蹤獲弝け

Saudi leaders unite with global icons in Uzbekistan to discuss growth of creative economy

Special Saudi leaders unite with global icons in Uzbekistan to discuss growth of creative economy
The 4th World Conference on Creative Economy witnessed a strong Saudi presence. Supplied
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Updated 03 October 2024

Saudi leaders unite with global icons in Uzbekistan to discuss growth of creative economy

Saudi leaders unite with global icons in Uzbekistan to discuss growth of creative economy

TASHKENT: Industry leaders from 蹤獲弝け joined fashion icon Naomi Campbell and other prominent figures at a pivotal conference in Uzbekistan dedicated to the creative economy.

Taking place in Tashkent from Oct. 2 to 4, the forum serves as a platform for members of the global creative community to engage in essential discussions on sustainable development and innovation within artistic practices.

The conference also highlighted the promising future of the creative economy, a sector rapidly expanding worldwide. Currently, cultural and creative industries generate approximately $2.3 trillion annually and contribute 3.1 percent to the global GDP, with projections suggesting this could rise to 10 percent by 2030.

Organized by the Uzbekistan Art and Culture Development Foundation, Indonesia, the UN Conference on Trade and Development, and the World Intellectual Property Organization, this years event aimed to explore new avenues for the creative economy.

The 4th World Conference on Creative Economy showcased a robust Saudi presence, aimed at fostering collaboration under the theme: Inclusively creative: A shifted reality.

蹤獲弝けs participation in the event underscores the countrys rising influence in the international creative landscape, aligning its initiatives with global movements in sustainability, creativity, and cultural diplomacy.

Although she was unable to attend in person due to unrest in the Middle East and North Africa region, Princess Nourah Al-Faisal a key figure in the Kingdoms creative community underscored the significance of the discussions, referring to the conference as an exciting and important platform.

Speaking exclusively to Arab News, she emphasized: Its extremely important that, at a time like this, people come together to talk about creativity, youth empowerment, and the sustainability of the creative economy to develop a better world for future generations.

She further expressed her regret at missing the event: I am just so sorry that I was unable to make it. Its such an exciting event, an important event to have, and so many important discussions and dialogues are taking place.

Jeroen Frumau, lead consultant for Princess Nourah Al-Faisals consulting service, Adhlal, elaborated on her contributions during a panel discussion titled Creative and sustainable visions for a world that works for people and planet.




Nora Al-Dabal. Supplied

Nora Al-Dabal,executive director for Arts and Creative Industries at the Royal Commission for AlUla, participated in another panel, Innovation engines creative clusters, fab-labs, and artist accelerators.

She shared her motivation for being part of the discussions: A lot of our work focuses on the Global South, and being here today with the creatives and the policymakers is very important.

Al-Dabaladded: We do run a residency program in AlUla that is open for artists from all over the world. We strive to make sure it is inclusive.

AlUla, renowned as one of the largest open living museums globally, has recently emerged as a significant hub for creatives in northwestern 蹤獲弝け.

Ahmad Angawi, a prominent Saudi speaker and founder of Zawiya 97 described as a creative hub located in the heart of historic Al-Balad, Jeddah also shared insights on the Kingdoms leadership in the creative economy.

He expressed his satisfaction with the Saudi presence at the conference: I was very pleased to see the Saudi presence here; we have Nora Al-Dabal from AlUla and, later, Mashael Al-Yahya from Misk Foundation.

Angawi told Arab News that while Princess Nourah Al-Faisal was unable to attend, her planned participation signifies that we are already leading in the creative economy.

Hiswork with the Al Makmad Foundation and Zawiya 97, alongside decades dedicated to reviving traditional Saudi crafts, underscores the Kingdoms commitment to preserving traditional arts while embracing innovation.

Its always a pleasure to be here in Uzbekistan its a rich history, Angawi said, adding, We have a beautiful connection of cultural exchange between Uzbekistan and Saudi. Its always a great pleasure to highlight and show the commonality between us and them.

Angawi went to say:Its a great time for creatives, for artists, for craftsmen, and for makers to be developing work even the technology of AI is rooted in the crafts.




Ahmad Angawi. Supplied

Key participants at the WCCE included Saida Mirziyoyeva, adviser to the president of Uzbekistan, along with other influential figures. The sessions covered a broad spectrum of topics, including the integration of AI in the arts, the future of creative education, and the potential for art and culture to enhance diplomacy and urban development.

