萝莉视频鈥檚 improving job market aligns with Vision 2030, the Kingdom鈥檚 blueprint for creating job opportunities for Saudis and driving economic growth. Shutterstock
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Updated 31 December 2024
Nirmal Narayanan
萝莉视频鈥檚 unemployment rate hits 3.7%: GASTAT
Labor force participation across Saudis and non-Saudis reached 66.6%
Unemployment rate increased by 0.4 percentage points
Updated 31 December 2024
Nirmal Narayanan
RIYADH: 萝莉视频鈥檚 unemployment rate dropped to 3.7 percent in the third quarter of 2024, down 0.5 percentage points from last year, official data showed.聽
According to data released by the General Authority for Statistics, labor force participation across Saudis and non-Saudis reached 66.6 percent during the third quarter, reflecting a year-on-year increase of 0.2 percentage points and a quarterly rise of 0.4 percentage points.聽
The unemployment rate increased by 0.4 percentage points compared to the second quarter of this year.聽
萝莉视频鈥檚 improving job market aligns with Vision 2030, the Kingdom鈥檚 blueprint for creating job opportunities for Saudis and driving economic growth. Strengthening the labor market is key to the Kingdom鈥檚 long-term socio-economic strategy.聽
Joblessness among Saudi nationals rose slightly to 7.8 percent in the third quarter, up 0.7 percentage points from the previous quarter but down 1 percentage point compared to the same period in 2023.
The labor force participation rate for Saudis rose by 0.7 percentage points quarter on quarter to 51.5 percent.聽
鈥淭he employment-to-population ratio for Saudis also increased by 0.2 percentage points compared to the second quarter of 2024, reaching 47.4 percent, and increased by 1.1 percentage points compared to the third quarter of 2023,鈥 said GASTAT.聽
To address unemployment, 萝莉视频 launched Jadarat, a unified employment platform, in June to connect job seekers with opportunities in both the public and private sectors.聽
The participation rate for Saudi females reached 36.2 percent in the third quarter, an increase of 0.8 percentage points compared to the second quarter.聽
鈥淭he employment-to-population ratio of Saudi females increased by 0.5 percentage points reaching 31.3 percent. Meanwhile, the unemployment rate of Saudi females increased by 0.8 percentage points recording 13.6 percent, compared to the previous quarter of 2024,鈥 said GASTAT.聽
Among Saudi men, labor force participation climbed to 66.9 percent, up 0.6 percentage points quarter on quarter, while their unemployment rate increased by 0.7 percentage points to 4.7 percent.聽
GASTAT鈥檚 data highlighted that 95.6 percent of unemployed Saudis are open to working in the private sector. Of these, 77.5 percent of women and 91.1 percent of men are willing to work at least eight hours a day.聽
Additionally, 60.9 percent of unemployed Saudi women and 44 percent of unemployed Saudi men are willing to commute at least one hour to their workplace.聽
Kingdom aims to localize 50 percent of its military spending by the end of the decade
Updated 25 sec ago
MOHAMMED AL-KINANI
JEDDAH: 萝莉视频鈥檚 military equipment manufacturing sector is undergoing a significant expansion, emerging as a pivotal element of the Kingdom鈥檚 Vision 2030 economic diversification strategy to boost domestic industrial capacity.
Supported by robust government backing, strategic global partnerships, and growing local innovation, the defense industry is becoming a critical contributor to national security and a promising source of non-oil revenue.
Under Vision 2030, 萝莉视频 aims to localize 50 percent of its military spending by the end of the decade. The sector鈥檚 regulator, the General Authority for Military Industries, reported notable progress, with localization rising from 4 percent in 2018 to 19.35 percent in 2024 鈥 reflecting steady advances toward self-sufficiency in defense manufacturing.
The Kingdom鈥檚 military expenditure reached $75.8 billion in 2024, according to official estimates, representing 3.1 percent of global defense spending. Using its own methodology, the Stockholm International Peace Research Institute estimates the figure slightly higher at $80.3 billion.
The country has allocated about $78 billion for the military sector in its 2025 budget 鈥 21 percent of government spending and 7.2 percent of gross domestic product 鈥 supporting its goals to diversify the economy and reduce oil dependence.
GAMI is driving efforts to attract investment, support small and medium-sized enterprises, and develop a strong defense industry spanning aerospace, armored vehicles, and missile systems, as well as electronic warfare, and UAVs 鈥 boosting both national security and long-term industrial growth.
Global defense spending hits $2.7tn
According to its April 2024 report Trends in World Military Expenditure, SIPRI said global military spending exceeded $2.7 trillion in 2024, marking a decade of continuous annual growth and a 37 percent increase between 2015 and 2024.
