Nirmal Narayanan

RIYADH: Saudi Arabia’s 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. According to official data released by the General Authority for Statistics, the sector’s workforce rose 1.57 percent quarter on quarter, signaling sustained momentum in the industry. 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.

RIYADH: The debt capital market in the Gulf Cooperation Council region has surpassed the $1 trillion mark in outstanding debt as of November, fueled by strong oil revenues, according to a recent analysis. Fitch Ratings’ latest report highlights the growth trajectory of the GCC’s DCM, with expectations that it will remain one of the largest issuers of emerging-market dollar-denominated debt in 2025 and 2026. The DCM refers to markets where securities like bonds and promissory notes are traded, offering governments and companies a means of securing long-term funding.

RIYADH: Fitch Ratings has revised Oman’s long-term foreign currency issuer default ratings to positive from stable and affirmed the IDR at BB+, driven by the availability of fiscal tools to combat future shocks. According to its latest report, the US-based credit rating agency said that the Gulf country’s ratings were supported by higher gross domestic product per capita, the positive impact of recent budget reforms and decreasing government debt per GDP.

RIYADH: NEOM has entered into a joint venture agreement with Samsung C&T Corp. to advance the development and deployment of construction automation technology in Saudi Arabia. This strategic partnership will unlock an initial investment exceeding SR1.3 billion ($350 million) in construction robotics. The agreement comes just a week after NEOM signed a separate deal with GMT Robotics to fast-track the delivery of its ambitious projects.

RIYADH: Saudi Arabia is poised to account for the largest share of bond maturities in the Gulf Cooperation Council region from 2025 to 2029, with a projected total of $168 billion, according to a recent analysis by Kamco Invest. The Kuwait-based financial firm’s report highlights that most of these maturities will come from bonds and sukuk issued by the Saudi government, which is expected to reach $110.2 billion over the five-year period.

RIYADH: Urban populations across the Gulf Cooperation Council region are projected to grow 30 percent from 2020 to 2030, increasing demand for housing, infrastructure, and inclusive development, analysts say.

Saudi Aramco’s robust financial standing has been reaffirmed by Moody’s and Fitch, with the agencies assigning strong ratings to the energy giant’s newly established $10 billion US Commercial Paper Program. Moody’s assigned a Prime-1 short-term issuer rating to the energy giant and reaffirmed its Aa3 long-term issuer rating with a stable outlook, reflecting the company’s ability to meet financial obligations. Meanwhile, Fitch Ratings awarded an F1+ short-term rating, highlighting Aramco’s strong intrinsic capacity for timely payments and financial resilience.

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, as it shed 34.84 points, or 0.29 percent, to close at 11,913.95. The Kingdom’s parallel market also dropped by 0.11 percent to 30,920.40, while the MSCI Tadawul Index shed 3.17 points to close at 1,496.90. The total trading turnover of the benchmark index was SR3.83 billion ($1.02 billion), with 64 of the listed stocks advancing, while 168 declining. The best-performing stock of the day was Al-Baha Investment and Development Co., as its share price surged by 9.09 percent to SR0.48.

RIYADH: Saudi Arabia’s National Debt Management Center has successfully concluded its riyal-denominated sukuk issuance for December, raising SR11.59 billion ($3.09 billion). This marks a substantial 239.88 percent increase from the previous month, when the Kingdom raised SR3.41 billion in sukuk. Saudi Arabia had raised SR7.83 billion in October and SR2.6 billion in September. Sukuk, which are Shariah-compliant Islamic bonds, provide investors with partial ownership of the issuer’s assets until the bonds mature. The rise in sukuk issuance aligns with positive global market projections.

RIYADH: Egypt will potentially have access to around $1.2 billion from the International Monetary Fund, following a staff-level agreement under the Extended Fund Facility.