Gayane Umerova, chairperson of Uzbekistans Art and Culture Development Foundation, expressed her enthusiasm for the ongoing creative transformation: We are living in a very exciting time for arts and culture, she said. Creators today are blurring the lines between business, arts, and technology, and WCCE comes at an opportune time for a global discussion on uplifting the next generation of creators.




A panel discussion at the event, which was held inUzbekistan for the first time. Supplied

Discussions at WCCE, established in 2018, emphasized the importance of mindful collaboration across industries and sectors to ensure equitable growth, particularly as creative fields increasingly intersect with technology and sustainability initiatives.

As the first WCCE held in Uzbekistan, the conference demonstrated the potential of the creative sector to drive sustainable development, job creation, and cultural enrichment on a global scale. The next biennial WCCE is set to return to its origins in Indonesia, where the inaugural event took place.


Closing Bell: Saudi main index ends lower at 10,833

Closing Bell: Saudi main index ends lower at 10,833
Updated 03 August 2025

Closing Bell: Saudi main index ends lower at 10,833

Closing Bell: Saudi main index ends lower at 10,833
  • Parallel market Nomu fell 0.63% to close at 26,755.84
  • MSCI Tadawul Index lost 0.79% to end at 1,398.65

RIYADH: 蹤獲弝けs Tadawul All Share Index slipped on Sunday, falling 87.17 points, or 0.80 percent, to close at 10,833.10.

The total trading turnover of the benchmark index stood at SR3.39 billion ($904 million), with 62 stocks advancing and 187 declining.

The Kingdoms parallel market Nomu fell 169.14 points, or 0.63 percent, to close at 26,755.84, as 30 stocks advanced while 50 retreated.

The MSCI Tadawul Index also dropped, losing 11.09 points, or 0.79 percent, to end at 1,398.65.

The best-performing stock of the day was Sport Clubs Co., whose share price rose 9.96 percent to SR12.37.

Other top performers included Thimar Development Holding Co., which increased 6.67 percent to SR38.68, and Nama Chemicals Co., which gained 5.72 percent to SR26.24.

Saudi Aramco Base Oil Co., or Luberef, recorded the most significant decline, dropping 9.96 percent to SR94.00.

Jabal Omar Development Co. saw its share price fall 5.39 percent to SR18.96, while Dar Alarkan Real Estate Development Co. declined 4.35 percent to SR18.27.

On the announcements front, Saudi Basic Industries Corp. reported its interim financial results for the period ending June 30. According to a Tadawul statement, the company recorded a net loss of SR5.28 billion during the first six months of the year, compared to a net profit of SR2.43 billion in the same period a year earlier. 

The decline was primarily due to impairment charges, provisions, a strategic restructuring initiative, lower results from associates and non-integral joint ventures, and a zakat expense of SR694 million in 2025 versus a positive non-cash benefit of SR214 million in 2024.

SABIC also announced the board of directors recommendation to distribute SR4.5 billion in cash dividends to shareholders for the first half of 2025. A bourse filing revealed that the total number of shares eligible for dividends amounted to 3 billion, with a dividend per share of SR1.5, representing 15 percent of the shares par value.

SABICs share closed the session at SR54.45, down 1.19 percent.

Luberef released its interim financial results for the first half of the year. According to a Tadawul statement, the company posted a net profit of SR446 million, down 13.2 percent year-on-year, mainly due to lower crack margins for by-products and a decline in base oil sales volumes, despite an improvement in base oil crack margins.

The company also announced the boards recommendation to distribute SR168 million in cash dividends for the first half of 2025.
A bourse filing said the number of shares eligible for dividends was 168 million, with a dividend per share of SR1, equivalent to 10 percent of the shares par value.


蹤獲弝け opens August Sah savings sukuk window with 4.97% return

蹤獲弝け opens August Sah savings sukuk window with 4.97% return
Updated 03 August 2025

蹤獲弝け opens August Sah savings sukuk window with 4.97% return

蹤獲弝け opens August Sah savings sukuk window with 4.97% return
  • Subscription for issuance will remain available until Aug. 5
  • Minimum subscription amount set at SR1,000, with maximum cap of SR200,000

RIYADH: 蹤獲弝け has announced the opening of the August subscription window for its government-backed savings sukuk, offering an annual return of 4.97 percent, marking an increase from Julys 4.88 percent. 

