Young Saudis reluctant to take risks at work compared to older generation, new study reveals

Young Saudis reluctant to take risks at work compared to older generation, new study reveals
Thompson and Al-Moaibed conducted a series of interviews from July to October 2020 to look at variations in attitudes and priorities to work with reference to cultural factors. (Shutterstock)
Short Url
Updated 14 September 2021

Young Saudis reluctant to take risks at work compared to older generation, new study reveals

Young Saudis reluctant to take risks at work compared to older generation, new study reveals
  • The perception of good and bad jobs are influenced by social factors such as educational background or socioeconomic class or gender, according to Dr. Mark Thomspon

JEDDAH: Young Saudis need educating about risk-taking in seeking work or starting a business, and linking this to traditions, values and aspirations can help remove some of the stigma and reluctance around risk-taking, a virtual conference on Monday heard.

What is perceived to be ‘a good job,' or ‘a bad job' is evolving in society all the time, the Good Jobs and Bad Jobs”: Employment Attitudes, Perceptions and Priorities in Saudi Arabia virtual conference hosted by King Faisal Center for Research and Islamic Studies heard.

The perception of good and bad jobs are influenced by social factors such as educational background or socioeconomic class or gender, according to Dr. Mark Thomspon, senior research fellow and head of the socio economic unit at the center, who Dr. conducted research and focus groups with Hanaa Al-Moaibed, research fellow at the center.

Between the younger and older generation, the research showed that a common factor is risk taking.

“Older interviewees talked about leaving their families from a very young age and moving somewhere where there was an economic opportunity and there’s great risk in that,” said Al-Moaibed.

She explained there is a risk that one might not come home, and there is also a risk that one might fail there and not be able to send back remittances, which was for many the purpose of taking the risk.

“There’s also a risk that you get to wherever it was that you were going and you wouldn’t find anybody that wanted to partner with you and do business with you, whether it was traveling for a job or traveling to create business partnership in places like India,” she said.

“We know that there are many people who also consider the impact work has on their family life or social integration, and health. We’ve got historical or deep rooted perceptions of work. These can influence the way that people respond to job opportunities and which employment sectors they prefer,” said Thompson.

She added: “We are focusing so much on what young people are doing today. Linking it back to historical traditions and actual values and aspirations would probably then alleviate some of that stigma. It would really allow young people to fully understand that there is a great reward in taking risks.”

Thompson and Al-Moaibed conducted a series of interviews from July to October 2020 to look at variations in attitudes and priorities to work with reference to cultural factors including region of origin, access to education and employment opportunities.

They also conducted a multiple choice question survey online with approximately 700 respondents, around 70 percent of these were male and 30 percent female, “and this actually mirrors the official Saudi labor market statistics for the second quarter of 2020,” Thompson said.

He said: “This particular paper follows on previous research by both myself and Dr. Hanaa about employment attitudes in Saudi Arabia particularly amongst young people. During my travels around the Kingdom doing research and focus groups, employment has always been a number one priority for young Saudis.”


Bezos donates $443m to fight climate change 

Bezos donates $443m to fight climate change 
Updated 15 sec ago

Bezos donates $443m to fight climate change 

Bezos donates $443m to fight climate change 

JEDDAH: Jeff Bezos has handed over $443 million to climate organizations as part of his $10 billion commitment to tackle global warming.

About $130 million is allocated to help the Justice40 initiative, an environmentally focused effort by President Joe Biden’s administration, according to Bloomberg.

Another $261 million will fund a plan to protect 30 percent of land and sea by 2030, concentrating on the Congo Basin and tropical Andes. 

The world’s second-richest person gave out $791 million to 16 organizations last year, promising to distribute the full $10 billion amount by 2030, Bloomberg reported.


UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 
Updated 12 min 6 sec ago

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

RIYADH: Egyptian billionaire Naguib Sawiris has announced a $100 million deal with Abu Dhabi’s Chimera for investment in Egypt’s real estate.

