Saudi unemployment rate remains unchanged at 11.3% in 3Q

Saudi unemployment rate remains unchanged at 11.3% in 3Q
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Updated 22 December 2021

Saudi unemployment rate remains unchanged at 11.3% in 3Q

Saudi unemployment rate remains unchanged at 11.3% in 3Q

RIYADH: The jobless rate among Saudis remains unchanged at 11.3 percent in the third quarter, according to offical data from Gastat.

While unemployment was unchanged in total, data showed that both male and female jobless rates among Saudi experienced a sllight drop.

Unemployment in men fell 0.2 percent to 5.9 percent while the it went down by 0.4 percent for women to stand at 21.9 percent.

In a sign of limited mobility among Saudi unemployed nationals, Gastat said that 62.1 percent of unemployed females and 44.9 percent of unemployed males would only accept a commuting time of an hour or less.

The total unemployment rate for both Saudis and non-Saudis stayed the same at 6.6 percent over the same period.

Participation Rate

Moreover, Saudi female participation rate went up by 1.7 percent to 34.1 percent while their male counterparts’ rate slipped by 0.9 percent to hit 65 percent. Among Saudis, labor force participation, which includes males and females, edged up by 0.4 percent to reach 49.8 percent.

Participation rate is the ratio of the labor force, employed and unemployed, to the working-age population – which is comprised of the 15+ population.

New Measure

Employment-to-population ratio is a new indicator presented in Gastat’s unemployment released today.

The authority said that this indicator measures the economy’s performance and its ability to create new jobs. A rising ratio means that job creation is outpacing the growth of the population. It is measured as the ratio of employed people to the working-age population.

Employment-to-population ratio among Saudis experienced an uptick, rising by 0.4 percent to 44.2 percent in the third quarter. While males’ ratio dropped by 0.5 percent to 61.2 percent, the females’ rate rose 1.5 percent to 26.7 percent.

 


MENA Project Tracker: Jeddah Central Development appoints Modern Building Leaders for $20bn project

MENA Project Tracker: Jeddah Central Development appoints Modern Building Leaders for $20bn project
Updated 11 sec ago

MENA Project Tracker: Jeddah Central Development appoints Modern Building Leaders for $20bn project

MENA Project Tracker: Jeddah Central Development appoints Modern Building Leaders for $20bn project

RIYADH: Jeddah Central Development Co. has appointed local Modern Building Leaders for a major real estate project.

Abu Dhabi Investment Office is also partnering with Abu Dhabi Department of Education on the construction of three new schools.

Additionally, Oman’s Salalah Free Zone is collaborating with Salalah Petroleum Co. for a mega petrochemicals plant. The deadline for Libya’s Tobruk terminal upgrade has been extended.

Meanwhile, China’s Longi will supply solar photovoltaic panels to an independent power project in Rabigh, Saudi Arabia.

·      Jeddah Central Development Co., a wholly-owned unit of Saudi Arabia’s sovereign wealth fund Public Investment Fund, has awarded local Modern Building Leaders, the development works contract for the first phase of its major SR 75 billion ($20 billion) Central Jeddah Project, Trade Arabia reported. Under the terms of the contract, MBL will be accountable for the infrastructure, marine works, relocation of water, electricity, and waste management infrastructure services. The project is set to be developed on a 5.7 million square meter area in the Saudi port city of Jeddah.

·      Abu Dhabi Investment Office is partnering with Abu Dhabi Department of Education on the development of three schools in Zayed city, Trade Arabia reported. The project will be led by Belgian construction firm Besix as well as Australian infrastructure investment business Plenary Group. Scope of the work for the project includes the design, construction, finance, and maintenance of three campuses that are capable of accommodating 5,360 students in the city.

·      One of Oman’s most important industrial hubs, the Salalah Free Zone, has signed a protocol with domestic Salalah Petroleum Co. to establish a $88 million petrochemicals production facility, MEED reported. The petrochemicals plant – which will be located within the Salalah Free Zone – will spread over an area of 78,000 square meters. In addition to this, output from the facility is set to be exported via the Port of Salalah. 

·      The deadline to submit the prequalification documents for Libya’s $300 million Tobruk Oil terminal modernization program has been pushed to June 7, from 21 of March previously, MEED reported. This is mainly attributed to political and security instability in the African country. A subsidiary of the country’s National Oil Corporation, Brega Petroleum Marketing Co. is the client working on the project.

·      Chinese photovoltaic company Longi has been awarded a contract to supply solar photovoltaic panels to South Rabigh Renewable Energy CO.’s solar photovoltaic independent power project in Saudi Arabia, MEED reported. The panel cells are forecasted to entail a capacity of up to 400 MW alternating current.


