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  • Saudi Arabia External Balances Weaken on Oil Drop, IMF Says

    That would mark a significant turn around from 2022, when crude soared to almost $130 a barrel after Russia’s invasion of Ukraine and Saudi Arabia’s current account surplus was almost 14% of GDP. Prices have since fallen, in recent months because of concerns about the state of the US and China’s economies. This week, Brent has slumped more than 7% to around $73 a barrel, far below what the kingdom needs to balance its budget.

  • IMF: Financial and Regulatory Reform Agenda Contributes to Accelerating Saudi Economy’s Growth

    The International Monetary Fund (IMF) issued a favourable report on the Kingdom of Saudi Arabia following the conclusion of the Article IV consultations with Saudi Arabia. The IMF report confirmed that Saudi Arabia's financial and regulatory reform agenda contributed to accelerating the Saudi economy's growth, containing inflation, and reducing the unemployment rate to its lowest levels ever. The IMF praised the ongoing economic transformation and efforts to diversify the economy under the Saudi Vision 2030.

  • Saudi Industry Minister Visits China to Explore Investments, Cooperation

    Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef has commenced an official visit to the People's Republic of China. The visit aims to explore opportunities in the fields of automation and technology solutions, in addition to attracting quality investments to strategic industrial sectors in the Kingdom of Saudi Arabia, including the automotive, technology, and artificial intelligence sectors.

  • Saudi Athletes Poised for Paris Paralympic Challenges Wednesday

    Saudi Arabian athletes Abdulrahman Al-Qurashi, Ahmed Sharbatly, and Adnan Noor are primed for action as they prepare to take on their respective challenges in the Paris 2024 Paralympic Games on Wednesday. Al-Qurashi will be hitting the Men's 100m T53 wheelchair racetrack at Stade de France, competing against a cohort of vigorous athletes in heat 1.

  • Saudi Arabia’s fiscal breakeven oil price is rising fast. What will the kingdom do about it?

    In May of 2023 the International Monetary Fund forecast the kingdom’s breakeven oil price at $80.90 per barrel, which moved it back into a fiscal deficit following its first surplus in nearly a decade. The Fund’s latest forecast, in April, put that figure at $96.20 for 2024; a roughly 19% increase on the year before, and about 32% higher than the current price of a barrel of Brent crude, which is trading at around $73 as of Wednesday afternoon.

  • IMF says oil cuts phase-out will aid Saudi economy

    The phase-out of oil production cuts is expected to help increase Saudi Arabia’s overall growth to 4.7 percent in 2025, the International Monetary Fund (IMF) has said. However, growth is expected to average 3.7 percent annually beyond 2025, the fund said in its latest staff report. Despite the contraction of 0.8 percent in overall growth last year due to oil production cuts, non-oil GDP grew by 3.8 percent thanks to robust private consumption and non-oil investment.

  • US, Britain, EU to sign first international AI treaty

    The first legally binding international AI treaty will be open for signing on Thursday by the countries that negotiated it, including European Union members, the United States and Britain, the Council of Europe human rights organisation said. The AI Convention, which has been in the works for years and was adopted in May after discussions between 57 countries, addresses the risks AI may pose, while promoting responsible innovation.

  • Pope Francis calls for climate change action during Istiqlal Mosque visit

    Pope Francis on Thursday invited Muslims and Catholics to push global leaders to confront the dangers of climate change and extremism, and spoke of the common roots of different religious beliefs as he visited Southeast Asia's largest mosque in Jakarta. In a day laden with religious symbolism on his trip to Indonesia, the world's most populous Muslim-majority country, the pope issued a joint declaration with the national grand imam and other local faith leaders that called for "decisive action" to address the warming planet.

  • Bahrain, Iran edge closer to normalization despite setbacks

    Signaling a promising development in the region’s diplomatic landscape, Bahrain’s Foreign Minister Abdel Latif bin Rashid Al-Zayani flew to Iran in late July to attend the inauguration of new President Masoud Pezeshkian. The visit was Zayani’s third in recent months. After the sudden death of former president Ebrahim Raisi in a helicopter crash in May, the top diplomat appeared in the Iranian capital to convey condolences on the part of Bahrain’s King. The following month, Zayani participated in a Tehran meeting of the Asian Cooperation Dialogue (ACD).

  • Sustained Economic Growth Hinges on Productivity Gains as Populations Age

    “Productivity isn’t everything,” Paul Krugman wrote in his 1990 book, The Age of Diminished Expectations, “but in the long run it is almost everything.” Productivity is a foundation of prosperity. The only way a country can raise its standard of living sustainably is to produce more with existing or fewer resources. You cannot do that without improving productivity. It’s that simple.