Month: September 2021

Lowest since 2010... Labor market restructuring policies succeed in lowering unemployment rates to 11.3%

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Reading time: 3 MinutesThe unemployment rate among Saudis fell to 11.3 percent at the end of the second quarter of this year, compared to 11.7 percent at the end of the first quarter of the same year. This is the lowest unemployment rate for Saudis since 2010 at 11.2 percent (i.e. the lowest in 11 years), according to an analysis by Al-Eqtisadiah's reporting unit, based on official data. Read more

Investment Fund considers selling part of its stake in Saudi Telecom while retaining a majority stake

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Public Investment Fund Profits - Investment - Investment Opportunities

Reading time: < 1 MinuteSaudi Telecom Company (STC) (the Company) announced that it received a letter today from the Public Investment Fund (the Fund), the Company's largest shareholder, enclosing the Fund's announcement of a potential transaction stating that the Fund is considering selling a portion of its shares in the Company, while retaining a controlling interest of more than 50% in the Company (the "Potential Transaction" (the "Potential Transaction"). The ... Read more

Saudi Arabia's 2022 budget indicators: revenues 903 billion riyals, expenditures 955 billion riyals

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Reading time: < 1 MinuteThe Ministry of Finance revealed preliminary indicators regarding Saudi Arabia's 2022 budget, which indicated that the expected public expenditures will reach 955 billion riyals, while the volume of revenues will be 903 billion riyals, with a deficit of 52 billion riyals. Commenting on this, Finance Minister Mohammed Al-Jadaan said: The government will continue to spend on major projects and programs to achieve the vision during 2022, ... Read more

“Jabal Omar announces the sale of a plot of land in Makkah worth SAR 517.5 million

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Reading time: < 1 MinuteJabal Omar Development Company announced on Wednesday that it sold a 2,600-square-meter plot of land located within its project in the holy city of Makkah to Aqarat Development Company for a value of SAR 517.5 million, in addition to the buyer's real estate transaction tax and pursuit fees. The company said in a statement on Tadawul that the book value of the asset is 110.84 million ... Read more

Residential mortgage financing grows 24% to 27K new contracts in August

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Rising real estate prices

Reading time: < 1 MinuteNew residential real estate financing contracts for individuals achieved a significant qualitative leap during August 2021, recording 27,398 new financing contracts, a growth of 24% compared to August 2020, which recorded 22,121 contracts, according to the Saudi Central Bank “SAMA” bulletin. The value of residential real estate financing during the month of August jumped to more than 13.3 billion riyals, a growth of 32%, compared ... Read more

Crown Prince launches Asir development strategy to transform the region into a year-round tourist destination

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Reading time: < 1 MinuteHis Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, launched the development strategy for the Asir region under the slogan “Qimam and Shim”, which aims to achieve a comprehensive and unprecedented development renaissance for the region by pumping 50 billion riyals through various investments to finance vital projects and develop areas of ... Read more

Details of the Cabinet decisions. Most notably: Authorizing the National Bank of Egypt to open a branch in the Kingdom (video)

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Reading time: 3 MinutesThe Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Prime Minister of the Kingdom of Saudi Arabia, presided over today's Cabinet meeting via videoconference. At the beginning of the session, the Custodian of the Two Holy Mosques expressed thanks to the leaders of brotherly and friendly countries for their sincere feelings and good wishes for the Kingdom, ... Read more

For the third consecutive month ... The Saudi Central Bank's assets continue to rise to 1.87 trillion and reach the highest level in a year and a half

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Saudi Central Bank - Digital Brokerage

Reading time: < 1 MinuteThe Saudi Central Bank revealed that assets rose to 1.872 trillion riyals by the end of last August, an increase of 35.9 billion riyals, or 2%, from what they were in August of 2020, which was 1.836 trillion riyals. According to the Central Bank's bulletin for August 2021, which was released a few minutes ago, assets increased by about 23.5 billion riyals, or 1.3%, ... Read more

Shura member calls for strict control over the quality of materials used in road and bridge construction

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Reading time: < 1 MinuteShura Council member Saad Al-Otaibi stressed the need for strict control over the quality of materials used in the construction of roads and bridges, to suit the desert conditions of the Kingdom, and ensure safety and security for those who use them, and the importance of prioritizing between transportation projects and other infrastructure services to avoid any delays or waste of resources. Council member Turki Al-Enezi called on the Ministry of Transportation, in partnership with the ... Read more

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