Saudi Tourism Ministry, HR fund ink deal to boost localization

The agreement aims to strengthen the collaboration between the two entities in the areas of vocational training, qualification, and workforce empowerment within the tourism sector. Photo/Supplied
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Updated 29 August 2023
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Saudi Tourism Ministry, HR fund ink deal to boost localization

RIYADH: In a move to strengthen the human capital in Saudi Arabia’s tourism sector, the Ministry of Tourism and the Human Resources Development Fund have signed a memorandum of understanding.   

The agreement aims to strengthen the collaboration between the two entities in the areas of vocational training, qualification, and workforce empowerment within the tourism sector.   

The MoU outlines several fields for cooperation, including the launch of initiatives designed to nurture local talent and promote sustainable professional development for young men and women across diverse sub-sectors of tourism.  

Another objective of the MoU is to encourage the workforce to adapt to contemporary work practices in tourism professions. This will facilitate workshops in collaboration with relevant authorities to introduce programs that support the Saudization of the tourism industry and enhance the skill sets of its workforce. 

The MoU was signed by Mohammad Bou Shanaq, the undersecretary for tourism human capacity development at the Ministry of Tourism, and Firas Al-Khail, deputy director general of business at HRDF.   
The agreement will also facilitate the organization of regular job meetings aimed at expediting localization efforts, ensuring job stability, and clarifying the roles within the tourism sector.  

These steps are anticipated to boost employment rates and elevate the quality and competitiveness of Saudi Arabia’s tourism industry. 

The agreement underscores the commitment of Saudi authorities to enrich the tourism sector with trained and qualified personnel, in accordance with international best practices. 

This comes as part of the Kingdom’s broader Vision 2030, which aims to support localization, promote job sustainability, and build an inclusive economic system involving Saudi nationals across various labor market activities.   

The MoU is poised to play a pivotal role in achieving these goals, laying the foundation for a rejuvenated, localized, and sustainable tourism sector in the Kingdom. 

In 2022, the HRDF supported the employment of about 400,000 beneficiaries in private sector enterprises, with 217,000 Saudi women employees across the Kingdom’s regions, as noted by Turki Al-Jawini, director general of HRDF in March.  

The cost of support programs directed at extension, training, and empowerment was around SR5.65 billion ($1.5 billion), he informed at the time. 


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.