Young Saudis: We value responsibility, hard work, tolerance and justice

News Network
December 29, 2019

Jeddah/Dubai, Dec 29: The recent Saudi Youth Development Survey revealed that 67.02 percent of the Saudi population is between the age of 0 and 34.

The survey, which was performed during the second quarter of 2019 and was published by the General Authority for Statistics (GASTAT), aimed to provide many important indicators about the life of young people.

This included social, demographic and economic aspects, as well as the obstacles and challenges that face the younger generation.

Researchers compiled the figures in visits to 5,000 families in 13 regions and results showed that Saudis aged between 15 and 34 years formed 36.7 percent of the total population, 51.03 percent of them males, and 48.97 percent females.

The GASTAT survey also focused on education among youth in the Kingdom, reporting that 31.75 percent believe they have faced learning difficulties during their educational years, of which 31.86 percent were males and 31.64 percent were females.

Amongst these challenges, difficulty in accessing a school or university proved to be significantly low, with only 4.55 percent of males and 5.88 percent of females saying they have struggled to have an education. However, close to 14 percent said they have “difficulty studying.”

Commenting on these difficulties, Dr. Asma Siddiki, a Saudi education management leader with a degree in cognitive psychology from the University of Oxford said: “What’s interesting about this percentage is that it is self-reported. If we were to look at the recently published PISA (Program for International Student Assessment) results, we find that the majority of our 15-year-olds do very poorly with their problem-solving skills in tests on reading, mathematics and science. So it’s no surprise that a third of our 15 to 34 year-olds are aware of their challenges with learning difficulties,” said Dr. Siddiki.

“This is both unfortunate, given the efforts being made in the education sector, and an opportunity, if we are bold enough to recognize that the fix must be in tackling the earlier years and in ensuring that foundations are better laid so that children can be inspired to learn to learn — and not learn to rote learn,” she added.

However, despite a third of respondents facing learning difficulties, the report showed that more than half (58 percent) said they have participated in extracurricular activities, of which 59.67 percent were male and 56.26 percent were females.

In addition, the results showed that the percentage of young people fully satisfied in their work was 23.54 percent — 23.9 percent of males, and 21.85 of females. The percentage of working young people who have faced work difficulties, whether past or present, was estimated at 45.88 percent, 45.33 percent of males and 48.53 percent of females.

Wedjan Al-Ghamdi, a 31-year-old BIS graduate from Cardiff Metropolitan University in the UK, returned to the Kingdom and had difficulty finding a job in her field due to her family commitments and her husband’s job, which requires him to move from one city to another every few years.

To ensure that she made use of her degree, which she obtained through the Ministry of Higher Education, she had to settle for jobs that are far from her field and only provided her with one disappointment after another.

“I have changed jobs several times in the past six years,” said Al-Ghamdi. “I had to work in international schools as a supervisor, a teacher and at times an activities supervisor. It was difficult as I moved from one small city to the next due to my husband’s job, but I believe what would have been best for people like me is to find a company that would allow workers to work from home. There weren’t many in my field that provide that and there are many who have returned from abroad who are still finding it difficult to find jobs in their respective fields.”

Al-Ghamdi said that she has recently found a job that she is content with.

The Saudi government has a series of reform plans, including the ambitious Vision 2030, for the country to invest in education for its people to prepare them to participate in the workforce. Additionally, the Kingdom has proposed strict quotas in the private sector to encourage enterprises to prioritize hiring Saudi nationals and ensure economic and social growth.

The percentage of hired young people who considered that their salary was sufficient to meet their financial obligations was 68.91 percent, 69.59 percent of males, and 70.48 percent of females, while the percentage of young people who said that they can save part of their monthly income, was 44.71 percent, 43.62 percent of males, and 50.19 percent of females.

John Sfakianakis, chief economist at the Gulf Research Center and associate fellow at Chatham House in London, said that the tendency to save more money could be a result of higher income.

“There are a lot of young people that we classify as youth who are engaged in the economy far more today than a few years back and there are more women in the workforce, which is very positive. Saudi Arabia had a low female labor participation rate in the wider region and that has been improving.”

“At one point, youth unemployment rates were higher than they were in Egypt and Greece,” said Sfakianakis. “This was challenging for many years and now we see the overall youth unemployment rates falling, which is proof that many government programs to bolster the economy are working.”

In a recent survey also published by GASTAT, the labor market bulletin for the third quarter of 2019 showed that unemployment rates decreased to 5.5 percent, compared to 5.6 percent for the second quarter of this year. It’s a significant drop in comparison to the fourth quarter of 2018, where it was at 12.7 percent.

