SAMA economy report: Positive indicators despite a small GDP contraction
Report highlights surplus of SR57.1 billion in 2017 against a deficit of SR89.4 billion in 2016
Updated 06 September 2018
Arab News
JEDDAH: King Salman on Wednesday discussed the economic prospects of the country with the country’s finance minister and other officials, after being presented with the 54th annual report of the Saudi Arabian Monetary Authority (SAMA).
The meeting, which took place at Al-Salam Palace in Jeddah, saw the attendance of the Minister of Finance Mohammed bin Abdullah Al-Jadaan, SAMA Gov. Ahmed Abdulkarim Alkholifey and the governor’s deputies.
SAMA, in its annual report, detailed the economic and financial developments of the country in 2017. King Salman praised SAMA’s efforts in serving the national economy and achieving desired objectives as part of the Kingdom’s Vision 2030.
Alkholifey, on his part, said that the national economy had witnessed a number of positive indicators despite the contraction of the GDP by about 0.86 percent, as a result of the decline of the GDP of the oil sector by 3.09 percent. However, the GDP of the non-oil sector registered a positive growth of 1.05 percent. The average consumer price index fell by 0.9 percent in 2017 compared to a rise of 2.0 percent in 2016.
He added that the most telling achievement was the remarkable improvement in the Kingdom’s current account of the balance of payments, which recorded a surplus of SR57.1 billion in 2017 against a deficit of SR89.4 billion in 2016. Another feather in its cap was the inclusion of the Saudi Stock Exchange in a number of global market indexes for emerging markets – a move expected to attract more local and foreign investments.
Alkholifey expressed hope that the local economy would continue to adjust to reforms adopted during the last two years by achieving good growth rates and contributing to the goals of the kingdom. He added that the policies are helping the Kingdom move toward achieving a diversified and sustainable economy.
He also noted that in early 2018, a financial sector development program was conceptualized to advance the sector and, in turn, support the economy, stimulate savings and improve its ability to meet future challenges.
Alkholifey said that accelerating the growth of the financial sector was one of SAMA’s key tasks – something which it hopes to achieve to support the economic goals of the Kingdom.
Saudi Arabia rubber stamped as host of 6th UN World Data Forum in 2026
Kingdom’s successful bid endorsed by High-Level Group for Partnership, Coordination, and Capacity-Building in Statistics (HLG-PCCB)
Updated 16 November 2024
Arab News
RIYADH: Saudi Arabia was confirmed on Friday as host of the sixth edition of the UN World Data Forum in 2026, Saudi Press Agency reported on Saturday.
The announcement was made at Friday’s conclusion of the fifth edition, held in Medellin in Colombia and attended by representatives from all 193 UN member states.
The Kingdom’s successful bid was endorsed by the High-Level Group for Partnership, Coordination, and Capacity-Building in Statistics (HLG-PCCB), recognizing Saudi Arabia’s significant progress and commitment to leveraging data for sustainable development.
Fahad Aldossari, president of the General Authority for Statistics (GASTAT), expressed his congratulations to King Salman and Crown Prince Mohammed bin Salman for their continued support.
He acknowledged their backing and the role it has played in strengthening GASTAT’s global presence and expertise, enabling it to compete on an international scale.
Aldossari noted that hosting the 6th UN World Data Forum was a testament to Saudi Arabia’s comprehensive advancements across various sectors, particularly in data and statistics.
“This forum will be an invaluable platform for sharing technical expertise, fostering partnerships with national statistical offices worldwide, and enhancing global cooperation in statistics,” he said.
He also expressed gratitude to Colombia’s government, the UN, and the National Department of Statistics (DANE) for their successful organization of the 5th forum, as well as to the HLG-PCCB and participating representatives for their dedication.
The UN World Data Forum is a premier global event, drawing more than 20,000 participants from government bodies, national statistical offices, international and regional organizations, academia, civil society, and the private sector.
It addresses challenges in global data and statistics, fosters collaboration, and underscores the importance of data in shaping effective policies and initiatives.
