黑料社区

Saudi tourism sector workforce grows 5.1%: GASTAT

Saudi tourism sector workforce grows 5.1%: GASTAT
In 2023, 黑料社区鈥檚 tourism sector contributed 11.5 percent to gross domestic product and generated $36 billion in revenue. Shutterstock
Short Url
Updated 18 December 2024

Saudi tourism sector workforce grows 5.1%: GASTAT

Saudi tourism sector workforce grows 5.1%: GASTAT
  • Saudis accounted for 25.6% of the total, with 245,905 nationals employed in tourism by the end of June
  • Expatriates made up 74.4% at 713,270

RIYADH: 黑料社区鈥檚 tourism sector added jobs at a steady pace in the second quarter of 2024, with the workforce growing 5.1 percent year on year to 959,175, official data showed.聽

According to official data released by the General Authority for Statistics, the sector鈥檚 workforce rose 1.57 percent quarter on quarter, signaling sustained momentum in the industry.聽

Saudis accounted for 25.6 percent of the total, with 245,905 nationals employed in tourism by the end of June, while expatriates made up 74.4 percent at 713,270.聽

The increase highlights the Kingdom鈥檚 rapid transformation into a global tourism destination as part of its Vision 2030 economic diversification strategy, which aims to attract 150 million annual visitors by the end of the decade.聽

GASTAT data revealed that tourism jobs made up 5.7 percent of the total workforce in the second quarter, a slight decline of 0.2 percentage points from the same period last year.聽

In the private sector, tourism accounted for 8.6 percent of employment, down 0.5 percentage points year on year.聽

Breaking down the demographics further, male employees dominated the sector at 831,076, while female workers totaled 128,099.聽

GASTAT also reported gains in 黑料社区鈥檚 hotel sector, with occupancy rates rising to 55.4 percent in the second quarter, a 0.5 percentage point increase from last year. The average length of stay for guests surged by 17.6 percent to 5.2 nights.

However, the average daily room rate edged down slightly to SR725.5 ($193.08), a 0.4 percent drop from the second quarter of 2023, reflecting competitive pricing as the industry expands.聽

The tourism boom aligns with regional trends, as a Mastercard report released earlier this month highlights the sector鈥檚 role in Gulf economies, with 黑料社区 leading efforts to attract global visitors.聽

In 2023, 黑料社区鈥檚 tourism sector contributed 11.5 percent to gross domestic product and generated $36 billion in revenue, both record highs, according to official data released earlier this year. The sector is projected to grow to 16 percent of GDP by 2034.聽


Saudi Exchange proposes rule changes to expand access to Parallel Market聽

Saudi Exchange proposes rule changes to expand access to Parallel Market聽
Updated 12 sec ago

Saudi Exchange proposes rule changes to expand access to Parallel Market聽

Saudi Exchange proposes rule changes to expand access to Parallel Market聽

RIYADH: 黑料社区鈥檚 stock exchange has proposed a set of rule changes aimed at broadening investor access to its Parallel Market, in a move that could further stimulate listings and deepen capital market activity. 

The Saudi Exchange Co., also known as Tadawul, published draft amendments to its exchange rules for public consultation, inviting feedback until Aug. 19, according to a statement. 

The proposed reforms target the definition of 鈥渜ualified investors,鈥 loosen listing requirements for the Parallel Market, known as Nomu, and align existing regulations with updates under the new Companies Law. 

The move is part of the exchange鈥檚 broader strategy to diversify funding channels and boost private sector participation in equity markets, in line with the country鈥檚 Vision 2030 economic transformation plan. 

In a statement, Tadawul stated: 鈥淭he amendments also include changes to the market value requirement for publicly held shares and the expected aggregate market value requirement as of the listing date for all shares to be listed on the Parallel Market.鈥 

It added: 鈥淔urthermore, the amendments also aim to align with the Capital Market Authority鈥檚 Regulations, as amended to implement the new Companies Law.鈥 

One of the key proposals includes creating a new classified category within the qualified investor definition for Nomu. The expanded eligibility would allow more institutional and individual investors to participate in the secondary market, which caters primarily to small and medium-sized enterprises. 

Under the revised rules, qualified investors in Nomu would include capital market institutions, investment funds, Gulf Cooperation Council companies, qualified foreign financial institutions, and certain high-net-worth individuals. 

