Tadawul index inches higher

Updated 25 April 2013
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Tadawul index inches higher

Saudi stocks hovered in small gains and losses yesterday, almost a repeat of previous day’s flat performance which turned positive and the day ended in green.
The Tadawul All-Share Index (TASI) inched up to 7,127.68 points, showing an increment of 3.28 points or 0.05 percent growth for the entire day.
It wavered within a narrow range of 20 points yesterday.
Micro Cap performed worst among the market cap indices, declining more than one and half percent.
Saudi sector indices performed in a mixed fashion, with six sectors accumulating an aggregate of 193.5 points and nine sectors trimming 338.6 points collectively.
Cement came out as the best performing sector of the day, advancing 1.63 percent or 104 points to close at 6,503.11.
City Cement Co, Hail Cement and Northern Region Cement were key gainers in this sector, surging up by 6.2 percent, 4.4 percent and 2.4 percent respectively.
Northern with trades over 16 million shares positioned itself among the most active stocks, closing the day at SR 19.3 and ranking third.
On the other negative side, Media and Publishing sector continued its downward fall, going down further by three percent and closing at 3,027.66.
Transport and Multi-Investment sectors followed it, declining nearly two percent.
Market breadth with advance-decline ratio of 0.65:1 remained slightly negative.
Saudi Indian Company for Co-operative Insurance (WAFA Insurance) played well among all Saudi companies, marching higher by 7.36 percent to close the day at SR138.5.
On the other side of the spectrum, Tihama Advertising & Public Relations Co. suffered the greatest amount of damages in a consecutive manner, turning down 9.67 percent further.
Tihama also topped the value chart, contributing SR 619.6 million, which is around 10 percent of the overall market value.


Industry-specific ban on expats in Oman likely to remain, despite reaching recruitment target

Updated 36 min 33 sec ago
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Industry-specific ban on expats in Oman likely to remain, despite reaching recruitment target

  • The Oman government imposed a recruitment ban on expats for 87 different lines of work in January
  • The initial target of recruiting 25,000 Omanis by May is almost reached, not the government is likely to double that number

DUBAI: Oman’s Ministry of Manpower has pledged to continue in its push to recruit locals over expats even after its target was reached, the Times of Oman has reported.

The government set itself a deadline of May, but it was already just 55 jobs shy of the 25,000 target, the report added, predicting that the remaining people would be appointed before the week was over.

Now the government is looking to double the target to 50,000 Omanis.

More than half of those recruited are men, according to government data, with male appointments accounting for 16,884, while 8,061 women were recruited during the same period. 

A ban on hiring expats in 87 professions was implemented in January as the Gulf country continued in its Omanization project, aimed at tackling high levels of unemployment among locals. 

And now the ministry has said Omanis should always be given priority over expats, when it came to hiring – adding that the ban would stay in force as long as there were Omanis suited to the positions.

Those people employed so far were appointed to private sector positions between December 2017 and April 2018, the report added.

 

 

The construction industry accounts for 32.4 percent of those recruited, with 14.5 percent going into the retail sector, 13.5 percent in manufacturing and 7.1 percent working in transportation.

A spokesman for the Ministry of Manpower said: “Most Omanis were hired in the construction sector as it has lots of job vacancies especially in the engineering, technical and administration fields.”

The push in Oman to recruit more locals is in line with other Gulf Cooperation Council (GCC) countries which are following similar projects, not least in Saudi Arabia and the UAE.

 

 

Decoder

An extension to the expat recruitment ban?

Not only is Oman’s Ministry of Manpower considering extending the current recruitment ban on expats for 87 professions, but also adding other lines of work to the list.

FACTOID

In numbers

The most recent census in 2016 put the Oman population at: 4,550,538. But expats account for nearly half at 2.082 million. There are 2.463 million Omanis