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Unemployment Among Saudis is Close to Vision 2030 Target

The fourth quarter of 2023 witnessed an increase in the number of female workers. (Asharq Al-Awsat)
The fourth quarter of 2023 witnessed an increase in the number of female workers. (Asharq Al-Awsat)
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Unemployment Among Saudis is Close to Vision 2030 Target

The fourth quarter of 2023 witnessed an increase in the number of female workers. (Asharq Al-Awsat)
The fourth quarter of 2023 witnessed an increase in the number of female workers. (Asharq Al-Awsat)

The unemployment rate among Saudis approached the target of 7 percent, which was set in Vision 2030. At the end of the fourth quarter of 2023, unemployment declined to 7.7 percent, supported by a greater female participation in the labor market.

Human resources experts link this positive development to corrective strategies for the labor market and nationalization programs, as well as specialized programs that target the private sector.

Crown Prince Mohammed bin Salman had previously revealed that Vision 2030 sought to achieve an unemployment target of 4 to 7 percent, stressing that the government would attain this goal before the specified date.

According to data from the General Authority for Statistics (GASTAT) on Thursday, the unemployment rate among Saudis decreased in the fourth quarter of 2023 to the lowest level, due to the rise in the number of female workers and growth rates recorded by non-oil activities in the Kingdom, which contributed to providing more job opportunities.

Unemployment among Saudi women decreased to 13.7 percent compared to 16.3 percent during the third quarter, while the rate among Saudi males remained stable at 4.6 percent.

Experts told Asharq Al-Awsat that the strategies of the current human resources system were able to stimulate the private sector to accelerate the rate of employment of Saudis, in addition to the training, empowerment and guidance support programs of the Human Resources Development Fund, which in turn increased the employment process in the labor market.

Dr. Abdullah Al-Jassar, member of the Saudi Economic Society and the Energy Economics Society, explained to Asharq Al-Awsat that the decline in the unemployment rate among Saudis to 7.7 percent was achieved through support programs launched by the Ministry of Human Resources and Social Development, pointing as well to the growth of job opportunities in the private sector and efforts to stimulate investments and create an attractive economic environment.

Human resources expert Ali Al Eid noted that the entry of a large number of local and international companies into the Saudi labor market, in addition to the launch of a number of major government projects, contributed to raising employment rates.

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Morgan Stanley Turns More Hawkish, Forecasts Two Fed Hikes and ECB Move

The Federal Reserve Board building in Washington, DC, US, November 14, 2025. (Reuters)
The Federal Reserve Board building in Washington, DC, US, November 14, 2025. (Reuters)
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Morgan Stanley Turns More Hawkish, Forecasts Two Fed Hikes and ECB Move

The Federal Reserve Board building in Washington, DC, US, November 14, 2025. (Reuters)
The Federal Reserve Board building in Washington, DC, US, November 14, 2025. (Reuters)

Morgan Stanley has joined other major Wall Street banks in adopting a more hawkish outlook on interest rates, forecasting US Federal Reserve rate hikes and another European Central Bank increase later this year as inflationary pressures persist.

The forecasts come ahead of policy decisions from the US Fed and the Bank of Japan this week, days after the ‌ECB resumed its tightening ‌cycle, keeping global markets focused on ‌the outlook ⁠for interest rates.

Morgan ⁠Stanley expects the Fed to raise interest rates by 25 basis points at its September 15-16 meeting and deliver another quarter-point increase in December after recent inflation readings came in above expectations.

In a note on Monday, the brokerage said the disinflation process has been "slower and less convincing" than policymakers are likely to require, prompting it ⁠to forecast two rate hikes this year.

It also expects ‌the US central bank to ‌signal further tightening before officials pause as inflation moderates.

"We see arguments for ‌both a hike and a hold, but signs of second-round ‌effects from energy prices, strong demand tied to AI-related investment, a neutral rate that is possibly temporarily higher, and concerns about credibility mean the balance of risks now argues for a somewhat more restrictive policy," the brokerage ‌added.

Kevin Warsh, who took over as Fed chair in May, has repeatedly avoided offering guidance on ⁠the likely ⁠path of US interest rates.

But with inflation running above target, oil prices trading above $100 a barrel and financial markets overwhelmingly pricing in a rate increase, investors see this week's meeting as likely to deliver the first rate hike of his tenure.

In Europe, Morgan Stanley revised its ECB outlook to forecast an additional 25-basis-point increase in December, lifting the deposit rate to 2.75%, reversing its previous expectation that the central bank's tightening cycle had ended.

The brokerage cited resilient euro zone growth and higher energy prices in forecasting another ECB rate hike in December, and now expects just one rate cut in 2027, in December.

