Global Labor Market Conference sees 31 deals to provide training, job opportunities in Saudi Arabia

Global Labor Market Conference sees 31 deals to provide training, job opportunities in Saudi Arabia
The Global Labor Market Conference is taking place in Riyadh from Jan. 29-30. X@Global_LMC
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Updated 31 January 2025
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Global Labor Market Conference sees 31 deals to provide training, job opportunities in Saudi Arabia

Global Labor Market Conference sees 31 deals to provide training, job opportunities in Saudi Arabia
  • Saudi Logistics Academy signed four agreements to strengthen the Kingdom’s position as a global logistics hub
  • GLMC signed a new three-year partnership agreement with the World Bank

RIYADH: Saudi Arabia signed 31 deals at the Global Labor Market Conference to expand training, leadership development, and job opportunities for graduates and individuals with disabilities through specialized skills and education.

Taking place in Riyadh from Jan. 29-30, the agreements and memoranda of understanding also include a variety of development initiatives, educational projects, and knowledge exchanges aimed at empowering different segments of society, the Saudi Press Agency reported.

The agreements come as the Kingdom seeks to bring more people into the workforce, having recently revised its unemployment rate target to 5 percent by the end of the decade, down from the previous goal of 7 percent, as part of Vision 2030’s ambitions.

The Saudi Logistics Academy signed four agreements to strengthen the Kingdom’s position as a global logistics hub.

The first MoU was with the International Federation of Freight Forwarders Associations and seeks to bolster collaboration in developing skills and vocational training in the field of freight and logistics services. Under the terms of the agreement, both sides committed to exchanging information and expertise to support the nation’s logistics transformation.

The academy inked a second MoU with the Spanish ACEX Association to establish a collaborative framework to enhance human resources in road maintenance and operation. This partnership focuses on providing specialized training programs and promoting the exchange of best practices to achieve mutual objectives.

The third agreement, signed with Saudi MEDLOG Limited, focuses on training and certifying 18 individuals for entry-level positions within the company. This initiative aims to enhance the skills of the national workforce to meet the demands of the job market.

The academy also partnered with the Mediterranean Shipping Co. to train and certify six candidates for roles within the firm as part of the entry-level diploma program.

GLMC signed a new three-year partnership agreement with the World Bank, directed at shaping labor systems and formulating policies that meet the future needs of the job market while addressing it's evolving challenges.

The collaboration reinforces combined endeavors, specifically in training policymakers on a global scale and conducting research to offer inventive perspectives that assist governments and organizations in adjusting to the swift transformations influencing labor market needs, job trends, and labor policies.

Both entities aspire to nurture a fresh cohort of policymakers through the deal, fortifying the conference’s position as an impartial research institution committed to forging effective labor market strategies.

Policymakers will be chosen from nations falling within the mandate of the World Bank to craft a holistic and enduring global labor market framework.

As part of the collaboration, the GLMC Labor Market Academy was launched in partnership with Takamol Holding.

The academy offers a three-year development program covering all aspects of the labor market to train international experts responsible for future policy formulation and to create an innovative platform for cross-country learning, particularly for low- and middle-income nations.

The partnership also includes the inauguration of a policy lab, which is a dedicated platform for in-depth discussions on specific policies, tools, and programs that propel labor market outcomes and workforce skills.

During the second edition of the GLMC, two policy labs will be introduced, playing a crucial role in addressing youth employment challenges, focusing on active labor market programs to raise employment opportunities and sector skills councils to bridge the gap between employees’ skills and job responsibilities.

The GLMC-World Bank collaboration aims to promote an inclusive and diverse global labor market, ensuring that all countries, especially emerging economies, can benefit from collaborative research and advanced policy development.

On the sidelines of the GLMC, the Ministry of Tourism signed several memorandums of cooperation as part of its efforts to develop the capabilities of national workers in the tourism sector and improve employee quality.

An agreement inked with the Marriott Hotel Group in Riyadh aims to create job opportunities for several Saudi workers. It also focuses on training and developing the workforce to enhance professional performance and increase operational efficiency in the tourism sector.

The MoU between the Ministry of Tourism and hotel management firm Adeera aims to train and qualify Saudi nationals working in the sector, as well as prepare job seekers to fill available industry positions.

