Day: September 8, 2022

Tokyo — Asian shares were mostly lower Wednesday, as pessimism prevailed about higher interest rates ahead and Wall Street continued a late-summer slump, the Associated Press reported.

Shares fell in Tokyo, Sydney, South Korea and Hong Kong, but were little changed in Shanghai. Oil prices fell, while the Japanese yen continued to decline against the U.S. dollar to about 144 yen.

Japan’s benchmark Nikkei 225 shed 0.7% to finish at 27,430.30. Australia’s S&P/ASX 200 dropped 1.4% to 6,729.30. South Korea’s Kospi slid 1.4% to 2,376.46. Hong Kong’s Hang Seng dipped 1.0% to 19,003.55, while the Shanghai Composite was little changed, inching up less than 0.1% at 3,245.22.

In energy trading, benchmark U.S. crude fell $1.42 to $85.46 a barrel. Brent crude, the international standard, fell $1.30 to $91.53 a barrel.

In currency trading, the U.S. dollar rose to 144.01 Japanese yen from 142.76 yen. The euro was little changed at 99 cents.

Source: Saudi Press Agency

Riyadh — According to estimates by the General Authority for Statistics (GASTAT), real Gross Domestic Product (GDP) of Saudi Arabia grew by 12.2% in the second quarter (Q2) of 2022 compared to second quarter (Q2) of 2021. In comparison to Q1 of 2022, the real GDP growth was 2.2%. This growth is mainly due to the high increase in oil activities by 22.9% y-o-y (4.4% q-o-q). Non-oil activities increased by 8.2% y-o-y (4.5% q-o-q). Government activities increased by 2.4% y-o-y (0.4% q-o-q).

GASTAT is the only official statistical reference for statistical data and information in Saudi Arabia. It carries out all the statistical work, in addition to the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and researches, analyzes data and information, in addition to documenting and archiving all works of information and statistical data that cover all aspects of life in Saudi Arabia from its multiple sources. Data are written, classified, and analyzed; their indicators are extracted as well.

Source: Saudi Press Agency

Riyadh — Saudi Stock Exchange’s main index (TASE) ended trading lower today, losing 130.91 points, to close at 11863.81 points.

The total value of the trading reported was SAR 5.5 billion, while the toll of shares traded was 131 million, divided into over 360,000 deals.

The Saudi Parallel Market Index (NOMU) ended the day losing 322.71 points, to close at 20528.68 points, with a valuation of more than SAR 60 million and an overall tally of more than 1,000,000 stocks traded and divided into as many as 4361 deals.

Source: Saudi Press Agency

Riyadh — The Future Investment Initiative (FII) Institute will hold a press conference tomorrow at Crowne Plaza Hotel in Riyadh, in the presence of CEO of the FII Institute Richard Attias, its leaders, and a number of representatives of its strategic partners.

The press conference will review the most prominent achievements in the previous period, and will highlight the two upcoming conferences that the FII Institute will hold in New York on 22 September, 2022, on the sidelines of the UN General Assembly (UNGA), entitled “PRIORITY”, in addition to the sixth edition of the Future Investment Initiative to be held from 25 to 27 October, 2022, entitled “Investing in Humanity: Enabling a New Global Order”.

It is worth mentioning that among the most important achievements of the FII Institute during the past year were the launch of Inclusive ESG Framework and Scoring Methodology, the launch of Global Infectious Disease Index, and the launch of the first edition of FII Award for Humanity during the fifth edition of the Future Investment Initiative.

Source: Saudi Press Agency

Riyadh — Ministry of Economy and Planning staff members participated in an executive two-week education program with Harvard University’s Kennedy School of Government to accelerate capability-building. The group undertook tailored economic and fiscal policy teaching at the Ivy League institution.

As part of the Ministry of Economy and Planning’s partnership with the Center for International Development (CID), established in 2016, researchers focused on studies in the areas of macroeconomic policy, revenue policy, sustainable development and productive transformation alongside world-renowned academics at the historic campus in Cambridge, Massachusetts.

As part of the scheme, Saudi researchers completed a two-week rotating training program with the CID over four months. They focused on economic planning, public financial management, tax policy, sustainable development, and how to create policies that drive growth, job-creation and productivity. They were also able to deepen engagement with CID’s research team with one-on-one interaction with the faculty, as well as contribute to a number of economic seminars.

“We continue to build the best in-house capabilities by providing our highly-skilled team with excellent opportunities for learning and development across economic policy and planning”, Minister of Economy and Planning Faisal bin Fadhil Alibrahim said.

“Our close and long-standing partnership with the Center for International Development at Harvard University’s Kennedy School of Government is a clear demonstration of this unwavering commitment to capability-building”, he added.

This program is part of the Ministry of Economy and Planning’s aim to support Saudis and enhance their participation in the job market. It also follows the launch of the ministry’s capability development initiative, which aims to equip the nation’s youth with training and upskilling opportunities across economics, taxation, administration, public policy, and social sciences.

