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Morocco's Economic Growth Expected to Slow Down in Q1 2019

People shop in a photo illustration at vegetable market in Casablanca, Morocco, June 29, 2017. (File photo: Reuters)
People shop in a photo illustration at vegetable market in Casablanca, Morocco, June 29, 2017. (File photo: Reuters)
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Morocco's Economic Growth Expected to Slow Down in Q1 2019

People shop in a photo illustration at vegetable market in Casablanca, Morocco, June 29, 2017. (File photo: Reuters)
People shop in a photo illustration at vegetable market in Casablanca, Morocco, June 29, 2017. (File photo: Reuters)

Morocco’s economic growth is expected to record a 2.5 % during Q1 of 2019 compared to 3.3 % in Q1 2018, Morocco's Higher Planning Commission said on Wednesday.

Growth in the Q4 of 2018 was affected by the slowdown in added value, excluding agricultural activity, by 2.6 percent, compared with 3.4 percent during the same period of 2017.

The Commission said on its website that the agricultural sector grew 3.4 percent in Q4 of last year, compared to 4.1 percent during the first three quarters. This slowdown is partly due to the decline in livestock production.

Manufacturing growth in the last quarter of 2018, according to published estimates, also slowed to 2.8 percent from 3.2 percent in the same period a year earlier, as food industries slowed and demand for building materials fell.

However, chemical industry maintained its "dynamism" and grew 6.1 percent, and the added value of the textile and leather sectors increased 5.8 percent with the increase for the external demand for these products.

Mechanical and electronic industries grew 3.6 percent supported by demand from the automotive industry, stated the report.

Morocco's exports in the fourth quarter of 2018 increased 5.1 percent, thanks to higher sales in the aviation and automobile sectors, which contributed 80 percent to the growth rate of exports.

Food, clothing and electronics sectors contributed to a 0.9, 0.6 and 0.5 percent growth, respectively, as external demand for these products increased.

Imports recorded a 5.8 percent rate higher than exports, as the country was affected by the rise in global fuel prices, which contributed 2.2 points to import growth. In contrast, imports of foodstuffs, precisely wheat and sugar, declined during that period.

Industrial investment slowed in Q4, which was reflected on imports of processing materials that only increased 2.1 percent, compared to an 11 percent increase in the previous quarter.

Investment in construction was modest, with weak demand for housing, especially medium and high, stated the report.

For the first quarter of 2019, the Commission said that the expected slowdown will come from a decline in agricultural added value, estimated at 0.7 percent, although livestock production will see some improvement compared to the end of 2018.

“Overall, the non-agriculture added value is expected to record a 2.9 percent increase, according to the annual change.”

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Business

Iraq Launches Oil, Gas Licensing Round for 29 Projects

FILE PHOTO: Iraq's oil minister Hayan Abdel-Ghani speaks during a press conference at Iraq's Majnoon oil field near Basra, Iraq, May 12, 2023. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: Iraq's oil minister Hayan Abdel-Ghani speaks during a press conference at Iraq's Majnoon oil field near Basra, Iraq, May 12, 2023. REUTERS/Essam Al-Sudani/File Photo
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Iraq Launches Oil, Gas Licensing Round for 29 Projects

FILE PHOTO: Iraq's oil minister Hayan Abdel-Ghani speaks during a press conference at Iraq's Majnoon oil field near Basra, Iraq, May 12, 2023. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: Iraq's oil minister Hayan Abdel-Ghani speaks during a press conference at Iraq's Majnoon oil field near Basra, Iraq, May 12, 2023. REUTERS/Essam Al-Sudani/File Photo

Iraq is holding an oil and gas licensing round for 29 projects in a bid to develop its huge gas reservoirs to help power the country and lure billions of dollars in investments.
The exploration blocks are spread across 12 governorates in mostly central and southern Iraq and for the first time include an offshore exploration block in Iraq's Arab Gulf waters.
Iraq last held a licensing round, its fifth, in 2018, Reuters reported.
Saturday's "fifth plus" licensing round includes many projects left over from that round plus a new sixth round with 14 projects, Iraq's oil minister Hayan Abdel-Ghani said in opening remarks.
More than 20 companies pre-qualified for Saturday's round, including European, Chinese, Arab and Iraqi groups but no US oil majors.
Iraq's oil production capacity has grown from 3 million to around 5 million barrels per day (bpd) in recent years, but the departure of giants such as Exxon Mobil Corp and Royal Dutch Shell Plc from a number of projects due to poor returns means future growth is uncertain.
Developments have also slowed due to growing investor focus on environmental, social and governance criteria.