Meanwhile, social media proved to play a major role in the lives of Saudi youth.

The GASTAT survey showed that around 98 percent of youth use social media platforms, with 35.83 percent of respondents saying their social relationships have been affected by social media. This included 36.81 percent of males and 34.8 percent of females.

When it comes to societal norms, the report showed that youth believe that social values are strong in their communities. Among these values are an individual sense of responsibility (98.55 percent), hard work (98.12 percent), tolerance (98.26 percent), efficiency (97.46 percent), rational spending (89.22 percent), compliance with regulations (94.64 percent), justice (97.95 percent), moderation (97.42 percent), determination and perseverance (98.41 percent), and transparency (92.64 percent).

“In the unprecedented development that the Kingdom is witnessing, such reported high numbers in the social values that young Saudis share reflect a great sense of patriotism and nationalism,” said Razan Alaquil, Saudi Youth Delegate to the 2018 UN ECOSOC Youth Forum. “Our Saudi identity is being structured and defined on important factors that we as young Saudis not only share, but keep one another accountable for.

“Because this is a time for us to tell the story of our Kingdom through our actions by being responsible citizens who actively contribute. Those actions develop our Kingdom and make the Saudi identity what it is — an identity based upon our sense of contribution and responsibility for our country’s development, hard work, tolerance, efficiency, and so much more. As young Saudis, we keep one another accountable for those civic values because we all look at each other as one.”

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News Network
March 18,2020

Riyadh, Mar 18: Private-sector businesses in Saudi Arabia on Wednesday were ordered to introduce enforced remote working for all employees for 15 days in an attempt to prevent the spread of the coronavirus.

Businesses that require staff to be physically present to ensure they continue to operate — including those in vital or sensitive sectors such as electricity, water and communications — must reduce the number of workers in their offices to the bare minimum. This can be no more than 40 percent of the total number of staff.

In such cases precautionary measures set by the Ministry of Health must be followed. At offices, and staff accommodation, with more than 50 workers, an area at the entrance must be provided where temperatures can be taken and symptoms checked.

Employers must also set up a mechanism for workers to report any symptoms, such as high temperature, coughing or shortness of breath, or contact they have had with infected individuals or people who recently returned from other countries without following proper Ministry of Health quarantine procedures.

Inside offices, a safe amount of space between employees must be maintained at all times. In addition, all health clubs and nurseries provided by employers must close.

Pregnant women and new mothers, people suffering from respiratory diseases, those with immune-system problems or chronic conditions, cancer patients and employees above the age of 55 are to be given 14 days compulsory paid leave, which will not be deducted from their annual entitlement.

Businesses that are excluded from the new measures include pharmacies and supermarkets, and their suppliers. Private-sector organizations that provide services to government agencies must contact them before suspending workplace attendance. Any other business that considers it impossible to operate with only 40 percent of staff in the workplace must submit an exemption request to the authority that supervises it.

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Agencies
April 27,2020

Riyadh, Apr 27: A Saudi Arabia-led coalition said on Monday that all parties need to return to the status that existed before the Southern Transitional Council (STC) in Yemen declared an emergency in Aden, according to a statement published by Spa.

The Coalition to Restore Legitimacy in Yemen, led by Saudi Arabia and the UAE, stresses the need to restore conditions to their previous state following the announcement of a state of emergency by the Southern Transitional Council and the consequential development of affairs in the interim capital (Aden) and some Southern governorates in the Republic of Yemen.

The Coalition urges for an immediate end to any steps contrary to the Riyadh Agreement, and work rapidly toward its implementation, citing the wide support for the agreement by the international community and the United Nations.

The Coalition has and will continue to undertake practical and systematic steps to implement the Riyadh Agreement between the parties to unite Yemeni ranks, restore state institutions and combat the scourge of terrorism. The responsibility rests with the signatories to the Agreement to undertake national steps toward implementing its provisions, which were signed and agreed upon with a time matrix for implementation. The Coalition demands an end to any escalation and calls for return to the Agreement by the participating parties, stressing the immediate need for implementation without delay, and the need to prioritise the Yemeni peoples' interests above all else, as well as working to achieve the stated goals of restoring the state, ending the coup and combatting terrorist organizations.

The Coalition reaffirms its ongoing support to the legitimate Yemeni government, and its support for implementing the Riyadh Agreement, which entails forming a competent government that operate from the interim capital Aden to tackle economic and developmental challenges, in light of natural disasters such as floods, fears of the coronavirus (Covid-19) pandemic outbreak, and work to provide services to the brotherly people of Yemen.

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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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