Diriyah’s redevelopment recalls a time of unparalleled prosperity in First Saudi State

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Updated 21 February 2023
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Diriyah’s redevelopment recalls a time of unparalleled prosperity in First Saudi State

  • Will history repeat itself with the upcoming Diriyah Gate Project? Can the city rediscover its old luster?

“Nejnaj” is an Arabic word that means to move something and turn it over. If used to express an opinion, it means an unwavering persistence leading to persuasion.

Saudi historian Othman Ibn Bishr uses the word in his descriptions of the social aspect of Diriyah, which left him stunned by the picturesque views unfolding before his eyes, standing on Jabal Al-Qurayn, which overlooks the city’s mud palaces, and Wadi Hanifa with its palms and other trees. 

He wrote: “We saw Diriyah in the time of Imam Saud bin Abdulaziz. Its people were blessed with a lot of money, gold and silver-studded weapons, thoroughbred horses and Omani camels, luxurious clothes, and all sort of luxuries.”

The historian, who lived through the First Saudi State, highlighted the large number of transactions, and the purchasing power in the seasonal market in Diriyah during the eighteenth century. He wrote: “A landscape bursting to life, where the sound of nejnaj reminds of buzzing bees, the shouts of people buying and selling goods, with shops lining its eastern and western sides (referring to Wadi Hanifa).”

Ibn Bishr highlighted the impact of the purchasing power in Diriyah. He said that there was no gender discrimination in the market during the First Saudi State, and men and women alike would go to sell and buy goods, under the direct supervision of the leadership. The quality of life in Diriyah, the historical capital, had a great economic impact on the prices of houses and shops throughout Diriyah and its neighborhoods, with demand exceeding supply. 

The number of houses and shops for sale was very limited in the eighteenth century. Finding a house for sale, a rare occurrence at the time, directly implied the incurring of a hefty price equivalent to seven thousand riyals. As for shops, the monthly rental income generated by one shop was about 45 French riyals, which is an Austrian currency made of 23 grams of silver, and equivalent to 40 Saudi riyals nowadays.

Caravans of upscale clothing came from various neighboring civilizations, and when they reached Diriyah, the sales percentage increased significantly. The expansion of houses in Diriyah came at the expense of palm trees as well as other types of trees, forcing the buyer to purchase them for 45 riyals a palm.

The prices of wood and carpentry were absurd due to the high demand for construction purposes in Diriyah. Many houses were palaces and structures known as “makaseer,” the plural of “maksourah” which is, by definition, a structure larger than a mud castle.

The Saudi historian then discussed the economic aspect of “nejnaj” reflected by the flowing of people in the market and the surrounding neighborhoods, where one could listen to the sound of its occupants and their repetitive discourse, similar to the sound of “a strong torrent cascading from the high mountain.”

What was the purchasing power of Diriyah in the eighteenth century? Is history repeating itself with the upcoming Diriyah project? Residents of the Arabian Peninsula, as well as outsiders with their different classes, were encountered there, and the racial diversity is not surprising due to the security and unity that Diriyah added to various areas of the Arabian Peninsula that were managed from its castles in At-Turaif.

Ibn Bishr, an authentic Saudi source who witnessed the First Saudi State, in describing Diriyah’s purchasing power, expressed the economic, social, and cultural past of the city reflected through the human cohesion that is particular to the Najd area.

These aspects are not new elements added to the Diriyah project, but rather an authentic reality. Accordingly, this project promises to take us back to that reality where sales, purchasing power, prosperity, and quality of life were unparalleled. We will definitely return to this standard known as “nejnaj,” with Riyadh’s population set to exceed 15 million people this decade.


Saudi Central Bank lowers benchmark rate by 50 bps, following US Fed decision  

Updated 52 sec ago
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Saudi Central Bank lowers benchmark rate by 50 bps, following US Fed decision  

RIYADH: Saudi Arabia’s benchmark interest rate, held at 6 percent since July last year, has been lowered to 5.5 percent following a 50-basis-point cut announced by the Kingdom’s central bank.

