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Saudi Ministry of Energy: Localization of Products Reached 60%

Officials signing deal on sidelines of Saudi Electricity Forum (Asharq Al-Awsat)
Officials signing deal on sidelines of Saudi Electricity Forum (Asharq Al-Awsat)
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Saudi Ministry of Energy: Localization of Products Reached 60%

Officials signing deal on sidelines of Saudi Electricity Forum (Asharq Al-Awsat)
Officials signing deal on sidelines of Saudi Electricity Forum (Asharq Al-Awsat)

Localization of products associated with the industry of electricity reached 60 per cent and prices of domestic energy are very close to current global levels, according to an official at the Ministry of Energy, Industry and Mineral Resources in Saudi Arabia.

Deputy Minister of Energy, Industry and Mineral Resources and Chairman of the Board of Directors of Saudi Electricity Company (SEC) Saleh al-Awaji stated the past years witnessed the localization of heavy industries in cooperation with the entities related to the energy sector.

He pointed out that there are factories specialized in assembling gas turbines of capacity exceeding 300 megawatts.

During a press conference on the sidelines of the announcement of the meeting of Saudi Electricity Forum scheduled for October 10 to 12, Awaji confirmed that high-tension sectors will be localized in Saudi Arabia. He added that the process of localizing industries related to electricity will continue until needs of local markets have been met, noting that increasing energy efficiency will be reflected on the prices.

During the Forum, achievements of Custodian of the Two Holy Mosques program which was launched a year ago, will be presented, stated Awaji. He said that the Forum will see a number of investment opportunities related to renewable energy and the settlement of services.

The Deputy said that renewable energy is a primary and important source for electricity and will help enhance electric energy. 

"Reconstructing sector of electricity is developing properly, and within a year, the general features of the structure of it will be completed," Awaji said.

He pointed that some developments came up which required a revision of the structure with an inclination towards privatization of the electricity sector.

The Deputy explained that the forum will discuss challenges facing the sector and propose the appropriate solutions within the framework of Vision 2030. It will also review incentives and appropriate legislation aiming to introduce additional revenues to the national economy.

Awaji stressed that the ministry is concerned with encouraging and enhancing the localization of the electrical industries supporting these sectors, especially with industries related to the equipment, materials, electrical spare parts used in generating, transmitting, and distributing electric power. 

The forum and its associated Exhibition provide great opportunities for the local and international companies to directly market their innovative technologies and expertise to decision-makers, participants, and visitors. Also, they present a good chance to conduct meetings with companies, businessmen, and officials during the event.

International and local specialists will attend and give speeches in this Forum which represents an opportunity for senior officials, experts and investors to exchange experiences and enrich knowledge in the field of electricity, in addition to identifying investment opportunities in the Saudi market within the framework of Kingdom of Saudi Arabia’s Vision 2030.

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Swiss and Chinese Reach Agreement on Updated Free Trade Deal

FILE PHOTO: A China yuan banknote featuring late Chinese chairman Mao Zedong and a computer keyboard are seen reflected on an image of Chinese flag in this illustration picture taken November 1, 2019. REUTERS/Florence Lo/Illustration/File Photo
FILE PHOTO: A China yuan banknote featuring late Chinese chairman Mao Zedong and a computer keyboard are seen reflected on an image of Chinese flag in this illustration picture taken November 1, 2019. REUTERS/Florence Lo/Illustration/File Photo
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Swiss and Chinese Reach Agreement on Updated Free Trade Deal

FILE PHOTO: A China yuan banknote featuring late Chinese chairman Mao Zedong and a computer keyboard are seen reflected on an image of Chinese flag in this illustration picture taken November 1, 2019. REUTERS/Florence Lo/Illustration/File Photo
FILE PHOTO: A China yuan banknote featuring late Chinese chairman Mao Zedong and a computer keyboard are seen reflected on an image of Chinese flag in this illustration picture taken November 1, 2019. REUTERS/Florence Lo/Illustration/File Photo

Switzerland and China have completed negotiations on an updated free trade deal which will increase Swiss access to its third biggest trading partner, Swiss officials said on Thursday.

Swiss president Guy Parmelin and China's Commerce Minister Wang Wentao announced the conclusion of the talks after a meeting in Bern.

Under the agreement, 99.8% of Swiss exports can enter the Chinese market duty free, upgrading an existing deal where the terms applied to only around half of Swiss shipments, Reuters reported.

Almost all Chinese exports to Switzerland are duty free under the existing 2014 free trade agreement between the two countries, Beijing's first such deal with an economy in continental Europe.

Other areas covered in the new agreement include rules of origin and trade facilitation, trade in services, digital trade, competition, and economic and technical cooperation.

China is Switzerland's third biggest trade partner after Germany and the United States, with bilateral trade amounting to 46 billion Swiss francs ($57.6 billion) so far in 2026.

Trade between the two countries has expanded from 31.7 billion francs in 2015 to 51.2 billion francs last year, according to figures from the Swiss customs office, with China a big market for Swiss chemicals, pharmaceuticals, precision instruments and watches.

Once the legal review has been completed, a signing of the deal is expected later this year, before the domestic approval processes in each country take place.

