Saudi aviation professions localization plan enters 2nd phase

The Ministry of Human Resources and Social Development, in collaboration with the Ministry of Transport and Logistic Services, has announced the implementation of the second phase of localizing licensed aviation professions in private sector establishments employing five or more individuals in targeted aviation professions.
The Ministry of Human Resources and Social Development, in collaboration with the Ministry of Transport and Logistic Services, has announced the implementation of the second phase of localizing licensed aviation professions in private sector establishments employing five or more individuals in targeted aviation professions.
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Updated 04 March 2024
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Saudi aviation professions localization plan enters 2nd phase

Saudi aviation professions localization plan enters 2nd phase

RIYADH: The number of Saudi flight attendants and fixed-wing pilots is set to increase as the localization plan for the Kingdom’s aviation sector enters its second phase.

The Ministry of Human Resources and Social Development, in collaboration with the Ministry of Transport and Logistic Services, has announced the implementation of the second phase of localizing licensed aviation professions in private sector establishments employing five or more individuals in targeted aviation professions.

In the second phase, the HRSD has specified the professions targeted, setting a 60 percent target for flight attendants and a 70 percent ratio for fixed-wing pilots, contingent on employees in the aviation professions obtaining the professional accreditation certificate from the General Authority of Civil Aviation.

The Ministry of Transport has reiterated its commitment to overseeing the implementation of the program’s second phase. It aims to enable private sector establishments to leverage all support and employment programs offered by the Human Resources and Social Development System to aid in the recruitment and retention of national talent.

The HRSD has issued procedural guidelines explaining the details of the decision, its implementation, and the support and employment programs provided to private sector establishments.

Speaking to Arab News on the sidelines of the Saudi Airport Exhibition, held at the Riyadh International Convention and Exhibition Center in December 2023, Mervat Sultan, president of the Women in Aviation Middle East Chapter, noted a significant boom, with an increase in airports, establishment of new airlines, and a rising number of tourists. 

She added that the aviation industry in Saudi Arabia is “becoming bigger and bigger and would be leading the industry in the next 20 years.”

In 2022, Ahmed Al-Rajhi, minister of HRSD, issued a notification nationalizing a number of professions and economic activities — including licensed aviation professions, opticians, and periodic inspection activity, as well as postal service outlets and more. 

The decision to localize licensed aviation professions was announced to be implemented in two phases. The first one became effective on March 15, 2023.

In line with its Vision 2030, Saudi Arabia is undertaking an ambitious initiative to empower its citizens and boost their global competitiveness. 


JLL secures contract to support AlUla’s transformation into a global tourism hub

JLL secures contract to support AlUla’s transformation into a global tourism hub
Updated 6 sec ago
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JLL secures contract to support AlUla’s transformation into a global tourism hub

JLL secures contract to support AlUla’s transformation into a global tourism hub

RIYADH: US-based real estate firm JLL has secured a program management contract with AlUla Development Co. to support the Saudi city’s transformation into a global tourism hub.

Under the agreement, JLL will provide project and cost management and strategic consulting to support the planning, development, and delivery of AlUla’s hospitality, residential, and retail offerings. 

This will include feasibility studies, project planning, construction management, and final handover of completed projects, according to a press release.

The contract with the Public Investment Fund’s subsidiary was signed during a ceremony held at AlUla Development Co.’s office in Riyadh.

Speaking at the event, Maroun Deeb, JLL’s head of project and development services for Saudi Arabia and Bahrain, expressed his pride in contributing to AlUla’s ambitious vision. 

“We are honored to have been chosen to support the AlUla Development Co. on such a significant project. This appointment reinforces our reputation as one of the leading project and program management consultancies in the region,” Deeb said.

He added: “By leveraging our expertise in large-scale projects, construction data insights, leading technology, and sustainable practices, we will ensure better client outcomes.”

Saud Al-Sulaimani, country head of Saudi Arabia at JLL, emphasized the company’s in-depth involvement in AlUla’s development journey. 

He said: “JLL has been at the forefront of AlUla’s transformation from the very beginning, being one of the first companies to work on this iconic destination. Our deep-rooted expertise in supporting the Kingdom’s vision of economic diversification and sustainable growth positions us uniquely for this appointment.”

Al-Sulaimani added: “We are committed to delivering exceptional value and impactful results as we continue to build upon our legacy in Saudi Arabia and drive forward AlUla’s ambitious development agenda.”

AlUla, a region rich in history, is a cornerstone of Saudi Arabia’s Vision 2030 strategy to diversify the economy and establish the country as a global tourism hub. The area’s development focuses on balancing heritage preservation with innovative urban growth. 

