Saudi ministries enforce 35% nationalization in dental professions to boost job opportunities/node/2474276/business-economy
Saudi ministries enforce 35% nationalization in dental professions to boost job opportunities
The new resolution, effective from March 10, will apply localization ratios to private sector establishments employing three or more workers in dental professions. Shutterstock
Saudi ministries enforce 35% nationalization in dental professions to boost job opportunities
Updated 10 March 2024
Arab News
RIYADH: The Saudi workforce stands to benefit as the Ministries of Human Resources and Social Development, and Health, have begun implementing a 35 percent nationalization of dental professions.
The new resolution, effective from March 10, will apply localization ratios to private sector establishments employing three or more workers in dental professions.
This decision aligns with the efforts of the two ministries to create improved job opportunities for male and female citizens across various regions of the Kingdom.
The Ministry of Health will oversee and ensure the implementation of this decision to boost labor market participation, aligning with the specialization of the dental profession.
Furthermore, it stated that private sector establishments will receive support and incentives from the HRSD system to aid Saudi employment.
These include support for recruitment and finding suitable workers, assistance with necessary training and qualification processes, support for job continuity, as well as granting priority access to localization and employment support programs through HRSD.
The ministry published procedural instructions on its website outlining localization requirements and professions, emphasizing the importance of enterprises complying with the regulations to avoid penalties imposed on violators.
In December 2023, Saudi Arabia witnessed a significant increase in the participation rate of nationals in the private sector, according to statistics published by the HRSD system.
The participation rate of Saudis in the private sector increased from 1.7 million in 2019 to 2.3 million in 2023, including more than 360,000 who had entered the labor market for the first time, the Saudi Press Agency reported in December.
According to the Labor Market Bulletin statistics released in December, this increase led to a decrease in the total unemployment rate to 8.3 percent in the second quarter of 2023. The reforms, strategy, and substantial support are reflected in the significant transformations of the Saudi labor market.
HRSD has made many efforts to turn the labor market in the Kingdom into an attractive one for talent and competition in global divisions.
The labor market strategy, through its initiatives in support of the Kingdom’s Vision 2030, has contributed to achieving tangible results at the national level. In 2022, Saudi Arabia secured first place among the G20 countries with a growth rate of 4.9 percent in worker productivity.
These efforts also contributed to reducing unemployment rates among Saudi women to 15.7 percent, the SPA report added.
Closing Bell: Saudi main index closes in green at 12,037, trading turnover at $1.53bn
Updated 7 sec ago
Nirmal Narayanan
RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward movement for the third consecutive day on Tuesday, as it gained 35.58 points or 0.30 percent to close at 12,036.50.
The total trading turnover of the benchmark index was SR5.75 billion ($1.53 billion), with 167 of the listed stocks advancing while 63 declined.
The Kingdom’s parallel market Nomu, however, shed 37.70 points to close at 31,475.72, while the MSCI Tadawul Index gained 3.34 points to end trading at 1,509.31.
The best-performing stock of the day was Riyad REIT Fund, as its share price surged by 6.42 percent to SR6.80.
Other top gainers were Al-Babtain Power and Telecommunication Co. and Red Sea International Co., whose share prices soared by 4.84 percent and 4.59 percent to SR39 and SR61.50, respectively.
Conversely, the share price of Saudi Industrial Development Co. decreased by 4.36 percent to SR29.60.
The best performer in Nomu was Natural Gas Distribution Co., whose share price increased by 9.74 percent to SR68.70.
The stock value of Purity for Information Technology Co. and Mohammed Hadi Al Rasheed and Partners Co. also rose by 7.69 percent and 6.50 percent to close at SR21 and SR100, respectively.
The share price of Albattal Factory for Chemical Industries Co., which debuted in the parallel market on Tuesday, decreased by 3.17 percent to SR61.
On the announcements front, Saudi Arabian Cooperative Insurance Co. said that its shareholders approved the recommendation to use part of the firm’s statutory reserve balance amounting to SR43.69 million to fully offset its accumulated losses.
In a statement to Tadawul, the insurance company said that its accumulated losses totaled SR39.09 million by the end of the third quarter of this year, accounting for 13.03 percent of the firm’s capital.
