Saudi Arabia keen to get more women in the workforce

Saudi Arabia keen to get more women in the workforce
Saudi Arabia is keen to get more women in the workforce, and the Kingdom has already surpassed its Vision 2030 ambition of achieving 30 percent female participation in the labor market. (SPA)
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Updated 06 July 2024
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Saudi Arabia keen to get more women in the workforce

Saudi Arabia keen to get more women in the workforce
  • Saudi women in tourism and hospitality sectors underline power of workforce diversity, experts explain

RIYADH: Tourism and hospitality in Saudi Arabia are experiencing a remarkable transformation driven by the increased participation of women, thanks to inspirational leaders and strong government action.

This shift is significant considering that tourism is one of the few global industries where women already constitute the majority of the workforce.

Saudi Arabia is keen to get more women in the workforce, and the Kingdom has already surpassed its Vision 2030 ambition of achieving 30 percent female participation in the labor market.

Indeed, the goal has now been upscaled to 40 percent — double the rate seen in 2010, according to World Bank figures.

Tourism and hospitality is seen as a sector where women can thrive, and the Kingdom is working hard to create more opportunities in this area.

According to EHL Insights, just five years ago, Saudi females faced significant barriers when it came to working in hospitality companies, and women had to go to great lengths to convince their families to allow them to pursue education or employment opportunities in this industry.

This has changed thanks to the economic and cultural shifts spearheaded by the Vision 2030 initiative, and according to data issued by R Consultancy Group in March, 45 percent of the sector’s workforce now comprises female professionals – 925,000 workers.

“There are several inspirational female leaders that have helped to strategically shape both the Saudi tourism sector and the regional tourism sector more broadly such as Princess Haifa bint Mohammed Al-Saud, vice minister of tourism, and Basmah Al-Mayman, regional director of the UN World Tourism Organization,” Anne-Laure Malauzat, partner at Bain & Co. in the Middle East, told Arab News.

She  went on to stress that on the ground in Saudi Arabia, there is a massive presence of women across different parts of the tourism and hospitality sectors, from the architects designing the Kingdom’s key airports, passport control officers, and cab drivers as well as hospitality leaders and tourist guides.

“Examples of these success stories include Sarah Gasim, senior vice president — head of KSA Hotels and Hospitality at JLL — who managed hotel complexes in the past. (She) is a published author and lectured on hospitality, helping to shape future generations in the sector,” Malauzat said.

From Red Sea Global’s point of view, spokesperson Zainab Hamidaddin Al-Hanoof Al-Hazzani told Arab News that women bring unique perspectives, skills, and insights to roles such as hospitality management, customer service, marketing, and event planning, which significantly enhance the overall quality of service and customer satisfaction. 




Tourism and hospitality is seen as a sector where women can thrive, and the Kingdom is working hard to create more opportunities in this area. (SPA)

“Their diverse perspectives, enhanced service delivery, and inclusive workplace contributions are driving innovation and economic growth, making them indispensable to its success,” she said.

Al-Hazzani claimed that women are actively shaping the future of the tourism and hospitality industry in Saudi Arabia, adding: “This is particularly true at RSG where women play a pivotal role in elevating guest experiences, fostering cultural diversity, and contributing to the overarching success of our projects.

For example, our Elite Graduate Program has provided employment opportunities for 250 individuals, with 30 women advancing to management positions.” 

Opportunities and challenges for women in the tourism and hospitality sector 

The tourism and hospitality sector in Saudi Arabia is undergoing a significant transformation, with a growing focus on cultural tourism, luxury experiences, and heritage preservation which presents a wealth of opportunities for women.

Laila Kuznezov, director, Implementation Practice at management consulting firm Oliver Wyman told Arab News that from leadership roles in hotel management to careers in event planning, cultural tourism experiences, and hospitality education, women can leverage their “unique skills and perspectives” to shape the future of Saudi tourism. 

“By empowering women in tourism and hospitality, they are not only creating a more inclusive workforce, but also sending a powerful message to the world. With a diverse pool of talent contributing to the industry, they can create a world-class visitor experience that reflects the Kingdom’s rich heritage, culture tapestry, and forward-thinking vision for the future,” Kuznezov added.

Speaking on the key constraints women face in entering the labor force and securing employment, Kuznezov shed light on how many of the barriers in Saudi Arabia are similar to those faced globally. 

By empowering women in tourism and hospitality, they are not only creating a more inclusive workforce, but also sending a powerful message to the world.

