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Bahrain Hails IMF's Report on Kingdom's Unemployment Rate

General view of Manama, Bahrain. (Getty Images)
General view of Manama, Bahrain. (Getty Images)
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Bahrain Hails IMF's Report on Kingdom's Unemployment Rate

General view of Manama, Bahrain. (Getty Images)
General view of Manama, Bahrain. (Getty Images)

Bahrain's Labor Minister Jamil bin Muhammad Ali Humaidan underscored the international community’s confidence in the Kingdom's public aimed at sustaining growth in the labor market.

Humaidan's statements highlighted the indicators revealed by the International Monetary Fund (IMF) in its latest report, which expected unemployment rate in Bahrain to drop to 4.4% during 2023.

He said the report was issued "by an independent and prestigious international body that relies on scientific approach in analyzing economic data and indicators," stressing that this is a factor that enhances the kingdom’s "position as an investment destination and a distinguished incubator for business environments."

The minister praised the cooperation between the IMF and Bahrain, and periodic meetings held by the fund with economic and labour authorities in the kingdom, state news agency BNA reported.

Humaidan stressed that the government will continue its efforts to enhance the business environment and implement many initiatives and programs that will enhance preference and give priority to citizens in the labor market.

He also affirmed that "all relevant authorities work to continue building on the achievements made in this regard to sustain the growth of employment rates in Bahrain."

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SABIC Expects Capital Expenditure of $4 Bn in 2025

One of the Saudi Basic Industries Corporation (SABIC) plants... (SPA)
One of the Saudi Basic Industries Corporation (SABIC) plants... (SPA)
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SABIC Expects Capital Expenditure of $4 Bn in 2025

One of the Saudi Basic Industries Corporation (SABIC) plants... (SPA)
One of the Saudi Basic Industries Corporation (SABIC) plants... (SPA)

Saudi Basic Industries Corporation (SABIC), one of the world’s largest petrochemical companies, reported a net loss of 1.21 billion riyals ($322.6 million) for the first quarter of 2025, reflecting continued pressure on the global petrochemical sector.

Despite this, the company is maintaining disciplined capital investment management, with capital expenditure expected to range between $3.5 billion and $4 billion in 2025.

The loss was primarily attributed to a 1.05 billion riyal decline in gross profit, driven by rising feedstock prices, along with non-recurring costs of 1.07 billion riyals linked to a strategic restructuring initiative aimed at streamlining annual costs by approximately 345 million riyals and improving long-term operational efficiency.

SABIC CEO Abdulrahman Al-Fageeh, speaking at a press conference following the release of the company’s results, highlighted ongoing challenges in the global economy, including a slowdown in global GDP growth.

 

 

“The first quarter business environment was marked by uncertainty, with global economic growth at just 2.97%, along with a slowdown in the manufacturing PMI, which intensified challenges for the sector,” he said.

Despite the losses, Al-Fageeh noted SABIC's remarkable resilience, supported by what he described as “stable demand” for petrochemicals. He emphasized the company’s continued focus on operational excellence and its transformation efforts throughout the year.

SABIC projects its capital expenditure to range between $3.5 billion and $4 billion in 2025, reaffirming its commitment to creating long-term value through operational excellence, transformation, and systematic growth as part of its future vision.

Mohammed Al-Farraj, Head of Asset Management at Arbah Capital, commented to Asharq Al-Awsat that initial forecasts from various research firms prior to the results announcement were mixed. While some expected a significant year-on-year drop in net profit, others predicted revenue growth.

“Looking at the reported results, we see that revenue aligned with expectations, indicating slight year-on-year growth, while the reported net loss was smaller than some estimates, which had anticipated larger losses,” Al-Farraj said.

“However, the results still fall short of profits from the same period last year. It is important to consider the impact of one-time restructuring costs when making comparisons,” he explained.