EU Summit Highlights Fair Jobs, Economic Growth

EU Summit Highlights Fair Jobs, Economic Growth
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EU Summit Highlights Fair Jobs, Economic Growth

EU Summit Highlights Fair Jobs, Economic Growth

More than 20 EU leaders met in the Swedish city of Gothenburg on Friday to discuss social issues, including jobs, economic growth, education and culture, for the first such summit in 20 years.

The summit, named the Social Summit, aims to provide EU member states with new impetus to ensure that citizens have access to jobs with fair working conditions and that the labor market can remain competitive in the face of global and demographic changes.

Swedish Prime Minister Stefan Löfven, who co-chaired the meeting with European Commission President Jean-Claude Juncker, said the summit was timely and highly needed to refocus the energies of the EU and member states on social welfare.

"Our economies and the world of business have changed drastically, which means our challenges are also changing, and we need new solutions to tackle them," Leuven said.

"These changes in the labor market, especially after the 2008 financial crisis, have led citizens to have growing political distrust," he added. "It is time for us to put people at the top of our priorities."

EU leaders participating in the meeting are expected to endorse a set of key principles called the "European Pillar of Social Rights" aimed at providing guidance to countries on how to enhance their social systems.

Non-binding recommendations call for improved access to the labor market, fair working conditions including wages that can provide a "decent standard of living" and social protection such as child care, health care and housing assistance for the homeless.

Juncker said that the main task, after the Summit, will be to ensure that these recommendations have an impact on every State in the European Union.

He also hoped that the Social Pillar won't be just a list of ambitious wishes. He expressed his desire that legislative proposals be launched, noting that "some of them are on the way."



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.