DUBAI: Seventy percent of expat employees in Kuwait’s private sector are not qualified, the country’s Minister of Social Affairs and Labor and State Minister for Economic Affairs Hind Al-Sabeeh said on Sunday, according to local daily Kuwait Times.
According to the minister, the workers included in the percentage “do not have intermediate or university degrees” and need to be “filtered” through assessment mechanisms.
The high number comes after the Kuwait’s Public Authority for Manpower ran inspections on several companies operating in Kuwait during the Eid Al-Adha holiday and detected a “large number of violations.”
Statistics released by Kuwait’s Central Statistical Bureau up to the end of March 2018 showed that roughly 60 percent of expats employed in the private sector hold an intermediate degree, while less than 11 percent have university degrees.
Kuwaiti minister: 70% of private sector expat workers ‘not qualified’
Kuwaiti minister: 70% of private sector expat workers ‘not qualified’
- According to the minister, the workers included in the percentage “do not have intermediate or university degrees”
- Roughly 60 percent of expats employed in the private sector hold an intermediate degree, while less than 11 percent have university degrees
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