The memorandum of cooperation signed between the Ministry of Tourism and Takamul Business Services Co. seeks to further elevate the capabilities of workers, exchange experiences, achieve quality and occupational safety standards, as well as improve services.

Saudi Arabia is emerging as a global leader in addressing labor market challenges, skill development, and workforce requalification, according to an analysis released by GLMC in December.

The inaugural report, issued by the conference hosted by the Kingdom’s Ministry of Human Resources and Social Development, emphasized the government’s initiatives to bridge the gap between academic qualifications and market demands. 

These efforts include enhancing education and training programs and preparing young job seekers for the rapidly evolving global labor landscape.


Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists 

Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists 
Updated 12 sec ago
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Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists 

Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists 

February 16-17RIYADH: Technology adoption, institutional capabilities, and entrepreneurship are crucial for driving productivity across developing economies, government and industry leaders insisted at the AlUla Conference for Emerging Market Economies. 

The event highlighted artificial intelligence, digital transformation, and global cooperation as key to strengthening financial stability, promoting sustainable growth, and enhancing economic resilience in these regions. 

This comes on the back of the growing importance of these technologies in enhancing financial decision-making, reducing risks, and increasing economic resilience by improving transparency and access to financial services.

Reflecting on previous discussions around the topic, Saudi Arabia’s Minister of Economy and Planning Faisal Al-Ibrahim, said: “We talked about diversification, but it was hard to get the political will and the whole-of-government and whole-of-nation action behind it. Today, we’re seeing it, and we’re trying to make it count.”

Al-Ibrahim emphasized that while transformative technologies play a crucial role in boosting productivity, their adoption is not a straightforward process. 

He noted that emerging economies cannot simply implement a technology support package and expect immediate results. Instead, he stressed the importance of developing the necessary capabilities and foundational elements to effectively integrate and benefit from these technologies. 

Saudi Arabia’s Vision 2030 initiative has positioned both the private and public sectors to capitalize on artificial intelligence. 

“There are institutional capabilities in the private sector and, with Vision 2030, even in the public sector. Because of that, we’re seeing companies in generative AI flocking to companies such as Aramco and the energy sector because the use cases are clear, and the data is structured and ready to be used,” Al-Ibrahim added. 

Argentina’s Minister of Deregulation and State Transformation, Federico Sturzenegger, shared an optimistic perspective on AI’s impact, adding that the technology will accelerate economic transformation, affecting labor markets and commodity prices. 

Brookings Senior Fellow Santiago Levy pointed out structural challenges in emerging economies, particularly the lack of mid-sized firms capable of adopting technology, saying: “There are very few firms that can actually engage in technology adoption,” he said. 

Looking ahead, Al-Ibrahim stressed the importance of bold leadership and policy decisions to accelerate transformation. 

“We want to see more innovation-driven entrepreneurship activity commensurate with the level of activity at Vision 2030. It attracts innovators and creates high-value jobs in the long term,” he said. 

Global collaboration was another key theme of the discussion. Al-Ibrahim urged stakeholders to shift their approach, saying: “It needs to move away from trying to please everyone at the cost of offering a meaningful, serious solution to the problem.” 


Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance
Updated 51 min 20 sec ago
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Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

RIYADH: Saudi Arabia is set to host the fifth edition of the Capital Markets Forum from Feb. 18 to 20 in Riyadh, uniting leading financial experts in the capital and highlighting the Kingdom’s position as a key economic hub.

Organized by the Saudi Tadawul Group and held under the patronage of the Minister of Finance and Chairman of the Financial Sector Development Program Committee, Mohammed Al-Jadaan, the forum will convene top policymakers, business leaders, and industry experts to discuss key trends and developments shaping the nation’s capital markets.

With a strong focus on the evolving financial landscape, the event will be held under the theme “Powering Connections,” and is set to unlock new investment opportunities, foster strategic partnerships, and further position the Kingdom as a key player in the global capital markets ecosystem.

Saudi-based economist Talat Hafiz told Arab News that the forum “provides a vital platform for stakeholders to engage in meaningful discussions, explore emerging market opportunities, and shape the future of capital formation.”