This move aligns with the US Federal Reserve’s recent policy shift, which lowered interest rates by the same amount on Wednesday to a target range of 4.75-5 percent. It marks a shift in monetary policy after two years of rate hikes aimed at curbing inflation. 

Gulf Cooperation Council central banks, including Saudi Arabia, followed suit as their currencies are pegged to the US dollar. 

Lower interest rates are expected to relieve pressure on businesses and households with existing loan facilities, boosting domestic spending and improving corporate cash flow.

In a statement the central bank, also known as SAMA, said: “In line with its objective of preserving monetary stability, SAMA has decided to reduce the rate of Repurchase Agreement by 50 basis points to 5.50 percent, and the rate of Reverse Repurchase Agreement by 50 basis points to 5 percent.” 

This is the first rate cut in over four years, reflecting progress on inflation and a reassessment of economic risks.   

The policy shift could rejuvenate corporate activities and lending, particularly in the real estate sector, which has already seen substantial growth in Saudi Arabia.   

As global economic conditions change, GCC countries could leverage their resources and capital to drive internal growth.  

With lower borrowing costs, there is potential for investment in infrastructure, technology, and innovation — areas critical to the long-term diversification goals under Saudi Vision 2030.     

This initiative aims to reduce the region’s dependence on oil revenues while strengthening Saudi Arabia’s position as a hub for innovation and sustainable development.   

Lower rates are expected to have a significant impact on corporate lending. Saudi businesses, especially those in capital-intensive sectors like real estate, construction, and infrastructure, stand to benefit from cheaper credit, enabling more aggressive expansion and investment.  

This is crucial as the Kingdom continues to invest in large-scale projects such as NEOM, the Red Sea Project, and other key initiatives under Vision 2030.  

For Saudi banks, the rate cut presents both opportunities and challenges. Lower rates typically encourage more borrowing, potentially driving growth in lending portfolios, particularly in the real estate sector, where demand for housing has surged, fueled by a young population and urbanization trends.  

The sector could receive a further boost as lower interest rates make mortgages and property financing more affordable for consumers. 

While a rate cut can stimulate lending, it also compresses profit margins banks earn from loans. According to recent SAMA data, banks posted record-high profits of SR7.83 billion ($2.1 billion) in July, a 23 percent increase year on year.     

GCC rate decision 

Following the US Federal Reserve’s decision on Sept. 18, central banks in the UAE and Bahrain also lowered their interest rates by 50 basis points. 

Qatar took a slightly different approach, cutting its deposit, lending, and repo rates by 55 basis points.     

Meanwhile, Kuwait, which pegs its currency to a basket rather than solely to the US dollar, opted for a more modest reduction, trimming its discount rate by 25 basis points. 

These coordinated moves reflect the GCC's alignment with global monetary trends while balancing local economic considerations.    

Gulf countries generally did not require high interest rates compared to the US due to relatively stable inflation rates, often at or below 2 percent.    

As the US Federal Reserve begins its rate-cutting cycle, many economists view this as beneficial for the Gulf region.  

Lower rates in the US can help ease funding pressures, particularly as the region faces a weaker oil-price outlook.

Reduced interest rates in the Gulf can support investment programs and alleviate financial strains from lower oil revenues, aiding in managing economic development and infrastructure projects.   


Best and Worst: Tamaraah Al-Gabaani talks style moments, fashion trends, and good and bad advice

Updated 2 min 39 sec ago
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Best and Worst: Tamaraah Al-Gabaani talks style moments, fashion trends, and good and bad advice

DUBAI: Saudi Arabia-based fashion influencer Tamaraah Al-Gabbani talks style moments, fashion trends, and good and bad advice.  

Best TV show or film you’ve ever seen?    

My favorite show is “This is Us.” I loved it. It was a very realistic depiction of a modern family. I do not think I have ever cried so much as I have watching that show. I also felt really connected to all the characters and, over time, you become very attached to them and the outcome. I highly recommend it.  

My favorite movie is probably “The Usual Suspects.” It’s the only movie I’ve ever watched that completely threw me off regarding the end. It’s very intelligently put together. I really love that. And then I also love the whole “Game of Thrones,” “House of the Dragon,” “Lord of the Rings,” series and movies.  

