RIYADH: The Saudization rate in the industrial sector rose to more than 30 percent exceeding the previous target percentage of 25 percent as investors are convinced of employing nationals, Bandar AlKhorayef, Minister of Industry and Mineral Resources, told Al Arabiya TV Channel.
He added that the industrial sector created over 35,000 jobs in 2020, more than one third of which was occupied by Saudi males and females.
The ministry monitors data accurately to know the jobs offered to nationals in the sector, AlKhorayef said.
He added that more than 800 new licenses were issued in 2020, with investments exceeding SR21 billion ($5.6 billion), noting that such figures reflect the sector’s strong ability to deal with the coronavirus epidemic.
Powered by Argaam
Saudization rises to over 30% in industrial sector, says minister
https://arab.news/8ceak
Saudization rises to over 30% in industrial sector, says minister
- AlKhorayef said that the industrial sector created over 35,000 jobs in 2020
- More than one third of those jobs were occupied by Saudi males and females
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
