Saudi Arabia Achieves Record Growth in Promising Sectors

Saudi Arabia has achieved record growth in indicators of economic activities in promising sectors during the first quarter of 2023. (Asharq Al-Awsat)
Saudi Arabia has achieved record growth in indicators of economic activities in promising sectors during the first quarter of 2023. (Asharq Al-Awsat)
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Saudi Arabia Achieves Record Growth in Promising Sectors

Saudi Arabia has achieved record growth in indicators of economic activities in promising sectors during the first quarter of 2023. (Asharq Al-Awsat)
Saudi Arabia has achieved record growth in indicators of economic activities in promising sectors during the first quarter of 2023. (Asharq Al-Awsat)

Saudi Arabia has achieved record growth in indicators of economic activities in promising sectors during the first quarter of this year, one of the opportunities launched by Vision 2030 for the local and foreign business sectors.

According to a recent report by the Ministry of Commerce, a copy of which was obtained by Asharq Al-Awsat, commercial registers of the video game sector grew 92 percent during the first quarter of this year, bringing the total to more than 1,600.

Last year, Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, launched the National Gaming and Esports Strategy, kicking off a new era for the Kingdom to play a pioneering role in the sector and making it a global hub for the gaming industry by 2030.

It also serves the Vision 2030 objectives, which aim to diversify Saudi Arabia’s economy, create new job opportunities in different industries and provide world-class entertainment to residents and visitors.

The Saudi government established a specialized authority that focused on developing Artificial Intelligence and the data sector. It reported a 74 percent growth in commercial registers in the sector during the first quarter of 2023, bringing the total to more than 3,200.

According to the report, commercial registers in the computer programming sector increased by 30 percent, bringing the total number to 11,800.

In market research and opinion polls, commercial registers in this sector increased by 95 percent during the first quarter of 2023, with more than 200.

The report revealed that the sector of recreation increased by 18 percent in the first quarter of the year, with a total of more than 2,800 commercial registers.

The film industry witnessed a 39 percent increase in exported commercial registers, bringing the total number to more than 1,500.

On Monday, the Ministry of Commerce issued the first quarterly bulletin on the performance of the business sector and its developments in the Kingdom during the first quarter of 2023.

The bulletin revealed the most prominent indicators of growth in various activities and sectors and the developments of regulations during the year.

It also reported on the consumer protection system, the commercial register, trade names, the family business charter, and the corporate governance regulations.

The bulletin showed the volume of growth in the records of institutions and companies, the highest sectors that witnessed remarkable growth, the distribution of exported records to Saudi regions, indicators of economic activities in promising sectors, and the growth of e-commerce in the Kingdom.

It also shed light on businesswomen, funding of small and medium enterprises, the developments in the transformation of institutions into companies according to the new corporate system, and the benefits of recently issued laws and regulations, including commercial treatments and franchising, and the Saudi building code.



Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.