Notably, the net worth threshold for individuals would remain at SR5 million ($1.33 million), but the minimum securities market activity could be reduced to SR30 million over the past year, down from SR40 million, which would lower the barrier to entry for active investors, the draft amendments document showed. 

The exchange has also proposed adjustments to the market capitalization and liquidity criteria for listings on Nomu. The minimum market value of publicly held shares at the time of listing could be reduced to SR30 million or 20 percent of the share class 鈥 whichever is less 鈥 while the minimum expected aggregate market value of all listed shares may be set at SR10 million for initial public offerings and SR100 million for direct listings, the document noted. 

The new rules also allow for lower thresholds to be approved by the Capital Market Authority if a company demonstrates sufficient investor demand and share liquidity. 

The proposed amendments aim to harmonize Tadawul鈥檚 rulebook with regulatory changes introduced under the updated Companies Law, particularly those related to corporate restructurings and listings following demergers or spin-offs. 

Definitions of terms such as 鈥淒emerger,鈥 鈥淪pin-Off,鈥 and 鈥淨ualified Investor鈥 have been revised to reflect these changes. 

The Saudi Exchange has opened a 14-day public consultation window, during which stakeholders can submit their feedback to the draft proposals via email. Final rule changes will be issued after review and approval by the CMA, the release added. 

The reforms come as 黑料社区 continues to see a steady flow of listings on both the main market and Nomu, driven by favorable macroeconomic conditions and the government鈥檚 drive to deepen its capital markets. 

黑料社区 accounted for 31 percent of the region鈥檚 total initial public offering proceeds in 2024, making it the second-largest contributor after the UAE. The Saudi Exchange hosted 14 IPOs on its main market, raising a total of $3.8 billion. Its parallel market saw 28 IPOs that collectively raised $297 million.


黑料社区 hosts first regional deployment of OpenAI models through HUMAIN-Groq partnership

黑料社区 hosts first regional deployment of OpenAI models through HUMAIN-Groq partnership
Updated 16 min 15 sec ago

黑料社区 hosts first regional deployment of OpenAI models through HUMAIN-Groq partnership

黑料社区 hosts first regional deployment of OpenAI models through HUMAIN-Groq partnership
  • Deployment will enable developers, researchers, and enterprises to access AI tools previously limited by infrastructure or compliance constraints
  • Groq CEO said partnership expands company鈥檚 reach into Middle East

RIYADH: 黑料社区 has become the first country in the region to host OpenAI鈥檚 newly released publicly available models through a deployment announced by HUMAIN and Groq.

The gpt-oss-120B and gpt-oss-20B models are operated on Groq鈥檚 high-speed inference infrastructure located within HUMAIN鈥檚 sovereign data centers in the Kingdom. 

The move is part of broader efforts to localize advanced artificial intelligence infrastructure, aligning with national regulatory and data sovereignty requirements. 黑料社区鈥檚 deployment of OpenAI鈥檚 open-source models within domestic infrastructure supports a wider strategy to diversify its economy and position itself as a key player in global AI.

Under Vision鈥2030, the Kingdom envisions a digital economy powered by AI, investing heavily in sovereign compute infrastructure to support emerging markets across Africa and Asia.

HUMAIN, a company backed by the Public Investment Fund, said the deployment will enable Saudi-based developers, researchers, and enterprises to access AI tools that were previously limited by infrastructure or compliance constraints. 

Groq, a US-based company specializing in AI inference hardware, provides a custom-built processing platform designed to deliver consistent, high-speed performance. 

HUMAIN CEO Tareq Amin described the development as a step forward in achieving technological self-reliance. 

鈥淲ith the deployment of OpenAI鈥檚 most powerful open models, hosted right here inside the Kingdom, Saudi developers, researchers, and enterprises now have direct access to the global frontier of AI 鈥 fully aligned with our national regulations and data laws,鈥 he said. 

The company claims that the gpt-oss-120B model operates at more than 500 tokens per second, while the gpt-oss-20B exceeds 1,000 tokens per second on its platform. 

The establishment of HUMAIN by PIF in May, backed by commitments from Nvidia, AMD, Cisco, and Amazon Web Services, illustrates this push, with multi鈥慴illion鈥慸ollar agreements to expand local AI compute capacity, data centers, and foundational models. 

