Day: June 30, 2022

Riyadh– Based on estimates of the General Authority for Statistics’ (GASTAT) Labor Force Survey, which was released today, the unemployment rate among Saudis was 10.1% in the first quarter (Q1) of 2022, down 0.9 percentage points (pp) from Q4 of 2021. The unemployment rate of Saudis is 1.6 pp lower than a year ago in Q1 of 2021.

Among Saudis, there were declines in both the participation rate (down 1.4 pp to 50.1%), and the employment-to-population ratio (down 0.7 pp to 45.1%).

The overall unemployment rate in the Kingdom of Saudi Arabia dropped to 6.0%, down 0.9 pp from Q4 of 2021 and down 0.5 pp from a year ago. The unemployment rate of Saudi women decreased from 31.7% three years ago, to 21.2% a year ago, to 20.2% in Q1 of 2022. The unemployment rate of Saudi males declined to 5.1% in Q1 of 2022, compared to 5.2% of the previous quarter.

The results of the survey also showed that the labor force participation rate of the total working age population (Saudis and non-Saudis) reached 60.4% during the first quarter of 2022, compared to 61.5% in the fourth quarter of 2021.

GASTAT pointed out that the Quarterly Labor Force Survey (LFS) is a household survey with a sample of about 80,000 households. LFS estimates are subject to response and sampling variability. The LFS is the source of the following labor market indicators: Unemployment rate, Employment-to-Population ratio, and Labor Force Participation rate.

Source: Saudi Press Agency

Riyadh– Saudi Stock Exchange’s main index ended trading lower here today, losing 203.94 points to close at 11,523.25 points.

The total value of the trading reported was SAR 6.5 billion, while the toll of shares traded was 177 million, divided into over 370,000 deals.

The Saudi Parallel Market Index (NOMU) ended the day gaining 857.5 points, to close at 21,585.08 points, with a valuation of SAR 59 million and an overall tally of more than 996,000 stocks traded and divided into as many as 4,290 deals.

Source: Saudi Press Agency

Riyadh– The Public Investment Fund (PIF) today announced the launch of the Aircraft Leasing Company “AviLease”, which aims to be a leading institution across the aviation leasing value chain, maintaining an optimal portfolio of assets with its core focus on leasing, trading and asset management services.

“AviLease” will initially focus on scaling through purchase-and-lease-back transactions with airlines, portfolio acquisitions and direct orders from aircraft manufacturers. It will also look into expansions through corporate acquisitions. The company’s fleet will consist of the new generation of narrow-body and wide-body aircraft from the world’s leading manufacturers.

“AviLease” is managed by a top-tier team that will lead its growth, localize knowledge and expertise, and enable the development of the company’s desired infrastructure, with plans to become a national champion in the aircraft leasing market. Additionally, the company’s establishment will contribute to the reduction of value leakage for Saudi Arabia, while enhancing integration into the global aircraft financing market.

As a PIF fully owned company, PIF’s ample liquidity and strong balance sheet, combined with its depth of financing and investment-structuring expertise will help the company leverage the opportunity in the aircraft leasing market.

The launch of “AviLease” underlines PIF’s mandate to unlock the capabilities of promising sectors locally that can help drive the diversification of the economy and contribute to non-oil GDP growth. In addition, the company will be supporting a thriving aviation sector and driving financial sustainability within the aviation ecosystem in line with Vision 2030.

PIF is one of the largest and most impactful sovereign wealth funds in the world. As of the end of Q1 2022, its Assets under Management had reached approximately $620 billion, across a diversified portfolio spanning 13 strategic sectors in Saudi Arabia and globally. Since 2017, the Fund has established 54 companies and created, directly and indirectly, more than half a million jobs as at the end of 2021. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the world economy.

Source: Saudi Press Agency

Riyadh– King Salman Humanitarian Aid and Relief Center (KSrelief) signed yesterday a joint agreement with a civil society organization to implement the Adahi Project in Yemen for the Eid Al-Adha for the year 1443 AH.

The project aims to assist needy displaced families during Eid al-Adha by distributing sacrificial meat (Adahi) at the rate of half a sacrifice for each family, benefiting 4,000 families, or 28,000 individuals, in the governorates of Aden, Hadramout, Mahra, and Marib.

This comes within the humanitarian and relief programs provided by Saudi Arabia to other countries to reach the neediest families in various parts of the world.

Source: Saudi Press Agency

Riyadh– The King Salman Humanitarian Aid and Relief Center (KSrelief) signed here today a joint cooperation agreement with the International Society for the Care of Victims of Wars and Disasters to operate the Prosthetic Limbs and Rehabilitation Center in Taiz Governorate, Yemen, phase 4, benefiting 3,956 individuals.

