Saudi fresh graduates to find jobs within a year under new government program

Saudi fresh graduates to find jobs within a year under new government program
Saudi ministers and top officials attend a conference held under the auspices of he Human Capability Development Program. Social media
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Updated 01 October 2021

Saudi fresh graduates to find jobs within a year under new government program

Saudi fresh graduates to find jobs within a year under new government program

RIYADH:  Saudi Arabia is taking measures to ensure that graduates find suitable openings in relevant field within 12 months of their graduation, a Saudi minister revealed.

Minister of Human Resources Ahmed Al-Rajhi said by 2030 the Saudization percentage in high-skilled positions will increase to 40 percent.

Saudi Education Minister Hamad Al-Alsheikh, said the government is considering introducing new rules to facilitate and encourage the culture of continued education.

The ministers were addressing a conference in Riyadh on Monday launched under the auspices of the Human Capability Development Program, which was recently launched by Crown Prince Mohammed bin Salman.

The program’s strategy will be built on three pillars: Developing a resilient and strong educational base, preparing for the future labor market locally and globally, and providing lifelong learning opportunities.Referring to the national capability development plan, the minister said it aims to develop a guidance system for high school students to help them make career choices based on their aptitudes.

He said efforts are underway to introduce regulations to attract global educational institutions in the Kingdom, which will boost competition between the local and foreign universities.

Ahmad Al-Faheed, governor of the Technical and Vocational Training Corp., said the government in partnership with the private sector will design training programs to increase employment rates and enhance competitiveness among Saudi graduates.

Minister of Human Resources Ahmed Al-Rajhi said that a primary goal of the program is to match talent with demand in the market, and in case of failure of matching candidates with available jobs, the program will upgrade their skills.

Industry Minister Bandar Alkhorayef said the aim of the program launched by the Saudi crown prince is to transform the Kingdom’s industrial sector along modern lines. He said the Kingdom has no dearth of talent and the local companies have the potential to compete with their global counterparts.

The minister stressed the importance of adopting modern technology for strong industrial growth. 


TASI falls 4.5% to near 5 month-low: Market wrap

TASI falls 4.5% to near 5 month-low: Market wrap
Image: Shutterstock
Updated 13 sec ago

TASI falls 4.5% to near 5 month-low: Market wrap

TASI falls 4.5% to near 5 month-low: Market wrap

RIYADH: The Saudi stock market ended the session on Sunday, down 4.5 percent or 512 points, to close at 10,788 points.

Some 233.1 million shares changed hands in 407,000 deals, with heavy trading in Al Rajhi bank, Alinma Bank, SABIC.

Today’s decline is the largest in percentage terms and points since May 2020, when the market fell by 7.4 percent and 527 points.

On Friday, global markets suffered sharp losses after the World Health Organization (WHO) warned that Omicron, the new COVID-19 variant with numerous mutations, is likely to resist the current vaccines.

In addition, Brent crude dropped 11.6 percent to $72.72 a barrel, while WTI sank 13 percent to $ 68.15 a barrel.

The parallel Nomu index was down 790 points, or 3.41 percent, It closed at 22,374.24 points, after 313,000 trades.

Most of the shares declined today, led by Al Rajhi Bank and SABIC closing at SR133.80 ($35.6) down 5 percent and SR112 down 6 percent.

Saudi Aramco finished at SR34.90 down 2 percent amid trading of about seven million shares.

Saudi National Bank, Alinma Bank, Riyad Bank, Banque Saudi Fransi, Bank Albilad, Sipchem, Maaden, SABB and SABIC Agri-Nutrients declined between 3 and 6 percent.

Petro Rabigh, Saudi Kayan, JAZADCO and Tasnee were among the top decliners.

Meanwhile, Amana Insurance and Saudi Enaya were top gainers, rising to SR37.30 and SR33.35, respectively.


Saudi Energy Ministry to help SABIC develop renewable energy projects

Saudi Energy Ministry to help SABIC develop renewable energy projects
Updated 3 min 14 sec ago

Saudi Energy Ministry to help SABIC develop renewable energy projects

Saudi Energy Ministry to help SABIC develop renewable energy projects

RIYADH: Saudi Energy Ministry on Sunday signed a memorandum of understanding with the Saudi Basic Industries Corp. to help develop the company’s renewable energy projects. 