Business

Saudi Tourism Secures Over 40 New Partnerships at Arabian Travel Market

STA secured over 40 agreements, including collaborations with Flyadeal, Noon, and China i2i Group - SPA
STA secured over 40 agreements, including collaborations with Flyadeal, Noon, and China i2i Group - SPA
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Saudi Tourism Secures Over 40 New Partnerships at Arabian Travel Market

STA secured over 40 agreements, including collaborations with Flyadeal, Noon, and China i2i Group - SPA
STA secured over 40 agreements, including collaborations with Flyadeal, Noon, and China i2i Group - SPA

The Saudi Tourism Authority (STA) celebrated its participation at the Arabian Travel Market (ATM) this week, signing major new agreements with trade partners and successfully showcasing unique summer destinations and products, SPA reported.

STA secured over 40 agreements, including collaborations with Flyadeal, Noon, and China i2i Group as well as major strategic partnerships with Saudia and Riyadh Air. These collaborations mark a new stage of growth for the Kingdom and will boost the country’s tourism sector and solidify Saudi Arabia’s position as a leading global tourism destination with unique year-round experiences for visitors.
The Saudi delegation was led by STA chief executive and board member Fahd Hamidaddin, who was joined by over 70 Saudi tourism ecosystem leaders and key partners including destination management companies, hotels, and airlines.
“As we conclude our participation at ATM 2024, I’m filled with pride and optimism for the future of tourism in Saudi. Each partnership, each conversation, each meeting, has reaffirmed our belief that Saudi has an offer like no other,” Hamidaddin said.
“With 72 partners from the tourism ecosystem in attendance, we secured partnerships and made commitments which will further increase our connectivity and ensure the world is aware of our dynamic and diverse destinations,” the STA chief said.
“We leave ATM with an ongoing promise to collaborate regionally, creating a greater tourism economy and elevating the GCC into a global magnet for international travelers,” Hamidaddin added.

Business

US Plans to Impose Major New Tariffs on EVs, other Chinese Green Energy Imports

A worker checks solar panels at a factory in Jiujiang in central China’s Jiangxi province on March 16, 2018. The Biden administration is planning to announce new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China. (Chinatopix via AP)
A worker checks solar panels at a factory in Jiujiang in central China’s Jiangxi province on March 16, 2018. The Biden administration is planning to announce new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China. (Chinatopix via AP)
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US Plans to Impose Major New Tariffs on EVs, other Chinese Green Energy Imports

A worker checks solar panels at a factory in Jiujiang in central China’s Jiangxi province on March 16, 2018. The Biden administration is planning to announce new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China. (Chinatopix via AP)
A worker checks solar panels at a factory in Jiujiang in central China’s Jiangxi province on March 16, 2018. The Biden administration is planning to announce new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China. (Chinatopix via AP)

The Biden administration plans to impose major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China, according to a US official and another person familiar with the plan.

Tariffs on electric vehicles, in particular, could quadruple — from the existing 25% to 100%. The plan was described by the people on condition of anonymity because they were not authorized to provide details ahead of a formal announcement.

The tariffs, expected to be announced Tuesday, come as officials across the Democratic administration have expressed frustration over China's manufacturing “overcapacity” of EVs and other products that they say pose a threat to US jobs and national security.

Industrialized nations including the United States and its European allies fear a wave of low-priced Chinese exports will overwhelm domestic manufacturing.

According to The AP, on the US side, there is particular concern that China’s green energy products will undermine massive climate-friendly investments made through the Democrats’ Inflation Reduction Act that President Joe Biden signed into law in August 2022.

The additional tariffs also carry some political heft going into the November presidential election. Both Biden and his presumptive Republican challenger, former President Donald Trump, have told voters that they'll be tough on China, the world's second largest economy after the United States and an emerging geopolitical rival.

Biden has defined his policy as “competition with China, not conflict.” He has embraced an industrial strategy that has used government financial support to pull in private investment in new factories and advanced technology, while limiting the selling of computer chips and other equipment to China.

Trump has floated the idea of levying massive tariffs against China in order to reduce the US trade deficit with that country. He has repeatedly claimed that Biden's support for EVs would ultimately cause American factory jobs to go to China.