The KSrelief was represented by the Center’s Assistant General Supervisor for Operations and Programs, Eng. Ahmed bin Ali Al-Baiz.

The Director of the Medical and Environmental Aid Department at the KSrelief, Dr. Abdullah bin Saleh Al-Moallem, said in a press statement, that center will provide physical rehabilitation services for people with special needs as well as follow-up, diagnosis, and the treatment plan, and all types of prosthetic limbs.

This comes within the framework of the continuous humanitarian support, provided by the Kingdom of Saudi Arabia, represented by the KSrelief, to the Yemeni people in various fields.

Source: Saudi Press Agency

Riyadh– The Federation of Saudi Chambers, represented by the Saudi-French Business Council, participated in a meeting organized by the Movement of the Enterprises of France (MEDEF), on investment opportunities in the mining sector in the Kingdom, attended by representatives from the Ministry of Industry and Mineral Resources, the Ministry of Investment and several Saudi and French companies operating in the mining field.

Chairman of the Saudi-French Business Council, Dr. Mohammed bin Laden, highlighted in his speech the economic importance of the Kingdom’s mining sector as one of the most important pillars of the Saudi industry, and the objectives of the Kingdom’s Vision 2030 to maximize its impact on the gross domestic product and its contribution in the local content and trade balance, achieving its sustainability and improving legislative and investment environment.

The meeting also discussed the investment opportunities available to French companies in the Kingdom’s mining sector, and the efforts made during the past years to strengthen the sector, introduce its components and capabilities, attract foreign investors, and improve its business environment, through the relevant competent authorities, led by the Ministry of Industry and Mineral Resources and the Ministry of Investment.

The French side expressed the interest of French investors to invest in the Saudi mining sector, reiterating that this participation would achieve an added value for the sector through the transfer and localization of the leading French expertise.

Source: Saudi Press Agency

Riyadh– Under the supervision of the Saudi Ports Authority (Mawani), Saudi Global Ports (SGP) and Shanghai Zhenhua Heavy Industries Company Limited (ZPMC) have today signed an agreement to manufacture three state of the art quay cranes at King Abdulaziz Port in Dammam.

The deal was signed by Chairman of the Board for Saudi Global Ports Abdulla Zamil, CEO of Saudi Global Ports Edward Tah; and Secretary of the Party Committee, Chairman and President of ZPMC Liu Cheng Yun and Senior Vice President and Executive Board Member of ZPMC Liu Qi Zhong.

The deal was signed by SGP CEO Edward Tah and Liu Chengyun, Chairman and President of ZPMC, in the presence of Omar bin Talal Hariri, President of Saudi Ports Authority, and Captain Fahad Al-Amer, Director General of King Abdulaziz Port in Dammam, as well as Abdullah Al-Zamil, SGP’s Chairman of the Board, and Wan Chee Foong, Regional CEO, Middle East and South Asia, and Head of Group Business Development at PSA International.

While the agreement reflects SGP’s commitment towards transforming King Abdulaziz Port in Dammam into a globally competitive and sustainable container hub in line with the commercial concession signed with Mawani worth SAR 7 billion, as the modern crane equipment will have a minimum outreach of can load and unload containers up to 25 rows, which enables the handling of next generation giant vessels at optimum efficiency and scale. SGP is also assessing the possibilities to equip the cranes with the ability to remote operation and photovoltaic panels to harness operate them via solar energy to achieve sustainability and automation of port operations.

The President of Mawani stated on this occasion that the deal was a direct result of the Smart Ports Initiative which was launched earlier this year to boost the competitive edge of Saudi ports and keep pace with a continuously evolving maritime industry, which calls for developing logistical performance and container ports in the Kingdom given its strategic position as a hub connecting three continents and its leading role in regional and global trade, in line with the National Transport and Logistics Strategy (NTLS).

Whereas the Chairman of the Board of Directors at SGP highlighted that his company continues to take bold steps to transform the Kingdom into a global logistics powerhouse in line with Saudi Vision 2030 objectives, along with achieving sustainability by looking at possibilities of harnessing renewable energy in future quay crane operations, supporting the Saudi Green Initiative, and participating in the global drive to combat climate change.

Wan Chee Foong said: “PSA is pleased to have worked alongside Saudi Global Ports to develop the optimal design and specifications of the quay cranes and support the rigorous evaluation process. PSA’s commitment to the transformation of King Abdulaziz Port in Dammam into a leading port with long-term sustainability, automation, digitization and integrated supply chain goals will ensure Saudi Global Ports remain relevant and future-ready, realizing the Kingdom’s plans to become a global logistics hub.”

