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.


Pakistan may import crude oil from US to lower tariff burden — official

Pakistan may import crude oil from US to lower tariff burden — official
Updated 44 min 25 sec ago
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Pakistan may import crude oil from US to lower tariff burden — official

Pakistan may import crude oil from US to lower tariff burden — official
  • Countries are scrambling to find ways to lower US tariff burdens, which include buying more American oil
  • High-level Pakistani delegation is scheduled to travel to US to discuss American tariffs, trade imbalance

KARACHI: Pakistan’s government is mulling “very good options” which range from importing crude oil from the United States (US) to abolishing tariffs on American imports, an official privy to the matter said on Wednesday, as Islamabad attempts to offset a trade imbalance that has triggered higher tariffs from Washington.
US President Donald Trump has imposed a 10 percent baseline tariff on all imports to the US and higher duties on dozens of other countries. Pakistan faces a 29 percent tariff due to a trade surplus with the US of about $3.6 billion, although that is subject to the 90-day pause Trump announced last week.
The US is the largest buyer of Pakistan’s textile goods, importing goods worth $5.43 billion last year through June, according to State Bank of Pakistan. In return, cash-strapped Pakistan imported $1.88 billion worth of American goods, resulting in the trade imbalance.
Countries are scrambling to find ways to lower their US tariff burdens, and Pakistan is no different. Pakistan’s Finance Minister Muhammad Aurangzeb said last week Islamabad will send a high-level delegation to Washington to discuss the American tariffs.
“There have been talks of Pakistan potentially importing oil, soya been (oil) and cotton from the US. That’s already it,” an official who spoke to Arab News on condition of anonymity as he was not authorized to speak to media, said.
The finance ministry did not respond to Arab News’ request for a comment till the filing of this report.
The official said the Pakistani delegation will inquire about the expectations of the American government regarding trade, which could include abolishing duties or non-tariff barriers against US products.
“Or they may ask us to buy more cotton from them,” the official said. 
A senior official from Pakistan’s commerce ministry who spoke on condition of anonymity as well, said the discussions were at an “immature stage” and further meetings would be held to finalize them. 
“What decisions are taken, what we offer to them, all options are being examined,” he said. “Everything is on the cards but what is finalized, that cannot be said right now.”
Pakistan spends about $17 billion annually on oil imports, most of which come from the United Arab Emirates and Saudi Arabia. Pakistan is also counted among the largest buyers of cotton, which it uses as raw material for its huge textile industry. Most of Pakistan’s cotton imports come from the US.
As per official data, Pakistan spent more than half a billion dollars ($578 million) last year on the import of 204,890 tons of raw cotton and 119,845 tons of soya bean oil after the local harvest was found to be in poor quality.
In 2023, Pakistan began buying discounted Russian crude oil banned from European markets due to Russia’s war in Ukraine. Muhammad Waqas Ghani, head of research at the Karachi-based JS Global Capital Ltd., said Pakistan faces limitations in diversifying its product slate when it comes to Russian crude oil.
He said this was because Russian crude oil yields a higher output of furnace oil. a less desirable fuel in the country’s evolving energy mix. 
“Importing US crude could offer access to a wider range of crude grades, better aligned with Pakistan’s long-term goal of phasing out furnace oil,” Ghani explained. “This move would also open doors for improved trade terms and potentially pave the way for tariff relief which is our primary objective for now.”
‘OTHER VERY GOOD OPTIONS’
Pakistan’s cotton production has been hit hard by low quality of seeds and climate-induced calamities such as floods caused by excessive rains.
“Apart from that (US oil import) there are other very good options which are being discussed,” the official said. 
However, he confirmed that none of these options had been finalized yet as the delegation would want to meet the American officials and gauge Washington’s expectations.
“Let’s listen to them first,” he said. 
Pakistan’s financial experts and independent think tanks have advised Islamabad to establish trade agreements with emerging economies such as Africa or the Central Asian Republics (CARs) or reinforce existing partnerships with China or the Middle East. 
Financial experts have also called upon the country to use America’s imposition of tariffs as an opportunity and diversity its exports market to other regions to mitigate potential losses.