The infrastructure is positioned as fully sovereign, meaning all data handling complies with Saudi regulations. 

This could be significant for organizations in the public and private sectors that require local hosting of data-intensive applications. The companies did not disclose commercial terms or usage projections. 

Groq CEO Jonathan Ross said the partnership expands the company鈥檚 reach into the Middle East. 

鈥淥ur partnership with HUMAIN gives us a powerful regional and globally central presence in one of the fastest-growing AI ecosystems on the planet,鈥 Ross said. 

The announcement builds on a partnership first disclosed in May and aligns with 黑料社区鈥檚 national strategy to become a competitive player in global AI development. 

HUMAIN had previously stressed its ambition to develop AI capabilities across infrastructure, foundational models, and sector-specific applications. 


Fitch-rated sukuk surpasses $210bn as market expands 16%

Fitch-rated sukuk surpasses $210bn as market expands 16%
Updated 07 August 2025

Fitch-rated sukuk surpasses $210bn as market expands 16%

Fitch-rated sukuk surpasses $210bn as market expands 16%

RIYADH: The value of sukuk rated by Fitch Ratings exceeded $210 billion in the first half of 2025, marking a 16 percent increase from a year earlier, as demand for Shariah-compliant debt continues to accelerate across global markets. 

In its latest Islamic finance report, Fitch said that 80 percent of its rated sukuk maintain investment-grade status with no recorded defaults, highlighting the relative stability and creditworthiness of issuers despite tightening global financial conditions.

The US dollar remained the dominant issuance currency, accounting for over 90 percent of rated sukuk, followed by the Malaysian ringgit at 6.2 percent. 

Fitch currently rates more than 255 sukuk and 95 programs, representing over 70 percent of the outstanding global US dollar-denominated sukuk market. 

Earlier this month, a report by Kuwait Financial Center, also known as Markaz, echoed similar views, stating that US dollar-denominated instruments dominated the Gulf Cooperation Council debt market in the first half of 2025, raising $73.1 billion through 146 issuances 鈥 representing 79.4 percent of total value. 

Bashar Al-Natoor, global head of Islamic finance at Fitch Ratings, said: 鈥淢ost Fitch-rated sukuk rank senior unsecured and hold international long-term ratings with about 87 percent of sukuk issuers having a stable outlook.鈥 

He added: 鈥淥ver 90 percent of rated sukuk are US dollar-denominated and are largely characterised by bullet and fixed-rate structures. Medium-term sukuk with tenors between three to 10 years dominate, comprising over 81 percent of all rated sukuk.鈥 

Sukuk rated in the 鈥淎鈥 category made up the largest share at 39 percent, followed by 25 percent in the 鈥淏BB鈥 category and 13 percent in 鈥淏B.鈥  
 
Fitch also noted that 11 percent of all rated sukuk are considered long-term, with maturities exceeding 10 years, while only 7 percent have tenors shorter than three years. Most of these instruments are expected to mature by 2030. 
 
Environmental, social, and governance sukuk are also gaining traction, now accounting for 12 percent of all Fitch-rated sukuk outstanding, with a total value of $25 billion. 

Most ESG sukuk are dual-listed on major exchanges such as the London Stock Exchange, Nasdaq Dubai, and Euronext, reflecting their appeal to a broad international investor base. 

The analysis further highlighted increasing regional and sectoral diversification. The Middle East continues to lead with a 69.9 percent share of rated sukuk as of end of the first half, followed by Asia at 21.6 percent and Europe at 7.3 percent. 

Affirming the growth of the Middle East鈥檚 debt markets, Fitch noted in December that total outstanding debt in the GCC region surpassed the $1 trillion mark. 

Also in December, Kamco Invest projected that 黑料社区 would lead the region in bond maturities over the next five years, with around $168 billion in Saudi bonds expected to mature between 2025 and 2029 鈥 underscoring the Kingdom鈥檚 growing prominence in regional debt markets. 

In its latest report, Fitch added that sovereign and supranational issuers still account for more than half of the rated sukuk market. However, issuer diversity is increasing, with sizeable contributions from financial institutions, corporates, international public finance, infrastructure and project finance, as well as structured finance. 