Soul searching: How astrology and crystals are captivating younger generations
Younger generations are more open to exploring unconventional topics, says astrology enthusiast
Updated 16 November 2024
Waad Hussain
RIYADH: In recent years, young Saudis have been increasingly drawn to astrology and crystals.
Arab News spoke to several Saudis who explained how this trend reflects a deeper desire for self-exploration and healing, particularly among the younger generation, who are navigating an era of rapid change and seeking guidance beyond traditional frameworks.
Young Saudis say that astrology — a system linking the position of planets to personality traits — as well as crystals, which some believe aid in personal healing, have provided avenues for them to explore their identities, face their anxieties and find meaning.
Mawadda Al-Surehi, owner of AGAPE & Co., a store in Saudi Arabia, described her journey as a response to a society that she believes often overlooks the well-being of the soul.
“We’re in an era where people are becoming more materialistic, focusing on possessions and forgetting their souls,” she said.
Al-Surehi’s products purportedly support meditation, inner peace and calmness. “Crystals are often underrated and seen only as pretty or aesthetic, but they actually carry a lot of energy and frequency,” she said. “I believe they’re part of our spiritual journey and have been for centuries.”
HIGHLIGHTS
• In a time of rapid change, uncertainty and global challenges, astrology and crystals promise young Saudis a sense of control, comfort and connection.
• Mawadda Al-Surehi predicts that crystals will become a staple in the lives of many Saudis, and are not just a passing trend.
“Crystals work like lemon and honey for the flu,” Al-Surehi said. “They’re for healing the spiritual side of you.”
She predicted that crystals will become a staple in the lives of many Saudis, and are not just a passing trend.
Salsabil Al-Shajiri spoke about how her initial interest in astrology stemmed from curiosity. “I was interested in learning how these practices had captivated so many people,” she said. While she does not view astrology as an absolute truth, Salsabil appreciates its potential to help people reflect on their characteristics and tendencies, providing insight into relationships and behaviors.
She believes that the popularity of astrology among young Saudis is largely due to a desire for self-exploration. “They seek a way to discover their true selves,” she said, explaining how studying astrology has improved her mental health and perspective on life, helping her progress through personal development with a more positive outlook.
We’re in an era where people are becoming more materialistic, focusing on possessions and forgetting their souls.
Mawadda Al-Surehi, AGAPE & Co. owner
Abeer Ahmed shares a similar sentiment. “At the age of 27, astrology fits naturally and intuitively into my life,” she said. For Ahmed, astrology provides insight into daily life, although she approaches it with a balanced perspective. “I’ve learned through the years to take everything with a grain of salt,” she added, highlighting how she views astrology as a supportive tool rather than a definitive guide.
Ahmed believes that young Saudis are drawn to astrology because of its fun and mysterious nature. “The idea that we each have a birth chart, unique to us, and can gain insight through studying constellations — that’s so fun,” she said. Younger generations, Abeer said, are more open to exploring unconventional topics. At various points in her life, astrology has provided her with confidence and a sense of direction. However, she cautioned against allowing it to dominate one’s life, highlighting that nothing should replace one’s own inner compass.
For Jomanah Nawaf, an interest in astrology and crystals began in 2018 when she discovered her placement — an aspect of astrology that attributes personality characteristics related to the time of a person’s birth.
Her particular placement of Sagittarius and Jupiter is said to represent a drive for personal freedom, truth and understanding — qualities that Jomanah found “ironically fitting.”
What started as a casual interest on social media quickly became a daily ritual. “Not a day goes by where I don’t use my astrology knowledge for personal reasons,” Nawaf said, adding that she incorporates astrology into everything from salon appointments to medical decisions.
Nawaf said that social media played a significant role in spreading these practices, especially during the COVID-19 pandemic when people spent more time online. She likens astrology to a personality test that offers labels to help people understand their experiences. “Astrology helps you understand what’s going on in your life and brings some relief,” she said. For Jomanah, astrology provides a sense of clarity and control in an unpredictable world, helping her navigate challenges with a calm perspective.
