KUWAIT: Revenue at Kuwait-listed logistics company Agility is expected to resume growing next year as emerging markets business expands and the company develops new sectors, Chief Executive Tarek Sultan said.
With more than 20,000 employees and over 500 offices in more than 100 countries, Agility is one of Kuwait’s corporate success stories and a play on the Gulf’s rapidly expanding trade links with the rest of the world, especially emerging markets in Asia and Africa.
Its logistics and freight forwarding businesses, which account for most of its revenue, have been hit by instability in the global economy over the last few years. Total revenue sank 7 percent to 656 million dinars ($2.28 billion) in the first half of this year, after a 3 percent drop in 2013.
Agility has been able to keep its profit growing by controlling costs; salaries and employee benefits were essentially flat in the first half as net income climbed 11 percent to 24.1 million dinars.
“Globally, revenues have been affected by conditions that have challenged the freight forwarding industry,” Sultan said in an interview for the Reuters Middle East Investment Summit, adding that Agility had therefore been focusing on how it could boost productivity.
Kuwait’s Agility hopes for revenue rebound
Kuwait’s Agility hopes for revenue rebound
Egypt’s annual unemployment rate down to 6.6%
RIYADH: Egypt’s unemployment rate declined to 6.6 percent in 2024, down 0.4 percent from the previous year, driven by lower joblessness across both urban and rural areas and by growth in sectors such as agriculture, retail, and construction, official data shows.
The Central Agency for Public Mobilization and Statistics reported that manufacturing also experienced strong employment growth, further contributing to the overall decrease.
The number of unemployed individuals fell by 77,000 to 2.11 million, marking a 3.5 percent decrease from 2023, while the total labor force expanded by 2.9 percent to 32.041 million.
CAPMAS’s annual labor force survey indicated that youth unemployment among those aged 15 to 29 dropped to 14.9 percent, a decline of 1 percentage point from the previous year. Within this age group, male unemployment stood at 9.8 percent, while the rate for females remained significantly higher at 37.1 percent.
Among teenagers aged 15 to 19, unemployment fell slightly to 12.2 percent from 12.4 percent in 2023. For young people with intermediate, higher, and university-level education, the rate dropped to 18.7 percent, compared to 20.3 percent the previous year.
“The number of entrepreneurs managing their own businesses reached 1.34 million, representing 4.2 percent of the total workforce,” the report stated.
Labor force participation remained higher in rural areas, with 17.96 million individuals compared to 14.07 million in urban centers. Gender disparities persisted, with males accounting for 26.08 million of the labor force and females 5.96 million.
Urban unemployment declined to 9.6 percent from 9.9 percent, while rural unemployment dropped to 4.2 percent from 4.8 percent.
Among males, the urban joblessness rate stood at 6.3 percent, compared to 2.6 percent in rural areas. For females, the figures were notably higher, at 21.8 percent in urban regions and 12.4 percent in rural zones, where greater engagement in agriculture helped boost employment.
The share of unemployed individuals who had previously worked also fell, reaching 42.3 percent in 2024, down from 45.3 percent the year before, suggesting improvements in job retention.
The number of employed individuals rose to 29.92 million, a 3.3 percent increase from 28.95 million in 2023. Of these, 24.98 million were men and 4.93 million were women.
Employment remained more concentrated in rural areas, with 17.20 million workers compared to 12.72 million in urban settings.
Agriculture and fishing continued to dominate as the largest employment sectors, accounting for 5.59 million workers, or 18.7 percent of the total workforce. Wholesale and retail trade employed 4.63 million individuals, or 15.5 percent of the workforce, while the construction sector accounted for 4.04 million workers, or 13.5 percent.
The manufacturing sector saw a 5.4 percent rise in employment, reaching 3.94 million workers, or 13.2 percent of total employment.
Overall economic activity among those aged 15 and older rose to 44.2 percent in 2024, up from 43.4 percent the previous year. Male participation remained substantially higher at 70.3 percent, while female participation increased modestly to 16.9 percent.
Urban participation in economic activity grew to 44 percent from 42.7 percent, and rural participation edged up to 44.4 percent from 44 percent.
