Saudi Arabia Adopts Smart City Strategy

General view of Riyadh, Saudi Arabia. (SPA)
General view of Riyadh, Saudi Arabia. (SPA)
TT
20

Saudi Arabia Adopts Smart City Strategy

General view of Riyadh, Saudi Arabia. (SPA)
General view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia has adopted a new strategy for smart cities, which aims to transform the municipal and residential sector services into smart services through digital technologies and the Internet of Things (IoT).

The strategy aims to enhance economic prosperity, environmental sustainability, and adequate government supervision.

The strategy was established with the participation of all the municipalities in the municipal sector. It was developed for each secretariat of its own, including a roadmap until 2030.

It identifies six goals that take into account the priorities and challenges of each region.

The Ministry of Municipal, Rural Affairs, and Housing stated that over 50 initiatives will be launched in nine sectors by 2030.

The initiatives include smart parking and systems to preserve the environment and waste disposal, housing and smart community management, land and asset management, urban landscape improvement, and urban planning.

The ministry stressed that through the strategy, it aims to achieve three main goals: improving the quality of life of citizens, achieving financial sustainability, and improving the quality of services.

Smart cities will create solutions to the complex challenges associated with development, namely sustainability, congestion, transportation, and energy use. It seeks to improve the quality of life for all members of society.



IMF Eyes Revised Global Forecast, but Warns Trade Tensions Still Cloud Outlook

A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
TT
20

IMF Eyes Revised Global Forecast, but Warns Trade Tensions Still Cloud Outlook

A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.

The International Monetary Fund warned on Friday that risks related to trade tensions continue to cloud the global economic outlook and uncertainty remains high despite some increased trade and improved financial conditions.

IMF First Deputy Managing Director Gita Gopinath said the fund would update its global forecast later in July given "front-loading ahead of tariff increases and some trade diversion," along with improved financial conditions and signs of continued declines in inflation.

In April the IMF slashed its growth forecasts for the United States, China and most countries, citing the impact of US tariffs on imports now at 100-year highs and warning that rising trade tensions would further slow growth.

At the time, it cut its forecast for global growth by 0.5 percentage points to 2.8% for 2025, and by 0.3 percentage points to 3%. Economists expect a slight upward revision when the IMF releases an updated forecast in late July.

According to Reuters, Gopinath told finance officials from the Group of 20 major economies who met this week in South Africa that trade tensions continued to complicate the economic outlook.

"While we will update our global forecast at the end of July, downside risks continue to dominate the outlook and uncertainty remains high," she said, in a text of her remarks.

She urged countries to resolve trade tensions and implement policy changes to address underlying domestic imbalances, including scaling back fiscal outlays and putting debt on a sustainable path.

Gopinath also underscored the need for monetary policy officials to carefully calibrate their decisions to specific circumstances in their countries, and stressed the need to protect central bank independence. This was a key theme in the G20 communique released by finance officials.

Gopinath said capital flows to emerging markets and developing economies remained sluggish, but resilient, in the face of increased policy uncertainty and market volatility. For many borrowers, financing conditions remained tight.

For countries with unsustainable debt, proactive moves were essential, Gopinath said, repeating the IMF's call for timely and efficient debt restructuring mechanisms.

More work was needed on that issue, including allowing middle-income countries to access the G20's Common Framework for Debt Restructuring, she said.