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.



Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices retreated on Monday following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35%, to $74.91 a barrel by 0440 GMT, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using US and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies."
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1% of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world's top and third-largest importers, respectively.
China's crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3% on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures (PCE) data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.