Tuesday's announcement is expected to keep in place some tariffs that were imposed during Trump's administration, covering about $360 billion in Chinese goods. The new tax on imports would add products such as Chinese syringes and solar equipment.

There is the risk that tariffs could lead to a broader trade conflict between the two countries as they respond to each other's moves. China is seeking to create a technological edge and move up the economic chain.

There are some indications that China is cooling its production of lithium-ion batteries used in EVs, cell phones and other consumer electronics at a time when it is facing increasing criticism from the West.

Business

European Companies are Less Upbeat About China’s Vast Market as its Economy Slows

President of the European Union Chamber of Commerce in China Jens Eskelund speaks during a press conference for European Chamber in Beijing, China, Friday, May 10, 2024. China is actively seeking foreign investment to boost its slowing growth, but that very sluggishness is weighing on company plans to grow their businesses in the world’s second largest economy, an annual survey of more than 500 European companies has found. (AP Photo/Ng Han Guan) (Ng Han Guan / Associated Press)
President of the European Union Chamber of Commerce in China Jens Eskelund speaks during a press conference for European Chamber in Beijing, China, Friday, May 10, 2024. China is actively seeking foreign investment to boost its slowing growth, but that very sluggishness is weighing on company plans to grow their businesses in the world’s second largest economy, an annual survey of more than 500 European companies has found. (AP Photo/Ng Han Guan) (Ng Han Guan / Associated Press)
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European Companies are Less Upbeat About China’s Vast Market as its Economy Slows

President of the European Union Chamber of Commerce in China Jens Eskelund speaks during a press conference for European Chamber in Beijing, China, Friday, May 10, 2024. China is actively seeking foreign investment to boost its slowing growth, but that very sluggishness is weighing on company plans to grow their businesses in the world’s second largest economy, an annual survey of more than 500 European companies has found. (AP Photo/Ng Han Guan) (Ng Han Guan / Associated Press)
President of the European Union Chamber of Commerce in China Jens Eskelund speaks during a press conference for European Chamber in Beijing, China, Friday, May 10, 2024. China is actively seeking foreign investment to boost its slowing growth, but that very sluggishness is weighing on company plans to grow their businesses in the world’s second largest economy, an annual survey of more than 500 European companies has found. (AP Photo/Ng Han Guan) (Ng Han Guan / Associated Press)

China is actively seeking foreign investment to boost its slowing growth, but that very sluggishness is weighing on company plans to expand their businesses in the world's second largest economy, an annual survey of more than 500 European companies found, The AP reported.

The slowing economy is now the dominant concern of respondents to the European Chamber of Commerce in China survey, which was released Friday. China still ranks high as a place to invest, but the share of companies considering an expansion of their operations in the country this year fell to 42%, the lowest ever recorded.

“The business outlook is the most pessimistic yet, with companies’ expectations for growth and profitability taking a hit, and concerns about competition intensifying,” the chamber said in its business confidence survey.

The economic worries are layered on top of long-running complaints about regulations and practices that companies say favor their Chinese competitors or are unclear, creating uncertainty for them and their employees. Others including the American Chamber in China have expressed similar concerns.

Those older issues are now compounded by the weaker economy, eroding business confidence, said Jens Eskelund, the president of the European Chamber.

“Companies are beginning to realize that some of these pressures that we have seen in the local market, whether it’s competition, whether it’s low demand, that they are taking on perhaps a more permanent nature,” he told journalists earlier this week. “And that is something that is beginning to impact investment decisions and the way they go about thinking about development of the local market.”

The government is launching programs to boost consumer spending but confidence remains low because of a weak job market. Economic growth came in at a faster-than-expected 5.3% annual pace in the first three months of the year, but much of the GDP growth came from government spending on infrastructure and investment in factories and equipment.

Massive investment in industries such as solar power panels and electric cars has created intense price competition, squeezing profits. More than a third of the survey respondents said they have observed overcapacity in their industry. For 15% of the companies, their China operations finished 2023 in the red. Foreign companies need growth in domestic demand, not manufacturing capacity, Eskelund said.

“What is important to foreign companies is not necessarily sort of a headline GDP number — 5.3%, whatever — but the composition of GDP,” he said.

Close to 40% of companies said they have moved or are considering moving future investments out of China. Southeast Asia and Europe are the biggest beneficiaries, followed by India and North America. Nearly 60% said they are sticking with their investment plans for China, but that was down from last year.