Business

Gold Slips as Oil Gains Strengthen Case for Elevated Interest Rates

04 April 2025, Bavaria, Munich: Gold bars of various sizes lie in a safe on a table at the precious metal dealer Pro Aurum. (dpa)
04 April 2025, Bavaria, Munich: Gold bars of various sizes lie in a safe on a table at the precious metal dealer Pro Aurum. (dpa)
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Gold Slips as Oil Gains Strengthen Case for Elevated Interest Rates

04 April 2025, Bavaria, Munich: Gold bars of various sizes lie in a safe on a table at the precious metal dealer Pro Aurum. (dpa)
04 April 2025, Bavaria, Munich: Gold bars of various sizes lie in a safe on a table at the precious metal dealer Pro Aurum. (dpa)

Gold slipped on Tuesday as rising crude oil prices heightened inflation worries and reinforced US rate-hike expectations ahead of a Federal Reserve policy meeting.

Spot gold was down 0.2% at $4,287.69 per ounce, as of 0713 GMT, after hitting its lowest point since August 7 on Monday. US gold futures fell 0.5% to $4,328.10.

The US ‌central bank will ‌announce its policy decision at 1800 GMT ‌on ⁠Wednesday following the ⁠end of a two-day meeting. Financial markets are betting heavily that Fed policymakers will lift their benchmark rate a quarter of a percentage point to a 3.75%-4.00% range.

"How Fed Chair Kevin Warsh frames that hike will matter more than the hike itself for gold... If he casts ⁠it as the start of a meeting-by-meeting tightening ‌cycle, that would be a ‌hit to gold and to risk assets overall," IG market ‌analyst Tony Sycamore said.

"If instead he signals a preference for ‌a more measured pace, that would prove somewhat supportive for risk sentiment and for gold."

Though seen as a hedge against inflation and geopolitical risks, gold often loses appeal when rates rise ‌as they increase the opportunity cost of holding non-yielding bullion.

Data on Friday showed US consumer ⁠prices accelerated ⁠in August, while a key measure of underlying inflation posted its largest increase in four months.

On the geopolitical front, Yemen's Iran-aligned Houthis launched a fresh wave of attacks on Saudi Arabia and were digging into positions on the western coast of Yemen along the Red Sea.

Oil prices rose as concerns over supply disruptions lingered. Higher energy costs can fuel inflationary pressures across the economy.

Meanwhile, bonds slumped, sending benchmark 10-year US Treasury yields to their highest since 2007.

Spot silver fell 0.4% to $62.98, platinum gained 0.1% to $1,761.12 and palladium fell 0.8% to $1,282.79.

Business

Riyadh Global Medical Biotechnology Summit Opens with Participants from More than 70 Countries

First-day sessions examined opportunities for cooperation among universities, research centers and global companies in biotechnology. (SPA)
First-day sessions examined opportunities for cooperation among universities, research centers and global companies in biotechnology. (SPA)
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Riyadh Global Medical Biotechnology Summit Opens with Participants from More than 70 Countries

First-day sessions examined opportunities for cooperation among universities, research centers and global companies in biotechnology. (SPA)
First-day sessions examined opportunities for cooperation among universities, research centers and global companies in biotechnology. (SPA)

The Riyadh Global Medical Biotechnology Summit 2026 opened on Monday with participants from more than 70 countries, over 100 speakers and more than 10,000 registered attendees.

The summit features 36 scientific sessions and the unveiling of more than 40 agreements, initiatives and declarations, reflecting the range of cooperation and partnership on offer and the expansion of the biotechnology ecosystem into health, investment, industry, research, data and artificial intelligence.

Chief Executive Officer of the Ministry of National Guard Health Affairs Dr. Bandar Al Knawy said support for the Kingdom of Saudi Arabia's research, innovation and biotechnology sectors was vital, and that the summit comes at a time of rapid and far-reaching discoveries in biotechnology and the development of unprecedented technologies.

Al Knawy said the summit is a platform for advancing the objectives of the National Biotechnology Strategy, launched by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, in January 2024.

First-day sessions examined opportunities for cooperation among universities, research centers and global companies in biotechnology, and the role of such partnerships in supporting innovation and developing biotechnology applications.

They also addressed the role of artificial intelligence in advancing medical biotechnology, from computational biology to drug development and clinical trials, and its potential to support scientific research and accelerate innovation, with experts from Saudi Arabia, the United States and China taking part.

The summit also widens the link between research and investment through the Life Sciences Innovation Forum (LSIF 2026), a three-day event that brings together specialized biotechnology investment funds and connects investors with promising companies through five competitive investment rounds.