The Sah sukuk is part of the 2025 issuance calendar overseen by the National Debt Management Center under the Ministry of Finance. 

The initiative is aligned with the Financial Sector Development Program, a key pillar of Vision 2030, which aims to elevate the national savings rate from 6 percent to 10 percent by the end of the decade. 

Subscription for the issuance opened at 10 a.m. Saudi time on Aug. 3 and will remain available until 3 p.m. on Aug. 5. The sukuk remains Shariah-compliant, denominated in Saudi riyals, and structured with a one-year maturity, offering fixed returns upon redemption. 

The minimum subscription amount is set at SR1,000 ($266.58), with a maximum cap of SR200,000 per investor. 

Individual investors aged 18 and above can participate through approved digital channels, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital. 

As the Kingdoms first retail-oriented, government-backed savings instrument, Sah is designed to enhance personal financial planning and encourage disciplined savings habits among individuals. 

The product offers several features to make savings accessible, including zero subscription fees, a simplified digital onboarding process, and flexibility in redemption, allowing subscribers to withdraw their funds during specified windows without penalties on the principal amount. 

The sukuk is issued in the form of lease-based structures, ensuring compliance with Shariah principles, and does not qualify as a tradable security on the Saudi financial market. 

The NDMC said the return rate for each issuance is determined based on prevailing market conditions, which may vary month to month. 

Sah sukuk are considered low-risk, government-guaranteed instruments, contributing to the Kingdoms broader strategy of expanding the range of domestic savings products available to individuals. 

The NDMC said the sukuk supports the development of a more robust savings culture while fostering collaboration between public institutions and private financial entities. 


OPEC+ to raise oil output by 547,000 bpd in September

OPEC+ to raise oil output by 547,000 bpd in September
Updated 03 August 2025

OPEC+ to raise oil output by 547,000 bpd in September

OPEC+ to raise oil output by 547,000 bpd in September
  • Group said gradual phase-out of voluntary production cuts could be paused or reversed
  • It ensures alliances ability to respond swiftly and maintain balance in global oil markets

RIYADH: The OPEC+ alliance has agreed to increase oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals.

In a statement issued on Sunday, the group emphasized its continued flexibility, noting that the gradual phase-out of voluntary production cuts could be paused or reversed depending on evolving market conditions.

This approach, it said, ensures the alliances ability to respond swiftly and maintain balance in global oil markets.

The decision marks the final stage of a phased reversal of the 2.2 million bpd voluntary production cuts implemented by eight OPEC+ members in 2023, a move initially aimed at stabilizing prices amid economic uncertainty.

The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation, the statement read.

The producers also reaffirmed their commitment to full compliance with the groups Declaration of Cooperation, and said that the Joint Ministerial Monitoring Committee would continue to supervise the voluntary adjustments, as agreed during its 53rd meeting on April 3, 2024.

The alliance had earlier approved smaller monthly increases138,000 bpd in April, and 411,000 bpd each for May, June and July. In July, it announced a larger-than-expected increase of 548,000 bpd for August.

The latest hike will bring 蹤獲弝けs output to 9.97 million barrels per day in September. Russia is set to produce 9.44 million bpd, Iraq 4.22 million, and the UAE 3.37 million. Production levels for Kuwait, Kazakhstan, Algeria, and Oman are projected at 2.54 million, 1.55 million, 959,000 and 801,000 bpd, respectively.

OPEC+ also said it would continue holding monthly meetings to review market conditions, compliance, and compensation, with the next gathering scheduled for Sept. 7.

In a speech at the St. Petersburg International Economic Forum in June, Saudi Energy Minister Prince Abdulaziz bin Salman described OPEC+ as the central bank of the global oil market, highlighting the alliances stabilizing role amid ongoing economic volatility.


GCCs constant GDP grows 3.3% to $456.3bn in Q4 2024

GCCs constant GDP grows 3.3% to $456.3bn in Q4 2024
Updated 03 August 2025

GCCs constant GDP grows 3.3% to $456.3bn in Q4 2024

GCCs constant GDP grows 3.3% to $456.3bn in Q4 2024
  • Nonoil activities accounted for% of regions GDP at constant prices
  • Oil activities contributed 29.4%

RIYADH: The gross domestic product of Gulf Cooperation Council countries rose 3.3 percent at constant prices to $456.3畜illion by the end of 2024, according to a new report.

