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Omani-Saudi Committee to Develop Dhahirah Economic Zone

Saudi Arabia and Oman are implementing joint strategic projects for economic development (Asharq Al-Awsat)
Saudi Arabia and Oman are implementing joint strategic projects for economic development (Asharq Al-Awsat)
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Omani-Saudi Committee to Develop Dhahirah Economic Zone

Saudi Arabia and Oman are implementing joint strategic projects for economic development (Asharq Al-Awsat)
Saudi Arabia and Oman are implementing joint strategic projects for economic development (Asharq Al-Awsat)

The Public Authority for Special Economic Zones and Free Zones in the Sultanate of Oman (OPAZ) issued a decision to form an executive committee that would include representatives from Oman and Saudi Arabia to supervise a project to develop an integrated economic zone in Al-Dhahirah governorate.

Chaired by Ahmed bin Hassan al Deeb, Deputy Chairman of OPAZ, the committee will also include several officials of OPAZ and Saudi Arabia’s Ministry of Investment, Economic Cities and Special Economic Zones Authority and the Saudi Development Fund.

The committee will be in charge of supervising the implementation of a memorandum of understanding signed between OPAZ and the Saudi Economic Cities and Special Economic Zones Authority in the field of economic development for special economic zones and free zones.

It will also put forward a plan for the development, execution and management of the zone, including programs and initiatives, and monitor their implementation.

Moreover, the committee will seek to promote the exchange of experiences and practices in the management and operation of economic zones and will organize informative workshops for traders and investors in both countries.

General Manager of Planning and IT Sector at OPAZ Mahmoud bin Hamoud al-Rawahi said that the Omani authority has completed the consultancy studies pertaining to the Integrated Economic Zone project in Dhahirah, which has been allocated 388 square kilometers of investment land.

He added that OPAZ has also submitted the relevant documents, which support providing the funding required for developing the project’s first phase, covering an area of 20 square kilometers.

According to Al-Rawahi, the first phase of the project includes the establishment of infrastructure, roads, electrical installations, water and sewage networks, industrial waste treatment, and necessary facilities, in addition to providing engineering consultancy services, including design and supervision.

“Operating the integrated economic zone will offer various investment opportunities, in addition to its important role in developing Al-Dhahirah governorate, and raising and supporting the level of intra-trade between the two brotherly countries,” he stated.

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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
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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%.