MUST-READS

• Saudi Arabia’s unemployment rate declines to 4.4 percent in Q4 2023

  Saudi Arabia’s unemployment rate declined 0.7 percent to 4.4 percent in the fourth quarter of 2023 compared to the year-ago period. In its latest report, the General Authority for Statistics revealed that the unemployment rate among Saudi nationals saw a 0.9 percent quarterly decrease and a 0.3 percent annual decrease to 7.7 percent in Q4 of 2023. The participation of Saudi nationals in the labor force saw a 0.3 percent decline to 51.3 percent. Meanwhile, the employment-to-population ratio of Saudis saw a 0.2 percent increase to 47.4 percent.

• UAE, Saudi Arabia ranked as leading global entrepreneurial ecosystems

  The UAE and Saudi Arabia have been ranked first and third respectively in the Global Entrepreneurship Monitor report for 2023-2024. The report, which assesses the entrepreneurial ecosystems of countries worldwide, is highly regarded by international bodies such as the World Bank, International Monetary Fund and various UN organizations, Saudi Arabia showed significant progress in its entrepreneurial environment, with its National Entrepreneurship Context Index score increasing from 5.0 in 2019 to 6.3 in both 2022 and 2023.

• Saudi Arabia to chair UN forum on women’s rights and gender equality

  A decision by the United Nations to appoint Saudi Arabia as the chair of a gender equality forum has been criticized by women’s rights advocates.

  The UN’s Commission on the Status of Women (CSW) unanimously appointed Saudi Arabia to chair its 69th session in 2025, according to the Saudi Arabia Mission to the UN. Saudi ambassador to the UN, Abdulaziz Alwasil, was elected as chair Wednesday.

• Saudi Arabia to host conference on role of universities in promoting peaceful coexistence

  Imam Mohammad Ibn Saud Islamic University in Riyadh will host an international conference next month titled “The Role of Universities in Promoting the Values of National Belonging and Peaceful Coexistence.” It will take place on April 28 and 29 under the patronage of King Salman. Ahmed bin Salem Al-Ameri, the president of the university, thanked the king for his support and said the aim of the event is to “highlight the experiences of universities in promoting these lofty values, and to demonstrate the importance of correct doctrine and the approach of moderation,” the Saudi Press agency reported on Wednesday.

• Saudi Arabia sends 17th relief plane to Ukraine

  The plane was sent by the King Salman Humanitarian Aid and Relief Center to Rzeszow Airport in Poland, near the Ukrainian border, in preparation for a land route to Ukraine. The plane carried 60 tons of relief items, including generators and electrical appliances. A Saudi delegation, headed by Foreign Minister Prince Faisal bin Farhan, visited the Ukrainian capital of Kyiv in February on the first visit of its kind by a Saudi and Arab official to Ukraine since Russia started its “special military operation” against its neighbor.

• Saudi Arabia’s net FDI at $3.49 billion in Q4 of 2023
  Net inflows of foreign direct investment (FDI) to Saudi Arabia reached 13.1 billion riyals ($3.49 billion) in the fourth quarter of 2023, up 16% from 11.4 billion riyals ($3.04 billion) in the third quarter, government data showed on Thursday.
  The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by de facto ruler Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on crude oil exports.

• Mixed Signals in the Latest Saudi Labor Market Report

  At face value, the Saudi labor market report released March 28 contained good news. The report showed that the overall unemployment rate (covering nationals and non-nationals) fell to 4.4% in the fourth quarter of 2023 from 5.1% in the third quarter. The unemployment rate for Saudi nationals dropped to 7.7% from 8.6% in the third quarter (and 8% in the fourth quarter of 2022), with the unemployment rate for Saudi women declining particularly sharply to 13.7% (down from 16.3% in the third quarter of 2023 and 15.4% in the fourth quarter of 2022). The unemployment rate for Saudi men remained unchanged at 4.6% between the third and fourth quarters of 2023, still above the 4.2% rate in the fourth quarter of 2022. The overall unemployment rates for Saudi women and all Saudis are at their lowest levels since the kingdom began collecting statistics.

• Saudi creative leaders go independent with agency launch

  “Proudly from Saudi Arabia, we’re a local advertising agency, which is creatively led, driven by ideas and innovation, and globally audacious. We are fast, young, and excited to deliver to the world what the advertising industry has been missing for some time,” said Sehly. The agency’s main focus is, but not limited to,  developing all creative communications for the General Entertainment Authority of Saudi (GEA) and Riyadh Season.

• Opinion: How Alat can turn Saudi Arabia into a global manufacturing hub

  There are a lot of positives for the new company: significant funding; large domestic demand from greenfield mega-projects like NEOM, and city transformations in Riyadh and Jeddah; and a developing low-carbon energy system that sustainable manufacturers need. But still, the size of the challenge is daunting. Alat is targeting the creation of 39,000 direct jobs in Saudi Arabia and a $9.3 billion contribution to GDP by 2030, with manufacturing activities across more than 30 product categories.

• Weather warnings issued across Saudi Arabia until Monday

  Moderate to heavy rain, leading to torrential rain, hail and high wind, has been forecast for Makkah region, including the Holy Capital, Al-Jumum, Al-Kamil, Bahra, Khulais, Taif, Maysan, Adham, Al-Ardiyat, Tarbah, Raniyah, Al-Muwayh, and Al-Khurmah. The Riyadh region will be affected by similar weather conditions, including the capital, Diriyah, Afif, Al-Dawadmi. Al-Quwayiyah, Al-Majma’ah, Thadiq, Marrat, Al-Ghat, Al-Zulfi, Shaqraa, Rumah, Huraymila, Darma, Al-Muzahmiyah, Al-Kharj, Wadi Al-Dawasir, Al-Salil, Al-Aflaj, Hotat Bani Tamim and Al-Hareeq.

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