Search Site

Trends banner

DP World posts record $20bn revenue

The adjusted EBITDA rose by 6.7% to $5.5bn in 2024.

Meraas awards $544m contract

It has been awarded for construction of Design Quarter at d3

Salik 2024 net profit before taxes $348m

The toll operator's revenue increased by 6% to $626 million.

ADNIC okays 45% dividend for 2024

The company achieved its highest ever revenue and net profit.

stc net profit for 2024 $6.58bn

This is an increase of 85.7 percent over the previous year.

Unemployment rate nearly 80 percent in Gaza, says United Nations

A picture taken on April 29, 2023, shows a Palestinian fish vendor at a market in Gaza City. (AFP file)
  • The UN's labor agency said the war between Hamas and Israel had "caused loss of jobs and livelihoods on a massive scale".
  • The average unemployment rate across the West Bank and Gaza combined stood at 50.8 percent, it said.

Geneva, Switzerland — The war in Gaza has seen the unemployment rate in the besieged Palestinian territory surge to nearly 80 percent, the United Nations said Friday.

The UN’s labour agency said the war between Hamas and Israel had “caused loss of jobs and livelihoods on a massive scale”.

Since the war began in October last year, “the unemployment rate in the Gaza Strip has reached a staggering 79.1 percent”, the International Labour Organization said, citing a new brief by the ILO and the Palestinian Central Bureau of Statistics.

In the West Bank, unemployment has reached 32 percent, the ILO added.

The average unemployment rate across the West Bank and Gaza combined stood at 50.8 percent, it said.

However, these figures “do not account for those who have left the labour force altogether as job prospects proved unattainable”, it said.

“The actual number of those who have lost their jobs is therefore even higher than what the unemployment figures suggest.”

‘Collapsed’ labor market

The unemployment update comes as the ILO holds its International Labour Conference from June 3-14.

“In the wake of the horrific Hamas-led atrocities against Israel and the ensuing relentless war waged by Israel, the labor market in Gaza has literally collapsed,” ILO chief Gilbert F. Houngbo said during the conference on Thursday.

“Gaza is in ruins. Livelihoods are shattered and work is scarce. Labor rights have been decimated.

“This has been the hardest year for Palestinian workers since 1967. Never before has the situation been this bleak.”

He called for a job-rich and rights-driven early recovery even while the humanitarian response to the war is still unfolding, saying job creation and decent work out to be at the heart of rebuilding infrastructure and services.

“Of course, none of this will be possible without an end to the current war and the release of all hostages,” Houngbo added.