RIYADH: Saudi Arabia stepped up localization efforts in the first quarter as the proportion of Saudis in the Kingdom’s workforce rose to 22.75 percent.
That compares with 20.37 percent during the same period a year ago, according to the National Labor Observatory (NLO) of the Human Resources Development Fund (Hadaf).
It represents a steady increase from 2017 when the localization rate was 16.46 percent, rising to 18.61 percent a year later and 20.21 percent in 2019, SPA reported.
Gulf states are stepping up efforts to reduce reliance on expatriates and provide more jobs for citizens as part of wider economic reform efforts aimed at reducing reliance on the oil industry. That process is especially visible in Saudi Arabia, the region’s largest economy.
In a wide-ranging TV interview to mark the fifth anniversary of the Saudi Vision 2030 strategy, Crown Prince Mohammed bin Salman on Tuesday highlighted the Kingdom’s progress in tackling unemployment.
The crown prince said that unemployment in Saudi Arabia at the beginning of Vision 2030 was about 14 percent.
“In the first quarter of 2020 we reached 11 percent. Because of the pandemic unemployment increased. We were the sixth best country in the G20 in terms of performance and unemployment, but in the last part of the fourth quarter of 2021 we were back to 12 percent,” he said, adding that figure would continue to fall as more Saudis enter the workforce.
The new NLO data reveals that the Eastern Region achieved first place in job localization efforts with a rate of 25.7 percent.
It was followed by Riyadh at 24.5 percent and Makkah at 21.4 percent.
Madinah and Asir rounded out the top five regions for localization at 19.3 percent and 17.5 percent respectively.
Saudis claim bigger share of workforce in first quarter
https://arab.news/8m3e7
Saudis claim bigger share of workforce in first quarter
- The crown prince said that unemployment in Saudi Arabia at the beginning of Vision 2030 was about 14 percent
Closing Bell: Saudi main market edges up to 10,745 points
RIYADH: Saudi equities closed higher on Monday, with the Tadawul All Share Index finishing up 135.69 points, or 1.28 percent, at 10,745.45.
The MSCI Tadawul 30 Index also advanced, rising 22.21 points, or 1.57 percent, to close at 1,436.31, while the Nomu Parallel Market Index slipped 31.80 points, or 0.13 percent, to 23,586.94.
Market breadth was positive on the main market, with 216 gainers against 42 decliners, while Nomu saw 42 stocks advancing and 36 declining.
Trading activity picked up, with 261.7 million shares changing hands, while total turnover reached SR5.10 billion ($1.3 billion).
Among the top performers, Saudi Fisheries Co. led the gains, closing at SR63.90, up SR5.80, or 9.98 percent. Naseej International Trading Co. rose to SR34.94, gaining SR3.16, or 9.94 percent, while Dar Al Arkan Real Estate Development Co. ended at SR16.74, up SR1.16, or 7.45 percent.
Zahrat Al Waha for Trading Co. added 6.84 percent to close at SR2.50, and Alamar Foods Co. climbed 5.75 percent to SR42.70.
On the losing side, Al Masar Al Shamil Education Co. fell 4.36 percent to SR23.90, while Saudi Paper Manufacturing Co. declined 2.82 percent to SR62.05.
United International Holding Co. slipped 2.36 percent to SR153.40, Saudi Aramco Base Oil Co. dropped 2.09 percent to SR98.60, and United Electronics Co. eased 1.90 percent to SR85.00.
On the announcement front, Mouwasat Medical Services Co. announced that its board has approved the establishment of a new hospital in Riyadh’s Al-Narjis District, with a planned capacity of 280 beds and a total investment cost of SR900 million.
The project will be financed through a mix of self-funding and long-term Shariah-compliant bank facilities, with further details on timelines and financial impact to be disclosed at a later stage.
Shares of Mouwasat Medical Services Co. closed at SR67.95, gaining SR1.40, or 2.10 percent.
Saudi Arabian Mining Co. reported a net addition of 7.8 million ounces of new gold resources following extensive exploration and drilling activities across multiple sites, alongside the identification of new mineralization opportunities in gold and base metals.
The company noted that the financial impact of these discoveries has yet to be determined and will be assessed in due course.
Shares of Saudi Arabian Mining Co. closed at SR67.50, up SR3.05, or 4.73 percent.
