Saudi-British Cooperation in Climate Protection, Space Economy

Saudi Arabia and the United Kingdom discuss cooperation in space economy. Asharq Al-Awsat
Saudi Arabia and the United Kingdom discuss cooperation in space economy. Asharq Al-Awsat
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Saudi-British Cooperation in Climate Protection, Space Economy

Saudi Arabia and the United Kingdom discuss cooperation in space economy. Asharq Al-Awsat
Saudi Arabia and the United Kingdom discuss cooperation in space economy. Asharq Al-Awsat

Talks between Saudi and British officials over opportunities for international cooperation and partnership in the fields of climate protection, space economies and human cadres’ development have concluded in London.

The Chairman of the Board of Directors of the Saudi Space Authority, Eng. Abdullah Amer Al-Swaha, met on Friday with Kwasi Kwarteng, the Secretary of State at the Department of Business, Energy and Industrial Strategy, as part of a visit to the United Kingdom to enhance cooperation between the two countries in the field of space economy.

During the meeting, which was attended by the President-designate of the Saudi Space Authority, Dr. Muhammad Al-Tamimi, Saudi and UK officials emphasized the importance of encouraging the participation of the private sector in the field of space economy, promoting investment and developing human capabilities.

The visit comes within the framework of the Saudi Space Authority’s endeavor to build effective international partnerships in order to promote its role and support its efforts to achieve its strategic objectives for the Saudi space sector, which represents a national priority, and to contribute to the Kingdom’s transformation towards an economy based on innovation.

The Kingdom wants the space economy to become a major contributor to the achievement of Vision 2030.

In a qualitative step, Saudi Arabia announced in July the launch of the first Saudi program for external scholarship, which provides quality educational opportunities for Saudi students to enroll in specializations related to space sciences in the most prominent 30 universities around the world, as part of the comprehensive development plans for the space sector in the Kingdom.



IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
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IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)

The International Monetary Fund (IMF) warned on Tuesday that "tit-for-tat" tariffs could undermine Asia's economic prospects, raise costs and disrupt supply chains even as it expects the region to remain a key engine of growth for the global economy.

"The tit-for-tat retaliatory tariffs threaten to disrupt growth prospects across the region, leading to longer and less efficient supply chains," IMF Asia-Pacific Director Krishna Srinivasan said at a forum in Cebu on systemic risk.

Srinivasan's remarks come amid concerns over US President-elect Donald Trump's plan to impose a 60% tariff on Chinese goods and at least a 10% levy on all other imports.

Tariffs could impede global trade, hamper growth in exporting nations, and potentially raise inflation in the United States, forcing the US Federal Reserve to tighten monetary policy, despite a lackluster outlook for global growth.

In October, the European Union also decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3%, prompting retaliation from Beijing.

The IMF's latest World Economic Outlook forecasts global economic growth at 3.2% for both 2024 and 2025, weaker than its more optimistic projections for Asia, which stand at 4.6% for this year and 4.4% for next year.

Asia is "witnessing a period of important transition", creating greater uncertainty, including the "acute risk" of escalating trade tensions across major trading partners, Srinivasan said.

He added that uncertainty surrounding monetary policy in advanced economies and related market expectations could affect monetary decisions in Asia, influencing global capital flows, exchange rates, and other financial markets.