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Riyadh Hosts GCC-UK Trade Summit 2021 on Tuesday

A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)
A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)
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Riyadh Hosts GCC-UK Trade Summit 2021 on Tuesday

A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)
A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)

The biggest names from the region’s business world will meet with top experts and decision-makers at the GCC-UK Trade Summit 2021 that will be hosted by Riyadh on Tuesday. They will meet virtually in the Saudi capital to discuss ways to boost bilateral trade and investment and take economic relations between the two regions to the next level.

The GCC-UK Trade Summit 2021 is the most important forum for businesses and investors from the Gulf Cooperation Council and the UK to connect with each other, exchange ideas and experiences, discuss investment opportunities and forge strategic partnerships.

The event aims to promote bilateral trade and facilitate foreign direct investment between the two regions by providing a platform for businesses on both sides to expand into new markets and explore collaboration opportunities.

As the GCC experiences a period of rapid growth and economic diversification, it is witnessing a corresponding upswing in its trade and economic relations with the UK.

This is evidenced by the fact that the Gulf region accounts for as much as $50.8 billion out of the estimated $57.2 billion annual trade between the UK and the Middle East.

The GCC-UK Trade Summit aims to further strengthen bilateral trade and investment ties and is envisioned as a platform that will catalyze a new era of collaboration between the two regions by bringing together on one stage high-profile investors, exporters, consultants, experts, service providers, and key private and public sector decision-makers.

The summit will provide updates on the most important projects currently underway in the GCC, explore ways to build technical capacities and networks of collaboration for entrepreneurs, and discuss opportunities to stimulate bilateral trade and investment over the next decade.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.