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 Arabia’s main index closes in red at 10,364 

Updated 04 January 2026
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Closing Bell: Saudi Arabia’s main index closes in red at 10,364 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Sunday, shedding 185.05 points, or 1.75 percent, to end the session at 10,364.03. 

Total trading turnover on the benchmark index stood at SR2.55 billion ($680 million), with 20 stocks advancing and 237 declining. 

The Kingdom’s parallel market Nomu also retreated, falling 0.63 percent, or 147.19 points, to close at 23,371.82. 

The MSCI Tadawul Index slipped 1.71 percent to 1,369.56. 

Saudi Industrial Export Co. was the top gainer on the main market, with its share price jumping 9.87 percent to SR2.56. 

Shares of Naqi Water Co. rose 2.53 percent to SR58.80, while Shatirah House Restaurant Co. advanced 2.18 percent to SR9.39. 

On the downside, Gulf Union Alahlia Cooperative Insurance Co. posted the steepest decline, with its share price falling 4.61 percent to SR10.14. 

On the announcements front, Scientific & Medical Equipment House Co. said it had been awarded a contract valued at SR260.98 million by the Ministry of Human Resources and Social Development to supply uncooked food materials and catering items to beneficiaries at the ministry’s residential branches across the Kingdom.  

The project scope also includes providing cooked meals to selected anti-begging offices over a 24-month period, according to a Tadawul statement. The company added that the financial impact of the contract will begin in the fourth quarter of this year. 

It said further developments would be disclosed in due course after all relevant parties sign the final contract and a copy is received. 

Shares of Scientific & Medical Equipment House Co. edged up 0.31 percent to SR32.44. 

Separately, Dr. Soliman Abdel Kader Fakeeh Hospital Co. and its subsidiaries signed an agreement with Oloof Development Co., a wholly owned subsidiary of Jazan Municipality, to lease a strategic land plot in Jazan City for SR217.99 million. 

According to a Tadawul statement, the land, which spans 34,581 sq. meters, will be used to develop an integrated healthcare facility under a 50-year lease. 

The company said the financial impact of the agreement is expected to begin once the medical facility is completed and becomes operational. 

Shares of Dr. Soliman Abdel Kader Fakeeh Hospital Co. fell 1.92 percent to SR33.74.