Saudi-British joint business council unveils new initiatives

Britain’s Prime Minister Theresa May and Saudi Arabia’s Crown Prince Mohammed bin Salman hold a meeting with other members of the British government and Saudi ministers and delegates inside number 10 Downing Street. The visit aims to strengthen business ties between the two countries. (Pool)
Updated 07 March 2018
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Saudi-British joint business council unveils new initiatives

LONDON: The Saudi-British Joint Business Council (SBJBC) on Wednesday unveiled a number of initiatives to develop two-way trade with the UK.
The disclosures, following a special meeting in London, were designed to coincide with the visit to Britain by Saudi Crown Prince Mohammed bin Salman.
Developments included a memorandum of understanding (MoU) between the Council of Saudi Chambers, British Chambers of Commerce and SAGIA (Saudi Arabian General Investment Authority) to facilitate trade and investment; an MoU between SBJBC UK and Institutional Investor to promote deal flow and knowledge exchange in the technology sector and further action to support SME development including SBJBC’s third SME Partnership Forum in London on April 24.
That event aims to bring together innovative Saudi and British SMEs in sectors spanning smart cities, fintech, cybersecurity and e-commerce.
Also, support was expressed for conferences in London on April 9 to promote opportunities under Saudi Aramco’s IKTVA local content program, and on April 16 to present opportunities under Saudi Arabia’s renewable energy program.
Majed Al-Qasabi, minister of commerce, Mohammed Al-Tuwaijri, minister of economy & planning and Ibrahim Al-Omar, governor of SAGIA, attended the meeting and updated members on recent reforms.
Members expressed their determination to build on the Crown Prince’s visit to increase business-to business cooperation in support both of Saudi Vision 2030 implementation, and the UK’s post-Brexit trade relations.
SBJBC is a not for profit and private sector membership association with over 150 Saudi and British members dedicated to the development of business relations at all levels between Saudi Arabia and the UK.


Companies in Oman need government permission before hiring expats

Updated 09 December 2018
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Companies in Oman need government permission before hiring expats

  • A new traffic light-themed online system is currently being rolled out in Oman, in which companies’ Omanization quotas are being monitored
  • “The new system focuses on enhancing Omanization rates in the private establishments”

DUBAI: Oman-based companies will have to secure the Ministry of Manpower’s go ahead before they can hire expats, local daily Times of Oman reported this week.
A new traffic light-themed online system is currently being rolled out in Oman, in which companies’ Omanization quotas are being monitored.
Under this new system, companies that meet Omanization standards set by the government will receive a green signal online, allowing them to proceed with hiring expat employees.
Companies with unclear Omanization policies will be given a yellow signal, while companies that fall short of meeting their quotas will receive a red signal, barring them from moving forward with hiring expat employees.
“The new system focuses on enhancing Omanization rates in the private establishments,” said a ministry spokesperson.
The step taken by the government is part of the Omanization drive to recruit more of its citizens in private companies, a similar push is underway across the GCC where countries like Saudi Arabia and Kuwait have also been trying to increase the number of nationals in private sector employment.

Earlier this year, expat workers in the country faced a six-month visa ban across 87 industries, including media, engineering, marketing and sales, accounting and finance, IT, insurance, technicians, administration and HR.