Saudi Roadmap to Build World’s Largest Park

King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)
King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)
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Saudi Roadmap to Build World’s Largest Park

King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)
King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)

At a time when Riyadh’s green strategy is in full swing, an official source at the King Salman Park Foundation confirmed that efforts are underway to transform the proposed large-scale public park and urban district in Riyadh into a tangible reality.

Director of Public Relations and Marketing at the King Salman Park Foundation Faisal Al-Majed revealed that a road map for operational work is currently being carried out.

According to Al-Majed, the Foundation’s participation at Riyadh’s International Exhibition and Forum on Afforestation Technologies, which was held from May 29-31, confirms its commitment to planting one million trees.

Al-Majed noted that the Forum had advanced efforts on exchanging research and expertise and contributed to launching a scientific study that can map out the implementation of the park project.

Speaking to Asharq Al-Awsat, Al-Majed confirmed that the Foundation will work to re-engineer the park’s soil to prepare it for planting.

Soil re-engineering includes adding more than one layer of soil and microorganisms.

Moreover, it also incorporates increasing the level of nitrogen to increase fertility.

The Green Riyadh project alone will see 7.5 million trees planted across the capital, and will contribute to an increase in per capita green space.

Al-Majed noted that gains from such projects include boosting biodiversity, whether in birds, insects, or the green environment of the city of Riyadh.

He also pointed out that King Salman Park Foundation is one of the four major projects launched by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz in March 2019.

King Salman Park is built on more than 16km2 to become the largest urban park in the world offering a wide range of options and quality activities for the city's residents and visitors.

The Park will contribute significantly to increasing the vegetation in the region and raising the rate of per capita green spaces, which will have a direct and positive impact on the quality of the environment and the climate.



US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.