Trump says US ships should be allowed to travel through the Panama and Suez canals for free
- “American Ships, both Military and Commercial, should be allowed to travel, free of charge, through the Panama and Suez Canals!” he wrote on his Truth Social platform
WASHINGTON: US President Donald Trump on Saturday urged free transit for American commercial and military ships through the Panama and Suez canals, tasking his secretary of state with making progress “immediately.”
Trump has for months been calling for the United States to take control of the Panama Canal but his social media post also shifted focus onto the vital Suez route.
“American Ships, both Military and Commercial, should be allowed to travel, free of charge, through the Panama and Suez Canals!” he wrote on his Truth Social platform.
He claimed both routes would “not exist” without the United States and said he had asked Secretary of State Marco Rubio to “immediately take care of” the situation.
Egypt’s Suez Canal, a key waterway linking Europe and Asia, accounted for about 10 percent of global maritime trade before attacks by Yemen’s Houthi rebels on shipping routes in the Red Sea and Gulf of Aden.
The Iran-backed rebels began targeting vessels after the start of the Gaza war, claiming solidarity with Palestinians, forcing ships to take a long and costly detour around the southern tip of Africa.
Egypt said last year its canal revenues had plunged 60 percent, a loss of $7 billion.
The US military has been attacking Houthi positions since January 2024, but those assaults have intensified under Trump, with almost daily strikes in the past month.
Trump has vowed that military action would continue until the Houthis are no longer a threat to shipping.
Saudi PIF assets triple with 390% surge since 2016, 2030 target raised
- Record-breaking growth fuels job creation, sector expansion, and a powerful shift beyond oil
RIYADH: Saudi Arabia’s Public Investment Fund has recorded a 390 percent surge in assets under management since the launch of Vision 2030, according to the initiative’s latest annual report.
PIF’s assets have soared from $160 billion in 2016 to $941.3 billion in 2024, surpassing its annual target of $880 billion and underscoring the fund’s rapid growth trajectory under the Kingdom’s transformative agenda.
Building on this momentum, the wealth fund has revised its 2030 goal, raising its asset management target from $1.87 trillion to $2.67 trillion. The updated ambition reflects the fund’s strengthened position and growing influence in shaping Saudi Arabia’s future economy.
Between 2016 and 2024, PIF posted a compound annual growth rate of 22 percent, highlighting its consistent ability to generate strong returns while advancing national development priorities.
Driving forces behind PIF’s expansion
Following its restructuring under Vision 2030, PIF has transformed from a traditional sovereign wealth fund into a globally recognized driver of economic diversification and innovation.
The fund’s growth has been propelled by a proactive, diversified investment approach, with 40 percent of its portfolio allocated to Saudi companies and giga-projects. Simultaneously, it has made strategic international investments across high-potential sectors.
This balanced strategy has contributed to the expansion of priority industries within the Kingdom, including tourism, mining, culture, logistics, and technology, supporting efforts to build a resilient, diversified economy.
Economic impact and sectoral growth
PIF’s strategic investments have not only boosted economic growth but also stimulated private sector participation, created employment opportunities, and attracted foreign direct investment.
By 2024, the fund’s initiatives had contributed to the creation of 1.1 million jobs, a significant leap from 77,700 direct and indirect jobs recorded in 2021. Over the same period, the number of companies established with PIF’s support more than doubled, rising from 45 to 93 across 13 strategic sectors.
The fund achieved 48 percent local content across its projects by 2024, highlighting its strong commitment to driving domestic economic growth.
Between 2021 and the third quarter of 2024, PIF attracted more than $37.33 billion in private investments across a range of initiatives, according to the report.
Through its Private Sector Hub initiative, it published over 200 opportunities during this period, representing a total investment value of $10.67 billion.
In addition, more than 300 contractors have been pre-qualified, and over 200 small and medium-sized enterprises have been trained to collaborate with companies across PIF’s portfolio.
PIF’s role in strengthening Saudi Arabia’s non-oil economy has been pivotal.
According to the report, non-oil sectors accounted for 51 percent of the Kingdom’s real gross domestic product by 2024, a key milestone in achieving Vision 2030 goals.
The fund’s influence is evident in the launch of several megaprojects aimed at redefining the Kingdom’s economic landscape, ranging from world-class tourism destinations to advanced industrial zones.