Worst TV show or film you’ve ever seen?   

Any horror thing. I can’t watch it. I can’t watch anything negative in general. 

Best personal style moment so far?    

My Atlantis The Royal opening looks. I did a few. The red-carpet look was one of my favorite ever. Also, this year’s Dubai World Cup look was actually covered by CNN. So those are probably my favorite style moments.   

Worst personal style moment?    

Oh, let’s not even go there. I have so many. It is so embarrassing.  

Best accessory for a little black dress?    

Red lipstick.  

Worst accessory for a little black dress?    

It’s very hard to say. Almost anything goes with a little black dress. You can’t really go wrong.  

Best fashion trend of 2024?    

I am in love with socks, tights and stockings of all colors and styles. I’m having so much fun styling them this year.  

Worst fashion trend of 2024?    

Elevated activewear. Like, wearing your yoga outfit with a pair of heels. As creative as I am, and as much as I like to break boundaries, I just can’t seem to like this trend.  

Best advice you’ve ever been given?   

‘Be a blessing.’ During COVID-19, I did a lot of Tony Robbins courses. They were life -changing. This is one of the mission statements he lives by. I found it so inspiring; it really resonated with me. I want to leave this life knowing that I did my best.  

Worst advice you’ve ever been given? 

That I shouldn’t work in fashion and that fashion isn’t for me.  

Best thing to do when you’re feeling low?    

Move your body. That came from a Tony Robbins course. He said whenever you’re not feeling good, move your body. And since I started doing that, I’ve been able to regulate my emotions much better.  

Worst thing to do when you’re feeling good?    

Be around negative people, or people that complain or gossip about other people.  

Best holiday destination?    

I love winter holiday destinations. So, snow and skiing. Like Courchevel 1850 in France, for example.  

Worst holiday destination?    

I’m not really a beach person, so it would be an island holiday where there’s nothing to do but lay on a beach. I like to move. 

Best thing to do to ensure you have a productive day?   

Get up early, get some sunlight and move my body. I usually wake up between 6:30 a.m. and 7:30 a.m. and then I go to ballet, which I do about five times a week first thing in the morning.  

Worst thing to do when you’re trying to have a productive day?    

Be sedentary. Do not sit still if you’re trying to be productive. 

Best concert you’ve ever been to?   

The best concert I have ever been to would be Guns N’ Roses. I went backstage to meet Axl Rose afterwards. It was like a high point in life, and I went with my best friend at the time, and it was her dream. So, I did everything to make it come true. And obviously her happiness made me happy, and it’s an amazing memory that we have together. Another great concert was Prince at Yas Island in Abu Dhabi.  

Worst concert you’ve ever been to? 

I don’t think I’ve ever been to a bad concert. 


Hezbollah says 20 members dead, hours after walkie-talkie blasts

Updated 21 min 49 sec ago
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Hezbollah says 20 members dead, hours after walkie-talkie blasts

  • Hezbollah chief Hassan Nasrallah is due to give his first televised speech since the attacks on Thursday afternoon

Beirut: Lebanon’s Hezbollah group said 20 of its members were killed, with a source close to the group telling AFP on Thursday that they had died in walkie-talkie blasts blamed on Israel the day before.
The group sent separate death notices for each member from Wednesday evening to Thursday morning, saying they had been killed “on the road to Jerusalem” — the phrase used by Hezbollah to refer to fighters killed by Israel.
“The 20 Hezbollah members were killed by walkie-talkie explosions” across Lebanon on Wednesday, the source told AFP, requesting anonymity to discuss sensitive matters.
Earlier Wednesday, the health ministry said the second wave of explosions of electronic devices in Hezbollah strongholds in Lebanon killed 20 people and left more than 450 people wounded.
Wednesday’s blasts came a day after the simultaneous detonation of pagers used by Hezbollah killed 12 people, including two children, and wounded up to 2,800 others across Lebanon, in an unprecedented attack blamed on Israel.
Israel did not comment on the incidents.
Hezbollah chief Hassan Nasrallah is due to give his first televised speech since the attacks on Thursday afternoon.


