Weekly Market Brief – 12/30/2022

Saudi Arabia Macroeconomic Developments

• Saudi Arabia approved the New Energy Supply law, which will govern all energy products in the Kingdom and will monitor the allocation of energy to consumers. The comprehensive law came in response to the need to expand the scope of participation, raise the level of coordination between relevant authorities, boost transparency, and cater to localization strategies.

• The unemployment rate in Saudi Arabia slightly rose to 9.9 percent in the third quarter of 2022 from 9.7 percent in the second quarter, according to the General Authority of Statistics (GASTAT). The rise was still a significant decline from last year’s Q3 unemployment rate, which tallied at 11.3 percent.

• Saudi Arabia’s merchandise imports surged by 39 percent YoY in October to SAR63.9 billion ($17 billion), according to GASTAT. Imports rose by SAR 2.76 billion ($736 million), or 5 percent QoQ. The increase was driven by a SAR5.8 billion ($1.5 billion), or 111 percent rise in vehicles, aircraft, vessels, and associated transport equipment. In addition, machinery and mechanical appliances, electrical equipment, and parts thereof rose by SAR2.48 billion ($661 million) or 25 percent, YoY.