PIF also played a crucial role in advancing financial sector reforms. The number of licensed asset managers in Saudi Arabia rose sharply from just five in 2019 to 36 in 2024, reflecting the Kingdom’s growing investment landscape and financial market sophistication.
Strengthening financial resilience
The fund has reinforced its financial base to support its ambitious investment strategy, highlighted by the transfer of 8 percent of Aramco shares. This move reduced the government’s direct ownership in the oil giant to 82.186 percent, enhancing PIF’s asset strength and investment capacity.
In addition, PIF secured $15 billion in syndicated credit facilities from 23 global financial institutions, significantly boosting its liquidity and financial flexibility. These initiatives align with PIF’s strategic objectives of developing new sectors, localizing knowledge and technology, and generating sustainable, high-quality employment opportunities across the Kingdom.
Global recognition
PIF’s transformation has not gone unnoticed on the international stage. The fund was named the world’s No.1 sovereign wealth fund brand by Brand Finance, with its brand value estimated at $1.1 billion.
Adding to its accolades, PIF swept four awards at the 2024 Middle East Bonds, Loans & Sukuk Conference, including Best Sukuk Deal, Best Landmark Deal, Best Semi-Sovereign Treasury and Funding Team, and Best Deal in Islamic Capital Markets.
Capital markets expansion
Saudi Arabia’s capital markets have grown in tandem with PIF’s rise, playing a critical role in broadening the nation’s economic base since the launch of Vision 2030.
Regulatory reforms—such as updates to the Companies Law and Government Tenders and Procurement Law—have enhanced transparency, strengthened investor confidence, and paved the way for a surge in initial public offerings.
The Saudi Exchange has seen remarkable expansion, with the number of listed companies increasing from 205 in 2019 to 353 in 2024. Foreign investor ownership more than doubled, reaching $112.8 billion in 2024 compared to $52.8 billion in 2019, while non-Saudi portfolio ownership grew from $29.3 billion in 2016 to $131.5 billion.
The number of individual portfolios on the Saudi Exchange also rose sharply, climbing from 9.2 million in 2016 to 13 million by 2024.
Meanwhile, Tadawul’s market capitalization (excluding Aramco) grew from 66.5 percent of GDP in 2019 to 86.7 percent in 2024, indicating the increasing maturity and depth of Saudi Arabia’s capital markets. The banking sector mirrored this growth, with total assets rising from $693.3 billion in 2019 to $1.12 trillion by the second quarter of 2024.
These developments have positioned Saudi Arabia’s financial sector as one of the most dynamic and accessible in the region, offering expanded opportunities for both local and global investors.
Reflecting this confidence, international credit rating agencies reaffirmed Saudi Arabia’s strong economic outlook in 2024. Moody’s assigned an AA3 rating, Fitch rated the Kingdom at “A+,” and S&P Global Ratings gave it an “A/A-1” rating, all with stable outlooks.
Beyond Vision 2030
As the Kingdom prepares to enter the final phase of Vision 2030 delivery in 2026, the focus will increasingly shift toward building a sustainable and resilient private sector. Key priorities include reducing reliance on government support while fostering growth through regulatory enhancements, infrastructure development, and targeted investments.
Saudi Arabia envisions the private sector playing a leading role in advancing the economy, particularly in high-impact fields such as advanced manufacturing, artificial intelligence, and the digital economy.
By empowering private enterprises, the Kingdom aims to achieve its target of generating 65 percent of GDP from private sector activities, positioning it as a critical driver of sustainable growth in the decades beyond Vision 2030.
Saudi Arabia’s webook.com eyes billion-dollar valuation, global expansion
RIYADH: Saudi Arabia-based event booking platform webook.com has unveiled an ambitious roadmap aimed at achieving a billion-dollar valuation and a future listing on the stock exchange.
Positioning itself as the “ultimate super app for fun,” the company is rapidly expanding its offerings beyond event ticketing. New services include flight and hotel bookings, restaurant reservations, sports facility access, and live streaming. The platform is also leveraging cutting-edge technology and forging strategic partnerships to accelerate its global reach.
In an interview with Arab News, Nadeem Bakhsh, CEO of webook.com, highlighted the company’s growth strategy, structured around four key pillars: diversification, innovation, globalization, and automation.
“Our goal is to become the ultimate super app for fun worldwide, helping people discover and book experiences that bring them together,” Bakhsh said.
