Saudi HR ministry bans employees from working under the sun
Updated 13 June 2022
Arab News
RIYADH: The Ministry of Human Resources and Social Development is scheduled to ban all private-sector employees from working under the sun between June 15 and Sept. 15.
The ministry called on employers to organize working hours and implement the decision to limit vocational injuries and diseases and improve productivity.
It also published a guide to health and occupational safety procedures to prevent the risks of exposure to sunlight and heat stress on its website for employers to view and apply it.
This decision comes to preserve the safety and health of employees in the private sector and to ensure their commitment to providing a healthy and safe environment under safety conditions and vocational health requirements.
Saudi Arabia has highest number of Arab billionaires: Forbes
Updated 8 sec ago
Miguel Hadchity
RIYADH: Saudi Arabia has solidified its position as the leading hub for billionaires in the Arab world with 15 making it onto the Forbes global 2025 list — the highest in the region.
According to the Forbes World’s Billionaires ranking, the wealth of the Saudis featured totaled $55.8 billion, representing 43.4 percent of the combined net worth of all Arab billionaires.
Leading the Saudi — and Arab — billionaire rankings is Prince Alwaleed bin Talal, with a net worth of $16.5 billion.
In the Middle East and North Africa region, the number of Arab billionaires has risen to 38, spread across nine countries, with a combined fortune of $128.4 billion— more than double last year’s total of $53.7 billion.
Globally, the billionaire population has surpassed 3,000 for the first time, reaching 3,028 individuals— an increase of 247 from 2024. Their total net worth has also climbed to $16.1 trillion, up nearly $2 trillion from the previous year. The US remains the leader with 902 billionaires, followed by China and India.
“It’s another record-breaking year for the world’s richest people, despite financial uncertainty for many and geopolitical tensions on the rise,” said Chase Peterson-Withorn, Forbes senior editor, wealth, adding: “And, from Elon Musk to Howard Lutnick and the other billionaires taking over the U.S. government, they’re growing more and more powerful.”
Saudi resurgence driven by new wealth
The Kingdom’s strong showing comes after a surge in initial public offerings on the Saudi Exchange post-COVID-19, propelling 14 new billionaires onto the list.
Other prominent Saudi figures include healthcare magnate Sulaiman Al-Habib, with a fortune of $10.9 billion, and diversified business leaders Emad and Essam Al-Muhaidib, whose wealth stands at $3.8 billion and $3.6 billion, respectively.
The UAE followed with five billionaires holding a combined $24.3 billion, including real estate tycoon Hussain Sajwani at $10.2 billion and newcomers Hussain Binghatti Aljbori and Hussain Mohamed Alabbar.
Egypt also has five billionaires, led by construction and investment mogul Nassef Sawiris, with a net worth of $9.6 billion.
Top Arab billionaires reflect diverse industries
The wealthiest Arabs span industries from real estate and healthcare to telecom and investments.
Among the top names are the UAE’s Abdulla Al-Futtaim, with $4.7 billion in the automotive industry, and Qatar’s Sheikh Hamad bin Jassim Al-Thani, with $3.9 billion in the investment sector.
This year’s rankings underscore the Kingdom’s growing economic influence, with its billionaire count outpacing other Arab nations. The rise in regional wealth highlights the expanding opportunities in Gulf markets, particularly in real estate, healthcare, and finance.
Elon Musk, pictured here with a Cheesehead hat as he speaks during a town hall in Green Bay, Wisconsin, is the world’s richest person. AFP
Elon Musk retained his position as the world’s richest person with a net worth of $342 billion, fueled by his ventures in electric vehicles, space exploration, and artificial intelligence.
Close behind is Meta CEO Mark Zuckerberg at $216 billion, followed by Amazon founder Jeff Bezos at $215 billion, as technology giants continue to dominate the upper echelons of wealth.
Oracle co-founder Larry Ellison ranks fourth with $192 billion, while Bernard Arnault, the French luxury magnate behind LVMH, rounds out the top five with $178 billion.
These five individuals represent a combined net worth of over $1.1 trillion, underscoring the influence of tech innovation and global consumer markets in shaping modern fortunes.
PIF’s Lucid’s quarterly deliveries rise, Amazon-backed Rivian’s fall sharply
Updated 03 April 2025
Reuters Arab News
BENGALURU: Electric automaker Lucid posted a 58 percent jump in first-quarter deliveries on Wednesday as it lowered prices of its vehicles, while peer Rivian Automotive reported a 36 percent decline.
The Public Investment Fund-backed Lucid has also offered incentives including cheaper financing to woo customers away from less expensive hybrid vehicles amid high interest rates.