鈥淭he 9.4 percent increase in 2024 was the steepest year-on-year rise since at least 1988. The global military burden 鈥 the share of the world鈥檚 GDP devoted to military expenditure 鈥 increased to 2.5 percent in 2024. Average military expenditure as a share of government expenditure rose to 7.1 percent in 2024, and world military spending per person was the highest since 1990, at $334,鈥 the report added.
The US, China, Russia, Germany, and India are the top five military spenders, making up 60 percent of global defense expenditure. The US leads with $997 billion 鈥 more than three times China鈥檚 $314 billion, while Russia鈥檚 spending rose 38 percent to $149 billion. Germany and India spent $88.5 billion and $86.1 billion, respectively.
SIPRI estimated Middle East military spending at $243 billion in 2024, up 15 percent from 2023.
萝莉视频 led the region with $80.3 billion, ranking seventh globally, just $1.5 billion behind the UK.
鈥淚ts spending was 1.5 percent higher than in 2023 but 20 percent lower than in 2015 when its oil revenues peaked,鈥 the independent institute said.
Sector key to economic diversification
Khaled Ramadan, chairman of the International Center for Strategic Studies in Cairo and an economic expert, described the Saudi military industries sector as a cornerstone of the country鈥檚 economic diversification efforts and a vital pillar of Vision 2030.
鈥淟ocalizing military industries reduces reliance on imported weapons,鈥 Ramadan said, emphasizing the sector鈥檚 role beyond defense. 鈥淚t also supports advanced industries such as electronics, telecommunications, aviation technology, and advanced manufacturing, contributing broadly to non-oil economic growth.鈥
Khaled Ramadan, chairman of the International Center for Strategic Studies. (Supplied)
amadan projected the military manufacturing sector will contribute SR14 billion ($3.7 billion) to the Kingdom鈥檚 GDP by 2030, with military exports expected to reach $666 million. 鈥淭his will boost non-oil revenues and create more job opportunities for Saudi youth,鈥 he said.
He also said the sector had 300 licensed firms by 2024, reflecting rising investor interest, with 40,000 jobs expected by 2030, mainly in technical fields like engineering and electronics.
鈥淭his is in addition to skills development through specialized training programs conducted in partnership with global institutions to enhance competencies in technologies such as artificial intelligence and cyber warfare,鈥 he said, adding the sector鈥檚 growth boosts demand in manufacturing and tech, supports private jobs, cuts unemployment, and promotes hiring of young Saudis.
Qualitative partnerships and technology transfer
In May, 萝莉视频 produced its first THAAD missile components with US-based aerospace and defense company Lockheed Martin, while agreements with Turkish firms Baykar, Fergani Space, and Aselsan will boost UAV, space, and defense electronics capabilities.
Moreover, the launch of BAE Systems Arabian Industries, formed by merging BAE Systems Saudi Development and Training with the Saudi Maintenance and Supply Chain Management Co., aims to accelerate localization in maintenance and technical services.
Highlighting how vital global collaborations are to 萝莉视频鈥檚 military manufacturing goals, Ramadan pointed to partnerships with leaders like Lockheed Martin for THAAD missile components, Boeing for aircraft support, and France鈥檚 CMN for HSI32 fast interceptor boats, providing access to advanced technologies and expertise.
鈥淭hese partnerships are examples of a balanced strategy combining foreign technology acquisition with domestic capacity building,鈥 he said.
This approach is supported by the establishment of 21 research centers focused on developing military technologies, especially in electronic warfare and drones, targeted for 2030.
Ramadan said local and foreign investments in military manufacturing are projected to reach SR37.5 billion by 2030, with SR6 billion allocated by GAMI specifically for research and development.
He added that domestic military procurement has already reached SR13 billion, with local production covering drones, defense systems developed by sustainability-focused firms, and fast interceptor boats.
Despite this progress, Ramadan said that achieving localization goals will require intensified investments and overcoming legal and technical obstacles.
Talent development and inclusion
Launched by 萝莉视频n Military Industries in 2024, the Women in Defense program supports sector growth by empowering Saudi females through training and leadership initiatives. Overall, the military industries sector is expected to generate 60,000 indirect job opportunities by the end of the decade, supporting broader economic diversification goals.
Saudi women soldiers participate in a celebratory march past during the Saudi National Day celebrations in Riyadh on September 23, 2021. (Reuters/File)
The economic expert described this initiative as part of SAMI鈥檚 broader collaboration with international universities to enhance national expertise in engineering and advanced manufacturing.
