Royal Commission for Riyadh City Announces 'Riyadh Creative District'

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Royal Commission for Riyadh City Announces 'Riyadh Creative District'

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

The Board of Directors of the Royal Commission for Riyadh City (RCRC) announced the launch of the “Riyadh Creative District,” a transformative initiative that aims to position the Saudi capital as a global creative and media hub while reinforcing the Kingdom’s leadership in the creative economy.

The new project is set to become a cornerstone in Riyadh’s evolution into a world-class metropolis, integrating seamlessly with the capital’s major development initiatives, reported the Saudi Press Agency on Thursday.

The project aims to foster a thriving ecosystem where creative minds, industry leaders, and emerging talent can collaborate to develop content and new ideas, drive cultural and technological advancements, and contribute to the Gross Domestic Product (GDP).

The Creative District aligns with Saudi Arabia’s long-term strategic vision by emphasizing the role of media, technology, culture and innovation in economic diversification and sustainable growth.

Minister of State, Member of the Council of Ministers, and CEO of RCRC Eng. Ibrahim bin Muhammad Al-Sultan expressed profound appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Royal Commission for Riyadh City, for their continued support of the commission’s projects, which are pivotal in shaping the future of Riyadh and enhancing its global competitiveness.

“The Riyadh Creative District is designed to be a vital extension of the capital’s creative, cultural, and economic landscape, reinforcing the city’s status as a dynamic hub for content creation and innovation. Through this initiative, we are not only establishing an inspiring space for creative industries to thrive, but also providing a gateway for global talent to engage with the Kingdom’s creative economy,” he said.

“This initiative embodies Saudi Arabia’s forward-looking vision to cultivate a knowledge-based society, and develop a globally integrated creative sector that generates sustainable economic and social impact,” he added.

A key milestone in the project’s launch is the signing of a strategic partnership agreement between RCRC and the King Abdullah Financial District (KAFD), ensuring a structured and integrated approach to its implementation. This collaboration is expected to catalyze the expansion of the creative industries in Saudi Arabia, bridging the gap between local and international expertise and fostering cross-sector innovation.

The Creative District is set to redefine the role of creativity in economic development, by offering a dynamic platform that connects designers, artists, entrepreneurs, and technology pioneers. It will serve as an incubator for new business models, cultural enterprises, and digital transformation projects, ultimately reinforcing Riyadh’s position as the regional epicenter for creative excellence.

Beyond GDP contributions, the district will play a crucial role in cultural exchange and community engagement by hosting interactive programs, industry events, and knowledge-sharing initiatives that empower emerging talent and facilitate the exchange of ideas. Its impact is expected to extend beyond Riyadh, influencing the broader Middle East creative ecosystem and elevating the Kingdom’s standing as a destination for investment in the creative economy.

Aligned with the goals of Saudi Vision 2030, the Creative District underscores the Kingdom’s commitment to fostering a globally competitive creative sector, that not only boosts the quality of life but also drives innovation-led economic transformation. By offering a supportive environment for creatives, startups, and established enterprises, the district is poised to shape the future of creative industries in Saudi Arabia, offering new employment opportunities, accelerating digital adoption, and laying the groundwork for a knowledge-driven economy.

With a focus on sustainability and long-term impact, the Creative District will also contribute to Riyadh’s broader urban transformation, integrating smart infrastructure, cutting-edge technology, and sustainable design principles to create an environment where creativity and innovation can flourish. The Creative District will be instrumental in attracting both regional and international investment in the creative industries, ensuring that Saudi Arabia remains at the forefront of global creative and cultural advancements.

As Riyadh continues its journey toward becoming a premier global destination for business, culture, and innovation, the Creative District will serve as a testament to the Kingdom’s unwavering commitment to fostering talent, advancing creative industries, and building a prosperous future driven by ingenuity, collaboration, and forward-thinking policies.



Oil Drops 1% as US, Iran Pledge to Continue Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
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Oil Drops 1% as US, Iran Pledge to Continue Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)

Oil prices fell 1% on Monday as immediate fears of a conflict in the Middle East eased after the US and Iran pledged to continue talks about Tehran's nuclear program over the weekend, calming investors anxious about supply disruptions.

Brent crude futures fell 67 cents, or 1%, to $67.38 a barrel on Monday by 0444 GMT, while US West Texas Intermediate crude was at $62.94 a barrel, down 61 cents, or 1%.

"With more talks on the horizon the immediate ‌fear of supply disruptions ‌in the Middle East has eased ‌quite ⁠a bit," IG ‌market analyst Tony Sycamore said.

Iran and the US pledged to continue the indirect nuclear talks following what both sides described as positive discussions on Friday in Oman despite differences. That allayed fears that failure to reach a deal might nudge the Middle East closer to war, as the US has positioned more military forces in the area.

Investors are also worried about possible disruptions to supply ⁠from Iran and other regional producers as exports equal to about a fifth of the world's ‌total oil consumption pass through the Strait of ‍Hormuz between Oman and Iran.

Both ‍benchmarks fell more than 2% last week on the easing tensions, their ‍first decline in seven weeks.

However, Iran's foreign minister said on Saturday Tehran will strike US bases in the Middle East if it is attacked by US forces, showing the threat of conflict is still alive.

"Volatility remains elevated as conflicting rhetoric persists. Any negative headlines could quickly reignite risk premiums in oil prices this week," said Priyanka Sachdeva, senior market analyst at ⁠Phillip Nova.

Investors are also continuing to grapple with efforts to curb Russian income from its oil exports for its war in Ukraine. The European Commission on Friday proposed a sweeping ban on any services that support Russia's seaborne crude oil exports.

Refiners in India, once the biggest buyer of Russia's seaborne crude, are avoiding purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, which could help New Delhi seal a trade pact with Washington.

"Oil markets will remain sensitive to how broadly this pivot away from Russian crude unfolds, whether ‌India’s reduced purchases persist beyond April, and how quickly alternative flows can be brought online," Sachdeva said.


Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
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Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington, according to Reuters.

The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world's most-populous nation.

Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said US officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

 


IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.