Monday, July 4

Business

Saudi-French Coordination to Increase French Mining Investments in Saudi Arabia

Business
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, a...

KSrelief Signs Joint Cooperation Agreement to Equip and Operate a Center for Prosthetic Limbs in Taiz Governorate, Yemen

Business
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...

KSrelief Signs Agreement to Implement Adahi Project in Yemen

Business
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

PIF Launches “AviLease”, an Aircraft Leasing Company

Business
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 develo...

Saudi Stock Exchange Main Index Ends Trading Lower at 11,523 Points

Business
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

GASTAT: Saudi unemployment rate decreases to 10.1% in Q1 of 2022

Business
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...