Nonoil activities accounted for 70.6皰ercent of the regions GDP at constant prices in the final quarter, while oil activities contributed 29.4 percent, Oman News Agency reported, citing the Gulf Statistical Center.

The contribution of nonoil activities to the GCC GDP at constant prices reached 70.6皰ercent by the end of the fourth quarter of 2024, ONA said.

The GDP growth aligns with broader trends across the Gulf, where nominal GDP reached $587.8畜illion, growing 1.5 皰ercent year on year, with non-oil sectors contributing 77.9 皰ercent of the total growth.

Qatar recorded the highest real GDP increase at 4.5 皰ercent, followed by the UAE at 3.6 percent, and 蹤獲弝け at 2.8 percent, highlighting non-oil expansion as the main driver across the bloc.

Real GDP across the GCC rose 2.4皰ercent, with nonoil GDP expanding by 3.7皰ercent and oil GDP contracting by 0.9皰ercent due to voluntary OPEC+ production cuts.

Nonoil sectors such as manufacturing, wholesale and retail trade, construction, finance, real estate, and public administration collectively underpinned this growth, with manufacturing alone contributing 12.5皰ercent and retail trade nearly 9.9皰ercent of nominal GDP.

蹤獲弝けs economy grew 1.3皰ercent, with fourthquarter real growth of 4.4皰ercent compared to the same period in 2023. Nonoil activities grew 4.6皰ercent, outpacing a 4.5皰ercent contraction in oil output as government spending increased by 2.6皰ercent, Reuters reported.

Strategic programs like the National Industrial Development and Logistics Program contributed SR986畜illion ($262.8畜illion) to nonoil GDP in 2024, representing 39 percent of the nations nonoil output, with overall nonoil activities accounting for 55 percent of total GDP.

The GCCs pivot away from hydrocarbon dependence is supported by major investments in tourism, logistics, manufacturing, and finance, combined with regulatory reforms and infrastructure expansion.

National reforms such as Saudi Vision2030, the UAEs Economic Vision, Qatars National Vision 2030, and Omans Vision 2040 are all central to this shift.


Azerbaijan to export 1.2bn cubic meters of gas to Syria annually via Turkiye

Azerbaijan to export 1.2bn cubic meters of gas to Syria annually via Turkiye
Updated 03 August 2025

Azerbaijan to export 1.2bn cubic meters of gas to Syria annually via Turkiye

Azerbaijan to export 1.2bn cubic meters of gas to Syria annually via Turkiye
  • Syrian energy minister said new gas supply will boost electricity generation by about 750 megawatts
  • Turkish counterpart said deal targets initial daily deliveries of 6 million cubic meters

RIYADH: Azerbaijan will export 1.2 billion cubic meters of natural gas annually to Syria through Turkiye, marking a significant shift in regional energy cooperation and highlighting Ankaras growing involvement in Syrian reconstruction.

The gas will be sourced from the Shah Deniz field in the Caspian Sea, operated by a BP-led consortium, and transported through a pipeline linking Turkiye and Syria, according to SOCAR Vice President Elshad Nasirov. He made the remarks during a ceremony in Kilis, a Turkish city near the Syrian border.

The export deal follows agreements earlier this year between Azerbaijan President Ilham Aliyev and Syrian President Ahmad Al-Sharaa, Azerbaijans Economy Minister Mikayil Jabbarov said, as reported by Reuters.

The development comes as Turkiye moves to normalize ties with the Damascus government, pivoting from its previous support for opposition groups. Turkish companies in construction, logistics, and manufacturing are expected to play a leading role in rebuilding Syria, where damage estimates top $1 trillion, according to the UN.

With this agreement, Azerbaijan proves it can supply gas not only westward, but also to the East and South, Nasirov said.

Syrian Energy Minister Mohammad Al-Bashir said the new gas supply will boost electricity generation by about 750 megawatts, providing an additional four hours of daily electricity in several war-affected areas.

Turkish Energy Minister Alparslan Bayraktar said the deal targets initial daily deliveries of 6 million cubic meters, aligning with the 1.2 bcm annual goal. He added the first phase could expand to 2 bcm per year, enough to restart Syrian power plants with a total capacity of 1,200 MW.

However, Al-Bashir noted the initial phase will begin with 3.4 million cubic meters per day, with gradual increases. He emphasized the gas would directly support energy restoration in the countrys most devastated regions.

In a joint press conference in May, Bayraktar said the agreement could eventually power up to 1,300 MW of electricity generation.