Trump says US to levy 100% tariff on imported chips, but some firms exempt

Trump says US to levy 100% tariff on imported chips, but some firms exempt
Updated 07 August 2025

Trump says US to levy 100% tariff on imported chips, but some firms exempt

Trump says US to levy 100% tariff on imported chips, but some firms exempt

WASHINGTON: President Donald Trump said the US will impose a tariff of about 100 percent on imports of semiconductors but offered up a big exemption 鈥 it will not apply to companies that are manufacturing in the US or have committed to do so.

The move is part of Trump鈥檚 efforts to bring manufacturing back to the US, and his remarks on Wednesday were made in tandem with an announcement that Apple would be investing an additional $100 billion in its home market.

For companies like Apple, which have committed to build in the US, 鈥渢here will be no charge,鈥 he told reporters in the Oval Office.

He warned, however, that companies should not try to wrangle out of pledges to build US factories.

鈥淚f, for some reason, you say you鈥檙e building and you don鈥檛 build, then we go back and we add it up, it accumulates, and we charge you at a later date, you have to pay, and that鈥檚 a guarantee,鈥 Trump added.

The comments were, however, not a formal tariff announcement, and much remains unclear about how companies and countries around the world will be impacted.

Trump鈥檚 mention of the proposed 100 percent rate for chips came in just ahead of US levies of 10 percent to 50 percent kicking in on Thursday for many goods from dozens of trading partners.

Rates on semiconductors and other key tech goods have been the subject of a US national security probe 鈥 the results of which are expected to be announced by mid-August.

Trump鈥檚 Wednesday remarks produced an immediate flurry of reactions from concerned countries and business lobbies.

South Korea鈥檚 top trade envoy said on Thursday that major chipmakers Samsung Electronics and SK Hynix will not be subject to 100 percent tariffs, and South Korea will have the most favorable levies on semiconductors under a trade deal between Washington and Seoul.

Samsung and SK Hynix declined to comment.

On the other end of the spectrum, the president of the Philippine semiconductor industry, Dan Lachica, said Trump鈥檚 plan would be 鈥渄evastating鈥 for his country.

In Malaysia, which is a big player in chip testing and packaging globally, trade minister Tengku Zafrul Aziz warned parliament his country 鈥渨ill risk losing a major market in the United States if its products become less competitive as a result of the imposition of these tariffs.鈥

Survival of the biggest

Taiwan鈥檚 National Development Council Minister Liu Chin-ching told reporters on Thursday that Taiwanese companies have been building US plants or buying US firms with local factories as well as collaborating with US chipmakers to counter potential chip tariffs.

Taiwanese chip contract manufacturer TSMC is expected to be relatively unscathed as it has US factories, so key customers such as Nvidia are unlikely to face increased tariff costs for US-made chips.

Nvidia, which makes cutting-edge AI graphics processing units, also plans to invest hundreds of billions of dollars in the US TSMC did not immediately reply to a request for comment, and an Nvidia spokesperson declined to comment.

鈥淟arge, cash-rich companies that can afford to build in America will be the ones to benefit the most. It鈥檚 survival of the biggest,鈥 said Brian Jacobsen, chief economist at investment advisory firm Annex Wealth Management.

Congress created a $52.7 billion semiconductor manufacturing and research subsidy program in 2022. The Commerce Department under President Joe Biden last year convinced all five leading-edge semiconductor firms to locate chip factories in the US as part of the program.

The department said the US last year produced about 12 percent of semiconductor chips globally, down from 40 percent in 1990.

鈥淭here鈥檚 so much serious investment in the United States in chip production that much of the sector will be exempt,鈥 said Martin Chorzempa, senior fellow at the Peterson Institute for International Economics.

He added that chips made by China鈥檚 SMIC or Huawei are unlikely to be exempt, but noted that chips from these companies entering the US market were mostly incorporated into devices assembled in China.

鈥淚f these tariffs were applied without a component tariff, it might not make much difference,鈥 he said.

The EU has said it agreed to a single 15 percent tariff rate for the vast majority of EU exports, including cars, chips and pharmaceuticals. Japan has said that the US agreed not to give it a worse tariff rate than other countries on chips.

Shares in Asian chipmakers with big US investment plans climbed on Thursday, with TSMC and Samsung up 4.4 percent and 2 percent respectively. Silicon wafer producer GlobalWafers, which has a plant in Texas, jumped 10 percent.

GlobalWafers said it has proactively implemented cost reduction strategies and believes it has an opportunity to maintain competitiveness.