Closing Bell: Saudi main index edges up 0.15% to close at 11,634

Closing Bell: Saudi main index edges up 0.15% to close at 11,634
Updated 16 April 2025
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Closing Bell: Saudi main index edges up 0.15% to close at 11,634

Closing Bell: Saudi main index edges up 0.15% to close at 11,634

RIYADH: Saudi Arabia’s Tadawul All Share Index closed Wednesday’s trading session in positive territory, rising 17.61 points to reach 11,634.42, an increase of 0.15 percent.

The total trading turnover on the main index stood at SR5.79 billion ($1.54 billion), with 109 stocks advancing while 131 declined.

The MSCI Tadawul 30 Index also posted gains, climbing 6.2 points, or 0.42 percent, to end the day at 1,479.9.

Meanwhile, the Kingdom’s parallel market, Nomu, recorded a slight dip, falling 57.73 points—or 0.2 percent—to close at 29,083.57. Thirty stocks advanced on the parallel market, while 42 closed lower.

Lazurde Company for Jewelry led the gains on the main index with a sharp rise of 10 percent, closing at SR14.08. Saudi Industrial Export Co. followed, increasing 9.69 percent to SR2.49. Shares of Mobile Telecommunication Company Saudi Arabia advanced 5.65 percent to SR13.08.

Saudi Real Estate Co. also recorded a notable uptick, with its shares climbing 4.88 percent to SR23.20, while Takween Advanced Industries Co. rose 4.78 percent to close at SR9.20.

On the other end of the spectrum, Al Mawarid Manpower Co. was the day’s worst performer on TASI, with its shares dropping 4.93 percent to SR142.60. City Cement Co. fell 4.56 percent to SR20.10, and Umm Al-Qura Cement Co. declined 3.96 percent to SR17.94.

On the Nomu market, Watani Iron Steel Co. emerged as the top gainer, with its share price climbing 7.14 percent to SR2.40. Hedab Alkhaleej Trading Co. and Knowledge Tower Trading Co. also performed well, with their shares increasing by 5.61 percent and 4.62 percent to close at SR43.30 and SR13.60, respectively.

Other notable gainers included Nofoth Food Products Co. and Knowledge Net Co.

On the losing side, Jana Medical Co. posted the steepest decline on Nomu, with shares dropping 8.53 percent to SR19.30. Almuneef Co. for Trade, Industry, Agriculture and Contracting fell 8.02 percent to SR7.45, while Horizon Educational Co. slipped 7.67 percent to SR83.


Saudi Arabia sees 333% surge in private hospitality licenses amid tourism boom

Saudi Arabia sees 333% surge in private hospitality licenses amid tourism boom
Updated 16 April 2025
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Saudi Arabia sees 333% surge in private hospitality licenses amid tourism boom

Saudi Arabia sees 333% surge in private hospitality licenses amid tourism boom

RIYADH: Saudi Arabia issued 8,357 licenses for private hospitality facilities in 2024, marking a 333 percent year-on-year surge as the Kingdom ramps up efforts to build a globally competitive tourism sector. 

The latest data, released by the Ministry of Tourism, reflects soaring investor interest in the hospitality segment and the government’s push to expand capacity across accommodation types, particularly individually owned, furnished units licensed to serve paying guests, the Saudi Press Agency reported. 

This surge in permits aligns with a nearly fourfold increase in tourism license applications since Saudi Arabia secured the hosting rights for the 2034 FIFA World Cup, according to Vice Minister of Tourism Princess Haifa bint Mohammed Al-Saud, who made the remarks during an event earlier this month. 