Ramadan said that the sector鈥檚 expansion is expected to create thousands of jobs, particularly in high-demand areas such as engineering and electronics, while driving the need for labor in related industries and strengthening private sector participation.
SAMI鈥檚 transformation as a catalyst
SAMI marked 2024 as a turning point, launching the Kingdom鈥檚 first combat management system, expanding its workforce to over 7,000, and securing global partnerships.
Echoing Ramadan鈥檚 insights, Youssef Saidi, research fellow at the Economic Research Forum and a member of the Saudi Economic Association, told Arab News that the Kingdom is undertaking ambitious and wide-ranging initiatives to attract foreign investment into the defense sector.
Youssef Saidi, research fellow at the Economic Research Forum. (Supplied)
鈥淭he 萝莉视频n Military Industries is leading these efforts through strengthening strategic partnerships and joint ventures with major global companies,鈥 Saidi said, adding that the Kingdom is firmly committed to technology transfer, local defense manufacturing, and investing in national talent and research and development as integral parts of international defense contracts.
He further said that GAMI is working to foster an attractive investment climate, support manufacturers, and leverage 萝莉视频鈥檚 considerable defense spending to position the Kingdom as both a regional hub and a global exporter of military products.
Reflecting on SAMI鈥檚 development, Saidi highlighted the company鈥檚 鈥減rofound transformation and rapid growth鈥 since its establishment, which has made it a cornerstone of Vision 2030.
鈥淪AMI has achieved remarkable growth in its revenues and contracts, expanded its employee base by 633 percent to reach 2,500 male and female employees by 2022, and successfully entered the list of top 100 global defense companies, advancing 19 places to rank 79 in 2023,鈥 he said.
Saidi added that, supported by the Kingdom鈥檚 status as one of the world鈥檚 top defense spenders, these efforts have shifted 萝莉视频 from a major arms importer into an ambitious, self-reliant player and trusted partner, making it an 鈥渋nternational prize鈥 for global defense companies seeking strategic and profitable partnerships.
KARACHI: The Pakistan Stock Exchange (PSX) has seen an increase of 3.08 percent on a week-on-week basis, a Karachi-based market research firm said on Friday.
The market this week crossed the 140,000-point barrier and closed the weekend session at 145,382.79 points on Friday, according to the PSX website.
The average daily traded volume and value during the week stood at 653 million shares and Rs47 billion ($165 million), respectively.
鈥淭his gain can be largely be attributed to buying by mutual funds on inflow of funds as equities performance continue to outshine other asset classes,鈥 Karachi-based Topline Securities said in its weekly review.
Pakistan trade deficit for July clocked in at $2.8 billion, up by 44 percent year on year, according to the report. The country recorded remittance inflows of $3.2 billion last month, down 6 percent month on month and up 7 percent year on year.
Foreign exchange reserves held by the central bank decreased by $72 million on a weekly basis to reach $14.2 billion as of August 1, the central bank reported on Thursday.
KARACHI: Pakistan has begun work on a 鈥淣ational Agri Stack鈥 to build digital infrastructure for its agriculture sector, aiming to boost farmer access to credit, subsidies and markets, the ministry of IT said on Friday.
Agriculture is the backbone of Pakistan鈥檚 economy, employing more than a third of the workforce and contributing around a fifth of gross domestic product. The sector faces persistent challenges, however, including low productivity, fragmented landholdings, water scarcity and climate shocks, while farmers often lack formal identification and credit histories needed to access finance.
The Agri Stack initiative, led by the Ministry of Information Technology and Telecommunication (MoITT) in collaboration with the Ministry of National Food Security and Research (MNFSR), the Land Information and Management System (LIMS) and the Special Investment Facilitation Council (SIFC), seeks to integrate land and farmer data, deliver targeted services and improve transparency in farm support.
In simple terms, the Agri Stack will create a 鈥渄igital ID and online service hub鈥 for every farmer in Pakistan. It will gather all key information 鈥 who the farmer is, what land they own or work on, what crops they grow 鈥 into one secure system. This means the government, banks and agri companies can deliver the right help directly to the right farmer, including subsidies, loans, crop insurance, weather updates and market prices.
The system is meant to cut out paperwork, reduce delays, stop resources from going to the wrong people and give farmers better tools to grow and sell their crops.
鈥淭he Agri Stack will enable verified farmer identities, land data integration, precision advisory, and efficient delivery of services like subsidies, crop insurance, and credit,鈥 said Federal IT Minister Shaza Fatima Khawaja at a stakeholder consultation in Islamabad, according to a statement from the IT ministry.
