The decline adds fuel to a global momentum rally that has boosted prices for everything
Updated 29 July 2020
Reuters
WASHINGTON: An accelerating decline in the US dollar is reverberating around the world, adding fuel to a global momentum rally that has boosted prices for everything from technology stocks to gold.
The US dollar index, which measures the greenback against six other major currencies, is down around 9 percent from its March highs and is on track for its worst month since 2011, pressured in part by expectations that the United States will take a bigger hit to growth than other economies from the coronavirus pandemic.
Because of the dollar’s central role in the global economy, a sustained sell-off in the greenback could buoy a broad market rally driven by expectations of continued economic stimulus from the world’s central banks and governments.
At the same time, further dollar weakness would likely be an unwelcome development for economies such as Europe and Japan, as their own rising currencies threaten to weigh on growth and efforts to spark inflation.
“The weaker dollar is almost becoming a self-fulfilling prophecy, with gains for risk assets seeing the dollar weaken further, fueling additional gains,” said Michael Brown, senior analyst at payments firm Caxton.
The dollar is down around 3 percent year-to-date, after rising for each of the last two years. The greenback slid nearly 10 percent in 2017. A weaker dollar makes US exports more competitive abroad and helps US multinational companies by making it cheaper for them to convert profits back into their home currency. That’s potentially good news for a rally in US stocks that has slowed in recent weeks after coming within distance of all-time highs.
Historically, the benchmark S&P 500 index has returned a median 2.6 percent in months when the dollar moves sharply lower, with technology and energy stocks faring best, analysts at Goldman Sachs said in a recent report.
A 10 percent fall in the value of the dollar against a basket of trade-weighted currencies would increase 2020 earnings per share by about 3 percent, Goldman said. Goldman analysts expect the dollar to fall another 5 percent over the next 12 months.
But a weaker dollar may be of little near-term political benefit to President Donald Trump, who is seeking a second term in the November elections and has complained that the currency’s multi-year rally hurts US manufacturers.
The dollar’s weakness would take at least a year to feed through to the manufacturing sector, “too long to have a favorable impact for the president in the November election,” said Alan Ruskin, chief international strategist at Deutsche Bank.
Other assets are already benefiting from the dollar’s drop. Gold, which like many commodities is priced in the US currency and becomes more affordable to foreign buyers when the dollar falls, stands near its historic high, part of a rally that has driven the S&P/Goldman Sachs Commodity Index 34 percent higher since late March, as of Monday.
Developing countries are also likely to cheer a weaker dollar as it makes it cheaper for them to service debt denominated in the US currency.
Emerging market currencies such as the Brazilian real and South African rand have come screaming back in recent weeks, while the MSCI Emerging Markets Index, which measures stock performance, is up some 40 percent from its March lows.
Creativity, heritage and technology converge in a new generation of artists
Updated 13 February 2026
Nada Alturki
RIYADH: As Saudi Arabia’s Vision 2030 places creativity, culture and technological innovation at the core of national development, the impact of these priorities is becoming increasingly visible across a wide range of disciplines and practices.
Through the use of artificial intelligence, young Saudis are integrating technology into their creative work both as a practical tool and as a medium in its own right. In doing so, they are expanding their capabilities, exploring personal and collective identity, and finding new ways to preserve and reinterpret cultural heritage.
“AI gives young Saudis a new way to interact with their own cultural inheritance,” said Dmitry Zaytsev, founder of Dandelion Civilization, a platform designed to help individuals shape unique professional paths.
Dmitry Zaytsev, founder of Dandelion Civilization. (Supplied)
“Traditional design elements such as calligraphy or geometric motifs were once difficult to modify. Experimentation required resources and formal approval. AI removes that barrier and makes exploration immediate. A creator can test many versions of a pattern and see which ones still feel authentic to them,” he told Arab News.
According to Zaytsev, this emerging form of expression does not signal a rejection of tradition, but rather a deeper engagement with it. “The young creator discovers what can change and what must remain constant. AI becomes a sketchbook that allows culture to evolve through curiosity rather than fear. When creators correct a model or push it toward local rhythm, they strengthen rather than dilute cultural identity,” he explained.
Sarah AlBaiz, an art adviser, researcher and artist, uses code to blend visual art with concepts drawn from culture and philosophy. While her early practice focused primarily on painting, her trajectory shifted during the 2020 AI Artathon, a pioneering international event highlighting collaboration between humans and machines in artmaking, where she discovered how to merge her engineering background with her creative work.
DID YOU KNOW?
• Saudi youth are using AI as a creative tool to reinterpret heritage, from calligraphy to folklore.
• AI is helping artists experiment faster without the traditional barriers of resources or formal approval.
• The Kingdom is backing creative AI nationally, with programs like SAMAI aiming to empower 1 million Saudis for an AI-driven future.
