Conflict is greatest threat to global economy, Saudi finance minister warns

Conflict is greatest threat to global economy, Saudi finance minister warns
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Above, Mohammed Al-Jadaan, Saudi Arabia’s minister of finance, speaks during the special two-day World Economic Forum meeting in Riyadh. (WEF)
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Updated 28 April 2024
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Conflict is greatest threat to global economy, Saudi finance minister warns

Conflict is greatest threat to global economy, Saudi finance minister warns
  • Mohammed Al-Jadaan: Wars in Gaza, Ukraine ‘put a lot of pressure on economic emotion’
  • Saudi Arabia’s ‘specific objective’ is to deescalate regional tensions, he tells World Economic Forum panel

RIYADH: Geopolitical threats such as the conflicts in Gaza and Ukraine pose the greatest risk to the global economy, Saudi Arabia’s finance minister has said.

Speaking in a panel discussion during the special two-day World Economic Forum meeting in Riyadh, Mohammed Al-Jadaan warned that the knock-on effects of conflict are “directly impacting economies.”

He said: “Geopolitical threats, which unfortunately are increasing instead of decreasing, are possibly the number one risk today if you look at the global economy at large. Geopolitical tensions bring other things that are directly impacting economies.”

Conflicts in Gaza, Ukraine and elsewhere “put a lot of pressure on economic emotion,” he added, describing economies as being “impacted by sentiments.”

Al-Jadaan said: “It is very unfortunate to see loss of lives. Civilian lives are important whether in Ukraine, or in Palestine.

“Cool-headed countries and leaders need to prevail; you need to make sure you deescalate.”

The Kingdom has exerted significant efforts in recent years to deescalate tensions in the Middle East, he added, describing the strategy as a “specific objective” of Saudi Arabia.

“The region needs to focus on its people, its growth and its economy, rather than focus on politics and conflict.”

The conflict in Gaza, which began following the Hamas-led assault on southern Israel on Oct. 7 last year, has resulted in the deaths of almost 35,000 Palestinians, mostly women and children.

Palestinian President Mahmoud Abbas, who took part in a separate panel at the meeting, said that “110,000 people have been killed or wounded in Gaza since Oct. 7 ” and that “75 percent of the territory” in the enclave has been destroyed by devastating Israeli military action.

“What happened in Gaza has not happened in Germany and other European countries during the Second World War,” he said, adding: “The fighting in Gaza must stop immediately and we warn against any plans for displacement.”

The Saudi finance minister warned that “geopolitical maneuvering,” including “fragmentation, protectionism and using the economy as a serious tool to achieve objectives in terms of limitations on trade and technology” could have adverse effects on global economic health.

“Policymakers need to be agile in dealing with these,” Al-Jadaan said.

Kristalina Georgieva, the managing director of the International Monetary Fund, described fragmentation in the world economy as “certainly bad for the prospect of growth.”

In the meeting’s opening panel, she said: “The immediate priorities for countries are to get inflation rates within targets; focus on rebuilding fiscal buffers and find ways to cooperate more.

In his comments to the panel, Al-Jadaan said: “In economic planning, it is OK to change … to adjust on new circumstances. And that to me is the advice I would give to everyone. You need a long-term plan, like Saudi Vision 2030, and doubling down on the implementation, but also you need to make sure you adjust.

“In the longer term, regardless of what is happening today, you need to focus on your own people, your human capital. This is the longer term play that is critical.

“I can say this: Saudi Arabia and the region has the means to do it, but there are a lot of countries who will find it difficult to provide quality education and quality healthcare for their people,” he said.

About 1,000 officials, experts and thought leaders from 92 countries are in Riyadh for the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy for Development.

The event aims to “promote forward-thinking approaches to interconnected crises, while remaining realistic about shorter-term trade-offs” and “work to bridge the growing North-South divide on issues such as emerging economic policies, the energy transition and geopolitical shocks.”