He added: “Saudi Arabia’s capital market continues to demonstrate strong momentum, with increasing investor participation and a dynamic regulatory environment that supports the sustainable growth of the financial market.” 

Hafiz also underlined the increasing global interest in the Kingdom’s market: “Saudi Arabia’s capital market continues to attract global demand, driven by its market depth, regulatory advancements, and strong investor participation.”

Agenda for 2025 Forum

The 2025 forum will feature three days of discussions, presentations, and networking.

Day one will commence at the KAFD Conference Center with an official opening and welcome address, followed by sessions including “The Annual Economic Sprint: Navigating New Economic Frontiers,” where experts will analyze macroeconomic trends and growth trajectories.

Additional key discussions will include “The Capital Horizon: The Middle East as the New Capital Market Nexus” and “The Capital Crystal Ball: The Future Landscape of Capital Markets.”

The inaugural day will conclude with the 2024 Saudi Capital Market Awards presentation, recognizing the achievements and contributions of market participants across various categories.

The second and third days will occur at the Four Seasons Hotel, featuring sessions on capital management systems, market insights, and investment strategies. Industry leaders from DirectFN, Awqaf Investment, Nahdi Medical Co., and Sahm Capital will discuss how companies adapt to economic shifts.

Key projects such as Liqaa and Edaa Connect will be highlighted, providing attendees with insights into emerging financial technologies and data-driven investment approaches.

The final day will focus on data access, financial analytics, and transparency in capital markets, featuring presentations from Wamid and S&P Global.

Additional discussions will explore global economic outlooks, fintech advancements, and the increasing significance of environmental, social, and governance considerations in investment strategies.

The gathering will feature a distinguished lineup of speakers, including high-ranking government officials, top executives, and global financial leaders. Among them is Khalid Al-Faleh, minister of investment of Saudi Arabia, who will provide insights into the Kingdom’s economic strategies and monetary policies.

The event will also welcome Poppy Gustafsson, the UK minister of investment, and Sarah Al-Suhaimi, chairperson of Saudi Tadawul Group, alongside Khalid Al-Hussan, CEO of the group.

International financial leaders such as Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing Limited, and Nandini Sukumar, CEO of the World Federation of Exchanges, will contribute their expertise on global market integration and regulatory advancements.

Additionally, key figures from major financial institutions, including Roland Chai, president of European Market Services at Nasdaq, and Scott O’Malia, CEO of the International Swaps and Derivatives Association, will share their perspectives on capital market trends and investment opportunities.

Highlights from the 2024 Forum

The Saudi Capital Markets Forum 2024 was one of the largest conferences in the sector globally, with 4,200 participants and 640 investors from 41 firms.

Themed “Powering Growth,” it emphasized Saudi Arabia’s role as a financial hub and provided a platform for major industry discussions and announcements.

The event facilitated 15,000 meeting requests between investors, issuers, and market participants, reinforcing its role as a premier networking and investment platform.

Several memorandums of understanding were signed, including collaborations to enhance environmental awareness, promote sustainability initiatives, and foster cultural development.

A significant announcement was made on the launch of a Social Responsibility Index in collaboration with the Ministry of Human Resources and Social Development, further strengthening the Kingdom’s commitment to responsible investing.

Regulatory advancements were a key focus, with discussions addressing the potential introduction of a framework for follow-on share offerings, signaling progressive reforms in the nation’s financial ecosystem.

Additionally, Saudi Tadawul Group revealed the first-ever international edition of the forum, CONNECT Hong Kong, which took place on May 9, 2024. The event focused on strengthening ties between Saudi Arabia and Asian capital markets, fostering international collaboration, and advancing market connectivity.

Over the past three years, the event has generated over 25,000 meeting requests, attracted over 10,000 attendees, and drew more than 4,000 investors.


Oil Updates — prices steady as market eyes Russia-Ukraine peace deal

Oil Updates — prices steady as market eyes Russia-Ukraine peace deal
Updated 17 February 2025
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Oil Updates — prices steady as market eyes Russia-Ukraine peace deal

Oil Updates — prices steady as market eyes Russia-Ukraine peace deal

SINGAPORE: Oil prices were little changed on Monday as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.

