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Saudi Arabia Establishes Duty-Free Markets in Airports, Ports

Saudi Arabia agrees to establish free markets at land, sea and air ports (Asharq Al-Awsat)
Saudi Arabia agrees to establish free markets at land, sea and air ports (Asharq Al-Awsat)
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Saudi Arabia Establishes Duty-Free Markets in Airports, Ports

Saudi Arabia agrees to establish free markets at land, sea and air ports (Asharq Al-Awsat)
Saudi Arabia agrees to establish free markets at land, sea and air ports (Asharq Al-Awsat)

Saudi Arabia has opened a new trade path by approving the establishment of duty-free markets in airports, seaports, and land ports. This supports the Kingdom’s aspirations for infrastructure development, logistics support and providing a unique business environment in the transport sector.

The Cabinet, chaired by King Salman bin Abdulaziz on Tuesday at Al-Salam Palace, approved the establishment of duty-free markets in airports, seaports, and land ports.

The Cabinet decision permits sale, in these markets, to passengers arriving and departing from the Kingdom.

Establishing duty-free markets aligns with Saudi Arabia’s plans for strategic transformation in providing support services and operational processes.

The Kingdom’s Transport Ministry is focused on upgrading provided services, developing the operational aspect in line with future plans, building strong alliances and providing a distinctive travel experience through integrated work and by investing with the private sector to achieve the highest standards of efficiency and operation.

In other news, Saudi Arabia is scheduled to inaugurate on Wednesday the Port of Jazan Primary and Downstream Industries (JPDI), located in the south of the Kingdom on the Red Sea, which represents one of the most prominent global trade corridors.
The inauguration is set to be sponsored by Governor of Jazan Prince Mohammed bin Nasser bin Abdulaziz.

The Royal Commission in Jubail and Yanbu, represented by the Jubail and Yanbu Industrial Services Company, and Hutchison Ports had announced the signing of an agreement to invest and operate JCPDI Port, which consists of world-class, multipurpose terminals within the Jazan City for Primary and Downstream Industries (JCPDI).

The port is located on the international trade corridor across the Red Sea, near the Bab al-Mandab Strait, the Horn of Africa, and on China’s Belt and Road Initiative.

Establishing the port is an important step in the Kingdom’s journey towards economic development and diversification of sources of income. The port, as a logistical gateway, will serve to be a great supporter of the city’s economic, industrial, and logistical renaissance.

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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%.