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US Unemployment Claims Dropped to 206,000 Last Week with Layoffs Still Sparse

A "now hiring" sign is displayed on a local business after, US employment growth slowed more than expected in July, in Encinitas, California, US August 1, 2025. REUTERS/Mike Blake
A "now hiring" sign is displayed on a local business after, US employment growth slowed more than expected in July, in Encinitas, California, US August 1, 2025. REUTERS/Mike Blake
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US Unemployment Claims Dropped to 206,000 Last Week with Layoffs Still Sparse

A "now hiring" sign is displayed on a local business after, US employment growth slowed more than expected in July, in Encinitas, California, US August 1, 2025. REUTERS/Mike Blake
A "now hiring" sign is displayed on a local business after, US employment growth slowed more than expected in July, in Encinitas, California, US August 1, 2025. REUTERS/Mike Blake

Fewer people applied for US unemployment benefits last week, another sign that layoffs remain low and that most Americans enjoy job security.

The Labor Department reported Thursday that jobless claims dropped to 206,000 last week from a revised 212,000 the week before. The four-week average of claims, which smooths out week-to-week ups and downs, ticked up to 204,000 last week from 199,750.

Claims for jobless benefits are a proxy for layoffs, and economists watch them because they can be a harbinger for where the job market is headed. For the past year, claims have been at a historically low range of around 200,000 to 230,000 a week.

“The labor market has yet to show any sign of wear and tear from the surge in oil prices since the start of the war with Iran and the global energy supply shock,” Carl Weinberg, chief economist at High Frequency Economics, wrote in a commentary, The AP news reported.

The number of people collecting unemployment benefits the week that ended Aug. 8 rose to 1.8 million from 1.78 million the week before.

The US unemployment rate is low at 4.1%, partly because the economy has proved resilient in the face of higher energy prices. But it’s also because President Donald Trump’s immigration crackdown and the ongoing retirement of baby boomers mean that fewer people are competing for jobs: More than 1.3 million people have dropped out of the US labor force over the past year.

The job market is tough for those looking for their first job and for those who lost their jobs and are looking for new work. At the same time, companies, remembering the worker shortages that followed the end of COVID-19 lockups, are still reluctant to let go of staff; but they aren’t eager to take on new workers. Economists regularly refer to a “no hire, no fire″ job market.

In July, companies, government agencies and nonprofits together cut 23,000 jobs. So far this year, employers are adding 61,000 jobs a month. That is an improvement on the 9,700 they averaged last year — the weakest hiring outside a recession since 2002. The lingering effects of high interest rates and Trump’s erratic trade policies discouraged companies from hiring in 2025.

Hiring this year remains well below the 166,00 monthly jobs created, on average, in 2023 and 2024, let alone the 491,000 a month recorded during the 2021-2022 hiring boom that followed pandemic lockdowns.

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IMF Welcomes Lebanon Bank Law Changes as 'Major Step' 

Lebanese Central Bank headquarters in Beirut (Reuters)
Lebanese Central Bank headquarters in Beirut (Reuters)
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IMF Welcomes Lebanon Bank Law Changes as 'Major Step' 

Lebanese Central Bank headquarters in Beirut (Reuters)
Lebanese Central Bank headquarters in Beirut (Reuters)

The International Monetary Fund has welcomed the Lebanese parliament's passing of amendments to a bank resolution law as a major step, but challenges to implementing the law could further delay recovery for an economy battered by years of financial collapse and the conflict with Israel.

The reforms are among the IMF's requirements for Lebanon to access funding to bring government debt out of default after decades of profligate spending by the country's ruling elite, sending the economy into a tailspin in late 2019. Banks imposed sweeping capital controls, locking depositors out of their savings, and stopped issuing loans.

In January the IMF had demanded changes to the draft rescue law, Lebanon's Prime Minister Nawaf Salam told Reuters at the time.

Now, the bank resolution law aims to address vast funding shortfalls in the financial system and is among a set of measures that ultimately aim to fix the banking sector and allow depositors who have been frozen out of their savings to gradually recover their money.

“We met 99% of what they wanted,” legislator Alain Aoun, who sits on Parliament’s Finance and Budget Committee, told Reuters.

The most notable amendments to the law include changes to the Central Bank’s governance procedures. The makeup of the Higher Banking Commission – a governing body within the Central Bank — will be altered, Aoun said. The amendments empower the body to “decide the fate of Lebanon’s banks,” and would determine if a bank requires restructuring or liquidation and any further steps to rehabilitate it.

Federico Lima, the IMF representative in Lebanon, said on Wednesday that the "effective implementation of this new bank resolution framework is critical."

"In addition, we are continuing discussions with the Lebanese authorities on the improvements needed to align the draft Financial Stabilization and Depositor Recovery (FSDR) law with international principles," he added.

In 2022, the government put losses from the financial crisis at about $70 billion, a figure that analysts and economists forecast is now likely to be higher.

Last week, the parliament passed amendments to the law, but it would still be pending approval by the Lebanese president.

The possibility of members challenging the law before the Constitutional Council — which has precedent for annulling provisions of earlier financial legislation — could also bring further delays.

The draft had already undergone several rewrites because of competing demands from different financial institutions; the IMF called on Lebanon to improve the law to bring it in line with international standards and consider tax reforms to spark public spending on reconstruction efforts.

The World Bank ranks the Lebanese economic crisis among the worst globally since the mid-19th century. Depositors were frozen out of dollar accounts and the Lebanese pound fell by more than 90%. Additionally, the war with Israel was estimated to have caused $7 billion in damages.

"This is the only country in the world that has had a banking crises for seven years and has not tried to find a solution," a senior Lebanese official told Reuters. "Staying where we are shouldn't be an option."