Brent crude futures was up 7 cents at $74.81 a barrel at 7:30 a.m. Saudi time, while US West Texas Intermediate crude was stable at $70.75 a barrel.

The market continued to keep an eye on progress of peace talks, after US President Donald Trump and his administration officials announced they had begun discussions with Russia to end the war in Ukraine.

“If negotiations lead to a resolution, more Russian barrels would enter global supplies, which could significantly impact oil prices negatively,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“Despite bearish developments, the near-term for oil looks somewhat supported by positive signs on the demand side,” said Sachdeva, pointing to largely stable forecasts for oil demand.

US President Donald Trump said on Sunday he believes he could meet “very soon” with Russian President Vladimir Putin to discuss ending the war in Ukraine.

His comments come as the US and Russia are preparing for initial talks in Saudi Arabia in the coming days.

US Secretary of State Marco Rubio also said on Sunday Ukraine and Europe would be part of any “real negotiations” to end Moscow’s war, signalling that US talks with Russia this week were a chance to see how serious Putin is about peace.

Sanctions by the US and EU on Russian oil exports have curbed its shipments and disrupted seaborne oil supply flows.

Meanwhile, the risk of a global trade war is capping prices after Trump last week ordered commerce and economic officials to study reciprocal tariffs against countries that place tariffs on US goods and to return their recommendations by April 1.

US energy firms last week added oil and natural gas rigs for a third week in a row for the first time since December 2023, energy services firm Baker Hughes said in its closely followed report on Friday.

The oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to Feb. 14.


IMF’s support for Egyptian economy to remain a priority, Georgieva says

IMF’s support for Egyptian economy to remain a priority, Georgieva says
Updated 17 February 2025
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IMF’s support for Egyptian economy to remain a priority, Georgieva says

IMF’s support for Egyptian economy to remain a priority, Georgieva says

RIYADH: The International Monetary Fund’s commitment to supporting Egypt’s economic reforms will remain a priority, despite external pressures, according to managing director Kristalina Georgieva.

Speaking on the sidelines of the AlUla Conference for Emerging Market Economies, the official reaffirmed her organization’s stance, emphasizing that political considerations fall outside its mandate.

This comes on the back of Egypt’s ongoing 46-month IMF loan program, which was initially approved in 2022 and expanded to $8 billion in 2024 amid an economic crisis marked by soaring inflation and acute foreign currency shortages. 

In an interview with Asharq, Georgieva acknowledged that Egypt faces economic headwinds, exacerbated by regional instability, including recent geopolitical tensions.

When asked whether the IMF would remain committed to the country regardless of any external pressures, Georgieva was firm in her response.

“We look at the macro position of a country, and we concentrate on the economy. There are matters of politics that are not in our domain. We are not the best institution to comment on that. So I can confirm that for the fund to support the Egyptian economy in the path of reforms, this is and will remain a priority,” she said.

Reflecting on the wider geopolitical situation facing Egypt, Georgieva said the country “has been going through some difficult times” because of the events in the region.

“We know that just the loss of revenues from the Suez Canal are hitting the fiscal position of Egypt significantly,” she said.

The IMF official highlighted the necessity of structural reforms aimed at enhancing competitiveness and strengthening private sector participation.

“I want to express my respect for some of the key brave steps that they have taken, for example, letting the exchange rate reflect market conditions, moving forward with a privatization program, being very keen on reducing subsidies so the country can be in a stronger position,” Georgieva said.

“Of course, the more the government does what is necessary, the stronger the position of Egypt. We are looking at the progress today. And, actually, our board will soon discuss the second review of the program,” she added.

Discussing the next steps in the IMF’s program with Egypt, Georgieva said: “We will be presenting the outcome of the review to our board of directors. There will be a discussion and a decision then taken by the board as management.”

She emphasized that the IMF has remained engaged with Egyptian authorities despite the rapidly changing global environment. “This is an environment of rapid change, not just in Egypt, everywhere in the world. We remain very engaged so we can get to a point of board discussion. And it is a matter of schedule,” she said.

Engagement with Syria

Addressing Syria’s engagement with the IMF, Georgieva noted that the institution’s involvement had been “unfortunately interrupted” since 2009.

