Deal signed to localize 80,000 jobs in real estate, contracting

The deal aims to motivate growth in the real estate, contracting sector. (SPA)
Updated 24 January 2019
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Deal signed to localize 80,000 jobs in real estate, contracting

  • The deal aims to increase the Saudization rate and motivate growth in the real estate and contracting sectors

JEDDAH: A memorandum of cooperation (MoC) was signed on Wednesday to localize 80,000 jobs for men and women in the real estate and contracting sectors starting this year until the end of 2020. 

The MoC aims to increase the Saudization rate and motivate growth in the real estate and contracting sectors. 

It was signed by the Ministry of Labor and Social Development, the Housing Ministry, the Human Resources Development Fund (HRDF), the Council of Saudi Chambers (CSC) and the Saudi Contractors Authority (SCA).

The signing ceremony was attended by Housing Minister Majed Al-Hogail, Labor and Social Development Minister and HRDF Chairman Ahmed bin Suleiman Al-Rajhi, Deputy Labor and Social Development Minister Dr. Abdullah bin Nasser Abuthnain, and SCA Chairman Osama bin Hassan Al-Afaliq, among others.

Under the MoC, the partners will work to localize human capital in the real estate and contracting sectors, providing job opportunities for Saudis, and improving employees’ skills.

The MoC’s clauses provide for coordination between the relevant parties to monitor the impact of Saudization on the sectors, issue legislation and regulations to achieve targets, and increase employment rates. 

The partners agreed to form a joint team of specialists to develop a working mechanism, provide a detailed plan to ensure effective implementation, and submit regular progress reports.


Saudi Crown Prince Mohammed bin Salman touches down in India

Updated 50 min 57 sec ago
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Saudi Crown Prince Mohammed bin Salman touches down in India

NEW DELHI: Crown Prince Mohammed bin Salman arrived in India on Tuesday for the second stage of his Asia tour.

He was greeted by Prime Minister Narendra Modi after his plane touched down at Air Force Station Palam in New Delhi at about 9.15 p.m. local time.

The crown prince is expected to announce a $1 billion investment in India’s infrastructure and farming sectors during his first visit to the nation.

He is accompanied by leading Saudi businessmen and officials.

India is hoping the crown prince will announce an investment in its National Investment Infrastructure Fund (NIIF), a sovereign wealth fund that includes private companies and foreign investors.

The Kingdom is India’s top energy supplier and home to more than 3.5 million Indian expatriates. 

Saudi Arabia's embassy in New Delhi tweeted a collection of Indian citizens welcoming the crown prince to their country for his first state visit.