MHPS sees Saudi youth taking up the challenge of leadership

Mitsubishi Hitachi Power Systems’ Turbine Rotor Repair Facility in Dammam. (Supplied)
Updated 21 November 2018

MHPS sees Saudi youth taking up the challenge of leadership

  • MHPS Saudi Arabia said it was training and preparing young Saudi employees who could eventually take over operations in the Kingdom
  • MHPS’ Khalid Salem: We will develop some of the youth that we have into much larger roles of leadership and decision-making on the day-to-day running of the business

DUBAI: The local subsidiary of Mitsubishi Hitachi Power Systems, MHPS Saudi Arabia, says that Saudi youth will take more local leadership and take control of the business in the next three to five years.
Following the initiative of Vision 2030 to develop Saudi youth in the professional sector, the company said it was training and preparing young Saudi employees who could eventually take over MHPS operations in the Kingdom.
“The cornerstone of this is developing some of the youth that we have into much larger roles of leadership and decision-making on the day-to-day running of the business,” Khalid Salem, deputy general manager at the Dubai branch of MHPS, told Arab News.
Saudi Arabia in recent years has rolled out strategies to diversify its economy to sustain growth and development. In 2016, Crown Prince Mohammed bin Salman publicized plans to achieve economic diversification through Vision 2030.
During King Salman’s opening speech on Monday at the Shoura Council, he applauded Vision 2030 and its plan to cut unemployment.
“You are aware of the efforts of the state to create job opportunities and we directed the crown prince, the president of the Economic Development Affairs Council, to concentrate and develop the human capabilities and prepare the new generation for future jobs.”

Salem explained that the potential in Saudi Arabia is already present.  

“I have been in the power business for more than 20 years, and the trend towards hiring more and more Saudi youth has seen exponential growth,” he said.

“The talent is there, the opportunities are there, we just have to mix and match them.”


IMF experts visit Lebanon amid worsening economic crisis

Updated 20 February 2020

IMF experts visit Lebanon amid worsening economic crisis

  • IMF team will provide broad technical advice
  • Lebanon has not requested IMF financial assistance

BEIRUT: A team of IMF experts met Prime Minister Hassan Diab on Thursday at the start of a visit to provide Lebanon with advice on tackling a deepening financial and economic crisis, an official Lebanese source said.

The IMF has said the team will visit until Feb. 23 and provide broad technical advice. Lebanon has not requested financial assistance from the Fund.

The long-brewing economic crisis spiraled last year as capital flows into the country slowed and protests erupted against the ruling elite over decades of corruption and bad governance.

Diab’s government, which took office last month, must decide what to do about upcoming debt payments, notably a $1.2 billion dollar-denominated sovereign bond due on March 9.

Lebanese President Michel Aoun meanwhile said on Thursday measures would be taken to hold to account all those who contributed to Lebanon’s financial crisis through illegal actions be they transfers abroad, manipulation of Eurobonds or other acts.

“There is information that we are still in need of with regards to the banking situation. There are measures that we will take to hold to account all who participated in bringing the crisis to where it is,” Aoun said, according to his Twitter account.

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One of Lebanon’s most influential politicians, Parliament Speaker Nabih Berri, said on Wednesday that debt restructuring was the best solution for looming maturities.

Lebanon will on Friday review proposals from firms bidding to give it financial and legal advice on its options, a source familiar with the matter said on Thursday. The government aims to take a quick decision on who to appoint, the source said.

So far, firms bidding to be Lebanon’s legal adviser are Dechert, Cleary Gottlieb, and White and Case, the source said.

Lebanon has issued requests for proposals to seven firms to provide it with financial advice.

The government on Wednesday formed a committee tasked with preparing an economic recovery plan that includes ministers, government officials, a central bank representative and economists, according to a copy of a decree seen by Reuters.