Saudi airports to welcome over 80 female cab drivers in Vision 2030 push

Saudi airports to welcome over 80 female cab drivers in Vision 2030 push
The scheme will initially being in four airports in the Kingdom
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Updated 13 March 2023

Saudi airports to welcome over 80 female cab drivers in Vision 2030 push

Saudi airports to welcome over 80 female cab drivers in Vision 2030 push

RIYADH: Over 80 female cab drivers will be soon employed in four airports in Saudi Arabia as the Kingdom continues its social reforms aimed at reducing the gender gap in line with the goals outlined in Vision 2030.

The airports where these women will be employed are King Khalid International Airport in Riyadh, King Abdulaziz International Airport in Jeddah, King Fahd International Airport in Dammam, and Prince Muhammad International Airport in Madinah.

The hiring process is the first phase of an initiative named Women’s Track to empower women in the fields of transport launched by Saudi Arabia’s Transport General Authority, in cooperation with the Ministry of Human Resources and Social Development, represented by the Tawteen Program-2.

Under the second phase of this initiative, women taxi drivers will be employed in all other airports in the Kingdom.

The initiative will also provide a comprehensive training program for acquiring basic skills for women in driving cabs, in addition to lessons in decorum, customer service, first aid, and the English language.

The TGA said that the Women’s Track initiative will contribute to improving and developing the experience of transport services and receiving passengers, in line with the authority’s keenness to support job creation, increase local content, and activate the role of women in Saudization programs in the transport sector.

The second edition of the Tawteen program is expected to create 170,000 jobs in Saudi Arabia, with 25,000 jobs in the industry sector, 30,000 jobs in tourism, and 20,000 employment opportunities in the health, transport and logistics services, and real estate and construction sectors.

This edition of the Tawteen program also eyes creating 15,000 jobs in the trade sector and other 40,000 employment openings in other areas of the economy.

In a move to support the growing role of women in the national economy, Saudi Arabia has already announced it will include private female drivers as part of its new professions under the Musaned recruitment program.

In February, Saudi Human Rights Commission President Hala Al-Tuwaijri at the 52nd session of the UN’s Human Rights Council revealed that the share of women employed in Saudi Arabia jumped from 21 percent to 35 percent in five years on the back of the Kingdom’s efforts to boost participation in the labor market.


OPEC is being ‘proactive, preemptive,’ Saudi energy minister tells CNBC

OPEC is being ‘proactive, preemptive,’ Saudi energy minister tells CNBC
Updated 19 sec ago

OPEC is being ‘proactive, preemptive,’ Saudi energy minister tells CNBC

OPEC is being ‘proactive, preemptive,’ Saudi energy minister tells CNBC

VIENNA: Defending the decisions made by the oil producers’ alliance, Saudi Energy Minister Prince Abdulaziz bin Salman stressed the need to “trust OPEC+” which he described as “the most effective international organization” working to restore market stability.

Talking to CNBC International’s Dan Murphy on Sunday, the energy minister said the voluntary oil output cuts announced by the Organization of the Petroleum Exporting Countries and its allies including Russia, also known as OPEC+, were precautionary measures.

“It was just our sensibility, if you will call it, that the environment was not sufficiently allowing confidence to be there. So taking a precautionary measure tends to put you on the safe side. And it is part of the typical rhythm that we have installed in OPEC, which is being proactive, being preemptive,” Prince Abdulaziz said.

Oil prices rose by more than $1 a barrel on Monday after Saudi Arabia pledged to cut production by a further 1 million barrels per day from July to counter macroeconomic headwinds that have depressed markets.

The voluntary cut is on top of a broader deal by OPEC+ to limit supply into 2024 as the group seeks to boost flagging oil prices.

OPEC+ pumps about 40 percent of the world’s crude and has cut its output target by a total of 3.66 million bpd, amounting to 3.6 percent of global demand.

Commenting on the Saudi decision, Prince Abdulaziz said: “It is icing on the cake.”

The Kingdom has kept the option open for an extension to the voluntary cuts depending on “how things really work.”

The Saudi energy minister told CNBC that the oil producers’ group is considering new baselines to ensure equitable and fair production quotas for all members in the group according to their capacities in a transparent manner.

