عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia’s National Industrial Strategy to Boost Global Trade, Supply Chains Partnerships

The National Industrial Strategy focuses on quality and projects needed by the Kingdom (Asharq Al-Awsat)
The National Industrial Strategy focuses on quality and projects needed by the Kingdom (Asharq Al-Awsat)
TT
TT

Saudi Arabia’s National Industrial Strategy to Boost Global Trade, Supply Chains Partnerships

The National Industrial Strategy focuses on quality and projects needed by the Kingdom (Asharq Al-Awsat)
The National Industrial Strategy focuses on quality and projects needed by the Kingdom (Asharq Al-Awsat)

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef affirmed on Wednesday that the National Industrial Strategy (NIS) is an essential tool for diversifying the Kingdom’s economic base.

Crown Prince Mohammed bin Salman launched on Tuesday NIS to realize the objectives of the Saudi Vision 2030. The strategy focuses on 12 sub-sectors to diversify the Kingdom’s industrial economy while identifying more than 800 investment opportunities.

The Kingdom is a key player in the mining sector’s supply chain through aluminum and will continue to develop this sector to introduce more complex products, such as aircraft structures and the related spare parts, AlKhorayef said.

Speaking to the press, AlKhorayef added that if Saudi Arabia could link its mining resources in the petrochemical sector to intermediate and end products, it would be a true partner in global trade and supply chains.

Saudi Arabia seeks to raise the industrial sector's contribution to GDP to SAR900 billion ($240 billion), the minister revealed, adding that the new NIS aims to achieve food, medicine, and military security.

Member of the Saudi Shura Council Fadel al-Buainain said that NIS will enhance Saudi industrial products in global markets, given that working according to clear strategies is the best way to achieve desired goals.

“Since the launch of Vision 2030, it has been noticed that there is a focus on industry, as a hub for diversifying the sources of the economy, increasing GDP and raising the volume of exports,” al-Buainain told Asharq Al-Awsat.

He also predicted that NIS would contribute to increasing Saudi exports to global markets.

Moreover, al-Buainain said that the strategy will directly contribute to achieving several goals, including industrial expansion. It will also see to the sector attracting qualitative investments.

NIS will further contribute to rebuilding the industrial sector according to global requirements and local needs, he added.

Most Viewed

 
 
Business

US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
TT
TT

US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)

US applications for unemployment benefits fell to their lowest level in nearly a year last week, pointing to a still healthy labor market with historically low layoffs.

The Labor Department on Wednesday said that applications for jobless benefits fell to 201,000 for the week ending January 4, down from the previous week's 211,000. This week's figure is the lowest since February of last year.

The four-week average of claims, which evens out the week-to-week ups and downs, fell by 10,250 to 213,000.

The overall numbers receiving unemployment benefits for the week of December 28 rose to 1.87 million, an increase of 33,000 from the previous week, according to The AP.

The US job market has cooled from the red-hot stretch of 2021-2023 when the economy was rebounding from COVID-19 lockdowns.

Through November, employers added an average of 180,000 jobs a month in 2024, down from 251,000 in 2023, 377,000 in 2022 and a record 604,000 in 2021. Still, even the diminished job creation is solid and a sign of resilience in the face of high interest rates.

When the Labor Department releases hiring numbers for December on Friday, they’re expected to show that employers added 160,000 jobs last month.

On Tuesday, the government reported that US job openings rose unexpectedly in November, showing companies are still looking for workers even as the labor market has loosened. Openings rose to 8.1 million in November, the most since February and up from 7.8 million in October,

The weekly jobless claims numbers are a proxy for layoffs, and those have remained below pre-pandemic levels. The unemployment rate is at a modest 4.2%, though that is up from a half century low 3.4% reached in 2023.

To fight inflation that hit four-decade highs two and a half years ago, the Federal Reserve raised its benchmark interest rates 11 times in 2022 and 2023. Inflation came down — from 9.1% in mid-2022 to 2.7% in November, allowing the Fed to start cutting rates. But progress on inflation has stalled in recent months, and year-over-year consumer price increases are stuck above the Fed’s 2% target.

In December, the Fed cut its benchmark interest rate for the third time in 2024, but the central bank’s policymakers signaled that they’re likely to be more cautious about future rate cuts. They projected just two in 2025, down from the four they had envisioned in September.