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Saudi unemployment rate falls to 3.3% in Q2 as job market strengthens: GASTAT

Saudi unemployment rate falls to 3.3% in Q2 as job market strengthens: GASTAT
According to data from the General Authority for Statistics, the unemployment rate also declined by 0.8 percentage points compared to the same period last year. Shutterstock
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Updated 30 September 2024
Nirmal Narayanan 
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Saudi unemployment rate falls to 3.3% in Q2 as job market strengthens: GASTAT

Saudi unemployment rate falls to 3.3% in Q2 as job market strengthens: GASTAT
Updated 30 September 2024
Nirmal Narayanan 
Follow

RIYADH: Saudi Arabia’s overall unemployment rate fell to 3.3 percent in the second quarter of 2024, a 0.2 percentage point drop compared to the previous quarter, official data showed. 

According to data from the General Authority for Statistics, the unemployment rate also declined by 0.8 percentage points compared to the same period last year. 

The jobless rate among Saudi nationals fell to 7.1 percent, a quarterly drop of 0.5 percentage points and an annual decline of 1.4 percentage points.  

The decrease aligns with the Kingdom’s Vision 2030, which aims to enhance job opportunities for Saudis and stimulate economic expansion. The improvement in labor market indicators is expected to support long-term socio-economic development. 

In June, Saudi Arabia launched Jadarat, a unified employment platform designed to connect job seekers with positions in the public and private sectors, part of broader efforts to tackle unemployment. 

Labor force participation among Saudis slipped by 0.6 percentage points in the second quarter to 50.8 percent, though it edged up 0.1 percentage points from the same period a year earlier. 

“The employment-to-population ratio for Saudis declined by 0.3 percentage points compared to the first quarter of 2024, standing at 47.2 percent, while it increased by 0.8 percentage points annually compared to the second quarter of 2023,” stated GASTAT.  

Saudi female unemployment saw a sharp quarterly decline of 1.4 percentage points, landing at 12.8 percent. The employment-to-population ratio for women slipped by 0.1 percentage points to 30.8 percent.  

For men, the employment-to-population ratio remained steady at 63.6 percent, while labor force participation edged down by 0.1 percentage points to 66.3 percent. 

The GASTAT survey revealed that 95.5 percent of jobless Saudis are willing to take up roles in the private sector, with 81.9 percent of unemployed Saudi women and 93.8 percent of men open to working eight or more hours a day. 

The decline in unemployment underscores Saudi Arabia's progress in reshaping its labor market. As the Kingdom continues to focus on economic diversification, these positive trends signal the potential for stronger workforce participation and broader opportunities for its citizens moving forward.

Topics: main Saudi GASTAT

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Central Bank of Egypt issues over $1bn in treasury bills 

Central Bank of Egypt issues over $1bn in treasury bills 
Updated 6 sec ago
Mohammed Al-Kinani 
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Central Bank of Egypt issues over $1bn in treasury bills 

Central Bank of Egypt issues over $1bn in treasury bills 
Updated 6 sec ago
Mohammed Al-Kinani 

JEDDAH: Egypt’s central bank has issued treasury bills worth 50 billion Egyptian pounds ($1.06 billion) as the country seeks to manage liquidity and support government financing amid rising inflation. 

One tranche offers 30 billion pounds in 91-day bills maturing on Dec. 31, and while the other covers 20 billion pounds in 273-day bills due July 1, 2025. 

The move comes as part of the CBE’s broader effort to curb inflation and provide investors with short- and medium-term investment options. 

This follows a similar issuance on Sept. 26, when the Central Bank of Egypt offered treasury bills worth 50 billion pounds through two auctions. 

The first tranche, valued at 30 billion pounds, carries a 182-day tenor, maturing on April 1, 2025. The second, totaling 20 billion pounds, will mature in 364 days on Sept. 30, 2025. 

Earlier, on Sept. 22, the CBE auctioned treasury bills worth 60 billion pounds in two tranches. 

The central bank plays a key role in managing Egypt’s public debt and maintaining financial stability. 

Egypt’s inflation remains high, with urban consumer price index inflation hitting 2.1 percent in August, up from 0.4 percent in July. 

Annually, CPI inflation rose to 26.2 percent from 25.7 percent in the previous month. 

The central bank’s core CPI inflation measure showed an increase to 0.9 percent in August, compared to a negative 0.5 percent in July, with the annual rate rising to 25.1 percent from 24.4 percent. 

In its latest review, the International Monetary Fund reported that Egypt’s economy is showing signs of recovery as government efforts to restore macroeconomic stability begin to yield results. 

The IMF noted that while inflation remains high, it is gradually decreasing. 

Egypt has undertaken several economic reforms aimed at maintaining fiscal stability, including the unification of the official and parallel exchange rates in March. 

Since then, the economy has improved significantly, with the pound becoming market-determined, the foreign exchange backlog at banks cleared, and daily interbank exchange turnover increasing. 

However, the IMF highlighted that geopolitical challenges, such as the Gaza conflict and Red Sea tensions, are complicating the reform process.

