RIYADH: The Saudi Central Bank has unveiled the third edition of its Joint Research Program to bring together academics, industry specialists and researchers for conducting economic-related research papers about the Kingdom. The program will cover four areas of study – macroeconomics, financial stability, financial sector, and other economic-related issues, according to the bank, also known as SAMA. It added that research teams should consist of a maximum of three researchers, and must include a representative from the bank and an economics specialist. Upon the completion of the admission process, SAMA will review all submitted research ideas and filter out the most proficient ones from each subject matter. The central bank noted that cash awards will be granted to the top research teams, while the three highest-ranking reports will obtain SAMA"s award. Furthermore, the central bank’s Research Evaluation Committee will be handling the selection process. As for the program’s timeline, applications are expected to be sent by the end of April, teams are to be formed by the end of May, while research paper submissions are due by the end of November 2023. The program comes in line with SAMA"s efforts to support economic development and realize the objectives of Saudi Vision 2030. Saudi Arabia is witnessing rapid economic development on the back of significant growth in key sectors, making it one of the largest global economies and an active member of the G20. With a population of over 34 million, Saudi Arabia’s gross domestic product reached SR2.6 trillion ($692.5 billion) with a 58.9 percent contribution from its non-oil sector, revealed the official data. Private sector contribution to the GDP reached 41.1 percent, trade surplus exceeded SR492.9 billion, whereas women’s participation in the labor market grew to an impressive 35.6 percent. In regards to the financial sector, the aggregate net profit of Saudi-listed banks rose 18 percent before zakat and tax to reach SR6.41 billion ($1.7 billion) in January as compared to SR5.41 billion a year earlier, official data showed. The monthly figures issued by SAMA showed the banks’ aggregate assets grew by nearly 12 percent year-on-year to SR3.61 trillion. According to the report, combined deposits rose by nearly 9 percent year-on-year to SR2.27 trillion in January. Lending to the private sector also jumped by almost 12 percent year-on-year to reach SR2.29 trillion in the aforementioned period.