The stock value of Saudi Arabian Cooperative Insurance Co. dropped by 1.64 percent to SR15.64.
ITMAM Consulting Co. has set the price range for its potential initial public offering on the Kingdom’s parallel market between SR13 and SR15 per share, its financial adviser Yaqeen Capital said in a statement.
The statement added that the book-building process will begin on Jan. 5 and run through Jan. 12.
Egypt to accelerate government IPO steps to attract investments, maximize private sector role
The latest developments in the status of a number of companies currently being processed for sale were reviewed
Initiative is part of a broader effort to expand the number of publicly traded companies and attract greater investment
Updated 31 December 2024
REEM WALID
RIYADH: Egypt aims to accelerate the government offerings program procedures in 2025 to maximize the private sector’s economic role and attract more investments.
The announcement was made during a meeting of the Government Offerings Committee, chaired by Prime Minister Mostafa Madbouly, to follow up on the developments of the status of the offering of the four targeted companies affiliated with the Armed Forces, according to a statement by the Cabinet.
This aligns with Egypt’s plan to list over 10 companies in 2025 through public offerings or partnerships with strategic investors. The initiative is part of a broader effort to expand the number of publicly traded companies and attract greater investment.
The firms include National Co. for Petroleum Products Marketing and Distribution, Watanya, National Co. for Natural Water in Siwa, Safi, ChillOut Egypt, and Silo Foods for Food Industries.
The move confirms the country’s seriousness in completing this vital program within the framework of implementing the “State Ownership Policy” document, which primarily seeks to elevate the role of the private sector in various economic activities and raise its contribution, in addition to restructuring some state-owned assets.
This comes amid the difficulties the Egyptian economy has been witnessing with soaring inflation and lower-than-expected revenues, including a significant drop in earnings from the Suez Canal.
During the meeting, Madbouly said the offerings provide opportunities for companies affiliated with the public business sector, whether for public offering on the Egyptian Stock Exchange or for strategic investors, pointing simultaneously to the need to expand the companies offered by the ministry.
The latest developments in the status of a number of companies currently being processed for sale were reviewed, including Sidi Kerir Petrochemicals Co., MIDOR Middle East Oil Refinery, Al-Amal Al-Sharif Plastics, and Egyptian Group For Pharmaceutical Industries.
The steps taken to offer the Gabal El-Zeit wind power plant located in the area south of Ras Gharib were also examined during the meeting, as well as the status of several firms being studied with the Ministry of Public Business Sector as was the offering of stakes in several banks.
Mohamed El-Homsany, the official spokesman for the Cabinet, said the meeting discussed the current status of the government offerings program by reviewing the procedures and executive steps taken by the ministries and relevant authorities to offer the previously announced targeted companies, in addition to those being prepared for offering in several sectors.
Earlier this month, Madbouly announced that Egypt successfully repaid $38.7 billion in debts during 2024, including $7 billion in November and December, demonstrating its commitment to meeting financial obligations despite significant economic challenges.
As the North African nation continues to tackle its economic difficulties, the country is set to receive around $1.2 billion from the International Monetary Fund under a staff-level agreement for the Extended Fund Facility program. The deal, pending approval from the IMF’s executive board, aims to provide crucial financial support to stabilize Egypt’s economy.
Saudi Fund for Development expands global support in final quarter of 2024
Updated 31 December 2024
Nirmal Narayanan
RIYADH: Economies worldwide have faced significant challenges in 2024, marked by escalating geopolitical tensions and the ongoing conflicts in the Middle East.
Despite these difficult circumstances, the Saudi Fund for Development remained steadfast in its mission to support developing nations through financing vital social and infrastructure projects.
In the first nine months of 2024, the SFD supported various initiatives, including a $101 million investment for the Shounter and Jagran-IV Hydropower Projects in Pakistan, a $55 million loan to bolster Turkiye’s education sector, and a $5 million grant to fund a water project in Benin.
As the official development arm of Saudi Arabia, the SFD has financed more than 800 projects across over 100 countries, contributing a total of $20 billion since its inception in 1974. Now, in its 50th year, the SFD continues to build on its legacy, making significant strides during the final quarter of 2024. Here are some of the highlights from its activities in the last three months of the year.
