In a further move to satisfy US President Donald Trump’s ambitions, Saudi Arabia raised its investment in US Treasuries to $179 billion in May from $176.6 billion a month earlier, equivalent to about 72 percent of total Gulf investment in US bonds.
GCC investments in US Treasury bills and bonds totaled $ 284.9 billion, up 0.5 percent from April.
According to US Treasury data, GCC investment in US Treasuries and Treasuries reached $283.5 billion in April.
Saudi maintained its lead as the largest Gulf investor in US bonds at $179 billion, followed by the UAE with total investments of $53.2 billion, compared to $55.7 billion the previous month.
What the US Treasury announces in its monthly statements is the Gulf countries’ investments in US Treasury bills and bonds only, and does not include other investments in the US, whether governmental or private.
The total value of global investments in US Treasury bills and bonds, as of May, was about $ 6.539 trillion, compared to about $ 6.433 trillion a month earlier.
On the other hand, the Saudi Council of Ministers issued a decision allowing the opening of shops for 24 hours.
The Cabinet, following a meeting chaired by King Salman bin Abdul Aziz at the Peace Palace in Jeddah, issued a package of resolutions. “To allow business activities to work for 24 hours, at a financial fee set by the Minister of Municipal and Rural Affairs, for the considerations he appreciates,” the official Saudi News Agency said.
Identifying the commercial activities that do not apply to this financial fee, is conducted “as required by the public interest or the nature of those activities.”
The Chairman of Riyadh Chamber, Ajlan Al Ajlan, commented in a tweet on this decision. He said that the decision “comes within the framework of the growth and expansion of commercial and economic activities. It also provides consumers with more shopping options.”
He added that the decision, according to some studies and statistics, will contribute to the provision of approximately 45 thousand jobs directly in the retail sector, and 20 thousand other jobs indirectly. He also said that it will create about 30 thousand part-time jobs, and will contribute to the rise in commercial activity in small and medium enterprises by14% to 16%. It will increase the number of new establishments by between 5% and 6%, in addition to raising the total number of restaurants business by about 11% and equivalent to 68 billion riyals per year, increasing the economic value of the entertainment sector by 9% to reach 100 billion riyals annually.
Current market regulations require shops to close for six hours a day, starting at midnight until 6 am, with exceptions for pharmacies, fuel stations and restaurants on main roads outside cities.
According to official statistics, about 500 thousand establishments are operating in the domestic trade sector in the Kingdom. The majority of which are included in the retail activity and the number of employees in these establishments is 2 million Saudi and foreign workers.