“It’s not that companies are giving up on China, it’s just that we are beginning to see other countries emerging as a serious competitor to China,” Eskelund said Friday.

The survey report said “China’s allure as a top investment destination is fading” and warned that companies will pursue opportunities elsewhere unless there are improvements in the business environment.

The proportion of companies that are optimistic about expanding their China business this year fell to about one-third, down from more than half in 2023. Only 15% were optimistic about profit growth.

More than half expect to cut costs in China this year, including 26% who plan to reduce the size of their staffs — which the report said "will further increase the pressure on an already strained job market.”

Business

ECB Set Scene for June Rate Cut at Last Meeting

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Purchase Licensing Rights
A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Purchase Licensing Rights
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ECB Set Scene for June Rate Cut at Last Meeting

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Purchase Licensing Rights
A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Purchase Licensing Rights

Euro zone inflation remains on track to fall back to 2% next year, so European Central Bank policymakers will likely start cutting interest rates from a record high in June, the account of their April meeting showed on Friday.

The ECB left interest rates unchanged last month but made clear that its next move will be a cut, most likely on June 6, provided wage and inflation data stay on their current, relatively benign path.

"It was seen as plausible that the Governing Council would be in a position to start easing monetary policy restriction at the June," the ECB said in the account of the April 10-11 meeting.

Policymakers appeared so confident about the outlook that some even made the case to start easing in April, a suggestion eventually overruled by a wide majority, who argued for patience until more wage and price data came in.

The few dissenters argued, as ECB President Christine Lagarde described last month, that ECB rates will continue to restrict the economy even after an initial cut, so past policy tightening will continue to work through the economy.

Speaking in the weeks since the April meeting, policymakers have confirmed that the June 6 cut is all but a done deal but the rate path beyond that is uncertain, given inflation volatility and a possible delay by the US Federal Reserve to its own rate cuts.

Most, however, argue that June will not be a singular, one-off cut, even if the timing for further moves should not be predetermined in advance, to give policymakers flexibility in the case of abrupt changes in economic conditions.

In another small shift in the bank's message, policymakers now see the cost of undershooting the inflation target on a par with overshooting, a reversal for many who argued that too rapid price growth was the bigger risk.

"The risk of undershooting the inflation target and eventually having to pay too high a price in terms of declining activity was now seen as being at least as high as the risk of acting too early and overshooting the target over the medium term," the ECB added.

Markets now see up to three rate cuts this year, or two beyond June, most likely in September and December, when the ECB also publishes new economic projections.

Euro zone inflation held steady at 2.4% last month and is expected to oscillate around this level for the rest of the year before easing back to the ECB's 2% target in 2025.

Policymakers emphasized throughout the account that incoming data kept confirming the bank's own projections, which was increasing the ECB's confidence in the quality of forecasts after a few bumpy years when these figures were wide of the mark.

While the ECB has publicly declared that policy was not dependent on Fed moves, decisions taken by the world's biggest central bank impact financing conditions around the globe, limiting the ECB's freedom since a widening rate differential weakens the euro and pushes up imported inflation.

Business

Gold Set for Best Week in Five

Production of gold at Novosibirsk precious metals plant·Reuters
Production of gold at Novosibirsk precious metals plant·Reuters
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Gold Set for Best Week in Five

Production of gold at Novosibirsk precious metals plant·Reuters
Production of gold at Novosibirsk precious metals plant·Reuters

Gold prices climbed on Friday, en route to their best week in five, with zero-yield bullion building on momentum fuelled by weaker US jobs data this week that reinforced expectations for interest rate cut by the Federal Reserve.

Spot gold rose 1% to $2,369.49 per ounce by 2:02 p.m. ET (1802 GMT).

US gold futures for June delivery settled 1.5% higher to $2,375.00 per ounce, Reuters reported.

Gold gained more than 1% on Thursday after data showed a bigger-than-expected rise in weekly claims for state unemployment benefits.

The surge in gold buying is mostly technically driven, but last week's payroll data and Thursday's initial unemployment claims data are lending support, said Phillip Streible, chief market strategist at Blue Line Futures.

"Concerns about the employment situation are oftentimes the first crack in the economy and could pull forward the Fed's first interest rate cut," Streible added.

Financial markets expect the US central bank to start easing its cycle in September.

Lower interest rates generally tend to boost the appeal of bullion since it pays no interest.