Loans to Serbia
In October, the SFD marked its entry into Serbia by signing three development loan agreements valued at $205 million. The loans are aimed at supporting key sectors, including agriculture, education, and energy. This partnership is seen as a significant step in Serbia’s socio-economic development.
During the signing ceremony, Sinisa Mali, the deputy prime minister and minister of finance of Serbia, expressed his gratitude for the support and highlighted the importance of the projects in creating jobs and strengthening the country’s economy. “We are grateful for the support. The projects for which this money is intended will contribute to the creation of new jobs, the strengthening of our economy, and better positioning of the Republic of Serbia in the world scientific community,” said Mali.
He also emphasized the importance of the partnership: “The agreements will also reinforce the long-term partnership between the Republic of Serbia and the Kingdom of Saudi Arabia and contribute to the implementation and development of important projects in our country.”
Sultan Al-Marshad, CEO of SFD, commented on the significance of the partnership, stating that it aligns with the fund’s mission to support sustainable development through strategic investments in infrastructure and education.
Partners with the World Bank Group
In another significant move in October, SFD signed a memorandum of understanding with the World Bank Group to deepen international cooperation in advancing sustainable development in emerging economies. The partnership focuses on joint efforts in knowledge-sharing, co-financing, and tackling critical challenges like water and food security, particularly in regions vulnerable to climate change and fragility.
The agreement includes all five institutions within the World Bank Group: the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the International Center for Settlement of Investment Disputes.
Key areas of focus outlined in the MoU include promoting renewable energy, enhancing transportation infrastructure, developing digital economies, and strengthening institutional capacity.
Cooperation with the Global Water Organization
In October, the Saudi fund also signed an MoU with the Global Water Organization. This collaboration aims to support water-related projects worldwide, with the goal of achieving sustainable development goals in various countries.
“This memorandum reflects SFD’s efforts over the past 50 years in enhancing international cooperation in the field of water resource management and water security. This partnership will enhance the provision of innovative financing options to support water projects,” said Al-Marshad at the time.
Deal with AIIB
In the same month, the SFD further extended its reach by signing an MoU with the Asian Infrastructure Investment Bank. The agreement seeks to foster sustainable, resilient, and inclusive development in AIIB member countries, with a particular focus on mobilizing resources through joint initiatives, knowledge sharing, and coordinated communication.
The MoU builds on a $10 million contribution by the SFD to AIIB’s Special Fund Window for Less Developed Members in 2023.
“As a key player in global development, SFD is dedicated to supporting least developed countries and advancing sustainable growth. We strongly believe that partnerships are essential for fostering long-term, impactful development,” said Al-Marshad.
He added: “Working closely with AIIB is a natural fit, given our aligned mission of promoting sustainability and resilience. With the Kingdom of Saudi Arabia’s recent contributions to AIIB’s Special Fund Window, this MoU marks an important milestone in our joint efforts to expand collaboration and drive meaningful change in developing countries.”
AIIB President Jin Liqun highlighted the significance of the agreement, noting that it would unlock new synergies and enhance institutional capabilities to drive resilient, inclusive growth in regions most in need.
“Building on SFD’s support to our Special Funds Window, and our joint effort to explore co-financing project opportunities, the collaboration with SFD will unlock new synergies and bolster our institutional capabilities, driving resilient and inclusive growth, where it is most critically needed,” said Liqun.
Healthcare in Djibouti
In November, the SFD signed an MoU with Djibouti to bolster the East African nation’s healthcare sector. The agreement involves the rehabilitation of the Sultan bin Abdulaziz Dialysis Center at Peltier General Hospital and the construction of a new dialysis center in the Balbala district of Djibouti City, with a total value of SR1.6 million ($426,000).
“This large-scale health project is expected to significantly expand Djibouti’s medical services, reinforcing SFD’s commitment to advancing healthcare infrastructure in Djibouti,” said the fund in a statement.
Djibouti’s Minister of Economy and Finance, Ilyas Moussa Dawaleh, welcomed a delegation from the Saudi Development Fund. SFD
Meetings
In the final quarter of the year, SFD participated in the Multilateral Industrial Policy Forum, organized by Saudi Arabia’s Ministry of Industry and Mineral Resources in partnership with the UN Industrial Development Organization. At the event, SFD showcased its developmental journey since its founding in 1974.