 

Topics: Finance Central Bank of Egypt Egypt economy

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Saudi Aramco raises propane, butane prices for October

Saudi Aramco raises propane, butane prices for October
Updated 19 min 27 sec ago
Arab News
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Saudi Aramco raises propane, butane prices for October

Saudi Aramco raises propane, butane prices for October
Updated 19 min 27 sec ago
Arab News

RIYADH: The Saudi Arabian Oil Co., also known as Saudi Aramco, has raised the official selling prices for propane in October by $20 per tonne from the previous month, according to an official statement.

The company also increased butane prices by $25 per tonne from August. Aramco’s October OSP for propane is now $625 per tonne, while butane is priced at $620 per tonne.

Propane and butane are types of liquefied petroleum gas with different boiling points. LPG is commonly used as a fuel for vehicles, heating, and as a feedstock for various petrochemicals.

Aramco’s OSPs for LPG are used as a benchmark for contracts supplying the product from the Middle East to the Asia-Pacific region.

In winter, the demand for propane rises significantly due to its use in heating homes, which can lead to higher prices if supply struggles to keep up.

Such fluctuations are a normal part of the market and are expected during colder months. The increase in prices reflects the basic economic principle of supply and demand, with higher demand resulting in higher costs.

Topics: energy

Hyatt unveils 2 new luxury hotels in Saudi Arabia’s Jaumur, strengthening partnership with NEOM

Hyatt unveils 2 new luxury hotels in Saudi Arabia’s Jaumur, strengthening partnership with NEOM
Updated 44 min 10 sec ago
Sherouk Zakaria
Miguel Hadchity
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Hyatt unveils 2 new luxury hotels in Saudi Arabia’s Jaumur, strengthening partnership with NEOM

Hyatt unveils 2 new luxury hotels in Saudi Arabia’s Jaumur, strengthening partnership with NEOM
Updated 44 min 10 sec ago
Sherouk Zakaria Miguel Hadchity

DUBAI: Hotelier Hyatt has revealed plans to open two new establishments in Jaumur, a coastal destination in Saudi Arabia’s Magna region, located along the Gulf of Aqaba.

According to a statement, this move marks a milestone for the firm, expanding its presence in the Kingdom and deepening its collaboration with NEOM.

The two hotels, set to open in 2027, will offer 350 rooms and suites, each designed to provide distinct, high-end experiences for guests. 

Steven Ansell, managing director for the Middle East and Africa at Hyatt, emphasized the importance of this development during an interview with Arab News at the Future Hospitality Summit in Dubai.

He also revealed more ambitions for the firm, saying: “We aim to triple our hotel portfolio in Saudi. We are expecting to develop around 3000 rooms, (with) new opening hotels, in the future. So we have already announced some hotels, and there are plenty of other things happening in the background.”

Ansell emphasized that it’s an exciting step forward as they aim to triple their hotel portfolio in Saudi Arabia, with plans to develop around 3,000 rooms nationwide.

The managing director added that the hotel chain would be “meeting with developers and future potential owners,” highlighting that Hyatt’s regional expansion has been very ambitious over the last several years.

The Park Hyatt Jaumur, located at the heart of the marina community, will feature 125 rooms and is set while the Andaz Jaumur Marina, will offer 225.

Jaumur, envisioned as a hub for coastal luxury, offers a blend of land and sea experiences and will be home to a 300-berth marina, while visitors will also have access to a deep-sea diving research center.

Ansell also emphasized that these hotels align with Saudi Arabia’s Vision 2030, which aims to attract 150 million visitors by the end of the decade.

In a statement, Javier Aguila, group president for Europe, Middle East, and Africa at Hyatt, shared his enthusiasm, saying: “The Kingdom of Saudi Arabia is a key market in Hyatt’s growth strategy in the Middle East, and these upcoming properties in NEOM reflect our dedication to expanding our brand footprint.” 

Aguila added that the hotels will play a critical role in enhancing the region’s tourism landscape as part of NEOM’s sustainable tourism goals.

In keeping with Hyatt’s commitment to innovation, Ansell told Arab News about the integration of artificial intelligence into their operations.

“AI will contribute to a lot of our focus on customer service and how we operate our hotels. So I think there are going to be a lot of changes in the future and it’s something that we embrace but embrace with recognition, that this will take time as it evolves and will need to be treated very, very carefully,” he said.

Topics: FHSworld2024 hyatt Tourism & Transport NEOM

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Saudi Arabia sees 23.4% rise in FDI: GASTAT 

Saudi Arabia sees 23.4% rise in FDI: GASTAT 
Updated 30 September 2024
Nirmal Narayanan 
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Saudi Arabia sees 23.4% rise in FDI: GASTAT 

Saudi Arabia sees 23.4% rise in FDI: GASTAT 
Updated 30 September 2024
Nirmal Narayanan 

RIYADH: Saudi Arabia experienced a 23.4 percent increase in foreign direct investment in the second quarter of this year compared to the previous three months, according to official data. 

