RIYADH: Saudi Arabia has seen a surge in licenses for precious metal and gemstones this year, according to a report by the Al-Eqtisadiah newspaper, citing figures from the Ministry of Commerce.
The ministry has issued 220 licenses in the sectors so far in 2021, the report said. That compares to 270 issued throughout the whole of last year.
The trading or manufacturing of precious metals or gemstones without a license can lead to imprisonment of up to six months and a fine of up to SR90,000 ($24,000).
The ministry reported that 136 violations were recorded this year, while 443 were recorded in 2020.
In trading last week, gold rebounded on Friday after a two-week low. However, Reuters reported that bullion was still on course to register its biggest weekly decline since March. Spot gold was up 1 percent on Friday to $1,889.27 per ounce.
“Part of what we’re seeing in terms of the strength in gold are inflation expectations and those are partly based on the stronger economic data, like higher jobs growth, a broader recovery in the US (and) parts of Europe, and China is still doing well,” Jeffrey Christian, managing partner of CPM Group, told Reuters. “Gold prices will probably continue to trade between $1,855 and $1,920-an-ounce levels,” he said.
Among other precious metals, silver gained 1 percent to $27.73 per ounce, palladium was down 0.1 percent to $2,837.54 and platinum rose 0.5 percent to $1,162.83.
Saudi Arabia sees surge in issuance of precious metal, gemstone licenses
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Saudi Arabia sees surge in issuance of precious metal, gemstone licenses
- The trading or manufacturing of precious metals or gemstones without a license can lead to imprisonment of up to six months and a fine of up to SR90,000 ($24,000)
Kingdom aims to localize 340k jobs with new phase of ‘Nitaqat’ Saudization program
RIYADH: More than 340,000 additional jobs are set to be localized for Saudi nationals as part of a new three-year phase of the Kingdom’s enhanced “Nitaqat” program.
According to a press release from the Ministry of Human Resources and Social Development, the initiative aims to reinforce labor market sustainability and advance the goals of the Kingdom’s Vision 2030 economic transformation agenda.
This new phase builds upon the program’s successes since its initial revamp in 2021.
Minister of Human Resources and Social Development Ahmed bin Sulaiman Al-Rajhi said: “The experience of the previous stages has confirmed the ability of the Saudi citizen to succeed in various professions, which formed a solid foundation for launching a new phase of the program.”
This comes as the Kingdom mandated a 60 percent localization rate for key marketing and sales professions. The decisions, announced on Jan. 19, will be enforced after a three-month grace period, giving companies time to comply.
Backed by incentives for compliant firms and based on labor market studies, this undertaking aims to create quality, stable job opportunities for Saudi nationals.
Al-Rajhi emphasized that the new “Nitaqat” program stage was designed to balance the drive for increased localization with the continued growth and competitiveness of the private sector.
He added: “This launch reflects our ongoing commitment to empowering national competencies and enhancing their effective participation in the labor market.”
For his part, the Vice Minister of Human Resources and Social Development for Labor, Abdullah Abuthnain, explained that the ministry conducted comprehensive analytical studies of all sectors and establishments. These studies informed the proposal of realistic, tailored localization targets that consider the nature of businesses and market conditions, supported by a proven pool of qualified national talent.
“This step will contribute to enhancing job stability, raising productivity, and achieving genuine sustainability for the labor market,” Abuthnain added.
The ministry affirmed that the new “Nitaqat” phase will enhance citizen participation in the workforce, create quality job opportunities, and achieve a sustainable balance between supply and demand. This initiative is projected to support the growth of the national economy and bolster long-term private-sector confidence.