Commodities Update — Gold falls; Silver down; Grains ease

Commodities Update — Gold falls; Silver down; Grains ease
Updated 10 min 5 sec ago

Commodities Update — Gold falls; Silver down; Grains ease

Commodities Update — Gold falls; Silver down; Grains ease

RIYADH: Gold prices slipped on Wednesday, pressured by a firmer dollar as investors look to minutes from the US Federal Reserve’s May policy meeting due later in the day for cues on its policy tightening path.

Spot gold fell 0.6 percent to $1,855.03 per ounce by 1134 GMT, on track to snap a five-day winning streak. US gold futures dropped 0.6 percent to $1,853.40.

Silver down

Spot silver fell 1.5 percent to $21.76 per ounce, while platinum shed 1.4 percent to $940.89. 

Palladium was 0.7 percent lower at $1,992.37. 

Wheat heads lower

US wheat futures fell on Wednesday following reports that Russia was ready to provide humanitarian corridors for food shipments, while corn hovered near a six-week low as US planting picked up and China allowed Brazilian corn imports.

The most-active wheat contract on the Chicago Board of Trade was down 2.8 percent at $11.22 a bushel by 1023 GMT.

Corn eased 1.2 percent to $7.62-1/4 a bushel after falling 1.8 percent on Tuesday while soybeans edged 0.4 percent lower to $16.86-1/4 a bushel.

(With input from Reuters) 


TASI ends higher as investor worries recede: Closing bell

TASI ends higher as investor worries recede: Closing bell
Updated 10 min 20 sec ago

TASI ends higher as investor worries recede: Closing bell

TASI ends higher as investor worries recede: Closing bell

RIYADH: Saudi Arabia’s main index closed higher today, boosted by optimism from investors as earnings season concluded on a positive note, after listed companies reported 73 percent profit growth in the first quarter.

As of Wednesday’s closing bell, TASI gained 2.34 percent to reach 12,588, while the parallel market, Nomu, slipped 1.04 percent to 22,020.

In the financial sector, Riyad Bank rose 8.25 percent to lead the gainers, while Rajhi and Alinma Bank climbed 3.18 percent and 5.40 percent, respectively.

Saudi Industrial Export Co. fell 5.48 percent to lead the laggards, despite leading the market in early trade.

Among the gainers on the list, Saudi Electricity Co. rose 6.22 percent, and Almarai Co. increased 6.01 percent.

Telecom giants stc and Zain KSA were both up by 0.77 percent and 0.93 percent respectively.

In the pharma sector, Aldawaa Medical Services Co. increased 1.04 percent, while Nahdi Medical Co. added 0.39 percent.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 2.12 percent.

On the energy market, Brent crude traded at $114.70 per barrel and West Texas Intermediate crude traded at $111.07 per barrel, as of 3:39 p.m. Saudi time.


National Bank of Kuwait stops operations in Jordan

National Bank of Kuwait stops operations in Jordan
Updated 40 min 11 sec ago

National Bank of Kuwait stops operations in Jordan

National Bank of Kuwait stops operations in Jordan

RIYADH: Following the sale of its banking business to the Arab Jordan Investment Bank, the National Bank of Kuwait has halted its operations in Jordan.

The bank said in a statement that all assets and liabilities will be transferred to the Arab Jordan Investment Bank, as of May 25, including accounts balances, deposits and loans.

Meanwhile, the Central Bank of Jordan terminated the license of the National Bank of Kuwait as of Wednesday.


Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 

Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 
Updated 25 May 2022

Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 

Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 

RIYADH: Saudi Arabia’s Tourism Development Fund has inked a financing deal with Rimal AlKhobar Real Estate Co. to develop a five-star hotel with a project cost of SR238 million ($63 million) in the Eastern Province of the Kingdom. 

Announced during the second edition of the Future of Hospitality Summit in Riyadh, the partnership aims to enhance tourism and entertainment services for the Eastern Region, Saudi Press Agency reported.

The new project will include over 100 hotel rooms and suites, 62 housing units and restaurants, Wahdan Al-Kadi, chief business officer at TDF, said. 

The property will have all the other amenities including swimming pools, a health center, a gym and spaces for meetings and events.

He stressed the TDF’s commitment to attract more investors and provide them with the necessary support to develop quality tourism projects that keep pace with Saudi Arabia’s tourism boom.

TDF was established in 2020 with $4 billion in capital to facilitate local and international investors’ access to high-potential tourism investments across key destinations in the Kingdom, its website stated.