India becomes second beneficiary of Saudi visa program for skilled workers

India becomes second beneficiary of Saudi visa program for skilled workers
Indian electricians are among those set to benefit from the scheme (Shutterstock)
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Updated 29 December 2022

India becomes second beneficiary of Saudi visa program for skilled workers

India becomes second beneficiary of Saudi visa program for skilled workers

RIYADH: Indian plumbers, electricians, and welders are among a select group of workers who will soon be able to take part in a new pilot programme to secure a visa to work in Saudi Arabia.

According to the Saudi Press Agency, the Kingdom’s Ministry of Human Resources and Social Development has announced plans to launch the Skill Verification scheme in India, making the South Asian country the second beneficiary of the program for skilled workers after it was rolled out in Pakistan in September.

The program’s pilot phase is set to kick off in the country’s capital New Delhi, as well as the largest city and commercial capital Mumbai, and will also include refrigeration and air conditioning technicians, and automobile electricians.

Under the program, examination centers will conduct written and practical tests for skilled workers in India before they could apply for a Saudi work visa to verify that they are capable of working in the profession they were recruited for.

This comes as the MHRSD aims to raise the professional competency of skilled workers in the Saudi employment market.

In turn, this will also elevate productivity, the quality of their work, and bring down the inflow of unqualified workers into the labor market.

Amid efforts to further develop the skills of the workforce in line with international standards and in order to meet domestic demand in the labor market, the MHRSD is eyeing 23 specializations by the near future.

The Skilled Verification Program was launched back in March 2021 by the MHRSD in partnership with the Ministry of Foreign Affairs and the Technical and Vocational Training Corporation to guarantee the proficiency of skilled workers in the Saudi labor market.

It aims to make the Saudi labor market more attractive by granting foreign workers the right to change jobs and leave the country without employers’ permission.

Saudi Arabia is seeking to boost its private sector, part of an ambitious plan to diversify its oil-dependent economy. The country’s Vision 2030 reform plan is a package of economic and social policies designed to free the Kingdom from reliance on oil exports.

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Mawani inks deal with Saudi Post in logistics development boost

Mawani inks deal with Saudi Post in logistics development boost
Updated 7 min 17 sec ago

Mawani inks deal with Saudi Post in logistics development boost

Mawani inks deal with Saudi Post in logistics development boost

RIYADH: In a bid to materialize the goals outlined in Saudi Arabia’s National Transport and Logistics Strategy, Saudi Ports Authority, also known as Mawani, has entered into a strategic partnership agreement with Saudi Post to manage the authority’s postal requirements. 

The agreement was signed by Majid Al Malik, vice president for Shared Services and Digital Transformation at Mawani, and Rakan Al-Daifallah, general manager of Government Sales, the Saudi Press Agency reported. 

According to the report, this new collaboration between these public sector entities will leverage the latest technologies and advanced capabilities to create a high-performing and cost-efficient logistics sector in Saudi Arabia. 

The partnership also aligns with Saudi Arabia’s efforts to improve its ranking in the World Bank Logistics Performance Index. 

Saudi Arabia’s National Transport and Logistics Strategy aims to position the Kingdom as a global logistics hub connecting three continents by improving all transport services,  including boosting the capabilities of the air cargo sector by doubling capacity to more than 4.5 million tons by 2030. 

Under this new strategic agreement, Saudi Post will manage Mawani’s postal requirements through its Express Mail Service, therefore providing a customized solution that caters to both government and non-government sectors. 

It will also ensure a cost-effective distribution channel for domestic and international operations.

In April, it was reported that Saudi Arabia has jumped 17 places to claim 38th rank in the World Bank’s Logistics Performance Index 2023. 

According to the World Bank report, the Kingdom has made great strides in performance efficiency through several sub-indicators, such as trade and transport infrastructure, shipment frequency tracking and tracing facilities, customs clearance, and quality of maritime freight. 

“This progress came with the support of the Crown Prince and the ambitious goals of the National Strategy for Transport and Logistics Services,” said Minister of Transport and Logistics Saleh Al-Jasser at the time.

