The increased participation of women in the labour force in Saudi Arabia, combined with greater spending opportunities, boosted domestic consumption in the kingdom in the first quarter, supporting the strong growth of wholesale and retail trade, according to a new report.
The wholesale and retail trade sector expanded by 7.5 per cent in the first three months of the year and now accounts for a little less than 10 per cent of the kingdom's overall gross domestic product, Jadwa Investment said in a report.
“Demand is being propelled by women joining the workforce, while on the supply side, there is ever-increasing scope to spend new incomes on entertainment and domestic tourism,” it said.
As part of Saudi Arabia's Vision 2030 agenda, aimed at diversifying its economy away from oil, the kingdom plans to increase the participation of women in the workforce.
Female representation in the labour force increased to 36 per cent over the past three years from 20 per cent, Jadwa said in an April report.
The increase was spurred by expanding childcare and transport services, which added to new job opportunities in developing sectors such as tourism, leading to more women joining the labour market, it said.
Tourism is also a key part of the kingdom's diversification plan, with the country aiming to attract 100 million visitors by 2030.
Saudi Arabia now claims the title of the world’s fastest growing tourism destination, according to data from the UN World Tourism Organisation.
In 2022, more than 93.5 million tourists visited Saudi Arabia – 77 million domestic and 16.5 million international visitors. This year, the kingdom hopes to attract 30 million tourists, after a record first quarter when it hosted 7.8 million international arrivals, Ahmed Al Khateeb, Minister of Tourism for Saudi Arabia, told an investment forum in Paris this week.
Saudi Arabia's economy grew by 3.8 per cent in the first quarter on an annual basis, boosted by growth in the non-oil sector, the General Authority for Statistics said this month.
The country's GDP expanded at a slightly softer pace in the three months to the end of March than the initial estimate of 3.9 per cent.
The non-oil sector grew 5.4 per cent in the first three months of the year compared with the same quarter in 2022, while oil activities rose 1.4 per cent during the period, Gastat data showed.
Within the non-oil sector, another industry that recorded strong growth in the first quarter was construction, the Jadwa report said.
“Following a challenging couple of years (mainly Covid-19-related), the construction sector appears to have rebounded quite forcefully, growing by an annual 5.5 per cent in the first quarter,” it said.
The sector's average growth for the past four quarters has been 5.9 per cent.
“The sector has obviously benefitted from the surge in public sector investment, most notably around giga-projects, though housing construction has also been a significant tailwind,” the report said.
“There are some constraints around labour and other inputs, though this is hardly surprising given the pickup in pace of project roll-out as interim Vision 2030 deadlines loom.”
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if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
DUBAI SEVENS 2018 DRAW
Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers
Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2
Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC
Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers
Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins
FIGHT%20CARD
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more from Janine di Giovanni
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RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
Racecard
6pm: Mina Hamriya – Handicap (TB) $75,000 (Dirt) 1,400m
6.35pm: Al Wasl Stakes – Conditions (TB) $60,000 (Turf) 1,200m
7.10pm: UAE Oaks – Group 3 (TB) $150,000 (D) 1,900m
7.45pm: Blue Point Sprint – Group 2 (TB) $180,000 (T) 1,000m
8.20pm: Nad Al Sheba Trophy – Group 3 (TB) $200,000 (T) 2,810m
8.55pm: Mina Rashid – Handicap (TB) $80,000 (T) 1,600m
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Aayan%E2%80%99s%20records
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WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