Laila Kuznezov, director, Implementation Practice at Oliver Wyman

“A gender wage gap persists, and women at certain education levels, particularly those with only a secondary school leaver’s certificate, have much lower participation rates than men. A huge opportunity lies in capitalizing on the highly skilled female workforce in Saudi Arabia,” she explained.

The director also noted that: “We need to see more women as CEOs, CFOs, and senior managers across all industries, particularly in highly productive sectors driven by technology and knowledge. Encouraging female entrepreneurship is also crucial. The talent and ambition are there – it’s about providing continued support and fostering a culture that actively supports and promotes women in transformative roles.”

She continued to clarify that the recent rise in female labor force participation is a positive indicator, but the next step is ensuring these women secure high-quality jobs that leverage their full capabilities.

“It is also important to support gains for women at all levels and geographic areas. A key focus in Saudi Arabia is ensuring access to the training and childcare options needed for success, especially for women who have been out of the workforce for long periods of time, are first-time job holders, or have lower education levels,” Kuznezov emphasized.

“Since Saudi women tend to stay closer to their hometowns, geographically dispersed training programs and readily available childcare are crucial to expanding regional employment opportunities,” the director further said.

According to Kuznezov, Saudi Arabia is embracing a progressive approach by developing and enabling regulations to promote new forms of work, such as freelancing, part-time work, platform and gig economy work, and remote working.

“These models offer women increased flexibility and more channels to enter and participate in the workforce, which should contribute to continuing the positive trends of increased participation and reduced unemployment for women,” she said.

Women participation’s impact on Vision 2030

Female participation in the tourism and hospitality sector has helped support the Vision 2030 agenda on multiple fronts, believes Bain & Co.’s Malauzat. 

“From a talent perspective, enabling the sector transformation through their leadership, skills, and contribution across all parts of the tourism and hospitality lifecycle,” she said. 

FASTFACT

In Saudi Arabia, there is a massive presence of women across different parts of the tourism and hospitality sectors, from the architects designing the Kingdom’s key airports, passport control officers, and cab drivers as well as hospitality leaders and tourist guides.

“From a consumer understanding perspective, women globally take an estimated 80 percent of consumer-related decisions so having women represented in the sector is critical to ensure a real understanding of consumers in this space,” the partner affirmed.

She concluded: “From a gender equity perspective, this has been an important contributing factor to helping the Kingdom achieve its overall aspirations for female participation in the labor market nationally.”

From RSG’s lens, according to Al-Hazzani, by actively promoting gender diversity in the workforce within the tourism and hospitality sector, the firm is taking significant strides towards realizing the vision outlined in Vision 2030.

“This initiative aligns seamlessly with the broader objective of cultivating a vibrant and inclusive economy that harnesses the full spectrum of talent and capabilities within the nation,” Al-Hazzani said.

“Recognized as a fundamental driver of economic diversification, the tourism and hospitality sector in particular benefits immensely from the integration of female talent. Their presence not only fuels the sector’s growth but also enhances its competitive edge and long-term viability through delivering an enriched tourism experience and driving innovation,” she added.

The spokesperson justified that by prioritizing gender diversity in the tourism and hospitality workforce, RSG is not only embracing Vision 2030’s ideals but also paving the way for other sectors to do the same.

“Our dedication to inclusivity not only strengthens our economy but also reaffirms our collective commitment of creating a more prosperous and equitable society,” Al-Hazzani concluded.


Oil Updates — crude slips as investors monitor Russia-Ukraine ceasefire talks

Oil Updates — crude slips as investors monitor Russia-Ukraine ceasefire talks
Updated 11 sec ago
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Oil Updates — crude slips as investors monitor Russia-Ukraine ceasefire talks

Oil Updates — crude slips as investors monitor Russia-Ukraine ceasefire talks

LONDON: Oil prices slipped on Monday as investors assessed the outlook for ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian oil to global markets.

Brent crude futures were down 25 cents, or 0.4 percent, at $71.91 a barrel by 7:09 a.m. Saudi time. US West Texas Intermediate crude fell 20 cents, or 0.3 percent, to $68.08.

Both benchmarks settled higher on Friday and recorded a second consecutive weekly gain as fresh US sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply.

A US delegation will seek progress toward a Black Sea ceasefire and a broader cessation of violence in the war in Ukraine when it meets for talks with Russian officials on Monday, after discussions with diplomats from Ukraine on Sunday.

“Expectations of progress in peace negotiations between Russia and Ukraine and a potential easing of US sanctions on Russian oil pressured prices lower,” said Toshitaka Tazawa, an analyst at Fujitomi Securities.

“But investors are holding back on large positions as they evaluate future OPEC+ production trends beyond April,” he added.

