Saudi unemployment falls on economic stimulus

A picture taken on March 16, 2021, shows workers in the King Abdullah Financial District (KAFD) in the Saudi capital Riyadh. (File/AFP)
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Updated 31 March 2021
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Saudi unemployment falls on economic stimulus

  • The Saudi General Authority of Statistics said total unemployment fell to 12.6 percent in the last quarter of 2020
  • Statistics chiefs also surveyed citizens to get a better sense of their work preferences

DUBAI: Saudi jobless numbers fell in the last quarter of 2020, new figures showed.

The Saudi General Authority of Statistics said total unemployment fell to 12.6 percent in the last quarter or 2020 compared to 14.9 percent in the previous quarter.

The unemployment rate among men fell to 4 percent from 4.4 over this period while for women the unemployment rate dropped to 20.2  percent from 24.6 percent.

While more women are entering the job market in the Kingdom, the figures reflect the still heavily male-dominated workplace.

Statistics chiefs also surveyed citizens to get a better sense of their work preferences.

It found that 93 percent of unemployed people would accept a private sector position but more than three quarters of women and more than half of unemployed men would only accept private sector work if it involved a commute of an hour or less.

The Authority attributed the overall drop in unemployment to ongoing economic stimulus measures in the Kingdom, Al-Arabiya TV reported.


Closing Bell: Saudi main index rises to close at 10,912 

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Closing Bell: Saudi main index rises to close at 10,912 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 93.86 points, or 0.87 percent, to close at 10,912.18. 

The total trading turnover of the benchmark index stood at SR3.03 billion ($809 million), with 230 stocks advancing and 29 declining.  

The Kingdom’s parallel market Nomu also gained 29.13 points, or 0.12 percent, to close at 23,442.91, as 43 stocks advanced and 25 retreated. 

The MSCI Tadawul Index added 9.48 points, or 0.65 percent, to end the session at 1,466.52.  

Arabian Shield Cooperative Insurance Co. was the best-performing stock of the day, with its share price surging 8.55 percent to SR11.94. 

Other top performers included CHUBB Arabia Cooperative Insurance Co., which rose 6.33 percent to SR23.50, and BAAN Holding Group Co., whose shares climbed 6.06 percent to SR2.10.  

United International Holding Co. recorded the steepest decline, falling 2.34 percent to SR146.20. 

SEDCO Capital REIT Fund also saw its share price drop 2.17 percent to SR6.77, while Saudi Manpower Solutions Co. declined 1.58 percent to SR5.60.  

On the corporate front, Saudi Electricity Co. announced the completion of a US dollar-denominated senior unsecured sukuk issuance under its international sukuk program, offered to eligible investors in Saudi Arabia and globally. 

According to a Tadawul statement, the company completed the issuance of a three-tranche sukuk with maturities of three, six and 10 years, raising an aggregate $2.4 billion. The sukuk will be listed on the London Stock Exchange’s International Securities Market.  

Saudi Electricity Co. closed the session at SR14.09, down 0.57 percent. 

Najran Cement Co. said it has secured a mid-term, Shariah-compliant loan of SR50 million from Saudi National Bank to support subsidiary expansion. A bourse filing said the financing will be repaid over five years in semi-annual instalments, with a six-month grace period. 

Najran Cement Co. ended the session at SR6.59, up 0.92 percent. 

Almarai Co. announced its consolidated financial results for the year ended Dec. 31, 2025, reporting a net profit of SR2.45 billion, up 6.2 percent year on year. 

According to a Tadawul statement, the increase was driven by higher revenue growth, disciplined cost control, an improved revenue mix and lower funding costs. 

Almarai Co. closed at SR43.60, up 0.97 percent.