Diriyah Season launches At-Turaif District activities

Diriyah Season launches At-Turaif District activities
Updated 59 min 17 sec ago
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Diriyah Season launches At-Turaif District activities

Diriyah Season launches At-Turaif District activities
  • Diriyah Season 2024/25 began on Dec. 20 last year, under the theme “Entertain Your Cultural Curiosity”

DIRIYAH, Riyadh: Diriyah Season on Friday launched a new program of activities at the At-Turaif District, a UNESCO World Heritage site, offering visitors a range of cultural and historical experiences aimed at exploring Saudi Arabia’s heritage.

The program highlights key moments from the history of the first Saudi state through workshops, theatrical performances, and cultural sessions.

Visitors will engage in activities such as traditional Najdi design workshops, poetry recitations, and demonstrations of the Saudi Arda, the Kingdom’s traditional sword dance.

This year’s program also features the updated 850 Interactive Experience, named after the establishment of Diriyah in the Islamic calendar year 850 AH (1446 or 1447 AD in the Gregorian calendar).

The experience uses storytelling and puzzles to explore notable historical figures, including Imam Turki bin Abdullah, and key events from Diriyah’s history.

Workshops in traditional construction techniques, historical games, and exhibitions showcasing the district’s architecture are designed to deepen understanding of the region’s cultural significance, while live performances and discussions will further connect audiences with the stories of At-Turaif’s past, including its role in Saudi Arabia’s early statehood.

Diriyah Season 2024/25 began on Dec. 20 last year, under the theme “Entertain Your Cultural Curiosity.” The event aims to promote Diriyah as a cultural hub, combining historical education with live entertainment and creative showcases.


How ‘BookTok’ is redefining reading for a new generation of Saudis

How ‘BookTok’ is redefining reading for a new generation of Saudis
Updated 17 January 2025
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How ‘BookTok’ is redefining reading for a new generation of Saudis

How ‘BookTok’ is redefining reading for a new generation of Saudis
  • Popularity of books on social media app is driving publishing trends
  • Authors are adapting their work to get views, says one commenter

RIYADH: While TikTok is often criticized for minimizing attention spans with its fast-paced content, the social media platform’s “BookTok” community has sparked renewed interest in reading among young adults in Saudi Arabia and beyond.

Described by The New York Times as a “best-seller machine,” BookTok has become a global phenomenon.

The platform has emerged as a virtual book club, where readers connect to share recommendations and discuss their favorite titles — especially in genres like romance, fiction, and thrillers.

Sales in this genre increased by 8.5 percent in 2022, followed by an additional 1 percent rise in 2023. (SPA)

Arab News spoke to a number of authors and content creators who described how the social media trend is driving book sales and reshaping the local publishing industry.

Mohammed Al-Ashaari is a young reader who regularly shares book recommendations and discussions on his TikTok account.

The platform’s fast-paced nature prioritizes aesthetically pleasing content that can be shared in bite-sized clips, and Al-Ashaari spoke about how this algorithm is changing reading habits.

BookTok has brought about significant changes in how people read novels, as the reading trends within the BookTok community are constantly evolving, and with each trend, a new way or habit of reading emerges

Mohammed Al-Ashaari, TikTok user

“BookTok has brought about significant changes in how people read novels, as the reading trends within the BookTok community are constantly evolving, and with each trend, a new way or habit of reading emerges,” he said.

Al-Ashaari explained that this impact was not only limited to readers on the platform but also extended to authors, influencing how they approach their writing and adapt their work to fit the tastes and interests of the platform’s active community.

The BookTok community emerged on TikTok during the COVID-19 lockdowns, and its impact on publishing is undeniable, with authors and publishers seeing remarkable sales growth. (SPA)

He added that the most trending genres on BookTok are fantasy, science fiction, and horror: “Books that gain the most engagement tend to be in these genres, which has led many authors to shift their focus on popular categories.”

The BookTok community emerged on TikTok during the COVID-19 lockdowns, and its impact on publishing is undeniable, with authors and publishers seeing remarkable sales growth.

This impact is especially notable in how it has affected book sales and author engagement.