The latest figures from the General Authority for Statistics revealed that net FDI flow reached SR11.7 billion ($3.12 billion) in the second quarter of 2024, up from SR9.5 billion in the first three months of the year. 

Attracting foreign investment is a key objective of Vision 2030, and Saudi Arabia aims to attract $100 billion in FDI by the end of the decade. 

This growth underscores the Kingdom’s continued appeal to international investors and reflects ongoing efforts to enhance its investment environment and foster economic development. 

GASTAT noted that the net inflow of FDI in the second quarter declined by 7.5 percent compared to the same period in 2023, when inflows amounted to SR12.6 billion.

However, the volume of inflows grew by 14.5 percent to SR19.4 billion compared to the previous quarter. 

The report indicated that outflows amounted to SR7.8 billion, marking a year-on-year increase of 14.1 percent and a quarter-on-quarter rise of 3.4 percent. 

In August, a Standard Chartered report highlighted that Saudi Arabia’s updated investment law and recent reforms could help the country achieve its goal of attracting $24 billion in FDI this year. 

The Kingdom approved an updated investment law last month to enhance FDI flows, with the Ministry of Investment stating that the law would boost transparency and simplify the investment process.

The law also promises enhanced protections for investors, including adherence to the rule of law, fair treatment, and property rights, alongside robust safeguards for intellectual property and seamless fund transfers. 

Standard Chartered emphasized that Saudi Arabia’s future economic growth will be driven by increased FDI inflows, along with investments in public capital expenditure and the private sector. 

In August, Saudi Arabia’s Assistant Minister of Investment, Ibrahim Al-Mubarak, expressed the Kingdom’s eagerness to attract more FDI from Asia and Europe as its economic diversification efforts progress steadily. 

In July, a report released by the Saudi government revealed that the Kingdom’s FDI stock reached SR817.7 billion in the first quarter of 2024, representing a rise of 6.1 percent rise compared to the same period last year. 

Topics: Finance Foreign Direct Investment (FDI)

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Oil Updates – prices climb on fears of Middle East conflict escalation

Oil Updates – prices climb on fears of Middle East conflict escalation
Updated 30 September 2024
Reuters
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Oil Updates – prices climb on fears of Middle East conflict escalation

Oil Updates – prices climb on fears of Middle East conflict escalation
Updated 30 September 2024
Reuters

SINGAPORE: Oil prices rose for a second consecutive session on Monday, with concerns escalating over potential supply disruptions in the Middle East after Israel stepped up attacks on Palestianian militant group Hamas and Iranian-backed forces in the region.

Brent crude futures for November delivery gained $1.12, up 1.56 percent to $73.10 a barrel as of 9:11 a.m. Saudi time. That contract expires on Monday, and the more-active contract for December delivery climbed $1.04, or 1.45 percent, to $72.58.

US West Texas Intermediate crude futures advanced 93 cents, or 1.36 percent, to $69.11 a barrel.

Prices also rose last Friday, though for the week, Brent fell around 3 percent and WTI fell by around 5 percent on worries about demand in China, despite fiscal stimulus measures in the world’s second-biggest economy and top oil importer.

On Monday, prices were supported by the possibility that a widening Middle East conflict may directly involve Iran, a key producer and member of OPEC, after Israel escalated attacks on the Hezbollah and Houthi militant groups that Iran backs.

While excessive supplies are a key concern for oil markets, investors broadly fear a region-wide conflict in the Middle East could affect supplies from key producing areas, said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Hamas said an Israeli strike killed its leader in Lebanon on Monday, while another Palestinian militant group said three of its leaders were killed in a strike on Beirut.

Israel on Sunday launched airstrikes against the Houthi militia in Yemen and dozens of Hezbollah targets throughout Lebanon after earlier killing the Hezbollah leader.

In the context of Israel’s decisive strike on Hezbollah, oil prices will continue to be driven by supply and demand dynamics, said Tony Sycamore, market analyst at IG.

Given the upcoming end of OPEC+’s voluntary supply cuts on Dec. 1, WTI may test its 2021 lows in the $61 to $62 a barrel range, he said.

“Additionally, despite China’s recent dovish shift, it’s unclear if this will translate into higher fuel demand, considering China’s advancements in electrifying and decarbonizing its transportation sector,” Sycamore said.

Data on Monday was not encouraging for demand, showing China’s manufacturing activity shrank for a fifth straight month and the services sector slowed sharply in September.

Later on Monday, markets will be waiting to hear from Federal Reserve Chair Jerome Powell for clues on the central bank’s pace of monetary easing. Seven other Fed policymakers are also due to speak this week, ANZ analysts said in a note.

With the Fed and other major central banks embarking on policy easing, some economic recovery could just be around the corner, said Phillip Nova’s Sachdeva.

“How well demand responds to easing rates, and how much Chinese demand revives after the major stimulus injected last week, will eventually shape oil market dynamics going forward,” she said.

Topics: energy oil updates oil prices

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