The minister added that the strategy contains broad structural reforms and qualitative strategic initiatives, to strengthen operational efficiency, which will ultimately affirm the position of the Kingdom in the global logistics map.


Turkey rate hike to 25% in June is ‘on the table’ — JPMorgan 

Turkey rate hike to 25% in June is ‘on the table’ — JPMorgan 
Updated 06 June 2023

Turkey rate hike to 25% in June is ‘on the table’ — JPMorgan 

Turkey rate hike to 25% in June is ‘on the table’ — JPMorgan 

NEW YORK: An interest rate hike to 25 percent from the current 8.5 percent is on the cards for Turkey’s Monetary Policy Committee’s upcoming meeting on June 22, “if not earlier,” JPMorgan economists said on Monday. 

“A policy rate hike to 25 percent, from the current level of 8.5 percent, is on the table for 22 June or earlier, along with forward guidance suggesting smaller rate hikes if needed,” the Wall Street bank said to clients in an economic research note. “We maintain our year-end policy rate forecast at 30 percent.” 

Years of unconventional policies such as cutting interest rates despite hot inflation have weighed on investor views of Turkey, as well as on voter sentiment ahead of President Tayyip Erdogan’s reelection late last month. 

But there has been guarded optimism for a shift in monetary policy since veteran policy maker Mehmet Simsek returned to head Turkey’s Finance Ministry. 


Oil Updates — crude down as global economic backdrop outweighs Saudi output cut 

Oil Updates — crude down as global economic backdrop outweighs Saudi output cut 
Updated 06 June 2023

Oil Updates — crude down as global economic backdrop outweighs Saudi output cut 

Oil Updates — crude down as global economic backdrop outweighs Saudi output cut 

RIYADH: Oil prices edged lower early on Tuesday, coming off gains made the previous day as concerns about the global economic backdrop outweighed the supply worries raised when Saudi Arabia announced its biggest output cut in years. 

Brent crude futures slipped 70 cents, or 0.91 percent, to $76.01 a barrel by 10:00 a.m. Saudi time, while US West Texas Intermediate crude fell 74 cents, or 1.03 percent, to $71.41 a barrel. 

Brent gained as much as $2.60 on Monday and US crude as much as $3.30 after Saudi Arabia, the world’s top exporter, said at the weekend its output would drop by 1 million barrels per day to 9 million in July. 

The benchmarks pulled back, though, to more modest gains by the end of the day. 

Saudi Arabia raises July flagship crude price for Asia 

Saudi Arabia has increased the price of its flagship crude Arab Light to Asian buyers in July to a six-month high.  

The official selling price for July-loading Arab Light to Asia was increased by 45 cents a barrel from June to $3 a barrel over Oman/Dubai quotes, according to a statement issued by state oil giant Saudi Aramco. 

Meanwhile, Russian crude oil continued flooding into Asia at steep discounts. In May, China and India brought in an all-time-high volume of Russian crude, according to preliminary assessments from ship trackers. 

Saudi Arabia also raised the July OSPs of other grades to Asia, all by 45 cents from the June levels. For the second straight month, the price for Arab Extra Light is set lower than Arab Light, according to the price document, Reuters reported.  

For other regions, the top oil exporter increased its July Arab Light OSP to northwest Europe by 90 cents to $3 a barrel above ICE Brent. 

(With input from Reuters) 


Qatar’s budget surplus hit $5.4bn in Q1 exceeding expectations  

Qatar’s budget surplus hit $5.4bn in Q1 exceeding expectations  
Updated 05 June 2023

Qatar’s budget surplus hit $5.4bn in Q1 exceeding expectations  

Qatar’s budget surplus hit $5.4bn in Q1 exceeding expectations  

RIYADH: Qatar registered more than two-thirds of its expected 2023 budget surplus in the first three months of the year thanks to a large inflow of oil and gas revenues, the country’s Finance Ministry has revealed.

According to Qatar’s state news agency, the country’s trade balance was 19.7 billion Qatari riyals ($5.4 billion) in the black for the first quarter of the year, the equivalent of 68 percent of its anticipated budget surplus for 2023.