JLL’s appointment builds on the company’s significant portfolio in the Kingdom. According to the press release, the project and development services team is currently managing projects with a combined capital value of $30 billion. 

The US firm’s services include overseeing development, project and program management, and cost consultancy, as well as engineering design, workplace fit-out, health and safety advisory, digital solutions, and sustainability consulting.


Closing Bell: Saudi main index ends in the green at 12,097

Closing Bell: Saudi main index ends in the green at 12,097
Updated 19 min 49 sec ago
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Closing Bell: Saudi main index ends in the green at 12,097

Closing Bell: Saudi main index ends in the green at 12,097
  • Parallel market Nomu dropped 28.63 points to close at 31,144.44
  • MSCI Tadawul Index rose 4.13 points, or 0.27%, to finish at 1,517.67

RIYADH: Saudi Arabia’s Tadawul All Share Index rebounded on Monday, gaining 37.20 points, or 0.31 percent, to close at 12,096.73.

The benchmark index saw a total trading turnover of SR4.74 billion ($1.26 billion), with 71 stocks advancing, while 154 declined.

Meanwhile, Nomu dropped 28.63 points to close at 31,144.44. The MSCI Tadawul Index also posted a modest gain, rising 4.13 points, or 0.27 percent, to finish at 1,517.67.

Saudi Industrial Development Co. led the main market, with its share price surging 4.27 percent to SR28.10. Other notable gainers included Riyadh Cables Group Co. and Dr. Soliman Abdel Kader Fakeeh Hospital Co., whose shares increased by 4.14 percent and 4.12 percent, closing at SR151 and SR70.80, respectively.

On the downside, Saudi Chemical Co. saw its share price dip by 3.59 percent to SR9.93.

Balsm Alofoq Medical Co., which debuted on the Nomu market on Monday, was the top performer on the parallel market, with its share price soaring 30 percent to SR78.

Additionally, Neft Alsharq Co. for Chemical Industries saw a notable increase, with its share price rising 13.27 percent to SR5.55.

On the announcements front, Saudi-based online beauty brand Nice One has set its final offer price at SR35 for its upcoming initial public offering, positioning the company for a market capitalization of over SR4 billion upon listing.

The company revealed that institutional book-building orders exceeded SR169 billion, reflecting a subscription coverage of 139.4 times.

The retail subscription period for the IPO is scheduled from Dec. 24 to 25. If all formalities are completed by the Capital Market Authority and Saudi Exchange, the offered shares will be listed on the main market.

Meanwhile, Obeikan Glass Co. announced the commencement of trial operations at its new aluminum casting facility, the Saudi Aluminum Casting Foundry, on Dec. 16. The commercial operations of the plant, located in Al-Madina Al-Munawwara Industrial City, are expected to begin in Q1 2025, with a focus on manufacturing and casting aluminum products.


BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy

BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy
Updated 16 December 2024
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BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy

BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy
  • Arcius Energy is 51% owned by BP and 49% owned by XRG
  • ADNOC announced last week the newly-created XRG’s board members

DUBAI: BP and Abu Dhabi National Oil Company’s international investments arm XRG said on Monday they have closed a deal for a new natural gas joint venture in Egypt, as ADNOC expands its efforts to grow abroad.
The joint venture, Arcius Energy, is 51 percent owned by BP and 49 percent owned by XRG. It will operate in Egypt initially.
Naser Saif Al-Yafei, an ADNOC veteran, was hired as Arcius’ chief executive. He most recently led strategy, sustainability and transformation at subsidiary ADNOC Gas. Katerina Papalexandri, vice president of gas and low carbon energy growth at BP, was appointed chief financial officer.


“Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region,” BP Chief Executive Murray Auchincloss said in the statement, adding that Egypt was “a hub for new opportunities to build out a highly competitive gas portfolio in the region.”
Sultan Al-Jaber, XRG executive chairman and ADNOC CEO, said the JV “fully aligns with XRG’s objectives to accelerate the transformation of energy systems and build a world-scale integrated gas and chemicals portfolio to meet rising global demand.”
Arcius’ concessions in Egypt comprise a 10 percent interest in Shorouk, which contains the giant Zohr field operated by Eni and 100 percent of North Damietta, which contains the producing Atoll field operated by the Pharaonic Petroleum Company.