OPEC+ — the Organization of the Petroleum Exporting Countries and allies including Russia — on Thursday issued a new schedule for seven member nations to make further oil output cuts to compensate for pumping above agreed levels, which will more than overtake the monthly production hikes the group plans to introduce next month.

“Ukraine-Russia ceasefire talks raise the prospects of increased Russian exports on an eventual resolution, while the OPEC+ production hike as early as April points to further supply additions, which may be difficult to be fully absorbed by demand factors,” said Singapore-based IG strategist Yeap Jun Rong.

OPEC+ has been cutting output by 5.85 million barrels per day, equal to about 5.7 percent of global supply, agreed in a series of steps since 2022 to support the market.

It confirmed on March 3 that eight of its members would proceed with a monthly increase of 138,000 bpd from April, citing healthier market fundamentals.

Market participants are also monitoring the impact from new Iran-related US sanctions announced last week.

Market sentiment toward oil prices has improved recently given heightened supply risks stemming from US sanctions on Iranian exports and some optimism that US reciprocal tariffs may be less severe than feared, though the broader demand-supply outlook still remains mixed, IG’s Yeap said.

Iranian oil shipments to China are set to fall in the near-term after new US sanctions on a refiner and tankers, driving up shipping costs, but traders said they expect buyers to find workarounds to keep at least some volume flowing.


Closing Bell: Saudi main index edges down to close at 11,694

Closing Bell: Saudi main index edges down to close at 11,694
Updated 23 March 2025
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Closing Bell: Saudi main index edges down to close at 11,694

Closing Bell: Saudi main index edges down to close at 11,694

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 65.55 points, or 0.56 percent, to close at 11,694.77.

The total trading turnover of the benchmark index was SR2.64 billion ($704 million), as 85 of the stocks advanced and 155 retreated.   

On the other hand, the Kingdom’s parallel market, Nomu, gained 13.93 points, or 0.05 percent, to close at 30,535.46. This comes as 36 stocks advanced while 48 retreated.   

The MSCI Tadawul Index lost 10.73 points, or 0.72 percent, to close at 1,479.47.    

The best-performing stock was Al-Babtain Power and Telecommunication Co., whose share price surged 9.98 percent to SR46.30.  

Other top performers included Alujain Corp., whose share price rose 8.65 percent to SR37.70, as well as Arriyadh Development Co., whose share price surged 6.05 percent to SR34.20.

Naseej International Trading Co. recorded the most significant drop, falling 9.58 percent to SR84.

Al-Rajhi Co. for Cooperative Insurance also saw its stock prices fall 4.63 percent to SR136.

Banan Real Estate Co. also saw its stock prices decline 4.31 percent to SR6.22.

On the announcements front, Tam Development Co. declared its annual financial results for the year ending on Dec. 31, 2024. According to a Tadawul statement, the firm reported a net profit of SR30.13 million in 2024, reflecting a 25.77 percent drop compared to 2023. 

The decrease in net profit is primarily attributed to delays in government project awards and budget reviews in the first half of 2024 which affected contract pricing revenue recognition and utilization rates as well as strategic investments in talent acquisition and competitive pricing to secure new logo accounts temporarily compressing margins.

The drop was also linked to higher general and administrative expenses which increased 39 percent due to workforce expansion to support growth.

Tam Development Co. ended the session at SR175.80, down 6.02 percent.

Riyadh Steel Co. has also announced its annual financial results for the year, which ended on Dec. 31, 2024. A bourse filing revealed that the company reported a net profit of SR1.99 million in 2024, reflecting an 82.06 percent drop compared to 2023. This decline is owed to a reduction in selling prices, a decrease in other income, and higher expenses in comparison to the previous year.

Riyadh Steel Co. ended the session at SR2.01, down 0.49 percent.

Middle East Pharmaceutical Industries Co. has announced its annual financial results for the year, which ended on Dec. 31. According to a Tadawul statement, the firm reported a net profit of SR79.85 million in 2024, reflecting a 21.3 percent drop compared to 2023. 

This increase in net profit is primarily attributed to strong revenue growth and a higher gross profit margin, driven by product mix diversification and economies of scale from increased production. Nevertheless, the gain in gross profit was partially offset by higher selling, distribution, and general administrative expenses, which were largely due to ongoing investments in marketing, talent acquisition, and other growth-related initiatives.

Middle East Pharmaceutical Industries Co. ended the session at SR135.40, down 1.34 percent.

Alandalus Property Co. also announced its annual financial results for the year ending Dec. 31, 2024.

