Saudi unemployment rate remains unchanged at 11.3% in 3Q

Update Saudi unemployment rate remains unchanged at 11.3% in 3Q
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Updated 22 December 2021

Saudi unemployment rate remains unchanged at 11.3% in 3Q

Saudi unemployment rate remains unchanged at 11.3% in 3Q

RIYADH: The jobless rate among Saudis remains unchanged at 11.3 percent in the third quarter, according to offical data from Gastat.

While unemployment was unchanged in total, data showed that both male and female jobless rates among Saudi experienced a sllight drop.

Unemployment in men fell 0.2 percent to 5.9 percent while the it went down by 0.4 percent for women to stand at 21.9 percent.

In a sign of limited mobility among Saudi unemployed nationals, Gastat said that 62.1 percent of unemployed females and 44.9 percent of unemployed males would only accept a commuting time of an hour or less.

The total unemployment rate for both Saudis and non-Saudis stayed the same at 6.6 percent over the same period.

Participation Rate

Moreover, Saudi female participation rate went up by 1.7 percent to 34.1 percent while their male counterparts’ rate slipped by 0.9 percent to hit 65 percent. Among Saudis, labor force participation, which includes males and females, edged up by 0.4 percent to reach 49.8 percent.

Participation rate is the ratio of the labor force, employed and unemployed, to the working-age population – which is comprised of the 15+ population.

New Measure

Employment-to-population ratio is a new indicator presented in Gastat’s unemployment released today.

The authority said that this indicator measures the economy’s performance and its ability to create new jobs. A rising ratio means that job creation is outpacing the growth of the population. It is measured as the ratio of employed people to the working-age population.

Employment-to-population ratio among Saudis experienced an uptick, rising by 0.4 percent to 44.2 percent in the third quarter. While males’ ratio dropped by 0.5 percent to 61.2 percent, the females’ rate rose 1.5 percent to 26.7 percent.

 


Techies in Dubai boast top-dollar salaries 

Techies in Dubai boast top-dollar salaries 
Updated 10 sec ago

Techies in Dubai boast top-dollar salaries 

Techies in Dubai boast top-dollar salaries 
  • Software engineers in Dubai earn nearly 30% more than workers in London, Amsterdam and Berlin

LONDON: Software engineers in Dubai with at least three years of experience earn the third highest salaries in the world compared to other global technology hubs, according to global consulting firm Mercer.

When compared to other global tech hubs such as London, Amsterdam, and Berlin, software engineers in Dubai earn nearly 30 percent more.

This reaffirms the UAE’s ambition to attract top digital talent and become a global tech talent magnet that fuels the digital economy’s growth.

Mercer’s Cost of Living 2022 survey also revealed that while Dubai ranked as the 31st most expensive city to live and work in for expatriates this year, its cost of living remains significantly lower than most tech hubs, including London (seventh), Singapore (eighth), New York (11th), San Francisco (19th), and Amsterdam (25th).

Almost 60 percent of UAE employers provide flexible working, reducing employees’ transportation costs. Dubai is also less expensive in terms of housing and rental costs, which accounts for a significant portion of the cost of living in a city.

“Dubai’s status as a global business hub, coupled with its income tax-free environment, world-class infrastructure, safety, and high quality of life make the emirate a very attractive market for talent,” said Vladimir Vrzhovski, workforce mobility leader at Mercer Middle East.

He added: “The demand for tech talent, in particular, will continue to grow in the UAE given the nation’s drive to be a global capital of the digital economy. Above all, a key incentive for tech talent is the opportunity for a significant uplift in salary when compared to other tech hubs, where the cost of living is higher in terms of transportation and housing.

“While inflation and rising fuel costs are a pressure on the cost of living around the globe, Dubai is building a nurturing and highly competitive tech ecosystem that pays highly competitive salaries — creating an environment that promises to attract and retain the best talent globally.

“Over the years, the UAE has also implemented several initiatives that make it easier for talent to live, work and stay in the country. The launch of the Golden Visa program in addition to Dubai’s recently announced Talent Pass aims to attract global professionals in the fields of technology amongst other key areas.

“National initiatives, such as the National Program for Coders launched last year, is designed to attract 100,000 coders from around the globe and set up 1,000 digital companies by 2026.”


Ben & Jerry’s sues parent Unilever to block sale of Israeli business

Ben & Jerry’s sues parent Unilever to block sale of Israeli business
Updated 3 min 52 sec ago

Ben & Jerry’s sues parent Unilever to block sale of Israeli business

Ben & Jerry’s sues parent Unilever to block sale of Israeli business

NEW YORK: Ben & Jerry’s on Tuesday sued its parent Unilever Plc to block the sale of its Israeli business to a local licensee, saying it was inconsistent with its values to sell its ice cream in the occupied West Bank, according to Reuters.

The complaint filed in the US District Court in Manhattan said the sale announced on June 29 threatened to undermine the integrity of the Ben & Jerry’s brand, which Ben & Jerry’s board retained independence to protect when Unilever acquired the company in 2000.

An injunction against transferring the business and related trademarks to Avi Zinger, who runs American Quality Products Ltd, was essential to “protect the brand and social integrity Ben & Jerry’s has spent decades building,” the complaint said.

Ben & Jerry’s said its board voted 5-2 to sue, with the two Unilever appointees dissenting.

Unilever, in a statement, said it does not discuss pending litigation, but that it had the right to sell the disputed business and the transaction had already closed.

“It’s a done deal,” Zinger’s lawyer Alyza Lewin said in a separate statement. The sale resolved Zinger’s own lawsuit in March against Ben & Jerry’s for refusing to renew his license.

The dispute highlights challenges facing consumer brands taking a stand on Israeli settlements in the occupied West Bank.

Most countries consider the settlements illegal. In April 2019, Airbnb Inc. reversed a five-month-old decision to stop listing properties in the settlements.

Last July, Ben & Jerry’s said it would end sales in the occupied West Bank and parts of East Jerusalem, and sever its three-decade relationship with Zinger.

Israel condemned the move, and some Jewish groups accused Ben & Jerry’s of anti-Semitism. Some investors, including at least seven US states, divested their Unilever holdings.

Unilever has more than 400 brands including Dove soap, Hellmann’s mayonnaise, Knorr soup and Vaseline skin lotion.

Ben & Jerry’s was founded in a renovated gas station in 1978 by Ben Cohen and Jerry Greenfield.

No longer involved in Ben & Jerry’s operations, they wrote in the New York Times last July that they supported Israel but opposed its “illegal occupation” of the West Bank. 

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