Saudi Arabia strikes $1bn Korean engineering deal

Updated 25 October 2017

Saudi Arabia strikes $1bn Korean engineering deal

RIYADH: Saudi Arabia’s Public Investment Fund (PIF) has shelled out $1 billion for a 38 percent stake in Posco E&C, the construction arm of the giant South Korean steelmaker Posco.
The deal is driven by the Korean company’s drive to expand in the Middle East and comes as Posco E&C, in which Posco holds an 89.53 percent stake, plans to go public to bolster its balance sheet.
Speaking on the sidelines of the Future Investment Initiative forum in Riyadh on Tuesday, Posco head Ohjoon Kwon confirmed earlier media reports that the South Koreans would make a meaningful contribution to the Kingdom’s “Saudi Vision 2030” economic program by engaging in various construction projects.
The company has already invested $14 million for a 40 percent share in a joint venture with PIF called “Posco E&C Saudi Arabia,” revealed Kwon. The PIF holds the remaining 60 percent.
“Posco aspires to create business opportunities and contribute to the Saudi National Transformation Program through knowledge transfer and best practice sharing,” Kwon said.
He said he looked forward to sharing the means by which South Korea undertook economic diversification after being as reliant on agriculture as Saudi Arabia is on oil today.
He believed KSA had a taken a first step towards the development of its steel industry, “which is the very foundation of any industrialization effort.”
Posco, he added, was currently working with a Saudi Arabian developer on an urban development project within the Riyadh metropolitan region. 

Saudi Civil Service Ministry links up with 90 other agencies

Updated 13 December 2019

Saudi Civil Service Ministry links up with 90 other agencies

RIYADH: The Ministry of Civil Service, through a strategic partnership with the e-government program “Yesser,” has linked central databases with 90 government agencies representing more than 86 percent of public sector employees.

The database connection was secured after the agencies completed the requirements for sending human resources data through the government integration channel according to the classification of groups specified by the ministry.

The ministry, represented by its Digital Transformation Agency, has provided more than 27 electronic services on its website, serving government agencies and public sector employees.

This includes the “Eltizam” (commitment) service to provide human resources data including personnel data, jobs, salaries, qualifications, leave and performance evaluation.

There is also the “My Career Data” platform, which enables civil servants and human resources specialists to review and correct data, providing access to historical career records and administrative transactions.

King Salman recently issued directives to government agencies to complete electronic connectivity with the Ministry of Civil Service, to provide human resources data within 120 days.


What is Yesser?

It is a program that works as a link among Saudi government agencies in their e-transition journey. Yesser establishes, develops and manages several e-government initiatives and products in Saudi Arabia using the highest technical and security standards.