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  • Can Lucid jump-start the electric vehicle industry in Saudi Arabia?

    Though fewer than 1% of cars on the road are electric, the kingdom is setting an ambitious target for 2030 of 30% as it tries to shift the economy from oil

  • Saudi Arabia’s unemployment rate drops further to 4.9% in second quarter

    The unemployment rate for Saudi women again fell sharply to 15.7 per cent, from 19.3 per cent a year ago, while for men it fell marginally to 4.6 per cent, from 4.7 per cent a year earlier. Compared to the first quarter, the unemployment rate for women was down from 16.1 per cent, while it remained steady for men. The increasing participation of women in Saudi Arabia's workforce is expected to boost the country’s economy by $39 billion, or 3.5 per cent, by 2032, if the current rate of growth continues, S&P Global Ratings said last week.

  • Saudi Arabia’s unemployment rate drops further to 4.9% in second quarter

    Saudi Arabia's unemployment rate dropped on an annual basis in the second quarter of this year, continuing a trend of increased labour participation, especially from women, government data has shown. The overall unemployment rate, which counts Saudi citizens and expats, decreased to 4.9 per cent in the three months ended in June, from 5.8 per cent during the same period in 2022, the General Authority for Statistics (Gastat) said in its quarterly report on Thursday. That is also a drop from the 5.1 per cent rate recorded in the first quarter of 2023. For citizens, the rate stood at 8.3 per cent in the second quarter, a decrease from 9.7 per cent year-on-year.

  • Saudi Arabia May Start Unwinding Its Production Cuts Sooner Than Expected

    “They do not want to deliberately over-tighten the market, because if you get a spike, then you get a demand collapse, and you get a bust,” McNally told Bloomberg Television in an interview on Thursday. “The real sensible way to bring prices to heel is for Saudi Arabia and OPEC+ to say: ‘We’ve made our point, we’ve scared away the speculative shorts’,” the energy expert added. Last week, Warren Patterson, Head of Commodities Strategy at ING, said that even though the oil price rally had “more room to run,” a break above $100 per barrel for Brent wouldn’t be sustainable.

  • IFPI launches four new music charts in Egypt, Saudi Arabia, UAE, and North Africa

    IFPI, representing the recording industry worldwide, has today announced the launch of four new charts, giving music fans, record labels and artists an official ranking on the top streaming tracks in countries across the Middle East and North Africa (MENA) region. In addition to the Official MENA regional chart, the four new charts will be – the Official Egypt Chart, Official Saudi Arabia Chart, Official UAE Chart, and Official North Africa Chart (which covers Algeria, Morocco and Tunisia).  In each country it is the first time ever that official rankings are being made available.

  • IFPI launches four new music charts in Egypt, Saudi Arabia, UAE, and North Africa

    IFPI, representing the recording industry worldwide, has today announced the launch of four new charts, giving music fans, record labels and artists an official ranking on the top streaming tracks in countries across the Middle East and North Africa (MENA) region. In addition to the Official MENA regional chart, the four new charts will be – the Official Egypt Chart, Official Saudi Arabia Chart, Official UAE Chart, and Official North Africa Chart (which covers Algeria, Morocco and Tunisia).  In each country it is the first time ever that official rankings are being made available.

  • World’s tallest skyscraper restarts construction in Saudi Arabia

    Jeddah Tower will hold a Four Seasons hotel, residences, offices as well as the world's highest observation deck on a constructed building. The first images of the prospective tower were released in 2011, and ground was broken in 2013, but the project has been harried by constant starts and stops.

  • Saudi Arabia launches largest startup hub in the Middle East

    Transforming a former parking structure into a workspace, The Garage offers 24 meeting rooms, an event area capable of accommodating over 1,000 individuals, and dedicated workshop spaces. This transformation began in April 2022 with a mission to empower startups and has since forged partnerships with industry giants such as Google for Startups and the National Center for Information Technology Development.

  • The Garage: Saudi Arabia officially unveils largest startup hub in the Middle East

    Saudi Arabia officially unveiled "The Garage," its latest addition to the thriving startup ecosystem on Monday. Situated within the King Abdulaziz City for Science and Technology in Riyadh, The Garage spans an impressive 28,000 square meters, earning the title of the largest innovation district in the Middle East. The transformation of a former parking structure into a bustling workspace has given rise to this innovation hub, accommodating more than 300 startup companies. The facility boasts 24 state-of-the-art meeting rooms, an expansive event space capable of hosting over 1,000 individuals, and dedicated workshop areas.

  • P&O’s CEO Martin Helweg charts Saudi Arabia’s maritime future

    The maritime sector in KSA presents a range of opportunities across the board. The integration of maritime infrastructure with energy and trade flows is a key driver. Notably, the foremost opportunity lies in Saudi Arabia's proactive commitment to nurturing a thriving maritime sector. Events like the Saudi Maritime Congress serve as vital platforms for stakeholders to collectively shape the sector's future trajectory, making alignment crucial.