Saudi Arabia's Cultural Commitment
As stated by Mona Khazindar, Advisor to the Ministry of Culture, "The Mazra’ah Media Arts Residency represents Saudi Arabia’s commitment to developing the country’s cultural ecosystem, and transforming Riyadh into a global hub for new media and digital art." This initiative is laying the foundation for the Kingdom to become a hub of cultural exchange, pioneering new forms of expression in one of its most cherished historic districts.Location and Facilities
Located in the heritage city of Diriyah neighboring Riyadh, DAF was developed by the Saudi Museums Commission. Its 6,550-square-metre state-of-the-art school, laboratory, and exhibition space was designed by Italian architectural firm Schiattarella Associati and is constructed with locally sourced stone and earth to seamlessly blend with the surrounding landscape. Overlooking the historic Diriyah farms, it serves as a creative bridge between the past and the present.Urban Revitalization and Heritage
Diriyah, with a history dating back to the 15th century and once the capital of the first Saudi state in 1727, has undergone a remarkable urban revitalization. After being overtaken by the Ottoman Empire in 1818 and later abandoned, residents began returning in the mid-20th century. Declared a UNESCO World Heritage site in 2010, it has become a tourist hotbed with historical landmarks, new museums, and commercial attractions. DAF is an integral part of this revitalization, breathing new life into the city.Artistic Mission and Residency Details
The Mazra’ah Media Arts Residency provides a dedicated retreat for artists and scholars. Participants have access to state-of-the-art new media studios, comfortable living quarters, workspaces, and specialised labs. The residency also includes a lecture and performance space, a library, and a new media arts archive, along with a production budget to support their work. Throughout the program, residents receive tailored support and connect with a network of fellow artists and scholars. Work produced during the residency will be showcased in exhibitions and scholarly publications, with DAF's partnerships facilitating ongoing creative and academic exploration.Diverse Tracks and Application Process
The residency follows distinct paths for artists and scholars. Artists working in various media and using technological methodologies are encouraged to apply, as are writers, academics, and theorists in new media and digital art. Applicants should submit a proposal for a specific project related to the "High-Resolution Dreams of Sand" theme, detailing the conceptual framework, intended outcome, production timeline, and budget. Applications are due on Jan. 20, 2025.Global Participation and Impact
Artists and scholars from around the world are welcome to apply, with a particular emphasis on those from the Middle East, North Africa, and the global south. Dr. Haytham Nawar, Director at DAF, emphasizes that this dynamic residency offers an unparalleled opportunity for established artists and scholars to develop new creative practices and contribute to global scholarly discussions. It is a place where the impossible comes to life.Interested parties can learn more about the residency and apply at daf.moc.gov.sa/en/. For more updates, follow Diriyah Art Futures on X (@DAFmoc) and Instagram @DAFmoc.December Trading Month and LPL Financial's Outlook
The major averages had a tepid start to the December trading month compared to their strong November advance following Donald Trump's victory at the polls. According to LPL Financial portfolio strategist George Smith, the rally is likely to pick up again this month. "Turning the calendar ahead to December, momentum could continue for stocks as historically it has been a good month for stock market seasonals," he said. "These strong returns are historically often back-end loaded."Impact of Labor Market Data
Labor market data, particularly the November payrolls report due on Friday, could shape the next stage of the rally. Data issued on Tuesday showed that job openings totaled 7.74 million in October, topping economists' forecasts. This indicates a healthy labor market, which is often a positive sign for the stock market.Fed Front and Jerome Powell's Speech
On the Federal Reserve front, Chair Jerome Powell will be speaking in New York in a moderated discussion on Wednesday afternoon. The Fed's decisions and Powell's remarks often have a significant impact on the stock market. Investors will be closely watching for any hints or signals regarding the future direction of monetary policy.Earnings Reports and Market Moves
On the earnings front, Chewy, Dollar Tree, and Foot Locker are among the companies scheduled to report earnings on Wednesday morning. Salesforce, a software stock, advanced 6% after posting a revenue beat in the third quarter. Revenue of $9.44 billion topped consensus forecasts calling for $9.35 billion. Meanwhile, adjusted earnings of $2.41 per share slightly missed estimates for $2.44 per share. Marvell Technology, a developer of integrated circuits, jumped 10% after issuing rosy guidance for the current quarter. The company sees fourth-quarter revenue coming in at $1.80 billion, compared to Wall Street's estimate of $1.65 billion. Adjusted earnings and revenue in the third quarter also topped expectations.Unraveling the Financial Aftermath of Yoon Suk Yeol's Martial Law
Impact on the South Korean Won
The South Korean won's sharp fall against the U.S. dollar is a significant development. The previous low in 2022 was 1,444.2 won during intratrading. This recent drop indicates the volatility and uncertainty in the currency market. The nighttime offshore trading saw the won reach a new low of 1,441 won per dollar, highlighting the immediate impact of the martial law declaration. In onshore trading, the 1.6 won decrease from the previous session also shows the continuous downward trend. Financial authorities are now faced with the challenge of managing this volatility and its potential effects on the economy.
Moreover, the historical context of the won's performance is important. Such significant drops in the currency can have implications for imports, exports, and inflation. It affects businesses and consumers alike, as the value of goods and services changes. The authorities' consideration of closing the stock markets adds another layer of complexity to the situation, as it can further impact investor sentiment and market stability.
Effects on the Stock Markets
The scheduled opening and closing times of the benchmark Korea Composite Stock Price Index and the tech-heavy KOSDAQ markets at 9 a.m. and 3:30 p.m. respectively are now under a cloud. The uncertainty surrounding the market's opening due to the emergency meeting and the potential for high volatility has investors on edge. A Korea Exchange official's statement that the decision on whether the markets will open remains undecided adds to the ambiguity. The stock markets play a crucial role in the South Korean economy, and any disruptions can have wide-ranging effects on companies, investors, and the overall financial system.
The emergency meeting presided over by Finance Minister Choi Sang-mok and attended by key financial figures is a sign of the seriousness of the situation. The actions and decisions made during this meeting will likely have a significant impact on the future of the stock markets. The coordination between the Bank of Korea and other financial institutions is essential in navigating through these challenging times and ensuring market stability.
Impact on the Cryptocurrency Market
Bitcoin's notable drop after the martial law declaration is another aspect of the financial turmoil. A 2.65 percent decrease from the previous day as of 11:15 p.m. on Wednesday shows the sensitivity of the cryptocurrency market to such events. The surge in demand leading to service disruptions at some cryptocurrency exchanges further emphasizes the interconnectedness of different financial markets.
Cryptocurrencies have gained popularity in recent years, and their behavior during times of economic and political uncertainty is closely watched. The impact of the martial law on the cryptocurrency market raises questions about the stability and regulation of this emerging asset class. It also highlights the need for better understanding and management of digital currencies in the context of broader financial systems.