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RIYADH: Saudi Arabia’s Al-Jouf province recorded a 15 percent year-on-year growth in commercial activity in 2024 thanks to successful regional economic initiatives, new data showed.

Released by the Vision Realization Office in Al-Jouf, the study also indicated a significant increase in the growth rate of new commercial registrations in the region, reaching 98 percent, the Saudi Press Agency reported.

This falls in line with promoting development and growth while encouraging private economic activity across all regions of the Kingdom, in line with Saudi Vision 2030.

It also aligns with the region’s role as the northern gateway to the Kingdom, connecting it to Jordan and facilitating trade through the Al-Haditha land port. This terminal is the third busiest in the nation, handling $247 million in imports and exports in 2019, according to Invest Saudi.

The study monitored the growth of funded projects across the region, with 478 initiatives, and support for existing undertakings with liquidity estimated at SR22.05 million ($5.88 million).

Small and medium-sized enterprises recorded a 33 percent growth in 2024 compared to 2023, while the share of women-funded projects reached approximately 52 percent, a clear indicator of the empowerment of Saudi females.

The analysis primarily attributed these gains to the efforts and commitment of the region’s governor, Prince Faisal bin Nawaf bin Abdulaziz.

This comes as he worked on translating the generous directives into reality, serving the interests of citizens. He urged the branches of ministries and relevant agencies to harness all resources to overcome challenges and find appropriate solutions.

The governor also monitored the implementation of projects that serve the Al-Jouf region, its governorates, and centers, both investment- and development-oriented, as well as prevented any failures, achieving their set goals.

In March, Prince Faisal said that Saudi Arabia’s Al-Jouf province offers a fertile investment landscape due to abundant renewable energy and a robust food supply.

At the time, he highlighted that the region offers many investment opportunities and competitive advantages. He also emphasized that Al-Jouf has implemented various initiatives to overcome challenges for potential investors, with coordinated efforts across multiple government sectors.

The official also underlined at the time that the Al-Jouf region is actively fostering innovative investments through unique and pioneering projects. He emphasized that these endeavors will create future employment prospects for both male and female youth in the region and the nation at large.

RIYADH: Qatar’s inflation eased by 1.15 percent year on year in January, with the consumer price index settling at 107.45 points, driven by declines in food, housing, and transport costs, official figures showed. 

According to the National Planning Council’s latest report, the monthly CPI also dropped by 2.53 percent, primarily due to a decline in housing, water, electricity, and other fuels — which fell by 2.53 percent from December. 

The slide comes as Qatar is projected to record the lowest inflation in the Gulf Cooperation Council region this year, averaging 1.4 percent — below the GCC’s 1.9 percent and the wider Arab region’s 8.5 percent, according to Kamco Invest.

The International Monetary Fund expects Qatar’s inflation to stabilize around 2 percent over the medium term, supported by LNG expansion, public investment, and a strengthening tourism sector, according to a release in February.

The National Planning Council’s report stated: “Reviewing the main changes in the CPI for the month of January 2025 compared with the previous month, findings show five categories decreased, six categories increased, and stability in one category.”

Food and beverage prices recorded a 2.75 percent monthly drop, while recreation and culture saw the sharpest decline at 14.87 percent. Clothing and footwear prices fell by 1.13 percent, and furniture and household equipment dipped 0.77 percent. The restaurants and hotels sector also saw a slight decrease of 0.55 percent. 

Conversely, several categories recorded price increases including miscellaneous goods and services which rose by 1.93 percent, health by 0.91 percent, and transport by 0.61 percent. 

Housing, water, electricity, and other fuels saw a slight uptick of 0.11 percent, while communication and education prices remained relatively stable, with marginal increases of 0.09 percent and 0.02 percent, respectively. Tobacco prices remained unchanged. 

Year-on-year figures showed notable shifts across key sectors, with the annual CPI declining by 1.15 percent. 

The drop was mainly driven by a 5.44 percent decrease in food and beverage prices, while housing, water, electricity, and other fuels fell by 4.67 percent. 

Recreation and culture recorded a decline of 4.29 percent, followed by restaurants and hotels, which dropped by 1.82 percent. 

Furniture and household equipment fell by 1.73 percent, while transport costs were down by 1.01 percent. 

At the same time, miscellaneous goods and services surged 7.92 percent, communication saw a sharp increase of 18.68 percent, and clothing and footwear rose 1.91 percent. 

Education costs climbed 1.70 percent, while health recorded a slight increase of 0.04 percent. 

The CPI excluding housing, water, electricity, and other fuels stood at 111.76 points in January, reflecting a monthly decline of 3.09 percent and an annual drop of 1.80 percent. 

Despite the minor downward adjustments across multiple sectors, the council emphasized that consumer prices remain stable, with inflation largely contained within expected levels.