As part of Vision 2030, Saudi Arabia aims to draw 150 million annual visitors by the end of the decade and is investing heavily in mega-tourism and hospitality projects such as NEOM, the Red Sea destination, and Diriyah Gate. 

Mohammed Al-Rasasmah, the official spokesman for the Ministry of Tourism, said that “the increasing growth in the number of licenses issued for private tourism hospitality facilities confirms the ministry's keenness to enable individual investors in the hospitality sector to obtain the necessary ministry license to operate, within the framework of the ministry's keenness to ensure the improvement of services provided,” the SPA reported. 

“He pointed out that these efforts come within the framework of the "Our Guests Are a Priority" campaign; which aims to enhance hospitality facilities' commitment to licensing and classification standards, and ensure their compliance with the requirements and requirements set by the Tourism System and its regulations,” it added.  

Earlier this month, the ministry reported an 89 percent increase in licensed hospitality facilities across Saudi Arabia, reaching 4,425 units by the end 2024. The rise reflects mounting demand from domestic and international travelers as the Kingdom accelerates tourism development under Vision 2030. 

Makkah accounted for 1,030 of these licensed facilities — an 80 percent annual jump — making it the leading region for the number of certified accommodations and rooms. The ministry said the uptick supports its commitment to improving the visitor experience, especially for Umrah pilgrims. 

In a post on X at the time, Al-Rasasimah described the surge as “remarkable,” adding that it reflects efforts “to support the sector’s growth and enhance its investment attractiveness.” 

The ministry emphasized that the regulation of private hospitality providers is not only intended to enhance competitiveness but also to protect guest rights and uphold service standards, particularly in high-demand areas like Makkah and Madinah. 


GCC banks poised to weather global trade turbulence: S&P report

GCC banks poised to weather global trade turbulence: S&P report
Updated 16 April 2025
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GCC banks poised to weather global trade turbulence: S&P report

GCC banks poised to weather global trade turbulence: S&P report

RIYADH: Despite rising global trade tensions and heightened market volatility, banks across the Gulf Cooperation Council are expected to remain resilient, according to a recent report by S&P Global Ratings.

In its analysis titled “GCC banks can cope with the fallout from intensifying trade tensions,” the ratings agency pointed to the region’s strong financial fundamentals as a key buffer against economic uncertainty stemming from evolving US tariff policies and global investor jitters.

S&P highlighted investor risk aversion and market volatility as the most immediate threats, but noted that Gulf banks are well-positioned to absorb potential shocks. “GCC banks appear to be in a good position to withstand these threats,” the report stated, citing robust liquidity levels, solid profitability, and healthy capitalization as major strengths.

While the direct impact of trade tensions on GCC economies is expected to be limited—due in part to their relatively low export exposure to the US — the report warned of more significant indirect effects. In particular, a sustained decline in oil prices could weigh on fiscal spending and economic sentiment across the region. S&P has revised its assumed oil price forecast for 2025 to $65 per barrel.

“A prolonged period of lower oil prices could lead to reduced government spending, dampen business confidence, and potentially trigger an uptick in non-performing loans,” the report noted.

To gauge the sector’s resilience, S&P conducted stress tests modeling severe scenarios, including sharp capital outflows and a surge in NPLs. Even under a worst-case scenario—where NPLs increase by 50 percent—the top 45 banks in the GCC would face cumulative losses of $30.3 billion, significantly lower than their combined projected net income of $60 billion in 2024.

The findings reinforce the region’s financial stability amid global economic headwinds, underlining the strength of its banking sector even in the face of mounting external pressures.

“Even in our worst-case scenario, we still expect the shock to affect banks’ profitability rather than their solvency,” the report noted.  

Qatari banks were identified as more vulnerable due to their net external debt position, but strong government support mitigates risks. In contrast, UAE banks exhibit the highest resilience, thanks to their robust net external asset position.  

The report also pointed to regulators’ proactive measures as a critical factor. During the COVID-19 pandemic, forbearance policies helped banks navigate uncertainty, and similar actions are expected if trade tensions escalate further.   