鈥淭his is the architecture for an inclusive and tech-driven agricultural transformation under Prime Minister Shehbaz Sharif鈥檚 Digital Nation Pakistan, in collaboration with the Special Investment Facilitation Council (SIFC).鈥
LIMS Director General Maj Gen (R) M Ayub Ahsan Bhatti said the platform, also called PAKGROW, would 鈥渋nnovate the agricultural arena of Pakistan by transforming and improving the lives of small farmers and convening policymaking.鈥
The consultation endorsed forming a steering committee co-chaired by MoITT and MNFSR, a technical working group on data and cybersecurity, and pilot projects over the next 12鈥18 months. Priority areas include smart input subsidies, weather-indexed crop insurance, credit access through alternative data, and market linkages via LIMS.
Officials said the Agri Stack would combine satellite-driven crop intelligence, digital IDs, trusted payment systems and market platforms to create a 鈥渄igitally empowered agricultural future.鈥
If implemented effectively, experts say a national Agri Stack could help Pakistan tackle some of its most entrenched agricultural challenges by giving farmers verified digital identities, streamlining subsidy and credit delivery, and providing timely, data-driven advice on crop management.
Integrating land records, satellite imagery, and market information into a single digital platform could reduce leakages in government support programs, expand financial inclusion for smallholders, improve resilience against climate shocks and connect rural producers more directly to buyers. This would ultimately boost productivity, transparency and rural incomes in a sector that underpins both the economy and national food security.
World food prices at 2-year high on rising meat and edible oils, FAO says
Updated 08 August 2025
Reuters
PARIS: World food commodity prices rose in July to their highest in over two years, as a jump for vegetable oils and record levels for meat outweighed falling cereal, dairy and sugar prices, the UN鈥檚 Food and Agriculture Organization said.
The FAO Food Price Index, which serves as a global benchmark for food commodity prices, averaged 130.1 points in July, a 1.6 percent increase from June, FAO said.
That was the highest reading since February 2023, though the index was 18.8 percent below its peak of March 2022, which followed Russia鈥檚 full-scale invasion of Ukraine.
FAO鈥檚 meat price index hit a new all-time high of 127.3 points, up 1.2 percent from its previous peak in June, as strong import demand from China and the US boosted beef and sheep meat prices, the agency said.
US beef imports have climbed after drought led to a decline in the domestic cattle herd. China shipped in record amounts of beef last year amid growing popularity of the meat, though an official probe into imported beef has raised uncertainty about Chinese demand.
In other meat markets, poultry prices rose slightly following the resumption of imports of Brazilian chicken by major buyers after Brazil regained its avian influenza-free status following action against a first farm-level outbreak.
In contrast, pig meat prices declined due to sufficient supplies and lower demand, particularly in the EU, FAO added.
The agency鈥檚 vegetable oil index surged to 166.8 points, up 7.1 percent month-on-month and the highest level in three years.
This increase was driven by higher quotations for palm, soy, and sunflower oils due to robust global demand and tightening supplies, though rapeseed oil prices fell as new-crop supplies arrived in Europe, FAO said.
FAO鈥檚 cereal price benchmark eased to its lowest in almost five years, reflecting seasonal supply pressure from wheat harvests in the Northern Hemisphere.
Its separate rice index dropped 1.8 percent last month, driven by ample export supplies and weak import demand.
Dairy prices edged down for the first time since April 2024, with declines for butter and milk powders offsetting further gains for cheese.
FAO鈥檚 sugar price index eased for a fifth consecutive month on expectations of increased production in Brazil and India, despite indications of recovering global sugar import demand, the agency said.
FAO did not update its cereal supply and demand estimates this month.
Saudi non-oil revenues rise to $40bn in Q2, on par with oil earnings
Updated 08 August 2025
Dayan Abou Tine
RIYADH: 萝莉视频鈥檚 non-oil revenues rose by 6.6 percent in the second quarter of 2025 compared to the same period of last year, reaching SR149.86 billion ($39.96鈥痓illion).
According to data from the Ministry of Finance鈥檚 quarterly budget performance report, this marks a key fiscal milestone, with non-oil revenues now accounting for 49.7 percent of total government income, up from less than 40 percent a year ago.
Oil income fell by 28.76 percent during this period, totaling SR151.73鈥痓illion compared to SR213鈥痓illion a year earlier. This pulled total government revenues down by 15 percent annually to SR301.6鈥痓illion.
The shift reflects two main drivers: the Kingdom鈥檚 economic diversification push under Vision鈥2030, and the voluntary oil production cuts implemented under OPEC+ agreements in late 2023 to stabilize global prices.
These cuts, initially amounting to 1 million barrels per day, have been unwound in gradual phases throughout 2025, with output increases of 138,000 bpd in April, followed by 411,000 bpd increments in May and June.