Al-Marshad met with several world leaders to discuss ongoing development projects. In November, Kyrgyzstan President Sadyr Japarov met with SFD CEO during the Extraordinary Arab and Islamic Summit in Riyadh to review development projects in the Central Asian nation. Likewise, in October, Vietnam’s Prime Minister Pham Minh Chinh met with Al-Marshad to discuss future support for pivotal sectors in Vietnam, which has been benefiting from SFD’s initiatives since 2011.
Through loans exceeding $164 million, the SFD has financed 12 development projects in Vietnam across sectors like transportation, communications, and social infrastructure, all contributing to the country’s economic growth and sustainable development.
Startups of the Year: eyewa and Lean Technologies attract top US investors to Mideast
Updated 31 December 2024
Nour El-Shaeri
RIYADH: Saudi startups eyewa and Lean Technologies have set a new benchmark in attracting international investment and driving innovation across the Middle East in 2024.
Operating in the retail and fintech sectors, respectively, these companies have secured significant funding rounds and reached major milestones, cementing their roles as pivotal players in the region’s entrepreneurial ecosystem.
The future of eyewear
Dual-headquartered in the UAE and Saudi Arabia, eyewa had a landmark year in 2024. The company surpassed 150 stores across the Middle East and secured its largest funding round to date — $100 million — led by General Atlantic, a leading global growth investor based in the US.
In an interview with Arab News, co-founder and co-CEO of eyewa Anass Boumediene emphasized the importance of these milestones, saying: “Investment from such a major international growth equity firm clearly highlights the strength of our business model.”
He added that eyewa’s rapid expansion is part of a broader strategy to reach 250 stores by the end of 2025.
Customer feedback has been central to eyewa’s success, helping the company navigate challenges in its competitive market. “Our first step in mitigating challenges has always been to listen to what we are being told by our customers,” Boumediene said.
Drawing from this feedback, the company invested in advanced technological solutions to improve the customer experience. Notable innovations include AI-assisted eye exams for more accurate prescriptions and augmented reality features that allow customers to try on glasses virtually via eyewa’s website and app.
Boumediene added: “These innovations have allowed us to bridge the gap between in-store and online experiences, making eyewear shopping more accessible and convenient.”
The founders of eyewa, with Anass Boumediene on the right. Supplied
Eyewa’s Gulf-centric approach to product design and pricing sets it apart from global competitors. “We design our glasses specifically for people in the region, whereas our global competitors tend to follow the US or European trends,” Boumediene said.
Affordability is another key driver of eyewa’s success, with prescription glasses starting at $100 — half the average price in the GCC.
“Our designs and pricing are a major factor in the success of eyewa. People in the region really feel like they can connect with the brand at a variety of price points,” he explained.
Building a diverse and strong team has been integral to eyewa’s growth. The company now employs over 1,300 people from more than 50 nationalities, achieving gender parity, with just over 50 percent of its workforce being female.
Boumediene highlighted eyewa’s approach to talent development, saying that optometrists have clear career paths, whether technical or managerial. “Our retail director, who leads our retail operations, is an optometrist,” he added, underscoring the company’s commitment to internal growth.
Looking ahead to 2025, eyewa plans to open an additional 100 stores and establish a production and fulfillment hub in Riyadh. Boumediene described the hub as a game-changer: “It will allow us to deliver bespoke products to customers within 24 hours, the fastest service in the region.”
He further noted that the Middle East’s young population and rapidly growing economies will continue to fuel demand for eyewear, positioning eyewa to capitalize on these trends.
Powering fintech
Lean Technologies, one of the Middle East’s leading fintech infrastructure startups, marked 2024 as a year of milestones, growth, and impact.
Hisham Al-Falih, CEO of Lean Technologies, told Arab News: “This year, two milestones stand out. The first, and perhaps the most visible, is our Series B funding round of $67.5 million, led by General Catalyst with participation from Bain Capital Ventures, Stanley Druckenmiller, Arbor Ventures, and other top-tier investors.”
