VIENNA: Saudi Arabia’s economy ministry and its Austrian counterpart signed a memorandum of understanding to boost economic cooperation between the two nations.
The Saudi Ministry of Economy and Planning Austria’s Ministry of Labor and Economy in the deal on the sidelines of the Saudi-Austrian Joint Committee held in the Austrian capital.
 The MoU was signed by the Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim, and the Austrian Minister of Labor and Economy, Martin Kocher.
 The MoU aims to diversify and strengthen economic ties, exchange experiences and information, and encourage cooperation in a number of fields, including trade, industry, research and development, tourism, small and medium enterprises.
Among the content of the MoU is the organization of conferences, seminars and the exchange of visits between experts, in addition to cooperation between government institutions and the private sector.
The parties are also committed to protecting intellectual property rights and exchanging information for the purposes specified in the MoU.
This MoU comes within the framework of a cooperation agreement in the economic, commercial, industrial and technical fields signed between the two governments in 2004.

RIYADH: Saudi Arabia’s point-of-sale spending reached SR11.2 billion ($2.98 billion) in the fourth week of May, official figures showed.

The latest data from the Saudi Central Bank, also known as SAMA, revealed that spending on electronic and electric devices surged by 9.5 percent to reach SR240.4 million.

Beverages and food, which accounts for the largest share at 14.9 percent, saw a 5.9 percent decline, reaching SR1.66 billion, during the week from May 19 to 25.

Meanwhile, transactions at restaurants and cafes, holding a 14.6 percent share, recorded a slower decline of 4.8 percent, amounting to SR1.64 billion. 

Saudi spending on miscellaneous goods and services, including personal care items, supplies, maintenance, and cleaning, constituted the third-highest share and witnessed a 5.1 percent decline that week, reaching SR1.36 billion. 

Despite composing only 1 percent of the week’s overall POS value, spending on education recorded a minimal increase of 0.1 percent to SR152.48 million.

In the past few years, this sector has been allocated the largest share of government expenditure in comparison to other divisions of the economy. 

Efforts are underway to revamp the education system, aiming to equip the national workforce with the necessary skills to thrive in a technological and information-centric global economy.

The hotel sector experienced the largest decline in POS transaction value, dropping 10.9 percent to SR227.13 million.

According to data from SAMA, 35.44 percent of POS spending occurred in Riyadh, with the total transaction value reaching SR3.97 billion. However, this represents a 1.6 percent decrease from the previous week.  

Riyadh has undergone considerable expansion, evolving into a pivotal center for growth and progress. The city is witnessing a surge in new businesses setting up operations, drawn by its vibrant economic landscape and strategic prospects for investment and innovation.

Spending in Jeddah followed closely, accounting for 14.3 percent of the total and reaching SR1.60 billion; however, it marked a 3.1 percent weekly drop. 

The two cities that registered the highest declines in POS spending were Makkah and Madinah, with decreases of 11 percent and 6.8 percent, respectively. The value of transactions in Makkah reached SR380.98 million, while in Madinah, it was SR393.26 million.