A bourse filing revealed that the company reported a net loss of SR31.6 million in 2024, down from an SR36.42 million net profit in 2023. This decline is primarily attributed to a decrease in operating profit resulting from operational losses incurred by some affiliated companies, particularly West Jeddah Hospital, due to the opening and commencement of operations at Dr. Sulaiman Al-Habib Medical Hospital in Jeddah at the end of the first quarter of 2024, along with recorded losses in Al-Jawhara Al-Kubra Co. The net loss is also linked to an increase in general and administrative expenses along with a 31 percent surge in financing costs compared to the previous year.

Alandalus Property Co. ended the session at SR23.00, down 1.13 percent.


Public firms listed on Muscat bourse report 52.6% surge in profits

Public firms listed on Muscat bourse report 52.6% surge in profits
Updated 23 March 2025
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Public firms listed on Muscat bourse report 52.6% surge in profits

Public firms listed on Muscat bourse report 52.6% surge in profits

RIYADH: The net profits of public joint companies listed on the Muscat Stock Exchange surged 52.6 percent year on year to reach 1.339 billion Omani rials ($3.48 billion) in 2024.

This increase coincided with the listing of OQ Exploration and Production and OQ Base Industries in 2024, while energy companies recorded improved performance, with some moving from losses to profits, the Oman News Agency reported.

This falls in line with strong growth in Arab stock exchanges in 2024, where trading values surged 58.1 percent to surpass $1.03 trillion.

It also aligns with a 21.3 percent increase in regional trading volumes and a 35.9 percent rise in the number of trades during the year, reflecting a dynamic financial landscape with varied market performances.

Statistics from the Oman News Agency, based on preliminary financial results for around 90 public joint-stock firms with fiscal years ending in December, revealed improved performance across most companies in the banking, industrial, investment, service, and telecommunications sectors.

The data further showed that the total number of companies that reported profits last year was 69, compared to 68 entities that reported profits in 2023, excluding the financial results of funds and firms that were not listed on the stock exchange during 2023.

The figures also indicated that OQ Exploration and Production topped the list of companies with the highest net profits, totaling 326.5 million rials.

Bank Muscat came in second with 225.5 million rials, followed by Sohar International Bank, which came in third with 100.2 million rials.

Omantel ranked fourth after recording net profits at the local level of 69.4 million rials. The National Bank of Oman placed fifth with net profits of approximately 63.1 million rials, followed by OQ Gas Networks, which came in sixth with 47.8 million rials.

The data further showed that Bank Dhofar placed seventh with 43.6 million rials, while Ahli Bank ranked eighth with 41.6 million rials.

Ominvest placed ninth with net profits of an estimated 35.9 million rials, while Oman Arab Bank ranked tenth with net profits of 30.4 million rials.

Preliminary data showed that the losses recorded by public joint-stock companies decreased last year to around 38.1 million rials, compared to losses of 50.6 million rials in 2023. However, the number of firms recording losses last year jumped to 21, compared to 20 companies that recorded setbacks in 2023.

Last year, five companies flipped from losses to profits, including SMN Power Holding, which reported group net profits of 4.5 million rials in 2024, up from 6.4 million rials in 2023. Sohar Power Co. also posted net profits of about 22 million rials, compared to 5.1 million rials the previous year.

Conversely, six companies turned from profits to losses, most notably Leva Group, which recorded losses of 5 million rials in 2024, compared to net profits of 6.3 million rials in 2023, and Oman Refreshments, which recorded group losses of 2.7 million rials last year, compared to a net profit of 6.3 million rials in 2023.

Galfar Engineering and Contracting also recorded a group loss of 3.9 million rials in 2024, compared to a profit of 574,000 rials in 2023.


Riyadh municipality unveils new investment opportunities across key sectors 

Riyadh municipality unveils new investment opportunities across key sectors 
Updated 23 March 2025
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Riyadh municipality unveils new investment opportunities across key sectors 

Riyadh municipality unveils new investment opportunities across key sectors 

JEDDAH: Riyadh has unveiled new investment opportunities for 2025, covering commercial, residential, retail, industrial, and leisure projects to boost the city’s economy and development. 

The Riyadh municipality introduced 20 new investment prospects, covering more than 175,000 sq. meters across over 20 sites. These include mixed-use developments, existing retail spaces, mobile sports clubs, and areas allocated for concrete and construction material factories — along with a cafe and ATM setup. 

Investors can access the projects through the Furas online platform, designed as the municipality’s primary hub for real estate and municipal investment opportunities, the Saudi Press Agency reported. 

