AB Espresso: Saudi PIF creates over 730,000 new jobs

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Check out the latest updates from Arabian Business, where our editorial team has compiled the region's developments from Monday:

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has made significant strides in job creation, generating over 730,000 new employment opportunities as part of its efforts to support the Kingdom’s economic transformation. This achievement aligns closely with the objectives of Saudi Vision 2030, the country’s ambitious plan for economic diversification and reduced dependence on oil.

Meanwhile, NEOM, the sustainable city being built in Saudi Arabia, has ordered eight Candela P-12s, the world’s first electric hydrofoil ship, to service its planned water network. This is the largest order received by the Stockholm-based Candela Technology AB in the company’s history.

Aside from this, the anonymous founders of the Shiba Inu cryptocurrency announced their intention to hand over control to the community by the end of the year in an interview on the AB Majlis podcast. This comes as part of their vision for true decentralisation in the crypto space. Shytoshi Kusama, one of the key figures behind the popular meme coin, stated.

On the real estate front, Tokenisation is the new buzzword in Dubai’s real estate sector, fast gaining traction with investors to own properties in the city through stablecoins and tokens on blockchains, with estimates of over 8 percent return on investments, industry experts said. The rise of tokenisation and blockchain technology in Dubai – and the larger UAE – is also boosting fractional ownership of real estate assets, even encompassing various high-value assets such as vacation homes, they said.

In other news, UAE weather forecasters are expecting rain across parts of the country this week. The National Centre of Meteorology has forecast rainfall from Tuesday until Friday amid continued high temperatures and dusty winds in the UAE. Despite temperatures peaking at more than 46 degrees this week, there will be a gradual reduction in the coming days.

THE LONGER READ:

This comes as millionaire migration surges globally, with the UAE experiencing a notable influx of wealthy residents

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