Al-Falih emphasized that the funding round was not just significant for the capital raised, but also for the caliber of investors backing Lean. “It’s a reflection of the potential they see in the region,” he said, calling it a standout moment for the fintech industry.
Hisham Al-Falih, CEO of Lean Technologies. Supplied
Al-Falih also shared the significance of seeing team members celebrate their five-year anniversaries. “For a company just over five years old, this is deeply meaningful. It highlights the enduring commitment of the people who helped shape Lean from the beginning and continue to drive its mission forward.”
Operating at the intersection of banks, third-party providers, regulators, and millions of end-users, Lean Technologies faces unique challenges in balancing innovation, compliance, and reliability. “This year was particularly challenging as both Saudi Arabia and the UAE accelerated their Open Banking and Open Finance initiatives,” Al-Falih explained.
In this regulatory landscape, Lean played a key role in helping shape the frameworks while maintaining its commitment to clients and end-users. “It’s been a demanding but rewarding process—one that underscores our responsibility not just as a company, but as a critical enabler for the entire ecosystem,” he added.
Lean’s customer-centric approach has been a defining factor in its success. “What sets Lean apart is our relentless focus on solving the most critical challenges faced by our clients and their end users,” Al-Falih noted.
By embedding itself within clients’ businesses, Lean ensures it understands their needs. “This proximity gives us the clarity to address current challenges while also anticipating future opportunities,” he said.
In the UAE, Lean’s account-to-account payment solutions processed over $2 billion in transaction volumes in 2024, streamlining pay-ins and payouts for major companies like e&, DAMAC, and Careem.
In Saudi Arabia, the company’s data solutions, operating under the Saudi Central Bank’s regulatory sandbox, have been leveraged by companies such as Tawuniya, ALJUF, and Salla, as well as Tabby and Tamara to unlock new use cases in insurance, lending, and marketplaces.
Al-Falih reflected on Lean’s growth, saying: “Surpassing our ambitious growth targets wasn’t just about numbers. It was about demonstrating what’s possible when a team is deeply aligned with the needs of its market and its clients.”
This alignment is rooted in Lean’s culture, which Al-Falih described as “the pursuit of greatness.” He explained: “This mindset drives our culture, and we’ve worked hard to create an environment where people can collaborate with exceptional colleagues, achieve remarkable outcomes, and receive the feedback they need to grow.”
Lean structures its approach through a framework called the “3 Spheres of Influence,” which emphasizes mastery of craft, collaboration, and integrity. “These principles encourage our team members to reflect and grow both individually and as part of the Lean team,” Al-Falih added, noting that this cultural foundation has been instrumental in the company’s success.
Looking ahead to 2025, Lean is well-positioned to capitalize on the rapid advancements in Open Banking in Saudi Arabia and Open Finance in the UAE. “For us, these frameworks represent the culmination of five years of hard work—lobbying, collaborating with regulators, and partnering with banks,” Al-Falih explained.
The company’s focus will be on making these initiatives a reality for the market. “Our priority is to seize the opportunities these frameworks create and help bring the vision of Open Banking and Open Finance to life,” he said.
Beyond regulatory developments, Lean is also exploring new ways to improve financial infrastructure for individuals and SMEs. “Our mission remains clear: to enable the next generation of financial innovation,” Al-Falih said, adding: “With the momentum we’ve built, we’re confident in our ability to continue scaling and delivering impact across the region.”
RIYADH: Saudi Aramco has reduced the official selling prices for propane and butane for January 2025.
According to an official statement on Tuesday, the price of propane was lowered by $10 per tonne, while butane saw a $15 per tonne reduction compared to the previous month.
Propane and butane are both types of liquefied petroleum gas, commonly used for heating, vehicle fuel, and as a feedstock in the petrochemical industry. These products have distinct boiling points, making them suitable for different applications.
Aramco’s OSPs for LPG are widely used as benchmarks for contracts supplying the product from the Middle East to the Asia-Pacific region.
Demand for propane typically increases during the winter months, as it is heavily utilized for home heating.
Such seasonal demand spikes can lead to price fluctuations, as supply and demand dynamics come into play. Higher demand during colder months often results in rising prices, reflecting the basic economic principle of supply and demand.