SABIC CEO Yousef Al-Benyan said the support from the Energy Ministry would enable the company achieve its net-zero emissions goal.

Al-Benyan said the chemical manufacturing company plans to increase its use of renewable energy to further reduce emissions of greenhouse gases.

All these measures are part of the Saudi Green Initiative. The Kingdom aims to reach net zero in carbon emissions by 2060.  

The main vehicle for the Saudi green initiative is the Circular Carbon Economy, a framework that mitigates carbon emissions but allows different countries to pursue their own economic strategies.


Saudi Arabia’s net foreign assets decline 3.3% in October

Saudi Arabia’s net foreign assets decline 3.3% in October
Updated 11 min 41 sec ago

Saudi Arabia’s net foreign assets decline 3.3% in October

Saudi Arabia’s net foreign assets decline 3.3% in October

CAIRO: Net foreign assets held by the Saudi Central Bank went down by a monthly rate of 3.3 percent to reach SR1.63 trillion ($433 billion) in October, according to newly released data by SAMA.

The central bank’s net foreign assets declined by 2 percent compared to last year’s October.

Commercial banks’ net foreign assets also decreased to SR47.9 billion in October down from SR59.8 billion in the previous month. 

The banks’ net foreign assets nearly halved in value compared to the same month a year ago.

SAMA’s total assets slipped by 2 percent to be valued at SR1.85 trillion in October. This was mainly driven by 11.8 percent decline in the central bank’s deposits with international banks.


OPEC+ likely to be cautious on oil demand at upcoming meeting, Vitol says

OPEC+ likely to be cautious on oil demand at upcoming meeting, Vitol says
Image: Shutterstock
Updated 9 min 35 sec ago

OPEC+ likely to be cautious on oil demand at upcoming meeting, Vitol says

OPEC+ likely to be cautious on oil demand at upcoming meeting, Vitol says
  • Opec+ is a group consisting of both Opec and some of the world's largest non-Opec oil exporting nations

RIYADH: The OPEC+ group is likely to take a cautious stance when deciding next week whether to go ahead with planned production increases following the discovery of a new COVID-19 variant has emerged, Geneva-based oil trader Vitol Group said. 

The new variant, named Omicron, has rattled the oil market globally, pushing prices down to their biggest decline since April 2020. 

There are signs that demand may be weakening in some markets going into the winter months in Asia and Europe, said Mike Muller, the head of the Asia unit at Vitol, as reported by Bloomberg.

The new coronavirus variant will probably lead to more flight cancellations this week, he said.

Several countries have tightened travel restrictions against a number of African countries, following the discovery.

Opec+ is a group consisting of both Opec and some of the world's largest non-Opec oil exporting nations.

“OPEC+ have erred on the side of caution,” Muller said on a weekly webinar by Dubai consultancy Gulf Intelligence.

“Post facto they’ve proven to be right. It is likely they will take into account these fundamentals and the possibility of a demand hit over the winter months.”

OPEC and its partners, including Russia, will meet next week to discuss whether it will implement a planned production increase of 400,000 barrels per day.

 


Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC
Image: Shutterstock
Updated 28 November 2021

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC
  • Goldman Sachs and Barclays are advising National Grid on the sale

RIYADH: Qatar Investment Authority (QIA),  the country’s sovereign wealth fund, may acquire assets of the UK’s National Grid, which operates electricity and natural gas transmission networks, CNBC Arabia reported, citing two unnamed sources.

QIA was part of a consortium of investors that acquired about 61 percent of the British company's gas pipeline assets five years ago.

Now the Qatari fund is competing with other global investment funds, including Macquarie and Equitix, to acquire the gas assets in an estimated $7 billion deal, the sources said. 

Goldman Sachs and Barclays are advising National Grid on the sale, the report added.

This comes amid a protracted energy crisis that has affected the UK and Europe significantly in recent months amid the disruption of global supply chains. 

The country earlier announced it reached an agreement with Qatar to secure its gas needs or 40 percent of the UK’s total energy mix. 

National Grid has a primary listing on the London Stock Exchange and a secondary listing in the form of its American depositary receipts on the New York Stock Exchange.