While challenges loom, GCC banks enter this period of uncertainty from a position of strength. “Banks continue to display strong capitalization, with an average Tier 1 capital ratio of 17.2 percent at year-end 2024,” S&P noted.

The combination of solid fundamentals and potential regulatory backstops suggests the sector is prepared to weather the storm. 


Riyadh, Jakarta hold talks to strengthen ties in mining sector

Riyadh, Jakarta hold talks to strengthen ties in mining sector
Updated 16 April 2025
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Riyadh, Jakarta hold talks to strengthen ties in mining sector

Riyadh, Jakarta hold talks to strengthen ties in mining sector

JEDDAH: Economic ties between Saudi Arabia and Indonesia are set to deepen as the Kingdom’s top minister visits Jakarta to explore investment opportunities and enhance cooperation in the mining and industrial sectors. 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef is leading a high-level delegation to Indonesia from April 15 to 17, aiming to strengthen bilateral business relations and forge strategic partnerships across mining, food, pharmaceuticals, and auto parts industries, the Saudi Press Agency reported. 

This comes as the Kingdom aims to position mining as a foundational pillar of its industrial economy, with its mineral wealth estimated at SR9.4 trillion ($2.4 trillion). 

In a post on his X account, Alkhorayef said: “At the start of my visit to Indonesia, I met with the Special Presidential Envoy for Energy and Environmental Affairs to discuss cooperation in mining and explore opportunities to strengthen bilateral partnerships.”  

His meeting with Special Envoy Hashim Djojohadikusumo focused on enhancing collaboration in the mining sector. The Indonesian official highlighted promising prospects in the production of strategic minerals, including nickel and copper, according to a statement from the Saudi Ministry of Industry. 

Alkhorayef emphasized the alignment of Saudi-Indonesian priorities, citing the mining sector’s key role in Saudi Arabia’s economic diversification under Vision 2030. 

The Saudi minister also held a meeting with Industry Minister Agus Gumiwang Kartasasmita and Minister of State-Owned Enterprises Erick Thohir.

“During the two meetings, we discussed ways to enhance industrial cooperation and expand partnerships between private sector entities in the two countries, in addition to reviewing investment opportunities and the Kingdom’s goals to become an industrial and logistics hub in the region.” Alkhorayef said.

As part of his trip, Alkhorayef also visited PT Vale Indonesia Tbk and Mining Industry Indonesia, or MIND ID, to learn about their pioneering efforts in mineral exploration and mining. 

During these visits, he held discussions with senior executives on ways to boost cooperation in strategic minerals — particularly nickel, cobalt, and copper — while promoting sustainable practices and outlining Saudi Arabia’s National Mining Strategy and investor-friendly ecosystem. 

The talks also focused on strengthening private sector collaboration, attracting investment, and sharing expertise in critical minerals essential to the global energy transition. 

Technology and innovation were highlighted as key drivers of growth in the mining sector, aligned with broader sustainable development goals. 

At MIND ID, both sides discussed best practices in mining operations and explored potential partnerships to develop strategic minerals sustainably. 

Conversations with PT Vale underscored the importance of innovation and technology in shaping the future of mining. 

Alkhorayef noted that Indonesia’s mining achievements align closely with Saudi Arabia’s mining strategy, which aims to unlock domestic mineral resources, localize value chains, and position the Kingdom as a global hub for mining investment and innovation. 

Indonesia ranks among the world’s top producers of strategic minerals, including nickel, cobalt, copper, tin, and gold. In 2023, the mining sector contributed 11.9 percent to the country’s gross domestic product, underscoring its critical role in the national economy. 

The country continues to attract international investment focused on developing downstream industries and reinforcing global mineral supply chains — goals that mirror Saudi Arabia’s own strategy to localize value chains and maximize its mineral wealth, the ministry’s statement added.