Strategic blueprint for growth
Webook.com’s roadmap—referred to internally as DIGA—outlines a methodical approach to scaling the business and establishing a global presence.
The first pillar, diversification, focuses on broadening revenue streams by integrating travel and hospitality services such as flights, hotels, and dining. The company is also fostering fan communities to deepen user engagement.
Innovation plays a central role, with webook.com deploying advanced technologies to streamline the user experience. New features include ticket auctions, built-in resale options, anti-scalping protections, and interactive community tools, all designed to offer a secure and seamless platform.
Under its globalization initiative, webook.com has already launched operations in eight countries and continues to grow its international team to support further expansion.
Meanwhile, automation is enabling the company to scale efficiently. By optimizing its engineering and operational infrastructure, webook.com aims to deliver a frictionless customer experience while supporting its broader growth ambitions.
Rapid international expansion and user growth
The event platform is rapidly expanding its international footprint, claiming a user base of more than 7 million across 160 countries and access to over 520 global events since its launch.
The company credits its rapid growth to an unwavering focus on user experience and strategic collaborations.
“User experience is at the heart of our success,” said Bakhsh. “We have built a strong design and research team that benchmarks best practices from industries such as banking, e-commerce, transport, and social networks.”
In addition to refining its platform’s usability, webook.com has developed tailored tools for event organizers and partners, ensuring system stability even during peak demand.
“Unlike recently publicized high-profile concerts like Taylor Swift and Coldplay, where overwhelming demand left fans frustrated, our infrastructure guarantees high performance,” the CEO noted.
Lifestyle integration, dining partnerships
Expanding its footprint beyond ticketing, webook.com is weaving lifestyle services into its ecosystem. A notable partnership with dining reservation platform Servme aims to enhance the post-event experience by linking event attendees with nearby restaurants in Saudi Arabia.
“We have 8 million users, many of whom actively seek entertainment and dining experiences,” Bakhsh said. “During peak season, we process an average of 100,000 tickets per day, with a high of 150,000 on a single day. Each ticket presents an opportunity to upsell dining options.”
Using data-driven personalization, webook.com recommends dining venues based on users’ tastes and spending habits.
“Seamless integration allows users to book restaurants near their event venue effortlessly, enhancing their overall experience while driving traffic to restaurant partners,” Bakhsh explained.
Boosting digital streaming capabilities
In parallel, the platform is advancing its digital streaming features, bolstered by exclusive rights to Riyadh Season events.
“Our streaming service is built on a scalable infrastructure that can handle millions of users simultaneously,” Bakhsh said.
To enrich the virtual experience, the company is integrating interactive features such as live polls, real-time chat, and merchandise auctions during concerts.
“Our goal is to offer a virtual front-row experience, ensuring users never miss a moment, whether they are at the venue or streaming remotely,” Bakhsh said.
Looking ahead, webook.com is also building out pay-per-view capabilities for sports events, including boxing, and exploring multi-angle viewing to create a more immersive streaming experience.
Tackling fraud and enhancing security
Ticket fraud remains a widespread issue in the live events industry, and webook.com is taking aggressive measures to address it. Over the past year, the platform has nullified 40,000 black market tickets and shut down more than 5,000 fraudulent accounts.
“We have also launched a verified resale platform, which has facilitated the sale of over 200,000 tickets through official channels,” said Bakhsh.
In addition to digital safeguards, the company is pursuing legal action against major black market platforms.
“While fraudsters continuously adapt, our dedicated anti-fraud team works proactively to stay ahead, ensuring a safe and seamless experience for our users,” he added.
Strengthening sports ticketing presence
Webook.com has recently secured a three-year partnership with the Roshn Saudi League to manage ticket sales for football matches, reinforcing its role in the sports sector.
“This partnership aligns perfectly with our mission to be the gateway for entertainment,” Bakhsh said. “It allows us to strengthen our presence in sports ticketing while providing fans with a seamless booking experience on one platform.”
Future plans include exclusive fan content, loyalty programs, and community-driven in-app features.
“For the league, it ensures a reliable and fraud-free ticketing system while expanding reach through webook.com’s growing user base,” he said.
From local roots to global vision
The company’s journey began under its original name, Halayalla, which Bakhsh said was limiting in terms of international reach.
