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Saudi Arabia Participates in ‘Summer Davos,’ Launches an Innovative Challenge

The opening ceremony of the 14th annual meeting of the New Champions, known as Summer Davos, in northern China. (EPA)
The opening ceremony of the 14th annual meeting of the New Champions, known as Summer Davos, in northern China. (EPA)
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Saudi Arabia Participates in ‘Summer Davos,’ Launches an Innovative Challenge

The opening ceremony of the 14th annual meeting of the New Champions, known as Summer Davos, in northern China. (EPA)
The opening ceremony of the 14th annual meeting of the New Champions, known as Summer Davos, in northern China. (EPA)

Saudi Arabia intends to launch an innovative challenge for the participants of the 14th edition of the annual meeting of the New Champions of the World Economic Forum (WEF), Davos Summer.

Summer Davos opened in north China's Tianjin Municipality on Tuesday.

The Saudi Ministry of Economy and Planning said it would officially announce ten winners of the creative challenge to enhance food security and improve the supply of healthy and nutritious foods in arid regions.

Last January, the Ministry launched the Food Ecosystems and Arid Climates Challenge in collaboration with UpLink, the WEF open innovation platform, to crowdsource transformative solutions to enhance food security in countries impacted by low rainfall, drought, and desertification.

The challenge is a global call for food entrepreneurs, start-ups, social ventures, and small-medium-sized enterprises to submit solutions incorporating low or high technologies.

The winning cohort will be eligible to access CHF100,000 to scale and implement their venture in regions with arid climates while enhancing their visibility and access to networking opportunities.

The Saudi delegation, which includes six ministers and six deputy ministers, is led by Minister for Economy and Planning Faisal al-Ibrahim, and Minister for Communications and Information Technology Abdullah al-Swaha.

About 1,500 Participants from business, government, international organizations, and academia confirmed their participation in the event themed "Entrepreneurship: The Driving Force of the Global Economy."

On the sidelines of the conference, Ibrahim will hold several high-level bilateral meetings with senior officials participating to discuss boosting economic ties, issues of common interest, and the latest economic developments at a global level.

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Israel Central Bank Holds Rates

The Bank of Israel building in Jerusalem. Reuters
The Bank of Israel building in Jerusalem. Reuters
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Israel Central Bank Holds Rates

The Bank of Israel building in Jerusalem. Reuters
The Bank of Israel building in Jerusalem. Reuters

The Bank of Israel kept interest rates unchanged on Wednesday for a sixth straight meeting, but raised the prospect of future rate increases should armed conflict on two fronts push inflation up more than expected.
The central bank - also worried about Israel's investor risk premium which has risen since the Gaza war began on Oct. 7 last year - left its benchmark rate at 4.50%.
"In view of the continuing war, the Monetary Committee’s policy is focusing on stabilizing the markets and reducing uncertainty, alongside price stability and supporting economic activity," the central bank said in a statement.
Policymakers expressed worries over rising inflation stemming largely from supply constraints related to the war with Hamas in Gaza and accelerating fighting with Hezbollah in Lebanon, saying the increase in the pace of inflation is broad, Reuters reported.
Israel's annual inflation rate rose to 3.6% in August from 3.2% in the previous month, moving further above the government's 1%-3% target range after falling as low as 2.5% in February.
Bank of Israel Governor Amir Yaron told a news conference after the decision that the future direction of interest rates was "data dependent.”
Prior to the war, rates - which rose rapidly in 2022 and 2023 - were expected to decline this year. The central bank had reduced its key rate by 25 basis points in January but it has been on hold since due to the war, rising inflation pressures, a widening budget deficit and the higher risk premium.
Some investors have begun to speculate that inflation will continue to rise and possibly push the central bank to raising rates again.
"If inflation rises at a faster rate than we predicted ... we can definitely raise the interest rate," Yaron said, noting the inflation rate is expected to gain in near term.
Yaron said the current level of rates is believed to be restrictive enough to ultimately bring inflation back to within its target.
He added that in the current period Israel's uncertainty is far greater than what the US and European central banks - which have started to loosen policy - are experiencing.
The decision to hold rates steady came despite the bank's research department slashing its forecast for Israeli economic growth this year to 0.5% from a previous estimate of 1.5%.
The economy grew an annualized 0.7% in the second quarter, slowing markedly from a 17.2% pace in the first quarter.
All 14 analysts polled by Reuters had expected no rates move on Wednesday.
The central bank's researchers raised their inflation forecast for the coming year to 3.2% from 3.0%, while the interest rate is projected at its current 4.5% level, rather than 4.25% predicted in July.
The staff raised their expectation for Israel's 2024 budget deficit to 7.2% of gross domestic product from 6.6% due to the extra funds needed to finance the military conflicts. They see a 4.9% of GDP deficit in 2025.
"Approval of a responsible budget for 2025 is an essential component in strengthening the international markets’ trust and maintaining the economy’s robustness," Yaron said.
The budget's passage has been delayed due to political infighting.
The rates decision was initially slated for Monday but was moved to not coincide with the Oct. 7 anniversary of the start of the Gaza war.