Thousands of Saudis take up jobs in Gulf countries

July 4, 2013

Gulf_countriesJeddah, Jul 4: Saudis are now working in other Gulf Cooperation Council (GCC) countries particularly Kuwait. In contrast, very few GCC citizens work in the Kingdom.

In 2012, a total of 4,854 Saudis worked in GCC countries, 2,825 if them in Kuwait, according to a report from the General Organization for Social Insurance (GOSI).

The report said that 3,191 Saudis worked in the public sector in GCC countries, with 1,663 in the private sector. Kuwait had 1,169 Saudis working in their private sector. According to the report, there were 210 Saudis working in the United Arab Emirates (UAE), 12 in Qatar, 23 in Bahrain and 10 in Oman.

In contrast, only 1,413 GCC citizens worked in Saudi Arabia including 721 Kuwaitis, 501 Bahrainis, 150 Omanis and 18 Qataris. There were no UAE citizens working in the Kingdom. In addition, all GCC workers in the Kingdom worked in the private sector.

Saudi Arabia is considered a rapidly growing economy, with its multibillion-riyal projects and vast businesses.

According to the Global Wage Report 2012/13 issued by the International Labor Organization, there is a large difference in wages between GCC citizens and non-nationals because of the “Arabization” process taking place in the region, which seeks to increase the proportion of local employees.

Noura Al-Turki, an organization development manager at NESMA Holding, said Saudis should be proud of those seeking work in other countries.

“It is positive to see Saudis compete in the overseas job market rather than in the Kingdom. In the current globalization age, all companies are searching for talented people regardless of their nationality. Even though we have the strongest economy in the GCC, Saudis should work everywhere without being restricted by borders,” she said.

“The new generation of Saudis is very optimistic and always looking to have new experiences in the job market, which is why they work abroad.”

Al-Turki said the Kingdom needs more training centers offering special programs for employees.

She said some Saudis do not consider the Kingdom an attractive place to work. They complain of low wages, unsettled working hours, and discrimination by expatriate bosses.

Mohammed Al-Tawi, general manager of human resources at Taajeer Company, said companies must stop employing expatriates for top jobs in the Kingdom, at the expense of Saudis. He believes this has frustrated Saudis, leading them to seek jobs outside the country.

He believes that the "Saudi work environment is unhealthy for talented job seekers. If we have a look at the government sector, we will see there is no competition, with all employees getting equal promotions and equal salary raises. Such unfair evaluations have forced many Saudis to work in other GCC countries, in the private and government sectors.”

Despite the fact that Saudi Arabia offers the most job opportunities for expatriates, many prefer to work in other GCC countries because of the differences in lifestyle.

According to the survey, Saudi Arabia is the third-favored work destination after the UAE and Qatar. Expatriates prefer Dubai, Abu Dhabi and Doha as the best cities for living. Jeddah, Riyadh and Dammam are low on the list of preferred places to work.

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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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Agencies
January 4,2020

Baghdad, Jan 4: At least five people were killed on Saturday by an airstrike on a vehicle convoy of Iraq's Shia Popular Mobilization Forces in northern Baghdad, a source in security forces told Sputnik.

Earlier in the day, the source told Sputnik about a powerful explosion in Baghdad's northern district of Taji.

"A vehicle convoy of the Popular Mobilization Forces has been attacked. According to preliminary data, five people have died. Their names have not been clarified so far," the source said.

On Friday, several senior members of the Popular Mobilization Forces, as well as commander of the elite Quds Force of Iran's Revolutionary Guard Corps Qasem Soleimani, were killed by a US drone attack near the Baghdad International Airport.

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Khaleej Times
June 7,2020

Dubai, Jun 7: Emirates airline on Sunday confirmed that it extended the period of reduced pay for its staff for another three months as airlines around the world struggle to preserve cash due to the grounding of fleets.

An e-mail has been sent across to Emirates employees about extending the wage cuts till September 30. In some cases, the salary will be reduced by 50 per cent.

Emirates had previously reduced basic wages by 25 to 50 per cent for three months from April, with junior employees exempted.

The Dubai-based world's largest international carrier employs around 60,000 people across its spectrum. While the parent Emirates Group employs over 100,000 workers.

On Thursday, Abu Dhabi-based Etihad Airways confirmed to Khaleej Times that it also extended salary cut of its employees till September 2020.

"Regretfully, Etihad has extended its salary reduction until September 2020, with 25 per cent reduction for junior staff and cabin crew, and 50 per cent for employees at manager level and above. Housing allowance and a number of benefits continue to be paid," the airline's spokesperson said in a statement last week.

In March, Etihad had announced temporary reduction of basic salaries for the month of April to all staff, including executives, between 25 to 50 per cent.

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