“Our former and original brand had a very local flair but didn’t translate internationally and wasn’t descriptive as to what we do,” he explained.
Following extensive market research and testing, the company rebranded to webook.com, a move that significantly boosted its global recognition and credibility.
IPO preparations underway
As part of its long-term vision, webook.com is actively preparing for an initial public offering. The company is enhancing its internal governance, aligning with global regulatory standards, and bringing in experienced leadership.
“Over the past year and a half, we have been hiring a CFO with IPO experience and engaging a top consultancy for an IPO readiness assessment,” Bakhsh said.
“Our three-to-four-year timeline for the listing is carefully structured, with every step aligned to ensure a smooth transition to becoming a publicly traded company.”
The company is also working with leading consultants to streamline operations and ensure full transparency under public market scrutiny.
Looking ahead
With operations already established in Morocco and Bahrain, webook.com is now focused on Europe as it charts its five-year growth trajectory.
“Our vision is to make webook.com a household name from Hawaii to Tokyo,” Bakhsh said.
To achieve this, the company plans continued investments in technology, talent, brand development, and platform security—while keeping customer satisfaction at the forefront.
“We remain committed to delivering the best possible experience for our users as the super app for fun,” he said, adding: “Our priority is ensuring users can easily discover, book, and enjoy world-class events effortlessly.”
With its momentum building, webook.com is poised to reshape the global event booking landscape through innovation, security, and a customer-first approach.
Saudi Arabia’s Vision 2030 enters final phase with strong momentum
- Kingdom achieves 93 percent of key performance indicators — fully or partially — in nine years
RIYADH: Saudi Arabia’s Vision 2030 initiative has seen remarkable progress, with 93 percent of its key performance indicators either fully or partially met since its launch nine years ago, according to the latest official assessment.
The Vision 2030 program, which aims to diversify the economy, empower citizens, and foster a vibrant environment for both local and international investors, is evaluated through the performance of its Vision Realization Programs and national strategies.
These tools are central to the initiative’s execution and are assessed based on two main criteria: the advancement of initiatives and the performance of measurable indicators.
The latest annual report for 2024 reveals that of the 374 key performance indicators at the third level, 299 were fully achieved, with 257 of these surpassing their original targets. Another 49 indicators came close to full achievement, reaching between 85 and 99 percent of their goals.
This progress demonstrates the effectiveness of long-term planning combined with strategic execution, contributing to transformative changes across the country. The success of Vision 2030’s Level-3 indicators indicates strong alignment between national planning and real-world implementation in various sectors.
Detailed metrics also capture tangible outcomes, such as increased hospital capacity, the rollout of digital services, and the issuance of tourism licenses. To ensure continued success, corrective actions are being taken to adjust both initiatives and performance metrics, with a focus on accelerating implementation and keeping the Vision’s objectives firmly within reach.
Strong delivery across initiatives
This performance aligns with strong delivery across Vision 2030’s portfolio of initiatives. As of 2024, 85 percent of all initiatives were either completed or progressing on track.
Out of 1,502 total initiatives launched under the Vision, 674 were completed and another 596 were advancing as scheduled.
This translates to an unusually high success rate for a transformation effort of this scale and complexity.
Each of these initiatives contributes to larger national priorities, ranging from housing and healthcare to digital innovation, clean energy, and cultural development.
Their successful implementation reflects years of investment in institutional capacity, coordination frameworks, and performance monitoring systems, much of which was built during the vision’s first and second phases.
A decade of economic reforms
These latest achievements are rooted in nearly a decade of groundwork, reforms, and phased rollouts that began in 2016 when Vision 2030 was first unveiled.
The first five years focused on stabilizing the macroeconomic base and introducing structural reforms, while the second phase emphasized scaling and acceleration.
The result is a development model that is now attracting international attention for its consistency and ambition.
Between 2016 and 2024, Saudi Arabia undertook sweeping structural reforms to reduce its oil dependency, boost private sector engagement, and unlock new economic engines.
This included targeted policy interventions in tourism, logistics, mining, and tech — areas now becoming core drivers of non-oil growth.
The private sector’s role in the economy has also continued to expand, with its contribution to GDP reaching 47 percent in 2024, exceeding the year’s target of 46 percent.
