DUBAI: Lower consumer prices and higher production costs helped pull down First Abu Dhabi Bank’s Wealth Sentiment Index in July, which fell 1.3 percent compared with the previous month.
The index, which measures the prevailing business and personal sentiment of top-tier UAE investors as well as the overall mood of the market, dropped to 1,040.66 points this month from 1,054.52 in June.
The decline recorded in the month of July was attributable to a set of factors, including the fall in inflation rates resulting from the drop in prices of property, telecommunications, hospitality and culture while the Purchasing Manager Index went up as a result of the increase in production, the sentiments index report said.
“This indicates an improvement in the economic outlook and confirms business sentiments remain high and companies are positive about the economy,” it added.
The first of its kind in the UAE and the region, the research takes the insights of thought leaders on three key areas: optimism within the UAE market, growth prospects in respective industries and personal investment choices, and is combined with key indicators including GDP, inflation and stock and commodity prices.
First Abu Dhabi Bank Wealth Sentiment Index down 1.3% in July
First Abu Dhabi Bank Wealth Sentiment Index down 1.3% in July
Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador
RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.
Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.
He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.
La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh.
Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.
Launching La Fabrique as a space dedicated to artistic creativity
The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally.
He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.
Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.
Saudi Arabia benefiting from French experience in the cultural field
Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.
This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.
He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.
La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.