OPEC+ now intends to have three independent analysts — IHS, Wood Mackenzie, and Rystad Energy — study the individual capacity of each group member.

“Hopefully by mid-year next year, we will have new baselines and a way forward that makes it more equitable, more fair for everybody to assign for them production levels that are going to be commensurate with their capacities in the most transparent way,” the minister said.

When asked about trusting OPEC’s ally Russia, Prince Abdulaziz responded in the affirmative.

“Absolutely. But I always like President (Ronald) Reagan’s line: trust but verify.” He said, noting the instrumental role of independent sources in assessing production.


Closing bell: Saudi main index continues upward trend

Closing bell: Saudi main index continues upward trend
Updated 17 min 17 sec ago

Closing bell: Saudi main index continues upward trend

Closing bell: Saudi main index continues upward trend

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward trend for the second consecutive day, as reigning oil prices raised investor confidence. 

On Monday, the benchmark index gained 71.63 points or 0.64 percent to close at 11,293.59. 

The total trading turnover of the benchmark index was SR6.38 billion ($1.70 billion) as 125 listed stocks advanced, while 75 retreated. 

Brent crude futures were at $77.92 a barrel, up $1.79, or 2.35 percent, at 3:30 p.m. Saudi time, while US West Texas Intermediate crude climbed $1.83 or 2.55 percent to $73.57 a barrel. 

While parallel market Nomu fell 124.49 points to 21,316, the MSCI Tadawul Index rose 0.45 percent to close at 1,496.92. 

Elm Co. was the best performer of the day, as its share price surged 9.98 percent to SR500.49. 

Elm Co., in a statement to Tadawul, announced that it is carrying out preliminary talks with Thiqah Business Services Co. to buy Public Investment Fund’s entire ownership in Thiqah. 

Elm Co. added that these talks do not imply that the acquisition deal will be conclusive. 

Other top performers were Arabian Internet and Communications Services Co. and Etihad Atheeb Telecommunication Co., whose share prices advanced by 5.80 percent and 5.27 percent, respectively. 

The worst performer of the day was Saudi Marketing Co. The company’s share price dropped by 2.19 percent to SR29.05. 

On the announcements front, Tourism Enterprises Co., also known as Shams, said it had named Mohannad Saleh Alonaizan as the firm’s new CEO, effective July 1.


Saudi Arabia, Egypt sign MoU to bolster bilateral trade

Saudi Arabia, Egypt sign MoU to bolster bilateral trade
Updated 10 min 29 sec ago

Saudi Arabia, Egypt sign MoU to bolster bilateral trade

Saudi Arabia, Egypt sign MoU to bolster bilateral trade

RIYADH: Bilateral trade between Saudi Arabia and Egypt is set to grow after an agreement was reached to enhance economic cooperation — with a key focus on developing the non-oil export sector.

A memorandum of understanding has been signed by the Saudi Export Development Authority and Egypt’s Export Development Authority, the Saudi Press Agency reported.

The agreement falls within the framework of the two countries’ commitment to bolster economic and trade cooperation while developing non-oil export sectors to further diversify sources of income.

The MoU was signed on the sidelines of the official visit of Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef to Egypt.

Abdulrahman Al-Thukair, CEO of the Saudi Export Development Authority, and Egypt’s Minister of Plenipotentiary Trade Yahya Al-Wathiq Billah inked the agreement.

Under the new MoU, the countries will collaborate across broad areas including the exchange of experiences and knowledge in the field of developing exports as well as cooperation around relevant research and studies, Al-Thukair explained.

In addition to this, the two countries will also provide technical support and consultations in the fields of export and international marketing, the CEO said.

The Kingdom and Egypt will work together closely in the organization of joint events, as well as seminars, to enhance communication and exchange of experiences between companies and exporters in the two countries, he added.

Furthermore, the MoU reflects the commitment of the two parties to strengthen bilateral cooperation and joint action in order to achieve the goals of development and sustainability in the field of exports.

Through this MoU, the Saudi authority aims to expand the scope of local producers and exporters in line with the Vision 2030 goal of raising the proportion of exports to no less than 50 percent of the Kingdom’s non-oil gross domestic product.

