TEL AVIV: Israel is struggling to recruit enough workers to its technology sector, a report showed on Sunday, creating a challenge for an industry seen as the country’s main potential driver of economic growth over the next decade.
Start-Up Nation Central, which published the report with the Israel Innovation Authority, said that while the number of high-tech workers in Israel had grown over the past five years, their percentage of the labor force remained unchanged.
“It is becoming increasingly clear that the required growth will not be possible if the country’s supply of tech workers is inadequate,” said Eugene Kandel, head of Start-Up Nation Central
“Tech companies are struggling to find tech professionals, with many already finding (them) overseas.”
The number of tech workers — who earn more than double the average wage — grew to 280,000 in 2017 from 240,000 in 2013 but represent only 8 percent of the workforce, down from nearly 10 percent in 2008.
This is surprising given that investment into high-tech has soared, with venture capital funding exceeding $5 billion in 2017 and closing in on $6.5 billion this year. The number of multinationals operating development centers in Israel jumped to nearly 350 in 2016 from around 50 in 2000.
The sector accounts for about 45 percent of Israel’s exports. But about 15,300 positions remain open.
To find workers, Israeli companies are opening development centers overseas, mainly in Ukraine but also in the United States, Russia and India. Several dozen firms have also taken advantage of a rapid process established by the government in 2018 to obtain special visas for foreign tech workers.
But in the long term more initiatives are needed to increase the pool of workers, Kandel told reporters. There is great potential among women, who represent only 23 percent of tech workers, as well the largely untapped Arab and ultra-Orthodox Jewish sectors.
Arabs account for only 3 percent of tech workers but this is expected to change soon as 18 percent of all computer science students today are Arab, similar to their share of the population.
One obstacle for their employment in high-tech is that they live far from the country’s center.
Aharon Aharon, head of the government’s Innovation Authority, said he would launch two plans in the first quarter of 2019 — one to provide incentives in building an innovation ecosystem in the periphery and another to encourage tech companies to open branches outside of the center.
Israel’s tech sector faces challenge from shortage of workers
Israel’s tech sector faces challenge from shortage of workers
- The sector accounts for about 45 percent of Israel’s exports
- Arabs account for only 3 percent of tech workers but this is expected to change soon as 18 percent of all computer science students today are Arab
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
