Saudi Arabia jumps up global talent league

Saudi Arabia leapfrogged the UAE in 30th place for the first time and closed the gap on Qatar in 26th position. (SPA)
Updated 19 November 2019

Saudi Arabia jumps up global talent league

  • The Kingdom rose five places in the annual survey

DUBAI: Saudi Arabia has jumped up the global league tables for the quality of its business executives, as measured by the International Institute for Management Development (IMD), the prestigious Swiss business school, in its 2019 World Talent Ranking.

The Kingdom rose five places in the annual survey, leapfrogging the UAE in 30th place for the first time and closing the gap on Qatar in 26th position.

The IMD’s improved rating for Saudi Arabia comes after the Kingdom jumped up the World Bank’s “doing business” ratings and an improved performance in the World Economic Forum’s global competitiveness rankings.

IMD said that Saudi Arabia showed improvements in the investment and development categories it judges, as well as readiness for economic and managerial change.

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Switzerland was first placed in the IMD rankings, followed by Denmark and Sweden.

It also scored high on the availability of apprenticeships, the prioritization of employee training, access to specialist skills and the availability of senior managers with international experience and finance skills.

In terms of its appeal to executive talent, however, Saudi Arabia was further down the placings.

Jose Caballero, senior economist at the IMD competitiveness center, told Arab News that Saudi Arabia could improve its appeal by “encouraging its private sector to prioritize talent attraction and retention, as well as focusing on increasing the levels of worker motivation, and the quality of life it offers.”

He added: “The talent potential of Saudi Arabia is captured in one of the Vision 2030’s key themes: A vibrant society, with strong foundations, especially in relation to education.”

But despite spending a big proportion of its GDP on
education, expenditure per student is relatively low, as is the quality of secondary schools and teacher-pupil ratios. The Kingdom ranks comparatively low down the ratings for adult literacy, Caballero added.

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Oil up on slowing pace of coronavirus, Venezuela sanctions

Updated 20 February 2020

Oil up on slowing pace of coronavirus, Venezuela sanctions

  • Financial analysts say epidemic is likely to deal a ‘short-term blow’ to global economy

LONDON: Benchmark Brent oil prices rose for a seventh consecutive day after demand worries eased with a slowing of new coronavirus cases in China and supply was curtailed by a US move to cut more Venezuelan crude from the market.

Brent was up 71 cents at $58.46 a barrel at 1510 GMT. The global benchmark has risen nearly 10 percent since falling last week to its lowest this year. US oil was up 53 cents at $52.58 a barrel.

“Those in doubt of the economic impact from the virus should take heed from Apple’s surprise sales warning ... Put simply, this is the surest sign yet of the coronavirus fallout on the global economy,” said PVM analysts in a note.

S&P Global Ratings said it expected coronavirus would deliver a “short-term blow” to economic growth in China in the first quarter, echoing findings by the International Energy Agency.

Official data showed new cases in China fell for a second straight day, although the World Health Organization said there was not enough data to know if the epidemic was being contained.

The oil market price structure is also showing signs that prompt demand for oil is picking up, as the front-month Brent futures market is moving deeper into backwardation, when near-term prices are higher than later-dated prices.

This week, oil prices were also buoyed by a US decision to blacklist a trading subsidiary of Russia’s Rosneft, which President Donald Trump’s administration said provided a financial lifeline to Venezuela’s government.

Hopes that the Organization of the Petroleum Exporting Countries (OPEC) and allied producers would deepen supply cuts also supported prices.

The grouping, known as OPEC+, has been withholding supply to support prices and meets next month to decide a response to the downturn in demand resulting from the coronavirus epidemic.

But in the US, which is not party to any supply cut agreements, oil production has been rising. US shale production is expected to rise to a record 9.2 million barrels a day next month, the Energy Information Administration said.