Wedad Bughararah was initially drawn to crystals because of their beauty, not necessarily because she believed they held energy. “Just having them around brought a sense of calm,” she said. This sense of peace led her to explore spirituality more deeply, discovering a world that felt both comforting and enlightening.
Bughararah commented on the generational draw to age-old practices. “Most of generation Z is struggling with depression because we don’t see a lot of hope for the future,” she said, adding that these practices provide a beacon of hope in an otherwise unpredictable life.
For some, like Al-Surehi, spirituality is a holistic journey that encompasses mind, body and soul. For others, like Ahmed and Nawaf, astrology serves as a tool for navigating life’s complexities.
In a time of rapid change, uncertainty and global challenges, astrology and crystals promise young Saudis a sense of control, comfort and connection. As Al-Surehi, eloquently puts it: “At the end of the day, you’re a soul inside a body.”
For this generation, spirituality presents itself as both a medicine for the soul and a guide to navigating the complexities of modern life.
A highlight of the exhibition is an immersive recreation of the Cave of Hira, where the Prophet Muhammad is said to have received his first revelation
Updated 16 November 2024
Arab News
RIYADH: The Hira Cultural District in Makkah is currently hosting the Revelation Exhibition, drawing visitors from all walks of life.
The exhibition provides a unique opportunity to delve into the stories of the prophets, from Adam to Muhammad.
A highlight of the exhibition is an immersive recreation of the Cave of Hira, where the Prophet Muhammad is said to have received his first revelation.
Visitors can go back in time to experience the historic moment through state-of-the-art technology and interactive displays.
The exhibition also features a range of artifacts, including a photographed copy of the Qur’an that belonged to the esteemed companion Uthman ibn Affan, and ancient stone inscriptions bearing verses from the Qur’an.
The Hira Cultural District is a cultural and tourism destination which is committed to enriching the visitor experience.
Its Autumn Vacation series of events offers a diverse range of experiences, including equestrian skills demonstrations, a display of traditional caravans, and engaging challenges.
TUNIS: Tunisian President Kais Saied received Saudi Minister of Investment Khalid Al-Falih and his delegation on Saturday at the Presidential Palace of Carthage.
The minister passed on greetings from King Salman and Crown Prince Mohammed bin Salman to Saied, along with their well wishes for Tunisia’s ongoing progress, stability and growth, the Saudi Press Agency reported.
Saied thanked Saudi Arabia for its leadership in the Arab and Islamic world, emphasizing the Kingdom’s vital role in fostering regional unity and development, the SPA added.
The meeting, which was also attended by Saudi Ambassador to Tunisia Abdulaziz bin Ali Al-Saqr, focused on strengthening cooperation between the two countries in the investment sector.
The parties discussed enhancing economic collaboration and exploring potential opportunities to align their aspirations in various investment sectors.
An agreement to formalize a memorandum of understanding aimed at encouraging and expanding mutual investments was also discussed.
Saied backed the move and emphasized that the agreement represented a significant step forward in cementing economic ties and fostering shared development initiatives between Tunisia and Saudi Arabia.
Royal Saudi Air Force commander meets US Air Force official
The parties reviewed current and future programs and projects of the Royal Saudi Air Force
Updated 16 November 2024
Arab News
RIYADH: Lt. Gen. Turki bin Bandar bin Abdulaziz, the commander of the Royal Saudi Air Force, met the Deputy Undersecretary of the US Air Force for International Affairs Kelli Seybolt, the Defense Ministry wrote on X on Saturday.
The parties reviewed current and future programs and projects of the Royal Saudi Air Force, in the presence of program directors and the accompanying Saudi delegation.
Meanwhile, the Saudi Minister of Investment Khalid Al-Falih recently met the French Minister for Europe and Foreign Affairs Jean-Noel Barrot, in Paris.
Barrot hosted a reception for Saudi and French companies, the Saudi minister wrote on X on Saturday.
Al-Falih also held a meeting with CEOs from a number of French companies to help stimulate and develop joint investments.