 


Saudi-British business delegations meet to bolster intra-regional trade

Saudi-British business delegations meet to bolster intra-regional trade
Updated 05 June 2023

Saudi-British business delegations meet to bolster intra-regional trade

Saudi-British business delegations meet to bolster intra-regional trade

RIYADH: Intra-regional trade between Saudi Arabia and the UK is set to receive a boost as top ministers from both countries held talks in London to strengthen economic ties. 

As part of the third meeting of the Saudi-British Strategic Partnership Council, the Kingdom’s Commerce Minister, Majid bin Abdullah Al-Qasabi, and the UK’s Investment Minister, Dominic Johnson, discussed ways to further encourage English firms to expand their businesses in the Middle East’s largest economy. 

This comes as trade exchange between Saudi Arabia and the UK stood at SR80.7 billion ($21.5 billion) in 2022, reflecting a 68 percent surge when compared to 2021. 

While the total value of UK exports to Saudi Arabia stood at SR56.9 billion in 2022, the total value of imports from the Kingdom amounted to SR23.8 billion. 

The two ministers also discussed ways to promote and finance emerging companies in promising fields based on research and innovation while reviewing the British experience in developing entrepreneurship.  

Led by Al-Qasabi, the Saudi delegation includes Deputy Minister of Commerce and CEO of the National Competitiveness Center Iman Al-Mutairi as well as 45 officials from 22 private and non-profit government agencies. 

The delegation will participate in important meetings with the British government and business officials to bolster economic cooperation between the two nations. 

The agenda of the visit also entails meetings between the minister and top British business leaders including the CEO of Rolls-Royce, Tufan Erginbilgic, besides several other engagements with officials from the British Accreditation Authority.  

The Saudi delegation will also participate in a dialogue with members of the Asian House, which is a think tank interested in promoting trade exchange between Asia, the Middle East and Europe. 

Some of the other members who are part of the Saudi delegation include representatives from the ministries of trade, energy, investment, education, culture, tourism, and municipal and rural affairs and housing.

The Saudi Central Bank, the Public Investment Fund, the General Authority for Foreign Trade, the National Center for Competitiveness, and the Center Saudi Economic Business are also represented during the visit.  

Established in 2008, the Saudi-British Strategic Partnership Council aims to reinforce relations between the Kingdom and the UK. 

It also seeks to commit to a deeper and more strategic partnership to enhance the mutual interests of both countries. 


Gold slips as firm dollar counters bets for Fed pause

Gold slips as firm dollar counters bets for Fed pause
Updated 05 June 2023

Gold slips as firm dollar counters bets for Fed pause

Gold slips as firm dollar counters bets for Fed pause

BENGALURU: Gold slipped on Monday as the dollar firmed after strong US payrolls data last week, offsetting some of the support for zero-yield bullion from bets that the Federal Reserve may pause rate hikes in June, according to Reuters.

Spot gold was down 0.2 percent to $1,944.59 per ounce by 12:46 p.m. Saudi time, close to its lowest level since May 30. US gold futures shed 0.6 percent to $1,958.60.

“Gold bulls’ shoulders slumped after yet another red-hot headline nonfarm payroll print fueled a rebound in the dollar,” said Han Tan, chief market analyst at Exinity.

“For the immediate term, spot gold is testing its 100-day moving average for support.”

Gold dropped more than 1 percent on Friday after data showed the US economy added 339,000 jobs last month, above estimates of 190,000.

On Monday, the dollar index was up 0.2 percent, making greenback-priced bullion less affordable for overseas buyers. 

Benchmark US yields meanwhile were near a one-week high.

But providing a floor for bullion prices, the chances of the Fed holding interest rates at their current level at its June 13-14 meeting were pegged at 79.4 percent, according to the CME FedWatch Tool.

Non-interest-bearing bullion tends to become less attractive in a high-interest rate environment.

“To see higher gold prices, we need to see the Fed getting more dovish, which likely requires weaker economic data,” said UBS analyst Giovanni Staunovo.

Global shares rose as investors bet on a rate-hike pause and after Saudi Arabia pledged the biggest reduction in its oil output in years.

Silver fell 0.4 percent to $23.50 per ounce, platinum rose 0.6 percent to $1,009, and palladium gained 0.3 percent to $1,424.15.

Amid prospects for an economic slowdown in Europe and the US, an extended period of softening industrial demand could remove some support for silver prices from factors such as growth in solar cell production, Heraeus said in a note.