The King Abdulaziz Port in Dammam offers full-scale operational services with the help of state-of-the-art crane equipment capable of handling all kinds of cargo, with two modern container terminals, one chilled and frozen cargo terminal, two general cargo terminals, two cement terminals (one for Black Portland cement and Clinker and the other for White Portland Cement), one bulk grain terminal, one iron ore terminal, a ship-building yard, and oil and gas stations, along with a ship repairing facility consisting of two floating docks that can accommodate vessels of up to 215 meters in length.

As King Abdulaziz Port in Dammam is considered the Kingdom’s largest port on the Arabian Gulf coast, where it enjoys a unique location as a gateway of global trade with 43 berths, a total area of 19 km2, and a throughput capacity of 105 million tons, while being connected by rail to the Riyadh Dry Port, thus simplifying transportation of goods to the Eastern and Central regions of Saudi Arabia from countries around the world.

Source: Saudi Press Agency

Paris– The Ministry of Industry and Mineral Resources held a meeting with companies and investors in France to review investment opportunities and infrastructure in the industrial and mining sectors, and to introduce the two mining sites; “Umm Al-Damar”, and “Muhaddad”. The meeting was attended by the Kingdom’s Ambassador to France Fahd bin Mayouf Al-Ruwaili and the Deputy Minister for Mining Development Musaed bin Abdulaziz Al-Daood.

The meeting touched on the Kingdom’s key investment opportunities, through which Saudi Arabia seeks to make the mining industry a more attractive destination for local and global investments, by adhering to the principles of transparency and compliance as stipulated in the new mining investment regulations. The Ministry also invited the French companies and investors to Riyadh’s Annual International Mining Conference, which is held in January.

The Ministry also briefed the French side on the most important attractive elements for exploration and mining in the Kingdom, and highlighted the mining sites “Umm Al-Damar” and “Muhaddad”, in addition to participating in a review of the large-scale capabilities and solid infrastructure that make the Kingdom one of the best investment environments in the mining sector internationally.

The meeting comes as part of the ministry’s efforts to underline the great interest that the Kingdom attaches to promoting and attracting quality investments, as the Kingdom aims to exploit mineral wealth estimated at $1.3 trillion, such as phosphates, which are estimated at $321 billion, gold at $229 billion and copper at $222 billion, in addition to zinc at $138 billion.

The Kingdom also seeks to develop industries related to minerals by providing the full support and solid infrastructure that ensure sustainability.

Source: Saudi Press Agency

Jeddah– President of the Islamic Development Bank Group (IsDB), Mohammed bin Sulaiman Al-Jasser, inaugurated today the annual meeting of the Kingdom of Saudi Arabia’s project to benefit from the Hady and Adahi for this year’s Hajj season, in the presence of government agencies and the committee for benefiting from the Hady and Adahi, heads of committees and partners from the private sector operators and suppliers.

Al-Jasser said that the “Adahi” project has for four decades been fulfilling the sacrifice ritual of pilgrims, and distributing the meat to the needy from the Rohingya camps in the east, to the needy people in Mauritania in the west, with more than 23 million sheep have been distributed to over 30 countries.

He stressed the importance of joint and integrative work for the success of performing the rituals according to meet the aspirations of the Saudi government, starting facilitating all Hajj procedures starting from the arrival of the pilgrims to perform their Hajj rituals until they return to their respective countries.

The Project’s General Supervisor, Dr. Farid Felimban, said that the annual meeting reviews the final preparations for the implementation of the project for the Hajj season this year, noting that the number of the sacrifices during the 1440 AH Hajj season exceeded 940,000, which were implemented within the Sharia’s time frame for performing the rituals, under the legal and veterinary supervision. He added that this project reaches beneficiaries inside and outside the Kingdom through accredited charities.

The Kingdom’s Adahi project continued its services during the Covid-19 pandemic, during the last two seasons (Hajj 1441 AH – Hajj 1442 AH), where more than 180,000 sacrifices were distributed to the beneficiaries throughout the year. Concerned parties seeking to benefit from the project can visit the project’s platform (www.adahi.org).

Source: Saudi Press Agency

Paris– The Minister of Education, Dr. Hamad bin Mohammad Al-Sheikh, met today with the Minister of Education and Technical Education of the Arab Republic of Egypt, Dr. Tarek Shawki, on the sidelines of his participation in the work of the ministerial preparatory meeting for the Transforming Education Pre-Summit in Paris.

During the meeting, they discussed bilateral educational relations between the two countries and ways to develop and strengthen coordination and integration mechanisms in the fields of education and training, in line with the skills of the 21st century and modern technical and professional changes, and exchange views on mechanisms for developing curricula in public education, as well as the role of education in immunizing students and students intellectually.