The figure reflects a 70 percent increase compared to the fourth quarter of 2022, which saw a profit of 11.6 billion riyals. 

The total revenues in the first three months of 2023 reached 68.6 billion riyals, of which 63.4 billion came from oil and gas revenues.  

Non-oil revenues made up the remaining 5.2 billion riyals during the period.  

According to previous expectations, the Gulf nation was anticipated to record a budget surplus of 29 billion riyals by the end of 2023.  

Budget estimates were based on the oil prices of $65 per barrel, whereas the first quarter saw an average price of $82.2, leading to the higher revenue. 

While issuing this year’s budget, Finance Minister Ali Al-Kuwari noted the surplus is expected to go toward repaying Qatar’s public debt, boosting central bank reserves, and increasing the capital of the state’s sovereign wealth fund.

In April 2023, Qatar recorded a trade surplus of 22 billion riyals, according to a report released by the country’s Planning and Statistics Authority in May.   

The data reflected a 3.5 percent increase over March while a 35.6 percent decline on an annual basis.   

The value of merchandise imports during April 2023 also fell 6.3 percent from the previous year and 9.3 percent from the last month to reach an estimated 8.7 billion riyals.  

Meanwhile, the value of Qatar’s exports of oil, gas, and condensate tumbled in April to 18.6 billion riyals, reflecting a decrease of 33.2 percent on an annual basis.  


Saudi Arabia’s first sustainable guarantee issued to green hydrogen project at NEOM

Saudi Arabia’s first sustainable guarantee issued to green hydrogen project at NEOM
Updated 06 June 2023

Saudi Arabia’s first sustainable guarantee issued to green hydrogen project at NEOM

Saudi Arabia’s first sustainable guarantee issued to green hydrogen project at NEOM

RIYADH: Saudi Arabia’s green hydrogen project being developed at NEOM received the Kingdom’s first sustainable guarantee from the British bank Standard Chartered, which agreed to extend funding support for its contractor Larsen & Toubro to build the necessary renewable energy infrastructure. 

Located at Oxagon, the world’s largest green hydrogen plant is being built by NEOM Green Hydrogen Co., which is an equal joint venture between ACWA Power, Air Products and the $500-billion giga-project.

Sustainable guarantees are issued by lending agencies for green projects that make positive contributions to the environment. 

The megaplant will produce green hydrogen at scale for global export in the form of green ammonia with a total investment of $8.4 billion. The project, which recently achieved full financial closure, is supported by 23 local, regional and international banking and financial institutions. 

In addition to limiting carbon emissions and promoting sustainable development in the Kingdom, this step will add to the country’s diversification efforts.   

“We are pleased to issue the first sustainable guarantee in the Kingdom of Saudi Arabia which supports the growth and development of green hydrogen. At Standard Chartered, we know that technological and financial innovation is critical in supporting the global transition towards a low-carbon economy,” said Mohammad Salama, Standard Chartered’s regional head of corporate, commercial, and institutional banking in the Middle East and North Africa. 

Standard Chartered said the sustainable guarantee will ensure that L&T receives the necessary financial support for the development of the wind and solar farms to support the green hydrogen generation in this project while meeting the bank’s environmental, social and governance standards. 

This comes after L&T won a $2.78 billion contract to establish the renewable energy generation, storage and grid infrastructure, from Air Products, which is the system-integrating engineering, procurement and construction contractor for the project.   

As part of the contract, L&T will engineer, procure and construct a 2.2 gigawatts alternating current photovoltaic solar plant, a 1.65 GW wind generation balance of plant and a 400 megawatt-hour battery energy storage system under the power elements package. 

Its subsidiary L&T Saudi Arabia is responsible for the design, local supplies, construction and commissioning of the renewable and grid packages while the international supplies will be handled by its other subsidiary LTIFZE. 

“Through such initiatives, we emphasize the power of partnerships in fostering sustainable development and practices. We remain focused on continuing to grow our green business in Saudi Arabia in partnership with and continued support from Standard Chartered as one of our key relationship banks,” said R. Shankar Raman, the chief financial officer at L&T Group.