Iraqi oil minister expects oil prices to reach $ 68- $ 75 in second half

RIYAD: Jobs have been created for around 400,000 Saudi nationals as a result of 11 Saudiization agreements put in place since 2018, the Argaam website reported, citing information from Abdullah Abuthnain, deputy minister of human resources and government. social development at the Department of Human Resources and Social Development.

Increased privatization and Saudiization of roles are key objectives of the Kingdom’s Vision 2030 program.

Finance Minister Mohammed Al-Jadaan said last month that Saudi Arabia is seeking to raise around $ 54.5 billion over the next four years through its privatization program.

Al-Jadaan hopes to raise $ 38 billion through asset sales and $ 16.5 billion through public-private partnerships, he told the Financial Times.

The Saudi government has identified 160 projects in 16 sectors, including asset sales and public-private partnerships through 2025.

Asset sales will include government-owned hotels, television towers, and water cooling and desalination plants.

The plan does not include the Public Investment Fund entities or the sale of other Saudi Aramco assets. The new privatization law will be enacted in Saudi Arabia in July this year.

The National Center for Privatization (NCP) also announced in March the establishment of the Register of Privatization Projects, a central database of comprehensive information and documents relating to projects targeted for privatization.

According to the NCP’s director general of strategic communications and marketing, Hani Al-Saigh, the new system aims to improve the existing privatization system. One of its most important roles will be to strengthen existing governance and ensure fairness and transparency.

“The law allows private sector participants to set up a committee to submit grievances related to tendering and selection procedures for privatization projects and establish the regulatory basis for compensating injured parties in the event that the deviation could not be fulfilled, ”he told Arab News.

A report by the National Labor Observatory published in April this year indicated that the percentage of Saudiization in the private sector rose to 22.75% in the first quarter of 2021, from 20.37% in the same period l ‘last year.

Recent data has shown that seven major private sector job groups have achieved Saudiization figures of over 50 percent. While the rate in the private sector as a whole is around a quarter, the Al-Eqtisadiah newspaper reported that the financial and insurance sector reached a rate of 83.6%, followed by the public administration, the defense and compulsory social insurance (71.9%). mining and quarrying activities (63.2%), education (52.9%) and information and communication (50.7%).

Saudi Arabia has the lowest dependence on foreign labor among the Gulf Cooperation Council countries, at around 77%, while Qatar has the highest dependence, at around 94% , according to data from S&P Ratings.

As the Saudization figure moves in a positive direction, some sectors are facing challenges. In December, the Saudi government added accounting to the list of professions that must be Saudi Arabians, announcing that 30% of all accounting jobs in all local Saudi private sector companies with at least five accounting professionals were to be held by Saudi nationals.

The decision will take effect on June 21 of this year, and it is expected that the decision will create around 9,800 job opportunities for Saudi accountants.

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