Foreigners required in KSA ‘for 40 more years’

May 9, 2014

Foreigners_in_KSA

Jeddah, May 9: A prominent labor expert has suggested that the Kingdom will require expatriate manpower in various sectors over the next 40 years.

Abdullah Dahlan, former Saudi representative to the International Labor Organization (ILO) and chairman of the board of trustees of the University of Business and Technology, also reiterated the need for more Saudi men and women to match their specialties with labor market needs.

There are currently 2.5 million people out of work in the Kingdom, of which 44 percent are university graduates.

“While unemployment figures are on the decline according to a recent study conducted by the university, the relatively high unemployment rate among university graduates is due to the fact that more than two-thirds of these graduates are holders of theoretical academic degrees that offer no vocational skills, while the other third are science graduates,” he said.

Another reason for lack of employability, said Dahlan, is unsatisfactory education levels.

“A low-quality education results in less qualifications, thus requiring extensive training for requalification into the labor market,” he said.

Dahlan prefers not to blame authorities. He recommends instead focusing on educational reforms that will help enhance teaching levels, particularly with the support of Education Minister Prince Khaled Al-Faisal in revamping the education system.

“Women represent a significant component of the workforce and must have their rights met, especially since they account for the highest unemployment rates,” he said.

“There are three variables that must be altered to improve work environment and make employment more attractive, which include restructuring syllabi without placing special emphasis on religion and Arabic and introducing courses that are essential for today’s work market, such as English language courses.”

Dahlan also suggested introducing courses that teach simple business concepts in order to build students’ hands-on experience.

University disciplines should be similarly restructured to meet market demands, he said.

More than seven million of the 20 million Saudis are under the age of 15, while seven million are unemployable, according to a statistical study conducted in 2012.

Hussein Al-Alawy, the university’s director, said that his institution has sought to provide quality vocational education since it was founded a few years ago.

The founders are currently working on establishing a college of medicine and a university hospital over the next two years, he said, confirming that land has been purchased for the construction of buildings for these majors.

He also said that the Kingdom’s Higher Education minister has issued approval to introduce the insurance specialty from the beginning of the next academic year.

“New students will soon be able to apply for this major, which is one of the most sought after disciplines in the Saudi labor market today,” he said.

The current Saudi insurance market is estimated at more than SR21 billion and includes 34 licensed companies.

The market is expected to be worth SR34 billion by 2015.

Al-Alawy also said that the Kingdom, represented by the Ministry of Higher Education, seeks to equip highly qualified Saudi cadres in disciplines relevant to the labor market.

The university will open admissions for majors such as civil engineering at the College of Engineering to meet market needs, he said.

“The decision of Custodian of the Two Holy Mosques to give young Saudi men and women scholarships has allowed and supported many students to complete their undergraduate degrees,” he said. “Our ‘education for employment’ logo is a motto that is consistent with the modern-day era.”

The university will celebrate the graduation of 250 students on Thursday during a ceremony to be held in Jeddah in the presence of Jeddah Gov. Prince Mishaal bin Majed.

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News Network
May 2,2020

Dubai, May 2: Saudi Arabia has confirmed 1,362 new coronavirus cases, bringing the total number of COVID-19 patients in the country to 25,459, the Ministry of Health reported Saturday.

In the daily media briefing, the ministry announced 7 more deaths and 210 new recoveries, raising the total number of fatalities and recoveries to 176 and 3,765, respectively.

Out of the 1,362 new cases reported today, 249 were confirmed in Medina, 245 in Jeddah, 244 in Mecca, 161 in Riyadh, in addition to 126 infections in Dammam, 81 in Khobar and 80 in Jubail.

Dr. Mohammed Al Abd Al Aly, spokesman for Saudi Arabia’s Ministry of Health reiterated that so far there was no evidence that hot weather will curtail the spread of coronavirus.

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

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Khaleej Times
May 27,2020

Dubai, May 27: As the authorities have taken steps to ease the Covid-19 restrictions to allow the people of Dubai to resume sporting activities from Wednesday, May 27, the Dubai Sports Council has answered your key questions.

Q&A

What are the age groups allowed to practice sports during this period?

From 12 years old to 60 years old.

Is it required to do the Coronavirus (Covid 19) medical test certificate before resuming physical activity?

Returning to the activity does not require a Coronavirus (Covid 19) test certificate.

Is it allowed for the elderly with chronic diseases to return to sports activities in fitness and yoga centers?

No, it is not allowed.

Is it allowed to use the shower cabins and bathrooms in fitness and yoga centers?

Shower cabins, saunas and jacuzzis are not allowed, while bathrooms are allowed, with sterilisation being emphasised after each use.

What sports can resume its activities?

All sports except water sports/swimming and that are practiced indoors and swimming pools.

What is the approved operational percentage within the sports facility?

A maximum 50% capacity

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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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