Driving licenses for women will boost economic growth in Saudi Arabia: Experts

Arab News
October 5, 2017

Riyadh, Oct 5: Introduction of driving licenses for women will steer economic growth and reduce dependence on foreign labor in the Kingdom, according to a panel discussion held at the Faisaliah Hotel in Riyadh on Tuesday to mark the opening of the new office of Fitch Ratings.

There are 1.3 million foreign house drivers earning salaries of SR33 billion ($8.8 billion) annually. Most women are dependent on these drivers for daily transport to their work places and for their shopping needs.

The discussions were moderated by Ian Linnell, president of Fitch Ratings, and supported by Tim Cooper, a global economist, and James McCormack, managing director and global head of the Sovereign and Suprarnatural Group at Fitch Ratings.

Empowerment of women is part of Vision 2030, which is a highly ambitious program designed to diversify the Kingdom’s revenue sectors and encourage developing non-oil products for necessary exports.

Linnell said the company’s Riyadh office is its second office in the Middle East after Dubai. “We got the license to operate in the Kingdom from the Capital Market Authority (CMA) to conduct credit rating activities in the Kingdom.

“We are delighted to be increasing our commitment in the region with an on-the-ground presence in the Kingdom,” Linnell said, adding that the company has had a solid footprint in the Kingdom for the past two decades covering Islamic finance. He also said that the company intends to hire local analysts to carry out its functions in the Kingdom.

With a leading global financial institutions franchise, Fitch Ratings has a leading market share in financial institutions in Saudi Arabia, Kuwait, Oman and Qatar.

Earlier in the day, there was a panel discussion on the “Saudi Arabian economy and the evolving debt capital markets in the Kingdom.” Besides Linnell, McCormack and Cooper, participants at the panel discussions included Fahad Al-Deweesh CEO J.P. Morgan Saudi Arabia; Khalid Al-Hussan, CEO Tadawul; Jadwa Chief Economist Fahd Al-Turki; and Ayman Al-Sayari, SAMA deputy governor for investment.

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News Network
May 1,2020

Dubai, May 1: Saudi Arabia has reported 1,344 new coronavirus cases in the last 24 hours, bringing the total number of infections in the country to 24,097, the Ministry of Health announced on Friday.

The ministry also announced 7 more deaths and 392 new recoveries, raising the total number of fatalities and recoveries to 169 and 3,55 respectively.

Out of the 1,344 new cases reported today, 282 were confirmed in Riyadh, 237 in Madinah, 207 in Makkah, 171 in Jubail and 124 in Jeddah in addition to 114 infections in Dammam.

Authorities continue to urge people to stay at home unless necessary despite having relaxed some restrictions and curfews at the start of Ramadan.

Citizens and residents are allowed to go out for necessary needs between 9 a.m. and 5 p.m. but must adhere to precautionary measures such as wearing a face mask and maintaining social distancing practices.

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Gulf News
May 29,2020

Dubai: There aren’t that many job vacancies right now – but be prepared for a 15-20 per cent cut in salary expectations even for those positions that are still open. Businesses in the UAE are definitely not in a generous mood when it comes to hiring, with salary cuts now part of the new normal.

And they are definitely not willing to take on new hires without extracting some cost benefit from them. “We have seen major [salary] cuts across the board in hospitality, real estate, professional services and in retail,” said Vijay Gandhi, regional head at Korn Ferry Digital, the recruitment consultancy.

“And once the headcount correction is complete in [the local] financial services and energy sector, we may see more cuts in rewards and benefits in these categories as well.”

The salary cuts are slowly extending their way into the healthcare sector as well – just about every non-COVID-19 facing medical category is coming across cuts in the number of working hours and, by extension, their take home packages.

By end of June, more businesses and sectors in the UAE will have a better understanding of their short-term revenue prospects. By then, they will also have a better reading on what their staff strength should be – and whether there should be more trimming of the workforce. Or whether they should consider a few hires as well.

A long summer
So, realistically, it could be September before such decisions need to be taken. The coming weeks will then prove to be laden with anxiety for those who are expecting to land a job option after being laid off at their current employers.

There are multiple instances of recruitment decisions having been made in February/March, and then the companies rescinding those offers to the chosen candidates citing the business uncertainty.

“The decision to hire is taking longer – so job creation is now 4-6 weeks from interview and selection compared to 4-6 days in the past,” said Gandhi.

The lucky ones
Recently, free zones and other entities had made it easier for personnel on the visa of one entity being able to smoothly transfer to another if they are likely to be made redundant. “We are seeing more flexibility being offered by the authorities given the circumstances, and the visa transfer process is happening,” said Gandhi.

“But in the vast majority of cases, businesses are going to wait and watch before normal hiring activity starts. Organizations will look to hire from September.”

A few hires are still happening
Even in the business turmoil set off by COVID-19, a few categories are still offering jobs. At the entry level, logistics services personnel and drivers with experience remain in demand.

Not just “routine jobs, there have been confirmations in more technical roles such as procurement and operations in healthcare and e-commerce,” said Gandhi. “Employers should keep an eye for good talent and have the talent acquisition team actively looking for good profiles.

“As such, organizations are not only looking at “right sizing” in numbers but also “future proofing” on what kind of skilled talent will help them in the post-COVID-19 world.”

But for the candidates, the present will be about waiting around for the call to come.

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News Network
March 24,2020

Mar 24: Saudi Arabia has recorded its first death from the coronavirus in a 51-year-old Afghani resident, Health Ministry spokesman Mohammed Abdelali told a televised news conference on Tuesday.

The man's health deteriorated quickly after reporting to a hospital emergency room in the city of Medina and he died on Monday night, Abdelali said.

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