However, the company estimated revenue between $232 million and $236 million for the first quarter ended March 31, below Wall Street estimates of $256.3 million, according to LSEG-compiled data.
Shares of Lucid and Rivian were down around 5 percent in extended trading.
Lucid delivered 3,109 vehicles during the first quarter, compared with 1,967 in the same period last year. It produced 2,212 vehicles during the quarter ended March 31, up 28 percent, with more than 600 additional vehicles in transit to the Gulf country for final assembly.
Rivian has been battling tough demand as consumers opt for cheaper hybrid and gas-powered vehicles in an uncertain economic and political environment.
“I would say the sector at the moment is out of favor. Over the medium to long term, EVs are still inevitable, and so it’s just going to take some time for these companies to continue to ramp up,” said Andres Sheppard, senior equity analyst at Cantor Fitzgerald.
Rivian CFO Claire McDonough had said in February vehicle deliveries would be lower this year due to soft demand, partially because of the impact of fires in Los Angeles.
Demand could be further pressured as US President Donald Trump’s tariff policies are expected to accelerate inflation and increase prices of automobiles, making consumers wary of committing to big purchases.
Rivian CEO RJ Scaringe had said earlier this year the company expects higher costs from tariffs on Mexico and Canada as it has a supply chain footprint in these countries.
The company delivered 8,640 vehicles in the quarter ended March 31, down from 13,588 a year earlier. But the deliveries exceeded analysts’ estimate of 8,200, according to Visible Alpha.
Rivian produced 14,611 vehicles in the first quarter, compared with 13,980 a year ago. It reaffirmed its annual deliveries forecast.
Lucid and Rivian will report their first-quarter results on May 6.
In January, Lucid Motors has become the first global automotive company to join the Kingdom’s “Made in Saudi” program, which grants the firm the right to use the “Saudi Made” label on its products.
Lucid’s participation in the program follows the launch of its first international manufacturing plant in Saudi Arabia in September 2023.
Located in King Abdullah Economic City, the facility is the Kingdom’s first-ever car manufacturing plant and can currently assemble 5,000 Lucid vehicles annually during its first phase.
Once fully operational, it is expected to produce up to 155,000 electric cars per year.
Oil Updates — crude slumps as Trump’s higher-than-expected tariffs expected to crimp demand
Brent, WTI sink as much as 3 percent, biggest percentage drop in a month
Trump to impose 10 percent minimum tariff on most import goods
Imports of oil, gas, refined products exempted from new tariffs
Updated 03 April 2025
Reuters
SINGAPORE: Oil prices fell by as much as 3 percent on Thursday after US President Donald Trump announced sweeping new tariffs that investors worry will enflame a global trade war that will curtail economic growth and limit fuel demand.
Brent futures were down $1.97, or 2.63 percent, to $72.98 a barrel by 9:35 a.m. Saudi time after dropping by as much as 3.2 percent earlier, the biggest daily percentage decline since March 5.
US West Texas Intermediate crude futures were down $2.01, or 2.80 percent, to $69.70 after slipping by as much as 3.4 percent earlier.
Trump on Wednesday unveiled a 10 percent minimum tariff on most goods imported to the US, the world’s biggest oil consumer, with much higher duties on products from dozens of countries, kicking into high gear a global trade war that threatens to drive up inflation and stall US and worldwide economic growth.
“The US tariff announcement clearly caught markets off guard. Pre-announcement speculation suggested a flat 15-20 percent tariff, but the final decision was more hawkish,” Yeap Jun Rong, market strategist at IG, said in an email.
“For oil prices, the focus now shifts to the global growth outlook, which is likely to be revised downward due to these higher-than-expected tariffs,” he added.
Imports of oil, gas and refined products were exempted from the new tariffs, the White House said on Wednesday.
The tariffs sent markets reeling on Thursday, with Japan’s Nikkei plunging to an eight-month low, China’s yuan dropped to its lowest levels in seven weeks and stock markets slumped in early Asia trade.
“We know it will be negative for trade, economic growth and thus oil demand growth. But we don’t know how bad it will be as the effects come a little bit down the road,” said Bjarne Schieldrop, chief commodities analyst at SEB.
On Wednesday, UBS analysts cut their oil forecasts by $3 per barrel over 2025-2026 to $72 per barrel, citing weaker fundamentals.
Traders and analysts now expect more price volatility in the near term, as the tariffs may change as countries try to negotiate lower rates or enact retaliatory levies.
Market participants are also waiting for clarity on OPEC+ production outlook as the group is meeting on Thursday.