Anthony Joshua ready to show ‘gladiatorial spirit’ in IBF title clash with Dubois

Updated 6 min 58 sec ago
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Anthony Joshua ready to show ‘gladiatorial spirit’ in IBF title clash with Dubois

  • Joshua, Dubois and fighters in Riyadh Season Card Wembley Edition undercard put through their paces at public workout

LONDON: Boxer Anthony Joshua said he was feeling “no emotion” ahead of his International Boxing Federation heavyweight title bout with reigning champion Daniel Dubois on Saturday.

The former two-time world champion told a public workout at Wembley Arena on Wednesday night that he wanted to show his “gladiatorial spirit” in front of an expected crowd of over 96,000 at Wembley Stadium.

AJ, Dubois and all of the fighters taking part in the Riyadh Season Card Wembley Edition undercard were put through their paces at the workout event, which was free for the public to attend.

“There’s no emotion. No emotions. I’m just here,” Joshua said.

The Watford man was impressed with the scale and standard of the facilities for a public workout. 

“There’s a fight here happening tonight right? Ten out of ten. Three fights happening tonight. It’s ten out of ten,” he said.

“I feel like I’m in the ring ready for my fight as well. It feels good. Canvas feels good. Size is good. I just need to get my wraps on and my gloves and I could fight today,” he added.

When pressed on what he had planned for the next three days ahead of the fight, he continued: “More media, more talking. More training most importantly. And walking into the ring in front of 96,000 people ready to show people my gladiatorial spirit.”

Joshua was accompanied in the ring by young members of his first amateur boxing club in Finchley.

“It means everything, it’s what it’s about, opening doors for people like people did for me too,” Joshua said when asked about the importance of giving back to the next generation.

“This is being on the big stage, they’re the boys and girls from my club, we’re a local town and so I thought I’d bring them down,” he added.

Dubois said he was ready for the build-up to the fight to finish and just wanted the bout to start.

“It’s all part of the pre-fight ritual, I’m going through the motions and just building up my energy for Saturday. I’m ready to fight so I’m in a good place at the moment,” he said.

“I’ve just worked hard in the gym. I’ve suffered and worked really hard for weeks and months. 

“I know I need to go to another level at my very best. I can’t wait for the challenge on Saturday. I’m ready to fight, let’s go,” he added.

As part of the event, Riyadh Season put on three small-rounded bouts following the public workouts. Chris Kongo was among the winners after easing to a 59-55 win over Jacob Quinn.

The fights also included Aadam Hamed, the son of legendary boxer Prince Naseem, who looked classy in his victory over Santiago Garces.

The bill was topped by the highly-regarded Cameron Vuong who looked impressive in beating Joe Underwood Hughes.


Israeli security services arrest Israeli man over alleged Iranian-backed assassination plot

Updated 28 min 13 sec ago
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Israeli security services arrest Israeli man over alleged Iranian-backed assassination plot

  • Man attends at least two meetings in Iran to discuss the possibility of assassinating Prime Minister Benjamin Netanyahu

JERUSALEM: Israeli security services said on Thursday they had arrested an Israeli citizen on suspicion of involvement in an Iranian-backed assassination plot targeting prominent people including the prime minister.
It said the person was a businessman with connections in Turkiye who had attended at least two meetings in Iran to discuss the possibility of assassinating Prime Minister Benjamin Netanyahu, Defense Minister Yoav Gallant or the head of the Shin Bet domestic intelligence agency.
The arrest took place last month, according to a joint statement by Shin Bet and the Israeli police that highlighted the intelligence war running alongside the escalating conflict on Israel’s border with southern Lebanon.
Last week, Shin Bet uncovered what it said was a plot by Lebanese militant group Hezbollah to assassinate a former senior defense official, who was subsequently identified as the former army Chief of Staff and Defense Minister Moshe Ya’alon.
The announcement of the arrest came a day after Hezbollah was hit for a second day running by a sophisticated
attack
that detonated communications equipment remotely, killing at least 20 people and wounding more than 450.
Israel has not commented directly on the attack but multiple security sources have said it was undertaken by Israel’s spy agency Mossad.