“Even more unfortunate is what happened to the Syrian people. For far too long, they have suffered the consequences of a civil war. And we are very much praying that there would be a new page turned for Syria," she said.

Georgieva confirmed that engagement at the staff level has resumed to address significant gaps in economic data.

“There is already indication of the key institutions like the central bank that they would be looking for support to build institutional strength of Syria so it can function well for the benefit of the economy and the benefit of people,” she said.

When asked about the timeline for potential IMF assistance to the country, Georgieva emphasized that the speed of engagement depends on Syrian authorities.

“I was very encouraged to learn from my staff that first contacts have already taken place. And, as far as we are concerned, we stand ready to support Syria. It is a very important country for its own people, and you know very well it is also very important for the whole region. So as quickly as the conditions allow, that quickly we would move,” said the IMF official.

Organized by the IMF and Saudi Arabia, the high-level annual conference in AlUla brings together finance ministers, central bank governors, policymakers, and leaders from the public and private sectors. The two-day event serves as a platform to discuss global economic challenges and pathways for emerging markets.

During the interview, Georgieva highlighted the significance of the AlUla Conference, noting that it marks the first time emerging markets have gathered to discuss policy issues of shared interest.

“We have over 70 central bank governors, ministers of finance, and representatives of international organizations gathering here,” she said.

“The agenda is very interesting. All the topics you cover are being discussed today and tomorrow. Well, we hope it is a successful conference, and we are looking forward to the additions next year and so forth,” she added.


Saudi Arabia, IMF host roundtable on supporting conflict-affected Middle East economies

Saudi Arabia, IMF host roundtable on supporting conflict-affected Middle East economies
Updated 17 February 2025
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Saudi Arabia, IMF host roundtable on supporting conflict-affected Middle East economies

Saudi Arabia, IMF host roundtable on supporting conflict-affected Middle East economies
  • Focus on Syria as meeting calls for international cooperation in supporting devastated populations
  • Finance leaders highlight wider regional consequences of prolonged instability

ALULA: Saudi Arabia’s Finance Ministry and the International Monetary Fund co-hosted on Sunday a high-level roundtable aimed at addressing economic recovery in conflict-affected countries in the Middle East, with a particular focus on the Syrian Arab Republic. 

The meeting, held on the sidelines of the inaugural AlUla Conference for Emerging Market Economies, brought together regional finance ministers, the Syrian foreign minister, the managing director of operations at the World Bank Group, and representatives from international financial institutions and the Arab Coordination Group.

Following the discussion, IMF Managing Director Kristalina Georgieva and Saudi Finance Minister Mohammed Al-Jadaan issued a joint statement emphasizing the significance of international cooperation in rebuilding economies devastated by conflict, the Saudi Press Agency reported.

They stressed the urgency of addressing humanitarian needs and facilitating a durable recovery, underscoring the commitment of participating nations and institutions to pool their expertise and resources to support affected populations, SPA added.

Participants highlighted the wider regional consequences of prolonged instability, reinforcing the need for coordinated recovery efforts. Syria remained a focal point of the discussions.

As part of a collective strategy, attendees identified three priorities for supporting conflict-affected economies.

First, they agreed on the necessity of a continuous diagnostic process to assess each country’s unique challenges, humanitarian requirements, and reconstruction needs. This would include evaluating gaps in institutional frameworks, economic policies, and financial resources.

Second, they underscored the importance of enhanced capacity development, with an emphasis on scaling up IMF and World Bank initiatives to strengthen key institutions, particularly in fiscal, monetary, and banking sectors.

Lastly, they emphasized the mobilization of financial assistance from the global community, stressing the importance of securing coordinated support from international and regional development partners for reconstruction and humanitarian programs.

The IMF, World Bank, and Arab Coordination Group reaffirmed their commitment to working together within their respective mandates to facilitate economic recovery efforts in the region.

To enhance these efforts, they agreed to establish an informal coordination group that will oversee ongoing initiatives. Further discussions are scheduled to take place at the upcoming IMF/World Bank Spring Meetings, set to be held in Washington, from April 25-27.

The meeting saw participation from regional governments, international financial institutions, and high-level Syrian representatives, marking a significant step toward a collaborative and sustained approach to economic recovery in the Middle East.