It also has exploration concession agreements for North El Tabya, Bellatrix-Seti East and North El Fayrouz.
ADNOC announced last week that the newly-created XRG’s board members include Blackstone’s Jon Gray and former BP boss Bernard Looney, who was dismissed by BP’s board last December after the oil major said he had knowingly misled the board by failing to disclose past relationships.
The appointment of big names from the world of finance and energy to XRG’s board signals its grand ambitions, as ADNOC pursues its aggressive growth strategy.
XRG, which ADNOC said is valued at more than $80 billion, will focus on overseas investments in low-carbon energy, including gas, chemicals and renewables.


Pakistan central bank cuts key rate by 200 bps, fifth in a row

Pakistan central bank cuts key rate by 200 bps, fifth in a row
Updated 16 December 2024
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Pakistan central bank cuts key rate by 200 bps, fifth in a row

Pakistan central bank cuts key rate by 200 bps, fifth in a row
  • This is fifth straight reduction since June as country keeps up efforts to revive a sluggish economy with inflation easing
  • Pakistan’s latest move makes this year’s cuts most aggressive among emerging market central banks in current easing cycle

KARACHI: Pakistan’s central bank cut its key policy rate by 200 basis points to 13% on Monday, it said in a statement, for a fifth straight reduction since June as the country keeps up efforts to revive a sluggish economy with inflation easing.

Pakistan’s latest move makes this year’s cuts the most aggressive among emerging market central banks in the current easing cycle, barring outliers such as Argentina.

The South Asian country is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the International Monetary Fund (IMF) in September.

All 12 analysts surveyed by Reuters expected a 200 bps cut, after inflation fell sharply, slowing to 4.9% in November, largely due to a high base a year earlier, coming in below the government’s forecast and significantly lower than a multi-decade high of around 40 percent in May last year.

Monday’s move follows cuts of 150 bps in June, 100 in July, 200 in September, and a record cut of 250 bps in November, that have taken the rate down from an all-time high of 22%, set in June 2023 and left unchanged for a year.

It takes the total cuts to 900 bps since June.
 


Saudi Ministry of Human Resources and Social Development leads in 2024 Digital Transformation Index

Saudi Ministry of Human Resources and Social Development leads in 2024 Digital Transformation Index
Updated 16 December 2024
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Saudi Ministry of Human Resources and Social Development leads in 2024 Digital Transformation Index

Saudi Ministry of Human Resources and Social Development leads in 2024 Digital Transformation Index
  • Ministry ranked second overall among government agencies
  • Index assesses government agencies’ adherence to key digital transformation standards

JEDDAH: Saudi Arabia’s Ministry of Human Resources and Social Development ranked first among ministries and second overall with government agencies in the 2024 Digital Transformation Index, underscoring the nation’s commitment to technological advancement.

The award ceremony, held on Dec. 15 in Riyadh, was part of the Digital Government Forum, which featured panel discussions, workshops, and presentations from experts in areas such as artificial intelligence, cybersecurity, and e-services. 

The event coincided with the 19th edition of the UN Internet Governance Forum, hosted in the Saudi capital from Dec. 15— 19 under the theme “Building our Multistakeholder Digital Future.”

The index assesses government agencies’ adherence to key digital transformation standards, analyzes their current progress, and tracks the development of their digital journey based on best practices, aligning with the goals of Saudi Vision 2030.

Following the Ministry of Human Resources and Social Development, the Ministry of Justice ranked second in the innovation category of the index, the Ministry of Transport and Logistic Services came third, the Ministry of Hajj and Umrah was fourth, and the Ministry of Energy came in fifth, among 24 ministries.

The Ministry of Human Resources and Social Development also received an excellence certificate from the Digital Government Authority for its Mowaamah application, which supports services for individuals with disabilities, recognizing its impactful contributions to digital transformation and leadership in this field, according to the ministry.

The body also earned another certificate for its use of emerging technologies at the government level, awarded by the Digital Government Authority.

These recognitions highlight the ministry’s commitment to digital transformation, focusing on enhancing beneficiary experiences by employing advanced technologies and offering innovative solutions, the Ministry of Human Resources and Social Development said in a statement.

It added that its digital transformation strategy strengthens services across over 1,000 digital services and procedures, benefiting more than 32 million people.

According to the UN’s biennial E-Government Development Index for 2024, published in September, Saudi Arabia rose 25 ranks, positioning itself among the leading countries in global rankings.

The Kingdom ranks first in the region, second among G20 countries, and seventh on the E-Participation Index. Riyadh is also ranked third among 193 global cities.

The compilers of the index also praised Saudi Arabia for its significant developments in the field of digital government, thanks to which it ranked sixth in the world.

The UN report highlighted that the Kingdom has achieved 100 percent maturity in digital government regulations, as well as in the accessibility and sharing of open government data with citizens and businesses.