A report by the US-based retail tracking service Circana revealed that TikTok has significantly influenced book sales in the US, particularly in the adult fiction category.

Sales in this genre increased by 8.5 percent in 2022, followed by an additional 1 percent rise in 2023. Other genres, such as dystopian, romance, and thriller, also witnessed notable growth during this period.

Yasmina Al-Mutabagani, the Saudi author of “Beyond the Surface,” said BookTok has played a significant role in boosting the sales of her latest novel, which explores the story of two strangers who form an unexpected connection during a pandemic.

“I did paid ads multiple times on a video I posted that talked about my book; however, at that time, I didn’t think it was going to be that effective. After a while, I went to Jarir Bookstore, and the man told me it was sold out in multiple branches,” she said.

Al-Mutabagani highlighted BookTok’s broader influence on the literary world. “There’s a positive impact on literature and publishing because BookTok offers advice on writing in general, how to publish your book, how to find a literary agent, and it can be useful in promoting your book if you’re an author,” she said.

Kendah Jambi, a Saudi author of the fantasy novel “Al-Rahala,” said that many attendees at Saudi book fairs recognized her from TikTok’s BookTok.

Her novel follows a group of people called Al-Rahala, or nomads, who possess the ability to shift realities and travel through the multiverse.

Jambi emphasized the importance of building a connection between authors and readers. “Interaction between author and reader is often underrated. It’s very important for readers to be genuinely interested in the author as a person to maintain their interest in the books,” she said.

She further elaborated on the impact of BookTok, adding, “BookTok definitely helped readers express their opinions, which is valuable to the author on both an emotional and constructive level.”

 


Courchevel Boulevard World brings skiing experience to Riyadh

Courchevel Boulevard World brings skiing experience to Riyadh
Updated 17 January 2025
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Courchevel Boulevard World brings skiing experience to Riyadh

Courchevel Boulevard World brings skiing experience to Riyadh
  • Ski zone provides the thrill of the slopes in the heart of the city
  • Around 200 people per day visit Riyadh’s new wintry attraction

RIYADH: A new attraction is thriving in Riyadh at the Courchevel zone at Boulevard World, where visitors can indulge in an authentic skiing adventure.

This unique attraction which opened in December brings the thrill of the slopes to the heart of the city, allowing both beginners and seasoned skiers to enjoy the winter sport under the guidance of professional trainers.

Children can revel in the joy of making figures from the fresh snow, adding an extra layer of fun to their experience. (AN photo by Loai Ali)

These skilled professionals want to do more than teach. “We are here to train and help everyone learn how to ski while enjoying the experience,” said Marwan Akiki, a ski instructor from Lebanon.

The focus at Courchevel is on creating a fun environment for the entire family. “Every day, we receive approximately 200 visitors of different ages, from 7 years old to adults,” Akiki explained.

I came with my children today, and we had a great time in the snow town, especially since they haven’t seen snow before.

Salman Al-Ghamdi, Visitor

The attraction also features an enchanting igloo area designed for both children and adults. This whimsical setting allows families to feel as though they have been transported to the snowy parts of Europe.

The attraction features an enchanting igloo area designed for both children and adults. (AN photo by Loai Ali)

Children can revel in the joy of making figures from the fresh snow, adding an extra layer of fun to their experience.

Salman Al-Ghamdi recently brought his children, Mohammed and Sara, to Courchevel, and their delight was palpable.

The focus at Courchevel in Riyadh is on creating a fun environment for the entire family to indulge in an authentic skiing adventure. (AN photo by Loai Ali)

“I came with my children today, and we had a great time in the snow town, especially since they haven’t seen snow before. You should come and visit; honestly, it’s magical,” Al-Ghamdi told Arab News.  

For many, Courchevel Boulevard World represents a first encounter with snow and skiing. “This is the first time in Riyadh where we found snow and a school to teach this experience,” Akiki noted.

Visitors can unwind at the on-site restaurants after a thrilling day of skiing. (AN photo by Loai Ali)

One of the standout features of Courchevel Boulevard World is the provision of comfortable, tailored clothing for all guests so that they can enjoy their time without worrying about the cold.