Production is on track to return to pre-cut levels by September, earlier than initially planned, as the nation seeks to balance market stability with reclaiming market share.
For the first half of 2025, the Kingdom鈥檚 revenues stood at 47.74 percent of the year鈥檚 budgeted target, signaling alignment with fiscal planning.
What drove non-oil revenue growth?
The largest contributor to non-oil income was taxes on goods and services, which accounted for 50 percent of the total, or SR鈥74.95鈥痓illion.
鈥淥ther revenues鈥 followed with a 19.26 percent share or SR28.9鈥痓illion, encompassing earnings from government entities, including the Saudi Central Bank, administrative fees, and port service charges, as well as advertising income, and fines.
Other taxes, primarily corporate zakat, totaled SR26鈥痓illion, while income, profit, and capital gains taxes generated SR13.73鈥痓illion. Taxes on international trade and transactions added SR6.32鈥痓illion.
Much of this growth is linked to robust activity in non-hydrocarbon sectors.
萝莉视频鈥檚 General Authority of Statistics had reported that the Kingdom鈥檚 gross domestic product grew by 3.4 percent year on year in the first quarter, driven primarily by a 4.9 percent expansion in non-oil transactions while oil activities contracted by 0.5 percent.
The strongest gains came from wholesale and retail trade, restaurants and hotel sector, which grew by 8.4 percent, transport and communications by 6 percent, and finance and business services by 5.5 percent.
This robust non-oil sector performance, reinforced by tourism, entertainment, technology, and manufacturing growth under Vision 2030, has translated into higher consumption taxes, service fees, and other government income streams, helping to further lift non-oil revenues in the second quarter budget performance report, even as oil revenues declined year on year.
Expenditure trends and fiscal priorities
Government expenditures in the second quarter fell 8.9 percent year on year to SR336.13鈥痓illion. The largest outlay was compensation to employees, which rose 0.4 percent to SR140.40 billion, representing 41.77 percent of total spending.
Expenditure on goods and services came second, at SR73.58鈥痓illion, with a 22 percent share.
Non-financial assets or capital expenditure reached SR39.9鈥痓illion but fell sharply, nearly 39 percent year on year.
Social benefits totaled SR39.2鈥痓illion, down 0.1 percent year on year, while 鈥渙ther expenditures鈥 declined 5 percent to SR23鈥痓illion.
According to the Ministry data, total expenditure for the first half of 2025 reached 51.24 percent of the annual budget forecast, in line with fiscal planning.
Deficit financing and debt profile
The second quarter closed with a budget deficit of SR34.53鈥痓illion, which, while 41 percent lower than the first quarter deficit, is 125.11 percent higher than the same quarter last year.
This increase was expected, as government spending is accelerating in the mid-cycle of Vision鈥2030 initiatives, particularly in infrastructure and mega-project execution phases.
For the first half of 2025, the deficit totaled SR93.23鈥痓illion, fully funded through borrowings, according to the ministry.
End-of-period public debt reached SR1.39 trillion, up 14.1 percent annually, with 62.84 percent classified as domestic and 37.16 percent external.
Outlook
With non-oil revenues approaching parity with oil income, 萝莉视频鈥檚 fiscal structure is becoming increasingly resilient to energy price volatility.
Strong tax-based revenues, stable expenditure management, and the phased restoration of oil production position the Kingdom to maintain momentum in funding its Vision鈥2030 transformation agenda.
Continued expansion in tourism, logistics, finance, and manufacturing is expected to further solidify this trajectory in the second half of the year.
The International Monetary Fund鈥檚 2025 Article IV Consultation reported that 萝莉视频鈥檚 non-oil real GDP grew 4.5 percent in 2024, driven by strong performance in retail, hospitality, and construction.
Growth in the non-oil economy is projected to reach 3.4 percent in 2025, supported by robust domestic demand fueled by government-led Vision鈥2030 projects and solid credit expansion, even amid softer commodity prices.
While lower oil revenues and investment-related imports have resulted in the emergence of twin deficits, the IMF noted that the Kingdom continues to maintain ample external and fiscal buffers.
Overall, real GDP is expected to rise 3.6 percent in 2025, aided by the gradual reversal of OPEC+ production cuts, with oil output forecast to reach 9.5 million barrels per day in July and continue increasing thereafter.
The fiscal deficit is anticipated to peak at 4 percent of GDP in 2025 before narrowing to around 3.2 percent by 2030, with borrowing expected to be the primary financing source.
Public debt-to-GDP is projected to remain moderate, at 40.6 percent by the end of the decade, which will remain consistent with a low sovereign debt risk according to the IMF.