Source: Saudi Press Agency

Jeddah– His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the Supreme Committee for Research, Development, and Innovation (RDI) announced today the National Aspirations and Priorities for RDI for the next two decades. These aspirations and priorities are: Health and Wellness; Sustainable Environment and Supply of Essential Needs; Energy and Industrial Leadership; and Economies of the Future. These will enhance the Kingdom’s global competitiveness and leadership, in line with the directions of Saudi Vision 2030, and strengthen the Kingdom’s position as the largest economy in the region.

On the RDI National Aspirations and Priorities, the Crown Prince said: “Our ambition for Saudi Arabia is to become a global leader in research, development and innovation with an annual investment equivalent to 2.5% of GDP in 2040. This will diversify and add 60 Billion Saudi Riyals ($16 billion) to the economy in 2040 while creating high-value jobs in science and technology.”

To ensure its growth and prosperity, Research, Development and Innovation governance in the Kingdom has been restructured and a supreme committee headed by the Crown Prince has been formed to oversee RDI. An RDI Authority has also been established to act as an enabler, legislator and regulator, and to develop moonshots, flagship programs, projects, budget distribution and performance monitoring.

To achieve the ambitions announced by the Crown Prince, the Kingdom will seek to attract the very best national and international talent. Cooperation and co-investment with major research centers, international companies, non-profits, private companies and startups will be prioritized.

The Kingdom has adopted its four national priorities for Research, Development and Innovation, namely Health and Wellness, Sustainable Environment and Supply of Essential Needs, Energy and Industrial Leadership and Economies of the Future, based on the competitive advantages of the Kingdom. Moreover, Saudi Arabia intends to address the most important challenges facing humanity in order to secure the future of generations to come. These priorities will be a compass to guide future projects and initiatives.

Due to the importance of human health, and based on the Kingdom’s advanced infrastructure for medical research, its possession of the best medical system in the region, the presence of an expanded genetic database, and other competitive advantages, Health and Wellness sits at the top of the national priorities. Through this priority, the Kingdom aims to provide people with a better and longer healthy life, byaddressing prevailing medical challenges in the Kingdom and the world, providing digital healthcare to ensure health equity, and supplying the world with biotech solutions.

The Kingdom seeks, through the priority of Sustainable Environment and Supply of Essential Needs, to become a global model in preserving the planet and providing basic needs of water, food and sustainable energy.

Environmentally friendly technologies for water provision and desalination will be developed, along with modern and sustainable technologies for food production, increased green spaces, carbon capture, utilization and storage technologies, and sustainable technologies for low-cost electricity generation.

Given the Kingdom’s natural wealth and competitive advantages in the energy and industrial sectors, Energy and Industrial Leadership has been identified as another priority. The Kingdom will seek to create technologies for the production of alternative energy such as green hydrogen, solar and wind. In addition, the industrial sector will be directed to produce technologically advanced and high-value industries, and to develop the mining sector competitively and sustainably.

Economies of the Future has been chosen as one of the four priority areas, building on the Kingdom’s competitive and leadership advantages through investments in futuristic cities such as NEOM and the Red Sea Project, coupled with a talented pool of young Saudis already engaged in RDI as well as a world class digital infrastructure.

This priority aspires to promote innovation in digital technologies, develop the future of urban life and build human-friendly and carbon-free cognitive cities, in addition to exploring deep seas and building a global position for the Kingdom in the field of space.

The National Aspirations and Priorities will serve as the cornerstone for the development of the national strategy for RDI, which will be announced at a later stage. This will be followed by ambitious national programs to solve major challenges facing the Kingdom and the world. The Kingdom will warmly welcome the participation of researchers and pioneers in this journey of innovation for the sake of humanity.

Source: Saudi Press Agency

Casablanca– Makkah Route Initiative at Mohammed V International Airport in Morocco’s Casablanca continues receiving Morocco’s pilgrims benefiting from the initiative and complete their procedures easily.

Supervisor of passports team at the departure terminal at the Mohammed V International Airport Major Raed Al-Harithi said that the initiative aims at overcoming any obstacles that might face pilgrims while completing their travel procedures to perform Hajj, noting that the initiative team composed of relevant institutions work on receiving pilgrims at Terminal 3 at the airport to facilitate their procedures, where the Saudi Passports Department finish pilgrims’ procedures quickly to save time through 8 counters, including 2 counters for people with disability and the elderly.

Major Al-Harithi said that the initiative aims to finish visa issuance until completing passport and customs procedures at the country of departure, adding that preparations for the initiative started months ago through contacting concerned institutions in the Kingdom of Saudi Arabia and Morocco to facilitate procedures for beneficiaries of the Makkah Route Initiative.

Source: Saudi Press Agency