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Saudi Industry Investments Exceed $346 Billion

A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)
A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)
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Saudi Industry Investments Exceed $346 Billion

A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)
A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)

The value of investments in the Saudi industrial sector amounted to 1.3 trillion riyals ($346.6 billion), with the imminent activation of the Kingdom’s National Strategy for Industry by the beginning of 2023.

Eng. Ahmed Al-Ohali, Governor of the General Authority for Military Industries (GAMI), pointed to the rapid and qualitative growth of military industries in the Kingdom.

Since the formation of the Authority, the total number of establishments reached 156, with an estimated investment volume of 40 billion riyals ($10.6 billion), Al-Ohali said on Monday.

The establishments employ 21,000 people, including Saudis who receive the best training opportunities to enhance knowledge and expertise in this vital sector, he told a panel discussion on the role of national industry in facing risks. The panel was part of the Budget 2023 Forum in Riyadh.

Organized by the Ministry of Finance, the forum concluded its two-day sessions on Monday at the King Abdullah Petroleum Studies and Research Center (KAPSARC), with the participation of senior officials from the public and private sectors.

Deputy Minister of Industry and Mineral Resources Eng. Osama Al-Zamil noted that the value of investments in the industrial sector amounted to 1.3 trillion riyals.

He revealed that the National Strategy would offer more than 800 investment opportunities worth one trillion riyals ($266 billion), in addition to increasing exports of advanced technical products by about six times and creating tens of thousands of jobs.

Al-Zamil added that the sector has succeeded in attracting investments worth more than 21.8 billion riyals, while the number of manpower has doubled to reach 47,125 workers, with a localization rate of more than 42%.

Another session, entitled “The Impact of the Budget on Empowering Women”, touched on the women’s empowerment initiative and the relevant reforms adopted by the government and the private sector to promote the role of women in the Kingdom.

In this context, Dr. Hala Al-Tuwaijri, head of the Saudi Human Rights Commission, stated that the Kingdom has taken a comprehensive reform approach to empower women and increase their participation in the labor market.

She emphasized Saudi Arabia’s commitment to international agreements, including the Convention on the Elimination of all Forms of Discrimination against Women, known as CEDAW.

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Business

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%.