Tag: Saudi Press Agency

SAUDI ARABIA / MENA : IMF opens First MENA office in Riyadh

The International Monetary Fund has opened its first office the Middle East and North Africa region in Riyadh.

The office was launched during the Joint Regional Conference on Industrial Policy for Diversification, jointly organized by the IMF and the Ministry of Finance, on April 24.

The new office aims to strengthen capacity building, regional surveillance, and outreach to foster stability, growth, and regional integration, thereby promoting partnerships in the Middle East and beyond, according to the Saudi Press Agency.

Additionally, the office will facilitate closer collaboration between the IMF and regional institutions, governments, and other stakeholders, the SPA report noted, adding that the IMF expressed its appreciation to Saudi Arabia for its financial contribution aimed at enhancing capacity development in its member countries, including fragile states.

Abdoul Aziz Wane, a seasoned IMF director with an extensive understanding of the institution and a broad network of policymakers and academics worldwide, will serve as the first director of the Riyadh office.

source/content: arabnews.com (headline edited)

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The office will facilitate closer collaboration between the IMF and regional institutions. Shutterstock

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SAUDI ARABIA / MENA

SAUDI ARABIA: Saudi Pavilion at Doha Horticultural Expo 2023 Wins 5 Awards, sets World Records

Kingdom dazzles with record-breaking LED display and inspiring sustainability schemes.

The Saudi pavilion at the Doha Horticultural Expo 2023 won five awards, set world records and drew 1.8 million visitors to its expansive site spanning 5,000 sq. meters.

The pavilion’s lush green design drew inspiration from Mount Tuwaiq, the Saudi Press Agency reported on Saturday.

Saleh Bindakhil, the head director of the Saudi campaign, said that the pavilion provided a “groundbreaking digital experience” centered on agriculture and environmental sustainability.

It showcased more than 80 successful Saudi projects and initiatives in line with the exhibition’s objectives, he added.

The pavilion, which aimed to inspire the global community to combat desertification, secured five awards and set world records, Bindakhil said.

It broke the Guinness World Record for the largest display of exterior LED screens, with an impressive array of 435 external LED columns.

Additionally, the pavilion received a Gold Muse Award in the conceptual design and events category, and a Gold French Design Award in the interior design and architecture category.

It clinched the LIV Award in architectural and landscape design, along with a silver award from the Bureau International des Expositions in the self-built pavilions category.

The pavilion welcomed visitors from around the world, offering communications in seven languages: Arabic, English, French, Italian, Spanish, Japanese and Persian.

Its numerous sections showcased the diversity and richness of the Kingdom.

The pavilion also highlighted the pivotal role of agriculture and major sustainable projects in Saudi Arabia.

The Doha expo, which began in October last year and ended on March 28, aimed to promote environmental solutions to a global audience.

The event included four key pillars: Modern agriculture, technology and innovation, environmental awareness and sustainability.

source/content: arabnews.com (headline edited)

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The pavilion’s lush green design drew inspiration from Mount Tuwaiq, the Saudi Press Agency reported on Saturday. (SPA)

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SAUDI ARABIA

SAUDI ARABIA: Saudi Economy Joins Trillion-Dollar Club: FSC

Saudi Arabia has reached a significant milestone as its gross domestic product crossed the coveted 1 trillion-dollar mark for the first time, revealed the umbrella body of the Kingdom’s business community. 

According to the state-run news agency, the Federation of Saudi Chambers revealed that the Kingdom achieved the GDP of SR4.15 trillion ($1.11 trillion), meeting the state’s goals for 2025. 

The Saudi Press Agency cited the FSC study reporting that the Kingdom achieved an economic growth rate of 8.7 percent in 2022, the highest among the member states of G20. 

The report also found that the private sector’s contribution to the economy increased to SR1.63 trillion, or 41 percent of GDP in 2022, with a growth rate of 5.3 percent. 

Strengthening the non-oil private sector is a crucial agenda of Saudi Arabia’s Vision 2030, as the Kingdom’s economy has steadily reduced its dependence on oil. 

The report added that non-governmental investments increased to SR907.5 billion, with a growth rate of 32.6 percent in 2022, while the number of private workers rose from 8.08 million in 2021 to 9.42 million in 2022. 

Moreover, the number of Saudis working in the private sector increased from 1.91 million in 2021 to 2.19 million in 2022. 

Highlighting Saudi Arabia’s success in its economic diversification efforts, the Saudi Chamber of Commerce added that the value of non-oil exports reached SR315.7 billion in 2022, accounting for 20.5 percent of commodity exports. 

Earlier this month, the International Monetary Fund said Saudi Arabia’s fiscal prospects are solid in the near term, with risks broadly balanced, driven by Vision 2030, which has been diversifying the Kingdom’s economy since its launch in 2016. 

According to the UN financial agency, Saudi Arabia has sufficient precautionary reserves, and the peg of the exchange rate to the US dollar served the Kingdom’s economy well. 

IMF added that Saudi Arabia has maintained its average consumer price index despite rising inflation in other nooks.

source/content: arabnews.com (headline edited)

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The Kingdom achieved an economic growth rate of 8.7 percent in 2022, the highest among the member states of G20. Shutterstock 

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SAUDI ARABIA

SAUDI ARABIAN Ministry Introduces 3 New Fonts to Celebrate Kingdom’s Culture

The fonts, celebrating the Kingdom’s culture, will be available free of charge.

The Ministry of Culture on Monday launched an initiative creating three new Saudi fonts.

The fonts, celebrating the Kingdom’s culture, will be available free of charge to individuals and organizations wishing to use them in design, artistic, and creative works, the Saudi Press Agency reported.

The Masmak font has been named after the historic Masmak Fortress, characterized by its durability and strong structure. The font has been described as clear and easy to read and was developed without reference to traditional calligraphy methods, the SPA said.

The second new font, Al-Naseeb, resembles handwritten notes, and has been recommended for use in headlines, texts, literary works, poetry, and children’s stories.

Watad, the third font, was inspired by the tent peg with its letters having curved corners. Its suggested use was for text relating to festivals and sporting events.

The Ministry of Culture launched the initiative in celebration of the Arabic language. In a statement, it said: “It is introducing a unique touch that gives a Saudi identity to Arabic fonts and celebrates Saudi heritage and cultural symbols.”

The fonts can be downloaded at https://engage.moc.gov.sa/fonts.

source/content: arabnews.com (headline edited)

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SAUDI ARABIA