Source: Saudi Press Agency

Riyadh — Minister of Economy and Planning Faisal bin Fadhil Alibrahim will lead a senior delegation to the island of Belitung, Indonesia, to participate in the G20 Development Ministerial Meeting tomorrow, 8 September.

The high-level forum will provide a platform for G20 development ministers to reinvigorate multilateralism and renew the momentum behind the 2030 Agenda for Sustainable Development. Progress on the plans and commitments made after the first G20 Development Ministerial Meeting took place in Matera, Italy, last year will also be reviewed.

“Saudi Arabia remains committed to advancing practical and collaborative solutions to enable developed and developing economies alike to make meaningful progress towards achieving the SDG Agenda”, Alibrahim said ahead of the meeting.

“We must take this moment to raise the bar on our sustainable development and strengthen global systems by improving public healthcare infrastructure, enabling inclusive digital transformations and safeguarding global food and energy security. We must also protect the environment, invest in the energy system of today and explore greener, cleaner fuels for the future”, he added.

The Kingdom’s delegation led by the Minister of Economy and Planning will demonstrate Saudi Arabia’s unwavering commitment to driving sustainable development – at home and abroad – through an agile approach to policy making across all economic, social and environmental sectors.

With less than a decade left to realize the SDGs, Alibrahim will highlight Saudi Arabia’s progress in achieving sustainable economic growth, social wellbeing and prosperity, environmental protection, and an inclusive digital transformation under Vision 2030. The Minister will also emphasize the importance of safeguarding global energy security by ensuring access to reliable and sustainable power.

Source: Saudi Press Agency

Riyadh — Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha, concluded his Asian tour by visiting a number of Singaporean government agencies, universities, major technology companies, and investment capital funds.

This visit aimed to highlight the investment opportunities in the digital economy and innovation in the Kingdom of Saudi Arabia, and to shed light on the Kingdom’s Vision 2030, and its role in acceleration of the transformation towards a vital digital society, a thriving digital economy, and a pioneering and ambitious digital government.

During the visit, the Minister of Communications and Information Technology and his accompanying delegation met with the Singaporean Minister for Manpower and Second Minister for Trade and Industry; the President of the Enterprise Singapore; the leaders of the Action Community for Entrepreneurship (ACE) in Singapore; the President of the JTC; the CEO of the INSIGNIAVC; the CEO of the Jungle Ventures; the CEO of the VERTEX; and the President of the NTU Singapore.

During the meetings, Eng. Al-Swaha and his accompanying delegation discussed highlighting the investment opportunities in the digital economy and innovation; enhancing cooperation; transferring and localizing expertise to suit the business environment in the Kingdom of Saudi Arabia; the opportunities for cooperation and expansion in the Kingdom’s market in the digital fields; the development of Saudi talents; and cooperation in the areas of government digital transformation and innovation.

Source: Saudi Press Agency

Riyadh — The Digital Cooperation Organization (DCO) launches the first issue of the Digital Prosperity Report, to highlight some of the most pressing issues for digital economic development and report on DCO initiatives and programs that support the DCO member states in developing their own digital economies.

The Digital Prosperity Report is intended to share updates on the latest activities of the DCO, an international non-profit organization focused on enabling digital prosperity for all, through initiatives to develop policies and best practices that member states can apply to their own programs to create equitable and sustainable digital economies that empower their citizens.

The first issue of the report features an introduction by Borge Brende, President of the World Economic Forum (WEF), where he talks about the Digital FDI Initiative launched by WEF and the DCO to support FDI in the digital economy, and the global rebound in FDI post-COVID-19. The report also features an exclusive interview with HE Paula Ingabire, Minister of ICT & Innovation of Rwanda, in which the Minister discusses the country’s digital economic policy, the role of ICT in Rwanda’s development, and how DCO membership will help further Rwanda’s strategic goals in the digital sphere.

Other features include discussions of the gender gap in the startup sector and how the gap can be addressed to empower women with better opportunities; an examination of the challenges of effective end-user data protection legislation; and a report on the new Digital FDI Initiative that was recently launched by the DCO and the World Economic Forum.

The report also includes insights into upcoming DCO activities, including the DCO Global Round Table Series, the STRIDE initiative to support digital startups, the Digital Economy Maturity Index (DEMI), and the DCO Center of Excellence for Data Flows.

DCO Secretary-General Deemah AlYahya said on the launch of the report: “The DCO was founded to enable digital prosperity for all and to support our member states by enabling knowledge sharing and collaboration on the development of best practices, policies, and strategies to accelerate their digital transformation and therefore, support the development of an inclusive, thriving, and sustainable national digital economy. The Digital Prosperity Report is an important part of this knowledge-sharing commitment, which highlights the activities of the DCO and our member states, the report delivers expert commentary from high-profile stakeholders and draws attention to important issues such as tackling gender inequality in the digital economy, and the challenges of end-user data protection. This first edition of the report is a must-read for anyone interested in staying informed about the latest developments in the global digital economy, particularly in DCO member states”.

The DCO Digital Prosperity Report is available now: Digital Prosperity Report (dcoinsights.com)

Source: Saudi Press Agency