Egypt Confirms Drop in Unemployment

An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
TT

Egypt Confirms Drop in Unemployment

An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)

Egypt announced that unemployment rates dropped to the lowest in nearly 19 years, citing several international institutions that projected further job growth in the coming years.

The Cabinet Media Center published a report noting a positive change in the international view of the country's unemployment and employment levels.

The World Bank expected unemployment to continue to decline, reaching seven percent, by the year 2023/2024, noting that the impact of the initial shock of the coronavirus pandemic on unemployment has started to recede.

The report reviewed the quarterly unemployment rate in Egypt and stated that it is at its lowest level since 2004.

The unemployment rate reached 7.2 percent in the first, second, and fourth quarters of 2022, 7.4 percent during the third quarter, 7.4 percent in the first and fourth quarters of 2021, 7.3 percent in the second quarter, and 7.5 percent in the third quarter.

The center attributed the decline to state efforts in adopting a national strategy to confront unemployment. The strategy aims to achieve sustainable development plans and work through systematic foundations to address the needs of the labor market, qualify the working cadres and raise their efficiency and readiness.

It quoted the "Oxford Business Group" as saying that Egypt could benefit from its economic potential within the framework of generating considerable and sustainable social benefits, evident through the drop in unemployment rates.

The Group said Egypt needed to reduce unemployment, which reached 12.6 percent in 2016 and should focus on vocational training to prepare skilled workers.

The report reviewed the most important indicators of the labor market, with the labor force increasing by 9.4 percent, or 30.3 million individuals, in the fourth quarter of 2022, compared to 27.7 million in the fourth quarter of 2014.

The number of workers increased by 17 percent, or 28.2 million individuals, in the fourth quarter of 2022, compared to 24.1 million in the fourth quarter of 2014.

Unemployed individuals decreased by 38.9 percent, reaching 2.2 million in the fourth quarter of 2022, compared to 3.6 million in the fourth quarter of 2014.

The report discussed the most important economic activities contributing to creating new job opportunities, reviewing the most important economic activities to which the most significant number of workers shifted during the fourth quarter of 2022.

Moreover, about 233,000 workers shifted to work in agriculture and forest exploitation, 126,000 to education, 66,000 to electricity and gas supply, and 62,000 changed their occupation to construction.



Saudi King Salman Inaugurates Riyadh Metro

Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
TT

Saudi King Salman Inaugurates Riyadh Metro

Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has inaugurated the Riyadh Metro, the backbone of the capital’s public transport network.

King Salman viewed on Wednesday an introductory video about the Riyadh Metro — one of the Kingdom’s major projects during his prosperous reign — distinguished by its standout design and technological features, with a network that spans 176 kilometers across 6 lines and 85 stations, including 4 iconic ones.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Royal Commission for Riyadh City (RCRC), expressed his sincere gratitude to the Custodian of the Two Holy Mosques for his generous support and patronage of the Riyadh Public Transport Project – which includes the metro and bus systems – from its concept to execution, and for his invaluable steering during the implementation of the project according to the highest global standards.

“The Riyadh Public Transport Project, which spans metro and bus networks, is the culmination of concerted efforts made by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and the outcome of his visionary leadership, while serving as the Chairman of the High Commission for the Development of Arriyadh, the predecessor of RCRC,” said the Crown Prince.

The Riyadh Public Transport Project was launched following studies conducted back then by the High Commission for the Development of Arriyadh (now RCRC) on the capital city’s current and future public transport needs, and outlined the best solutions for a sustainable public transit system that reflects the city’s unique urban, population, and traffic characteristics.

These studies resulted in the comprehensive Public Transport Plan for Riyadh City, which included a metro system and a parallel bus network that would meet Riyadh’s current and projected mobility needs. The plan culminated with the Council of Ministers adopting a resolution to “approve the execution of the Riyadh Public Transport Project – Metro and Buses.” RCRC then launched a bidding process that saw the participation of several global consortia. Finally, a Royal Decree awarded the Riyadh Metro contracts to three consortia, comprising over 19 major global companies from 13 countries.

Thanks to the support of the Crown Prince, RCRC successfully implemented the project. Considered one of the world’s largest public transport projects conducted in a single phase, the Riyadh Public Transport stands out for its meticulous planning and exceptional design and technology, and is tailored to meet Riyadh’s social, environmental, and urban requirements. It is also poised to significantly contribute to the capital city’s urban mobility needs, enhancing the quality of life of its residents and visitors alike, in line with the objectives of Vision 2030.

Minister of State, Member of the Council of Ministers, and RCRC Chief Executive Eng. Ibrahim bin Muhammad Al-Sultan extended his gratitude to the Custodian of the Two Holy Mosques and the Crown Prince for the Riyadh Metro project inauguration.
Al-Sultan highlighted that Riyadh is now enjoying the benefits of this transformative project, which will redefine the capital's image and revolutionize transportation for both residents and visitors. The metro's extensive six-line network will gradually begin operations.
He elaborated that the project aims to deliver an efficient and sustainable public transport system that meets the current and future mobility demands of Riyadh. The initiative is in line with the rapid population growth, urban expansion, and the increasing use of private vehicles in the city.