Operating within the field of computational creativity, where technology actively participates in the artistic process, AlBaiz explores themes of finance and faith. “Because they’re two sides of who I am,” she said. “When you talk about values, for example, that is both a term used in finance and trade from an objective perspective, but also moral and spiritual value.”
“When you understand prompting in AI, you can get it to produce almost anything. But it’s also informed by the training data it has,” she said.
Sarah Albaiz's "Diriyah II (2020)" melds a traditional Saudi landmark with the avant-garde. This generative artwork rejuvenates the historic Alsalwa Palace in Diriyah. By infusing Munira AlTheeb's artistry through GAN style transfer, the piece stands as a testament to the evolving narrative of Saudi heritage. (Supplied)
Rather than relying on a single platform, AlBaiz experiments with multiple AI models to test their limitations and audience reception. “I work a lot with language as well, so large language models are right up my street when it comes to computational creativity.”ee
Her work has gained international recognition. At the 2022 Islamic Arts Biennale in Jeddah, she co-created an artwork under the banner of Super Artistic AI that generated Al-Qatt Al-Asiri motifs from southern Saudi Arabia. The piece received an Audience Award.
Beyond her artistic practice, AlBaiz is developing an intelligent art advisory system aimed at helping users navigate the Saudi art landscape. Designed as an initial point of contact, the system would guide users through potential pathways before they engage with a human adviser.
Inverting established gender norms, Sarah Albaiz's digital collage reimagines masculinity. Set against a generative backdrop, its core message "real men cry" challenges familial WhatsApp discourses. (Supplied)
“It’s about understanding what role AI plays in the pursuit of what you want,” she said. “When I decided to focus on Qantara and building the advisory, I recognized that many of the systems required would need to be intelligent systems that offload a lot of work from me and the team.”
“When AI is an enabler rather than the end result, it becomes less intimidating because it feels risk-free for the end user,” she added.
Zaytsev echoed this idea, describing AI as a kind of rehearsal space. “Young people practice conversations, explore sensitive topics and organize their thoughts without social risk. This builds emotional clarity and confidence,” he said.
While generative tools such as large language models attract much of the attention, AI’s creative applications extend far beyond text and image generation.
Fairooz Alawami, trained as both an architect and engineer, uses AI to create self-expressive visual works inspired by dance.
Fairooz AlAwami's work. (Supplied)
“My practice is focused on contextualizing movement,” she said. “Because of my architectural training, I work with 3D modeling software called Rhino, which includes a visual coding language. Within that environment, you can also write code in Python, JavaScript or C#.”
Alawami employs OpenPose to analyze videos of her dancing by mapping points across her body. She then applies another computer vision model, MIDAS, which converts images or videos into depth frames. “If OpenPose gives me a skeleton, MIDAS gives me depth,” she explained. The resulting data is fed into 3D modeling software, where it is refined and manipulated into finished artworks.
She began dancing at a young age. “I didn’t find it, it found me,” she said. Movement later became the foundation of her artistic practice, leading to her first major project around three years ago while completing her master’s degree using the Grasshopper plugin. At the time, the workflow was slow and fragmented, but the arrival of ChatGPT helped streamline the process by making it easier to write and learn code.
Fairooz AlAwami's work. (Supplied)
“I think my love for dance and my love for art and design came together in a way that felt uniquely me,” she said. “Once I found that space, I just ran with it. It is my singular voice.”
Her work also draws heavily on cultural and musical heritage. One recent project was inspired by folklore referenced in the iconic song “Al Leila wa Leila” by Umm Kulthum. Alawami extracted musical stems from the track and mapped them to characters within the narrative. “The vocals were Shahrazad, the storyteller, and each stem represented a different narrative element,” she said. Earlier works were influenced by Islamic architecture and the geometric patterns found throughout Saudi Arabia and the wider Arab world.
Opinion
This section contains relevant reference points, placed in (Opinion field)
“There are some incredible artists using generative AI to do very impressive things, and I don’t think I fall into that camp,” she said. “For me, AI is more like a skills-gap tool that helps me reach where I want to go.
“As humans, whether we realize it or not, the act of creating feeds us in some way. Lowering the barrier to entry makes creativity less intimidating.”
Today, Saudi Arabia’s creative sector is supported by expanding national infrastructure. Initiatives such as the Cultural Scholarship Program place Saudi students in more than 60 universities worldwide, spanning disciplines from archaeology and literature to design, filmmaking and culinary arts. In parallel, the Kingdom launched the SAMAI initiative last year, aiming to equip 1 million Saudis with the skills needed to engage confidently in an AI-driven world.
Within Vision 2030, culture, tourism, digitalization and AI are treated as strategic sectors rather than peripheral concerns. As Saudi Arabia develops its creative economy as a form of soft power, its youth are becoming increasingly digitally fluent. AI tools are now embedded within creative workflows, enabling a new generation to explore heritage, remix traditional aesthetics and develop narratives that resonate on a global stage.