The group is set to proceed with its schedule to raise oil output by 135,000 barrels per day in May, and discuss how to convince Kazakhstan to stop exceeding its output quota and plans to compensate for overproduction, sources told Reuters.
Reinforcing the bearish sentiment, the Energy Information Administration data on Wednesday showed US crude inventories rose by a surprisingly large 6.2 million barrels last week, against analysts’ forecasts for a decline of 2.1 million barrels.
Inventories gained amid a surge in imports from Canada, which had expected to be hit with tariffs on its crude shipments to the US
The EIA data also showed gasoline demand was lower last week and refinery runs were lower at a time of year that plants should be producing more fuel ahead of the summer driving season.
OPEC+ members are scheduled to raise oil output by 135,000 barrels per day in May
Updated 02 April 2025
Reuters
LONDON: Eight members of OPEC+, the oil producers group led by Saudi Arabia and Russia, will meet on Thursday to discuss how to convince Kazakhstan to stop exceeding its output quota and how it can compensate for overproduction.
Record Kazakh output has angered several other members of the group. The meeting “is just to make the new Kazakhstan minister aware of the importance of meeting his required production and compensating for the surplus,” one delegate said. Erlan Akkenzhenov was appointed Energy Minister last month.
OPEC+ members are scheduled to raise oil output by 135,000 barrels per day in May, and the group is expected to proceed with this plan. The May increase is the next increment of a plan agreed by Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Algeria, Kazakhstan and Oman to gradually unwind their most recent output cut of 2.2 million barrels a day, which came into effect this month.
OPEC+ also has 3.65 million barrels a day of other output cuts in place until the end of next year. This week Russia ordered the Black Sea terminal handling Kazakhstan’s oil exports to close two of its three moorings, a move which is widely expected to slash the country’s production as a result.
New Saudi real estate directives reinforce home ownership goals: Finance minister
Updated 02 April 2025
Nour El-Shaeri
RIYADH: Saudi Arabia’s newly announced real estate directives underscore the Kingdom’s commitment to increasing homeownership among its citizens, according to the finance minister.
The changes were initially announced in March, following a comprehensive study by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs.
The review examined land price dynamics and rental pressures in Riyadh and proposed a set of regulatory and planning solutions aimed at long-term market stabilization.
Among the key provisions is the lifting of restrictions on land transactions and development in targeted areas of northern Riyadh.
In an interview with Alekhbariyah, Mohammed Al-Jadaan said Crown Prince Mohammed bin Salman’s mandates are intended to raise the proportion of Saudi families who own homes to 70 percent by 2030 – up from 47 percent in 2016.
“The generous directives will contribute to reducing volatility and controlling the rise in real estate sector prices, and will also limit inflation in the Kingdom’s economy,” Al-Jadaan stated.
The move authorizes the sale, purchase, division, and subdivision of land, as well as the issuance of building permits, across a 17-sq.-km area bordered by King Khalid Road and Prince Saud bin Abdullah bin Jalawi Road, and a 16.2-sq.-km section north of King Salman Road, extending to Abu Bakr Al-Siddiq Road and the Al-Qayrawan District.
These areas, combined with previously released plots, bring the total available for development to 81.48 sq. km.
Al-Jadaan said the expanded land access will tighten the supply and demand gap in the real estate sector by lifting restrictions on transactions and development in northern Riyadh.
He noted that developers are expected to respond by expanding commercial and residential projects, ultimately easing price pressures.
To further facilitate home ownership, the RCRC has been tasked with delivering between 10,000 and 40,000 fully planned and developed residential plots annually for the next five years.
These will be priced at no more than SR1,500 ($399.87) per sq. meter and made available to married citizens or individuals over the age of 25 who do not currently own real estate.
The issued plots will be subject to resale, rental, and mortgage restrictions for 10 years unless used to finance construction. If the land remains undeveloped within that time, ownership will revert to the government, with the buyer reimbursed.
Al-Jadaan emphasized that these changes would improve access to financing. Saudi citizens will have better chances to obtain financial support to own a residential home or a commercial estate, he explained.
Additional reforms include amendments to the white land fees system, to be implemented within 60 days, aimed at incentivizing the development of unused land.
Within 90 days, the government will introduce new regulatory measures to ensure balanced relationships between landlords and tenants.
The General Authority for Real Estate and the RCRC will monitor price trends and submit periodic reports to evaluate the effectiveness of the measures.
Al-Jadaan further noted that these initiatives prove the Kingdom’s ability to stabilize the real estate sector’s volatility through entities, institutions, and regulations.
