assessment report on Wednesday. The Saudi government has forecast a second consecutive budget surplus for this year, albeit narrower than in 2022.

  • IMF projects Saudi Arabia budget deficit at 1.2% of GDP

    The International Monetary Fund (IMF) projects Saudi Arabia to swing to a fiscal deficit of 1.2 percent of GDP in 2023, from a surplus of 2.5 percent in 2022, it said in its latest assessment report on Wednesday. The Saudi government has forecast a second consecutive budget surplus for this year, albeit narrower than in 2022.

  • Orange to build out smart city platform in Saudi Arabia

    Orange Business has signed a deal with the King Abdullah Financial District Development and Management Company (KAFD DMC) to design, build and run a new end-to-end smart city platform. The work will involve connecting up some existing digital technologies at Saudi Arabia’s KAFD business district, while plugging in some additional AI and data analytics. Orange Business will also provide a range of ‘Digital Master Systems Integration’ services and orchestrate its partner ecosystem – by which it presumably means draft in some additional firms to facilitate the build.

  • Saudi Arabia’s oil exports plunge to over two-year low in August

    Saudi Arabia’s crude oil exports plummeted to a more than two-year low last month as the Organisation of Petroleum Exporting Countries (OPEC) and its allies slashed production to boost oil prices. Shipments from the world’s biggest exporter of crude oil dropped to approximately 5.6 million barrels a day, the lowest since March 2021, Bloomberg reported on Friday. August’s oil exports are down from 6.3 million barrels a day in July.

  • ROSHN reaches for ‘bigger social impact’ in Saudi Arabia

    ROSHN’s focus is on improving the quality of life of the community and follows five main pillars: community development, environment and sustainability, art and culture, health and wellness, education and innovation.

  • Saudi Arabia harbors more gender-diverse gaming sector globally, experts say

    The US average of women in the gaming industry is typically 20 percent, Liu said. Using those statistics, Saudi Arabia supersedes that number across its game development studios, Tams said during the panel. “Hopefully that will stay … because of the programs from the government and training, and because they are gender-blind, when they’re coming up, and they’re very data-driven, it’s enabled a lot of women to come up and have jobs,” Tams said.

  • Saudi Arabia responds to distress call from Iran-flagged ship in Red Sea

    Saudi Arabia has responded to a distress signal originating from an Iranian-flagged ship in the Red Sea, an Al Arabiya correspondent reported on Thursday. The ship sought assistance from Saudi Arabia following an injury sustained by one of its crew members.

  • Saudi Arabia: Iggy Azalea triggers backlash for ‘blasphemy’ song in Riyadh

    Azalea's set last Friday at the Gamers8 esports tournament in the Saudi capital, Riyadh, included the song Goddess, which she began by exclaiming to the audience, "Ladies, make some noise, it's a woman's world!" Her lyrics were widely condemned for contradicting Islamic values, both inside and outside Saudi Arabia, with the lines "preaching about prophets, it ain't no one man can stop us, bow down to a goddess” generating the biggest backlash.

  • Seamless Saudi Arabia 2023: Riyadh gears up for financial, tech conference

    Saudi Arabia is set to host the Seamless Saudi Arabia 2023 conference in Riyadh next month, with over 500 local and international companies and more than 200 tech startups expected to attend the event.

  • Saudi Arabia Foreign Reserves Plunge by Most Since Pandemic to 2009 Low

    Saudi Arabia’s foreign reserves dropped by over $16 billion last month, as the kingdom sets aside less for the central bank and funnels a greater share of its oil wealth into riskier holdings. Net foreign assets fell to 1.53 trillion riyals ($407 billion) after increases in May and June, according to the central bank’s monthly report on Monday. It’s the sharpest drop since the depths of the pandemic, when oil revenues sank and the kingdom dipped into its hoard to fund bets on a rebound of US stocks.