China鈥檚 exports top forecasts as shippers rush to meet tariff deadline

China鈥檚 exports top forecasts as shippers rush to meet tariff deadline
Updated 07 August 2025

China鈥檚 exports top forecasts as shippers rush to meet tariff deadline

China鈥檚 exports top forecasts as shippers rush to meet tariff deadline
  • Exports rose 7.2% year-on-year in July, imports grew 4.1%
  • China faces Aug. 12 deadline to reach trade deal with US

BEIJING: China鈥檚 exports beat forecasts in July, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods, especially to Southeast Asia, ahead of tougher US duties targeting transhipment.

Global traders and investors are waiting to see whether the world鈥檚 two largest economies can agree on a durable trade deal by Aug. 12 or if global supply chains will again be upended by the return of import levies exceeding 100 percent.

US President Donald Trump is pursuing further tariffs, including a 40 percent duty on goods rerouted to the US via transit hubs that took effect on Thursday, as well as a 100 percent levy on chips and pharmaceutical products, and an additional 25 percent tax on goods from countries that buy Russian oil.

China鈥檚 exports rose 7.2 percent year-on-year in July, customs data showed on Thursday, beating a forecast 5.4 percent increase in a Reuters poll and accelerating from June鈥檚 5.8 percent growth.

Imports grew 4.1 percent, defying economists鈥 expectations for a 1.0 percent fall and climbing from a 1.1 percent rise in June.

China鈥檚 trade war truce with the US 鈥 the world鈥檚 top consumer market 鈥 ends next week, although Trump hinted further tariffs may come Beijing鈥檚 way due to its continuing purchases of Russian hydrocarbons.

鈥淭he trade data suggests that the Southeast Asian markets play an ever more important role in US-China trade,鈥 said Xu Tianchen, senior economist at The Economist Intelligence Unit.

鈥淚 have no doubt Trump鈥檚 transhipment tariffs are aimed at China, since it was already an issue during Trump 1.0. China is the only country for which transhipment makes sense, because it still enjoys a production cost advantage and is still subject to materially higher US tariffs than other countries,鈥 he added.

China鈥檚 exports to the US fell 21.67 percent last month from a year earlier, the data showed, while shipments to ASEAN rose 16.59 percent over the same period.

The levies are bad news for many US trading partners, including the emerging markets in China鈥檚 periphery that have been buying raw materials and components from the regional giant and furnishing them into finished products as they seek to move up the value chain.

China鈥檚 July trade surplus narrowed to $98.24 billion from $114.77 billion in June. Separate US data on Tuesday showed the trade deficit with China shrank to its lowest in more than 21 years in June.

Despite the tariffs, markets showed optimism for a breakthrough between the two superpowers, with China and Hong Kong stocks rising in morning trade. Trump indicated earlier this week that he might meet Chinese President Xi Jinping later this year if a trade deal was reached.

TRADE UNCERTAINTY

China鈥檚 commodities imports painted a mixed picture, with soybean purchases hitting record highs in July, driven by bulk buying from Brazil while avoiding US cargoes. Analysts, however, cautioned that inventory building may have skewed the import figures, masking weaker underlying domestic demand.

鈥淲hile import growth surprised on the upside in July, this may reflect inventory building for certain commodities,鈥 said Zichun Huang, China economist at Capital Economics, pointing to similarly strong purchases of crude oil and copper.

鈥淭here was less improvement in imports of other products and shipments of iron ore continued to cool, likely reflecting the ongoing loss of momentum in the construction sector,鈥 she added.

A protracted slowdown in China鈥檚 property sector continues to weigh on construction and broader domestic demand, as real estate remains a key store of household wealth.

Chinese government advisers are stepping up calls to make the household sector鈥檚 contribution to broader economic growth a top priority at Beijing鈥檚 upcoming five-year policy plan, as trade tensions and deflation threaten the outlook.

Reaching an agreement with the US 鈥 and with the European Union, which has accused China of producing and selling goods too cheaply 鈥 would give Chinese officials more room to advance their reform agenda.

However, analysts expect little relief from Western trade pressures. Export growth is projected to slow sharply in the second half of the year, hurt by persistently high tariffs, President Trump鈥檚 renewed crackdown on the rerouting of Chinese shipments and deteriorating relations with the EU.