Investors are now looking forward to the US producer price index and consumer price index data due next week, both of which could significantly impact gold and silver prices.

"If we get hot inflation or even warm inflation data next week, that's going to throw cold water on any notions that the Fed might be able to cut interest rates as soon as September," said Jim Wyckoff, senior market analyst with Kitco.

Meanwhile, near-record domestic prices stifled demand for physical gold in India, the world's second-biggest consumer, during a key festival.

Spot silver fell 0.2% to $28.27 per ounce, while spot platinum rose 1.9% to $997.40 per ounce and spot palladium gained 1.1% to $977.75 per ounce.

Business

Saudi Arabia, Nigeria Explore Agricultural, Food Security Cooperation Opportunities

Photo by SPA
Photo by SPA
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Saudi Arabia, Nigeria Explore Agricultural, Food Security Cooperation Opportunities

Photo by SPA
Photo by SPA

The Saudi Minister of Environment, Water, and Agriculture Eng. Abdulrahman Alfadley, accompanied by his delegation, engaged in discussions with the Nigerian Minister of Agriculture and Food Security, Sen. Abubakar Kyari.

Their talks focused on identifying investment opportunities within agriculture and food security sectors and exploring avenues to enhance trade and economic collaboration between the two countries.
During the meeting, the focus was on cooperation in diverse sectors, with a particular emphasis on collaborations in agriculture, as well as food security. The meeting included discussions on investment possibilities and the available agricultural resources and food products, SPA reported.
In November 2023, Saudi Arabia hosted the Saudi-African Summit, which aimed to foster relations and promote collaborative efforts between the Kingdom and African states.

Business

Local, Int’l Partnerships Enhance Market Access for Saudi Products

Saudi EXIM Bank participated in the Riyadh International Industry Week 2024 (Photo: Turki Al-Aqili)
Saudi EXIM Bank participated in the Riyadh International Industry Week 2024 (Photo: Turki Al-Aqili)
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Local, Int’l Partnerships Enhance Market Access for Saudi Products

Saudi EXIM Bank participated in the Riyadh International Industry Week 2024 (Photo: Turki Al-Aqili)
Saudi EXIM Bank participated in the Riyadh International Industry Week 2024 (Photo: Turki Al-Aqili)

The Riyadh International Industry Week 2024 concluded on Thursday with the signing of a number of local and international partnerships and agreements, with the aim to promote the access of Saudi products to global markets.
The Saudi Exports Development Authority signed a memorandum of understanding with the Ministry of Industry and Mineral Resources, with the aim to support local industries and facilitate their access to international markets.
The MOU highlights potential areas of cooperation and seeks to encourage firms that are listed in the Future Factories Program to export their products worldwide.
Meanwhile, Alod Company (a Saudi global shipping gateway) signed an agreement with the National Parcel Stations Network Company (Parcelat) to enable its customers to receive and deliver shipments around the clock.
Alod also signed an agreement with Camion aimed at enabling the latter’s customers to automate international and local shipping operations.
Meanwhile, the Saudi Export and Import Bank was able to find credit solutions exceeding SAR 10 billion ($2.6 billion) during the first 4 months of 2024.
The CEO of the Saudi Export-Import Bank, Eng. Saad Al-Khalab, said that the bank seeks to achieve a fourfold increase of the 2024 target number by 2030.
The Saudi Export and Import Bank, which was established in February 2020, aims to promote the development and diversification of national non-oil exports and increase their competitiveness, by providing export financing, guarantee, and export credit insurance services with competitive advantages.
Speaking to Asharq Al-Awsat on the sidelines of the Riyadh International Industry Week 2024, Al-Khalab said that the bank offered many products that help Saudi exporters expand globally and reduce their export risks, which facilitates their access to new markets.

 

Business

Saudi Arabia, Hong Kong to Establish Fund to Track Stock Indices

CEO of the Saudi Tadawul Group, Khalid Al-Hussan (Asharq Al-Awsat)
CEO of the Saudi Tadawul Group, Khalid Al-Hussan (Asharq Al-Awsat)
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Saudi Arabia, Hong Kong to Establish Fund to Track Stock Indices

CEO of the Saudi Tadawul Group, Khalid Al-Hussan (Asharq Al-Awsat)
CEO of the Saudi Tadawul Group, Khalid Al-Hussan (Asharq Al-Awsat)

