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Positive performance in GCC equity markets driven by Saudi Arabia and the UAE

RIYADH: After a steep decline in May, Gulf Cooperation Council countries saw an optimistic bounce back in equity market index performances in June with the UAE and Saudi Arabia as top performers.  According to a Kamco Invest report, the UAE’s Dubai Financial Market was the best-performing market in the GCC in terms of index closings with a monthly increase of 6 percent, followed by Saudi Arabia’s Tadawul All Share Index with a rise of 4 percent.   Kuwait’s market came in third with a 3.4 percent month-on-month increase, followed by Oman’s, with a 3.1 percent incline.

Saudi Arabia seeks to enhance partnerships with Hong Kong and China

LONDON: Saudi Arabia is keen to strengthen its cooperation with Hong Kong and ultimately mainland China, the Kingdom’s minister of communications and IT said on Sunday. Speaking at the “One Gateway Shared Vision — Hong Kong x Saudi Arabia” event in the city, Abdullah Al-Swaha said closer collaboration would help boost the Kingdom’s Vision 2030 reform agenda, the South China Morning Post reported.

“Fowler dominates Rocket Mortgage Classic at 20 under, aiming to break drought”

DETROIT: Rickie Fowler has put himself in a position to win a PGA Tour title again. He’s hoping to take advantage for a change. Fowler birdied six of his last eight holes Saturday to surge into the Rocket Mortgage Classic lead at 20 under, giving him another chance to end a four-year PGA Tour victory drought. “I’m not scared to fail,” said Fowler, who had an 8-under 64 to take a one-stroke lead over Adam Hdwin at Detroit Golf Club. “I’ve dealt with plenty of that.” Indeed.

Saudi Arabia unemployment rate Q1 2022 drops to 5.1%

RIYADH: Saudi Arabia’s jobs targets outlined in Vision 2023 have borne results, with its overall unemployment rate falling 0.9 percentage points to 5.1 percent in the first quarter of 2023 compared to the same period a year ago, official data showed.  According to the latest report by the General Authority for Statistics, the labor force participation of Saudis increased annually by 2.3 percentage points in the first quarter. The employment-to-population ratio also increased by 2.9 percentage points. 

Israel’s Tech Industry Continues to Struggle in 2023, According to State Agency

JERUSALEM: A slowdown in Israel’s technology sector has worsened in 2023, exacerbated by political turmoil, and the country may be detaching from broader trends that point to a global recovery, the state-backed Israel Innovation Authority said on Monday. High-tech has for a decade been the fastest growing sector in Israel and crucial for economic growth, accounting for 14 percent of jobs and almost a fifth of GDP — not to mention innovations coming out of Tel Aviv adopted around the world in cybersecurity, artificial intelligence and other fields.

“Soft Dollar Boosts Appeal: Gold Prices Rise”

RIYADH: Gold climbed on Monday after a weaker dollar made bullion more attractive for overseas investors, although prices hovered close to three-month lows as traders assessed prospects of more interest rate hikes by the US Federal Reserve. Spot gold rose 0.3 percent to $1,926.19 per ounce by 8:38 a.m. Saudi time. US gold futures also gained 0.3 percent to $1,936.00. Bullion slumped nearly 2 percent in the previous week as hawkish comments from Fed officials signaled more rate hikes to tame sticky inflation.

Saudi’s Abdullah Al-Qahtani Wins American Debut in PFL

Saudi Arabia’s Abdullah Al-Qahtani on Friday night claimed victory at his Professional Fighters League debut, which took place at the Overtime Elite Arena in Atlanta. Fighting in the featherweight division, “The Reaper” wasted no time in defeating his opponent, American Lamar Brown, via a face-crank submission in just 95 seconds.  

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