The initiative is part of a broader strategy to accelerate private sector participation in urban development, aligning with Saudi Arabia’s Vision 2030. 

“This step comes as an extension of the Riyadh municipality’s strategy to enhance the role of the private sector in urban development, by enabling it to participate effectively in developing facilities and services, and achieving integration between government and investment efforts to meet the needs of society,” the SPA report stated.  

“It also contributes to raising the quality of urban life and achieving the goals of the Kingdom's Vision 2030,” it added.  

Contracts for the investment sites range from five to 25 years, covering multiple districts across Riyadh. Key locations include Jarir, Al-Deerah, and Al-Rawdah, alongside Al-Basateen, Al-Qadisiyah, and Al-Jazirah. 

Additional areas feature Al-Hamra, Al-Morouj, and Al-Yamamah, as well as Eastern Suwaidi, Al-Masha’il, Al-Manakh, Badr, and Taybah. 

Investors are invited to review competition requirements and the application process via a dedicated link, with the envelope opening set for May 2025. 

In a parallel push to enhance the capital’s livability, 87 new parks were inaugurated over the last three years — raising the city’s total to over 700, up from 615. The parks cover more than 745,000 sq. meters, featuring nearly 25,000 shrubs and 7,000 trees planted across different districts to ensure equitable access to green spaces. 

The parks now serve as dynamic community hubs, hosting cultural, social, entertainment, and sporting activities. The move underscores Riyadh Municipality’s commitment to improving quality of life, fostering social cohesion, and advancing Vision 2030’s urban sustainability goals. 

With these investments and infrastructure developments, Riyadh is positioning itself as a leading model for vibrant, sustainable urban growth in the region. 


Global economic growth to average at 3.1% in next 5 years: IMF official 

Global economic growth to average at 3.1% in next 5 years: IMF official 
Updated 23 March 2025
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Global economic growth to average at 3.1% in next 5 years: IMF official 

Global economic growth to average at 3.1% in next 5 years: IMF official 

RIYADH: Global economic growth is expected to average around 3.1 percent in the next five years, below the pre-pandemic level of 3.7 percent, according to an International Monetary Fund official.

Speaking at the China Development Forum in Beijing on March 23, Nigel Clarke, deputy managing director of the IMF, said that total factor productivity internationally, which measures the ability to create more outputs with the same inputs, has been growing at a slower pace since the 2008-09 global financial crisis.

The worldwide growth projections of the IMF indicate that countries in the Middle East are expected to show future financial resilience. 

In January, the UN financial agency said Saudi Arabia’s economy is projected to grow by 3.3 percent in 2025 and 4.1 percent in 2026. 

“Global growth is steady but underwhelming. Our five-year ahead growth forecast remains at 3.1 percent— well below the pre-pandemic average of 3.7 percent,” said Clarke. 

He added: “Patterns of trade and capital flows are shifting. AI (artificial intelligence) is rapidly advancing. Trade is no longer the engine of global growth it used to be. Divergences across countries are widening. And governments worldwide are shifting their policy priorities.” 

Clarke argues that countries should pursue structural reforms to boost productivity and ensure medium-term growth.

He further said that in aging societies— where the share of the working-age population is shrinking— productivity growth plays a vital role in maintaining living standards. 

“It also applies to emerging markets and developing economies trying to close the gap with richer countries. To provide better jobs and a higher standard of living, they too need to ignite productivity growth,” added the deputy managing director.

He added that this productivity growth could be achieved only by innovation, technological advancements, and ample investments in research and development. 

Citing IMF research, Clarke highlighted that productivity growth in advanced economies could increase by 0.2 percentage points a year with a hybrid policy that boosts public research expenditure by a third and doubles subsidies to private research. 

He noted that AI could boost global gross domestic product growth between 0.1 and 0.8 percentage points per year in the medium term, depending on how it is adopted.

Clarke also underscored the necessity of better resource allocation in the future to maintain a healthy global productivity level. 

“The movement of labor and capital toward more productive firms and industries has long been an important source of overall productivity growth. As workers move from farms to factories, for example, their productivity increases dramatically. So too do their income and living standards, with spillovers to the whole economy,” he said. 

According to Clarke, effective measures should be taken to strengthen the private sector, as well as create an environment that could help them thrive. 

“Through our policy advice, lending and capacity development, the IMF has consistently supported countries in establishing macroeconomic and financial stability as a foundation for growth,” said Clarke. 

He added that a new IMF Advisory Council on Entrepreneurship and Growth has been created to help countries develop ideas on easing regulatory barriers, adapting tax systems, and incentivizing long-term savings to boost innovation.