The first global edition of the Capital Markets Forum, organized by the Saudi Tadawul Group and the Hong Kong Exchanges and Clearing Limited (HKEX), kicked off in Hong Kong on Thursday, in the presence of over 650 people from around the world, including financial leaders, investors and representatives of regulators and enterprises.
The forum highlights the Hong Kong stock exchange operator’s latest strategy to attract new investors, with the aim to replace stockholders from the United States and Europe who may be deterred from doing business in China at a time of rising geopolitical tensions. Last month, the country's securities regulator said that it would encourage more companies to hold IPOs in the city.
The forum discusses important investment prospects through global partnerships and the means to exploit investment opportunities in the Kingdom and China, as well as studying future investment portfolios.
At the opening of the forum, the CEO of the Saudi Tadawul Group, Khalid Al-Hussan, said that the decision to host the Capital Markets Forum in Hong Kong demonstrates the growing relationship between Saudi Arabia and Asia, adding that the event would constitute a major bridge for investors from the two countries and pave the way for a more integrated system of global capital markets.
“The convergence between Hong Kong’s technological development and the Kingdom’s ambitious economic diversification enables a new era of knowledge exchange and cooperation that extends beyond the capital markets,” he stated.
Al-Hussan explained that during the forum, more than a thousand investors from listed companies and financial industry leaders will gather to explore challenges and prospects in the field of sustainability, innovation, and global investment trends.
For her part, Hong Kong Exchanges & Clearing Ltd. CEO Bonnie Chan said that she expects large initial public offerings (IPOs) to return to the city with the improvement of basic conditions and the support of Chinese regulators.
In her speech during the opening ceremony, she said that the Hong Kong Stock Exchange received more than 100 new listing applications this year, with activity rebounding, especially after the support measures taken by China.
Hong Kong has returned to the radar of global investments, after the China Securities Regulatory Commission (CSRC) announced last month that it would facilitate IPOs in Hong Kong by leading Chinese companies. The regulatory body also announced the expansion of the cross-border investment scheme to strengthen the city’s position as an international financial center.
The new measures began to attract money flows into the market, and trading value rose, Chan underlined, which she said created a more favorable environment for companies to launch their IPOs.
The Hong Kong Stock Exchange has had a difficult time in recent years. The faltering Chinese economy and increasing disputes between Beijing and Washington have exhausted investor interest in China-linked stocks.
Meanwhile, Hong Kong Deputy Financial Secretary Michael Wong said in a statement on Thursday that Hong Kong and Saudi Arabia are exploring the creation of an exchange-traded fund (ETF) tracking Hong Kong indices.
He added that the Hong Kong government is currently working with several financial institutions to develop the ETF.
Wong also reaffirmed Hong Kong’s commitment to its partnership with Saudi Arabia, noting that Cathay Pacific Airways is expected to re-launch direct passenger flights between Hong Kong and Riyadh.

Business

Greece to Bring in Egyptian Farm Workers Amid Labor Shortage

FILE PHOTO: Passengers of a flight from Amsterdam arrive at the international airport in Athens, Greece, June 15, 2020. REUTERS/Alkis Konstantinidis/File Photo
FILE PHOTO: Passengers of a flight from Amsterdam arrive at the international airport in Athens, Greece, June 15, 2020. REUTERS/Alkis Konstantinidis/File Photo
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Greece to Bring in Egyptian Farm Workers Amid Labor Shortage

FILE PHOTO: Passengers of a flight from Amsterdam arrive at the international airport in Athens, Greece, June 15, 2020. REUTERS/Alkis Konstantinidis/File Photo
FILE PHOTO: Passengers of a flight from Amsterdam arrive at the international airport in Athens, Greece, June 15, 2020. REUTERS/Alkis Konstantinidis/File Photo

Greece will start bringing in workers from Egypt this summer to take on temporary farming jobs under a deal between the countries to tackle a labor shortage, the migration ministry said on Friday.
After a decade of pain, the Greek economy is forecast to grow nearly 3% this year, far outpacing the euro zone average of 0.8%, Reuters reported.
But an exodus of workers during Greece's economic crisis, a shrinking population and strict migration rules have left the country struggling to find tens of thousands of workers to fill vacancies in farming, tourism, construction and other sectors.
Greece will take in around 5,000 seasonal farm workers under the 2022 deal signed with Egypt.
The countries have discussed expanding the "mutually beneficial" scheme to the Greek construction and tourism sectors, the Greek Migration Ministry said in a statement.