Saudi workforce surges with 34% Saudization in operation and maintenance sector 

Since its inception from 2019 to 2023, the program has resulted in the employment of over 160,000 Saudi natives in the sector. Shutterstock
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Updated 14 January 2024
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Saudi workforce surges with 34% Saudization in operation and maintenance sector 

RIYADH: Saudi nationals’ participation in the workforce continues to increase, with Saudization in the operation and maintenance sector reaching 34 percent. 

This achievement, highlighted in a release by the Ministry of Human Resources, serves as a testament to the success of the Labor Localization and Maintenance Contracts service initiative.  

Since its inception from 2019 to 2023, the program has resulted in the employment of over 160,000 Saudi natives in the sector. 

Its objective is to increase the nationalization rates in public entities and enhance the efficiency and skills of Saudis. 

Efforts to ensure the success of the initiative have witnessed various developments, including the implementation of a digital service for documenting contracts in public entities. Through this service, the body can monitor the localization of employment and maintenance contracts. 

The recent decision regarding the Labor Localization and Maintenance Initiative is expected to have a broad impact, covering all establishments with agreements with government entities or where the state holds a stake of at least 51 percent. 

In December 2023, the ministry detailed a decree outlining the nationalization of various professions, such as sales, procurement, and project management, ending the previously specified grace period, as reported in a release. 

This move is part of the division’s ongoing efforts to increase the participation of Saudi nationals in the labor market and enhance their contribution to the economic ecosystem. 

The ministry stated it would require a 15 percent nationalization of sales professionals, wholesale managers, and salespeople specializing in information and communications technology equipment. 

During the Saudi Economic Association Conference in May 2023, the Minister of Human Resources and Social Development Ahmed Al-Rajhi stated that the Kingdom has helped provide job opportunities to over 500,000 regional nationals in the private sector since 2019. 

The minister added that the goals of women’s empowerment initiatives, scheduled for 2025, were achieved in 2022, with female participation in the workforce now reaching 36 percent, surpassing the 2030 target of 30 percent. 


Silver crosses $77 mark while gold, platinum stretch record highs

Updated 27 December 2025
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Silver crosses $77 mark while gold, platinum stretch record highs

  • Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
  • Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years

Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation ‌as a US ‌critical mineral, and strong investment inflows.

Spot gold ‌was ⁠up ​1.2% at $4,531.41 ‌per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.

“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist ⁠at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely ‌around mid-year amid speculation that US President Donald ‍Trump could name a dovish ‍Fed chair, reinforcing expectations for a more accommodative monetary stance.

The US ‍dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.

“$80 in ​silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next ⁠year,” Grant added.

Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.

All precious ‌metals logged weekly gains, with platinum recording its strongest weekly rise on record.