Albudaiwi: Gulf Economy Achieves Growth Exceeding the Global Average

 Albudaiwi pointed out that the GCC labour market has witnessed remarkable growth in recent years (file photo/AFP)
Albudaiwi pointed out that the GCC labour market has witnessed remarkable growth in recent years (file photo/AFP)
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Albudaiwi: Gulf Economy Achieves Growth Exceeding the Global Average

 Albudaiwi pointed out that the GCC labour market has witnessed remarkable growth in recent years (file photo/AFP)
Albudaiwi pointed out that the GCC labour market has witnessed remarkable growth in recent years (file photo/AFP)

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi affirmed that the Gulf economy is achieving growth exceeding the global average, and the Gulf labor market has grown by 25% in four years, thanks to the ambitious development visions of the GCC states.

Albudaiwi’s statements came during his speech at the 11th meeting of the Committee of Labor Ministers of the GCC countries, Thursday, in Kuwait City, chaired by Kuwaiti Minister of Social Affairs and Family and Childhood Affairs Dr. Amthal Hadi Haif Al Huwailah, who is the President of the current session. Present in the meeting were the GCC ministers of labor.

According to a press release by the GCC Secretariat General, Albudaiwi extended his thanks, appreciation, and gratitude to Amir of the State of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah for hosting the meeting, and for the facilities and support provided by the State of Kuwait for the success of the work of the Cooperation Council, emphasising the generous support and constant attention that joint Gulf action receives from the leaders of the GCC states, in all fields.

The GCC secretary-general explained that the committee meeting is being held in light of positive economic and social indicators that inspire optimism, as the International Monetary Fund has projected the economies of the GCC countries to grow by 4.1% in 2026, which is above the global average, SPA reported.

"This is driven by growth in the non-oil sectors, which have become the main engine of development thanks to ambitious visions and development projects," he explained.

Moreover, Albudaiwi pointed out that the GCC labor market has witnessed remarkable growth in recent years, as the number of workers in the GCC countries increased from about 27.9 million in 2020 to about 34.9 million in 2024, an increase of 24.8%.

"This reflects the success of policies aimed at reducing unemployment rates and expanding the role of the private sector, in addition to developing skills and increasing investment in the region," he stated.

Moreover, the GCC secretary-general emphasized that Gulf societies, with their vitality and youthful energy, constitute a significant wealth and an inexhaustible source of creativity, as participation rates in the Gulf labor market have surpassed the global average.

"This requires the development of labor policies capable of absorbing these energies and employing them in the best possible way," he underscored.

Furthermore, Albudaiwi praised the tangible progress in the field of empowering Gulf women, pointing to the increase in the percentage of female citizens in the total national workforce to 40.2% in the second quarter of 2024, compared to 36.4% in 2019, considering this a testament to the success of policies aimed at promoting gender balance and providing a supportive work environment for women.



Riyadh to Host 10th Future Investment Initiative Conference in October

Participants during a previous edition of the conference. (SPA)
Participants during a previous edition of the conference. (SPA)
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Riyadh to Host 10th Future Investment Initiative Conference in October

Participants during a previous edition of the conference. (SPA)
Participants during a previous edition of the conference. (SPA)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the tenth edition of the Future Investment Initiative (FII) Conference will take place in Riyadh from October 26 to 29.

Held under the theme “The Power of Legacy,” FII10 will bring together heads of state, investors, policymakers, innovators and business leaders to explore how today’s decisions can create lasting prosperity for future generations, said the FII Institute in a statement on Monday.

The program will focus on four pillars: capital that builds, technology that elevates, societies that thrive and leadership that inspires.

Princess Dr. Maha bint Mishari Al Saud, Chief Executive Officer of FII Institute, expressed her appreciation for the generous Royal Patronage of the tenth edition.

She noted that the Saudi leadership’s continued support for the Institute’s events and activities, together with the guidance of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, constitutes a fundamental pillar in advancing the comprehensive development envisioned by Saudi Vision 2030 and shaping a prosperous and sustainable economic future.

“For ten years, FII has brought together leaders who recognize the power of investment to advance human progress. FII10 invites our global community to consider the legacy of the choices we make, the partnerships we build and the innovations we support. Our goal is to turn these choices into lasting impact for people and future generations,” she added.

Across four days, FII10 will bring together a diverse global community of leaders, investors, policymakers, innovators, and changemakers for a wide-ranging program addressing the world’s most pressing economic and investment priorities.

Since its launch, FII has evolved into a leading global platform for dialogue, collaboration, and action, convening influential voices from around the world. Major agreements and commitments have been announced through the platform, further reinforcing Riyadh’s position as a global center for investment, collaboration, and action.


Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
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Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)

Iraq has raised the September official selling price (OSP) for Basra Medium crude oil to Asia to minus $4 a barrel against the average of Oman/Dubai quotes from the August OSP of minus $6.50 a barrel, state-owned Iraqi oil marketer SOMO said on Monday, Reuters reported.

Basrah Heavy to Asia was priced at minus $7.30 a barrel to Oman/Dubai quotes, from minus $8.80 a barrel set for August.

Type of North and South European Far East Crude American Market Market Market ($/bbl) Oil ($/bbl) ($/bbl) Basrah ASCI +5.10 Brent Average (Oman Medium (dated)-4.35 & Dubai)-4.00 Basrah ASCI +1.40 Brent Average


Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters
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Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters

The Turkish central bank bought $5 billion in foreign exchange last week, with its net reserves increasing $9 billion to $63 billion, bankers said on Monday, Reuters reported.

According to the calculations of four bankers, the central bank's total reserves increased $14 billion last week to $178 billion, while net reserves excluding swaps increased $9.5 billion to $50 billion. The central bank did not comment on the figures.