In 2024, real non-oil GDP grew by 3.9 percent compared to 2023, driven by continued investment expansion in non-oil sectors, which saw a 4.3 percent increase in activity.
By the fourth quarter of 2024, the unemployment rate among Saudis dropped to 7 percent — meeting the Vision 2030 target six years ahead of schedule. This milestone marks an improvement from 12.3 percent at the end of 2016. At the same time, average annual inflation remained low at 1.7 percent, ranking among the lowest in G20 economies.
CLICK BELOW TO READ THE REPORT
This is a result of the efforts made to achieve an economic policy that balances growth with healthy inflation rates.
Foreign direct investment inflows reached SR77.6 billion in 2024, signaling growing international confidence in the Saudi market.
Optimism in the non-oil private sector was also reflected in the Purchasing Managers’ Index, which stood at 58.1 in the fourth quarter of 2024. This was a result of developments throughout the year and was driven by an increase in new orders.
Global recognition
Global institutions such as the International Monetary Fund, Organization for Economic Co-operation and Development, and World Bank have revised Saudi growth forecasts upward, and all three major credit rating agencies — Moody’s, Fitch, and S&P — affirmed the Kingdom’s sovereign strength with stable outlooks.
The Public Investment Fund has continued to play a central role in financing and driving large-scale development.
Its assets under management have reached SR3.53 trillion by the end of 2024 — more than tripled since the launch of Vision 2030 — exceeding their annual target.
The fund’s assets have made remarkable progress, growing by more than 390 percent from 2016 to 2024, with a compound annual growth rate of 22 percent, exceeding its annual target. This increase is primarily attributed to the fund’s proactive investment strategy across various sectors.
In parallel, the value of Saudi Arabia’s discovered mineral resources has soared to SR9.4 trillion, a 92 percent increase from 2016 estimates, which stood at SR4.9 trillion.
By the end of 2024, the number of achieved investment opportunities surged to 1,865, surpassing the year’s target of 1,197.
Globally, Saudi Arabia has improved its standing in multiple international benchmarks.
It now ranks 16th in the International Institute for Management Development’s World Competitiveness Index, up 20 places since 2017.
The Kingdom has also made progress in digital governance, climbing 25 positions in the UN E-Government Development Index since 2016 to secure 6th place globally — bringing it within reach of its Vision 2030 goal to be among the top five nations.
These rankings highlight the Kingdom’s efforts to digitize services, modernize institutions, and improve public sector performance.
Social and sectoral progress
Social indicators have also advanced steadily. The homeownership rate climbed to 65.4 percent in 2024, exceeding the target of 64 percent for that year.
As part of the long-term goal to plant 10 billion trees, environmental programs have exceeded expectations. Around 115 million trees were planted as of 2024, while 188,000 hectares of degraded land were successfully rehabilitated.
The number of volunteers exceeded 1.2 million by the end of 2024, surpassing the 2030 target of 1 million.
The Kingdom’s expanded e-visa systems and upgraded infrastructure helped drive a historic rise in international pilgrim numbers.
Saudi Arabia recorded 16.92 million foreign Umrah pilgrims in 2024 — its highest ever, far exceeding the annual target of 11.3 million.
Adding to the momentum, Saudi Arabia is set to welcome the premier competition of the world’s most popular sport as the official host of the 2034 FIFA World Cup.
Looking ahead
Much of this progress was supported by the evolution of Vision Realization Programs, which were introduced in the early phase of Vision 2030 as medium-term delivery mechanisms.
Over time, these programs enhanced cross-government coordination, accelerated execution, and helped exceed multiple national targets.
Today, there are 10 VRPs operating across strategic sectors such as health, digital transformation, and tourism, as well as financial services and sustainability, each contributing to the delivery of Vision 2030’s core pillars of a vibrant society, a thriving economy, and an ambitious nation.
As the final stretch of Vision 2030 approaches, the Kingdom’s focus remains on institutional resilience, measurable outcomes, and global competitiveness.
While challenges remain in some areas, the combination of high delivery rates, adaptive governance, and strong financial management has positioned Saudi Arabia as a case study in long-term national transformation.
The next five years will be critical not only in achieving remaining goals but in sustaining the momentum well beyond the 2030 horizon.