Through its subsidiary, Chimera subscribed to a capital increase in Egypt’s Gemini Global Development in return for acquiring a minority stake in the company, Asharq reported.

This capital increase aims to develop and expand the real estate activities of Gemini Global Development Egypt through Ora Developers.

Naguib Sawiris said Ora Developers has always aimed to search for opportunities that expand their offerings to a larger base of customers in various markets, while partnering with global investors, contractors and retailers. 

“Through this partnership, Chimera continues to grow and further enhance its global portfolio by investing in a prominent player operating in a high growth sector in Egypt,” Chimera Chairman Syed Basar Shueb said. 


BitMart pledges to compensate users for $150m hack: Crypto Wrap

BitMart pledges to compensate users for $150m hack: Crypto Wrap
Updated 34 min 7 sec ago

BitMart pledges to compensate users for $150m hack: Crypto Wrap

BitMart pledges to compensate users for $150m hack: Crypto Wrap

RIYADH: Crypto exchange BitMart has experienced a security breach that has led to hackers withdrawing around $150 million in cryptocurrency, Bloomberg reported.

Blockchain security firm PeckShield estimates the total loss could run as high as $200 million.

Last week, BitMart closed a Series B funding round led by New York-based private equity firm Alexander Capital Ventures that valued the crypto exchange at more than $300 million.

BitMart will use its own funding to compensate users affected by this hack, according to CEO Sheldon Xia's tweet.

“No user assets will be harmed,” he tweeted, adding the company expects to resume deposit and withdrawal functions on Tuesday.

Also last week, crypto lender Celsius network, which has raised funds from major investors including Canadian pension fund Caisse de Dépôt et Placement du Québec, confirmed that it lost funds as a result of the hack of BadgerDAO, a decentralized finance platform.

Mining

Authorities in Russia and Ukraine have shut down a number of farms involved in the illegal mining of cryptocurrencies allegedly powered by stolen electricity.

"An audit revealed an unauthorized connection to the power grid, theft of electricity and illegal seizure of land for the operation of equipment designed to perform cryptographic calculations related to the mining of digital currencies," Ekaterina Korotkova from the Moscow Interregional Transport Prosecutor’s Office said.

The cost of illegally consumed electricity used to operate mining equipment exceeds 500,000 rubles per day ($7,000), Korotkova explained.

The authorities have filed a criminal case and intend to prosecute the owners of the crypto-mining facility.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Tuesday, rising by 5.39 percent to $51,010 at 4:43 p.m Riyadh time.

Ether, the second most traded cryptocurrency, traded at $4,355, up 7.47 percent, according to data from Coindesk.


Hilton plans to boost Saudi hotel portfolio, says tourism minister

Hilton plans to boost Saudi hotel portfolio, says tourism minister
Updated 35 min 55 sec ago

Hilton plans to boost Saudi hotel portfolio, says tourism minister

Hilton plans to boost Saudi hotel portfolio, says tourism minister

RIYADH: Hilton plans to increase the number of its hotels in Saudi Arabia from 15 to 75, the Saudi tourism minister said on Tuesday.

 


Saudi sukuk market sees three special deals worth $13.7m

Saudi sukuk market sees three special deals worth $13.7m
Updated 42 min 18 sec ago

Saudi sukuk market sees three special deals worth $13.7m

Saudi sukuk market sees three special deals worth $13.7m

RIYADH: Three special deals were completed on Tuesday in the Saudi sukuk and bond market, with a total value of SR51.7 million ($13.7 million), Argaam reported.

Special deals are orders executed when a seller and a buyer agree to trade specific securities at a certain price in order to comply with the Saudi Stock Exchange, Tadawul. 

Tadawul reported that controls and the regulations are issued by the relevant Capital Market Authority. 

Also, special deals do not affect the price of the last deal, the highest or lowest price of the instrument, the opening or closing price, the market index or sector indices.