“We want to make it a seamless experience for our guests, so they can focus on having fun,” Akiki explained.

After a thrilling day of skiing, visitors can unwind at the on-site restaurants, which offer a range of dining options. These eateries provide a cozy atmosphere ideal for relaxing and sharing stories about the day’s adventures.

Additionally, there is a shop offering equipment and outfits for the snow from various global brands, ensuring guests have access to high-quality gear for their skiing needs.

There are plans to have various events and competitions to further enhance the community aspect of the attraction.

 


Saudi Arabia participates in children’s rights workshop in Cairo

Saudi Arabia participates in children’s rights workshop in Cairo
Updated 17 January 2025
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Saudi Arabia participates in children’s rights workshop in Cairo

Saudi Arabia participates in children’s rights workshop in Cairo
  • The workshop was held to review the general framework of the component in terms of its motivations, objectives, and implementation methodology in the Arab world

CAIRO: Saudi Arabia took part in a workshop on the “Media Observatory for Arab Child Rights,” in Cairo.

The workshop was organized by the Arab Council for Childhood and Development, under the patronage of Prince Abdulaziz bin Talal bin Abdulaziz, the council’s president.

More than 25 experts participated in the workshop to discuss the implementation of a new component of the observatory’s work, titled “Arab Child and Digital Environment,” the Saudi Press Agency reported.

The workshop was held to review the general framework of the component in terms of its motivations, objectives, and implementation methodology in the Arab world, in light of the growing use of children’s applications and digital platforms.

In his speech, ACCD Secretary-General Hassan El-Bilawi said the new component of the observatory discussed in the workshop affirms children’s sustainable right to a safe media environment in all aspects of life.

 


Foreign students explore Saudi town under Kingdom Gateway program

Foreign students explore Saudi town under Kingdom Gateway program
Updated 17 January 2025
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Foreign students explore Saudi town under Kingdom Gateway program

Foreign students explore Saudi town under Kingdom Gateway program
  • Visit this weekend was part of an initiative designed to explore the rich history of Saudi Arabia

RIYADH: A foreign student delegation under the Kingdom Gateway program, organized by the King Faisal Center for Research and Islamic Studies, recently visited Al-Dakhlah town in the Sudair region, 170 km north of Riyadh.

The visit this weekend was part of an initiative designed to explore the rich history of Saudi Arabia.

Dr. Ibrahim Al-Muhanna, former advisor at the Ministry of Energy, Industry, and Mineral Resources, accompanied the delegation on the tour that included Al-Dakhlah’s significant historical landmarks.

The delegation began the tour with a visit to the old palace, a reflection of the region’s rich heritage and architectural legacy.

They then proceeded to the historic Al-Dakhlah Mosque, believed to have been built between 1446–1495 AD, making it one of the oldest mosques in the region.

During the tour, the students had the opportunity to explore its features, including the assarhah (the mosque’s outer courtyard), the side corridors, almujabab (a covered courtyard connecting rooms), and alkatateeb, rooms where students would memorize and review their lessons.

The students expressed their admiration for the intricate Islamic decorations and carvings that adorn the walls and ceiling of the mosque, showcasing the exceptional craftsmanship of artisans from that historical era.

Al-Muhanna delivered a lecture that focused on the pivotal role of oil in national development. He reviewed Saudi Arabia’s experience in leveraging its petroleum resources to drive comprehensive growth across multiple sectors.

He also addressed the Kingdom’s strategic initiatives to maintain stability in global energy markets.

“The discovery of oil and its escalating economic importance brought about profound transformations across all sectors of the Kingdom. However, these changes did not come at the expense of Saudi Arabia’s deep-rooted heritage and culture. On the contrary, oil has been instrumental in both preserving and advancing them,” Al-Muhanna said.

Al-Dakhlah Mosque was restored with the support of Crown Prince Mohammed bin Salman as part of the historic mosque restoration and rehabilitation project.