Allowing Saudi women to drive could help the kingdom reap as much income as selling shares in Saudi Aramco.
The move, which went into effect on Sunday, could add as much as $90 billion to economic output by 2030, with the benefits extending beyond that date, according to Bloomberg Economics. Selling as much as 5 per cent stake in Saudi Arabian Oil Co. - at the most optimistic valuation - could generate about $100 billion.
Saudi Arabia ended its status as the last country on earth to prohibit women from taking to the wheel.
“Lifting the ban on driving is likely to increase the number of women seeking jobs, boosting the size of the workforce and lifting overall incomes and output,” according to Ziad Daoud, Dubai-based chief Middle East economist for Bloomberg Economics.
“But it’ll take time before these gains are realized as the economy adapts to absorbing a growing number of women seeking work.”
Ending the ban is one of the most socially-consequential reforms implemented by Saudi Arabia’s Crown Prince Mohammed bin Salman. It’s also a key part of his plan to veer the economy from its reliance on oil.
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Saudi Arabia drivers ban:
Saudi Arabia lifts ban on women drivers - live updates
Road to reform: How Saudi Arabia lifted the ban on women drivers
Lifting of Saudi driving ban will be felt across GCC borders
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Ziad Daoud, Bloomberg Economics, said, “The participation of women in Saudi Arabia’s labour market is poor. With only 20 per cent of females in Saudi Arabia economically active, the country even lags behind its neighbours in the Gulf, where participation averaged 42 per cent in 2016. Recognizing this, the Saudi administration made raising the female participation rate one of its main targets in the National Vision 2030 program, designed to modernize Saudi society.”
Adding 1 percentage point to the Saudi participation rate every year might add about 70,000 more women a year to the labour market, according to Daoud. The larger participation of women will lift potential economic growth by as much as 0.9 percentage points a year, “depending on the proportion that chooses to work full or part-time,” he said.
Saudi Energy Minister Khalid Al-Falih said ending the ban means “women will be more empowered and more mobile and I think they will participate more in the job market over time, so I think it’s going to contribute to the employment of females in Saudi Arabia.
“A secondary effect will probably be higher gasoline demand,” Al-Falih said in Vienna, where he was attending an OPEC meeting.
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The%20specs
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The Baghdad Clock
Shahad Al Rawi, Oneworld
MANDOOB
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COMPANY%20PROFILE
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Stage 3 results
1 Adam Yates (GBR) Mitchelton-Scott 4:42:33
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:03
3 Alexey Lutsenko (KAZ) Astana 0:01:30
4 David Gaudu (FRA) Groupama-FDJ
5 Rafal Majka (POL) Bora-Hansgrohe
6 Diego Ulissi (ITA) UAE Team Emirates 0:01:56
General Classification after Stage 3:
1 Adam Yates (GBR) Mitchelton-Scott 12:30:02
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:07
3 Alexey Lutsenko (KAZ) Astana 0:01:35
4 David Gaudu (FRA) Groupama-FDJ 0:01:40
5 Rafal Majka (POL) Bora-Hansgrohe
6 Wilco Kelderman (NED) Team Sunweb) 0:02:06
Other key dates
-
Finals draw: December 2
-
Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
Mohammed bin Zayed Majlis
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Sri Lanka Test squad:
Dimuth Karunaratne (stand-in captain), Niroshan Dickwella (vice captain), Lahiru Thirimanne, Kaushal Silva, Kusal Mendis, Kusal Janith Perera, Milinda Siriwardana, Dhananjaya de Silva, Oshada Fernando, Angelo Perera, Suranga Lakmal, Kasun Rajitha, Vishwa Fernando, Chamika Karunaratne, Mohamed Shiraz, Lakshan Sandakan and Lasith Embuldeniya.
T20 WORLD CUP QUALIFIER
Results
UAE beat Nigeria by five wickets
Hong Kong beat Canada by 32 runs
Friday fixtures
10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey
7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman
Brief scores:
Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)
England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)
Result: Scotland won by six runs
SPECS
%3Cp%3EEngine%3A%20Twin-turbocharged%204-litre%20V8%3Cbr%3EPower%3A%20625%20bhp%3Cbr%3ETorque%3A%20630Nm%3Cbr%3EOn%20sale%3A%20Now%3Cbr%3EPrice%3A%20From%20Dh974%2C011%3C%2Fp%3E%0A