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Saudi Human Resources Ministry, Sama Sign MoU to Localize Financial Jobs

Saudi Arabia continues efforts to fill the labor market with Saudi workers. (Asharq Al-Awsat)
Saudi Arabia continues efforts to fill the labor market with Saudi workers. (Asharq Al-Awsat)
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Saudi Human Resources Ministry, Sama Sign MoU to Localize Financial Jobs

Saudi Arabia continues efforts to fill the labor market with Saudi workers. (Asharq Al-Awsat)
Saudi Arabia continues efforts to fill the labor market with Saudi workers. (Asharq Al-Awsat)

The Saudi Ministry of Human Resources and Social Development (HRSD) signed a joint memorandum of understanding with the Saudi Central Bank (SAMA) and the Human Resources Development Fund “Hadaf” to launch steps to localize jobs at the financial sector.

The memorandum aims to ensure the consistency of the work of the Ministry and SAMA to localize all sectors supervised by the central bank, increase the number of employees within its entities, and coordinate localizing and training of all financial activities.

The agreement is part of the Ministry’s plans to build complementary relationships and strategic partnerships with various sectors and achieve the goals of Vision 2030, including the transformation and national programs.

Earlier this month, the Ministry announced the decision to Saudize six major sectors to create 40,000 new jobs for Saudis. The professions and activities include legal consultancy, lawyer’s offices, customs clearance, real estate activities, the cinema sector, driving schools and technical and engineering jobs.

Minister of Human Resources and Social Development Ahmed al-Rajhi announced that the Ministry aims to create over 203,000 jobs in 2021.

He said the new decisions are a continuation of the Ministry’s strategy to enable localize cadres to secure outstanding jobs. They also aim to provide an attractive and stimulating work environment that is instrumental in attracting more citizens to work in the private sector, and eventually increase their participation in the labor market.

Since the beginning of this year, the Ministry has issued several decisions concerning the Saudization of more sectors: malls, restaurants and cafes, central catering markets, and educational professions in the private sector.

The Ministry issued localizing decisions to support establishments and jobseekers in line with the organized mechanisms and a specific period and target specific professions in vital sectors, such as dentistry, pharmacy, engineering and accounting.

It includes specific jobs, leadership, supervisory jobs, sustainable jobs with growth and development, and jobs for which high-level technical skills are required.

The Ministry clarified that the minimum salary for Saudi men and women working in senior management positions in the operation and maintenance sector in public entities had been fixed at $2,400.

The pay scale will have to increase based on the years of experience in the sector, as stated in the Guide for Saudization for Operation and Maintenance Contracts in Public Entities.

The guide sets the minimum salaries for the engineering and specialist professions at $2,200 and $1,800 for the supervisory posts. Salaries of Saudis in operation and maintenance sector companies are subject to supply and demand.

The job levels in the operation and maintenance sector are divided into six standard levels according to the minimum qualifications and experience required for each group.

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Turkmenistan, China Launch Expansion of World’s Second-largest Gas Field

Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
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Turkmenistan, China Launch Expansion of World’s Second-largest Gas Field

Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)

Turkmenistan and China broke ground Friday on works to expand production at the giant Galkynysh gas field, strengthening Beijing's already dominant position in the secretive Central Asian nation's energy sector.

The former Soviet republic, which holds the world's fourth-largest gas reserves, has exported nearly all its production to China since 2009, when the Central Asia-China pipeline opened.

In the middle of the desert, former president Gurbanguly Berdymukhamedov -- who effectively runs the country alongside his son, President Serdar Berdymukhamedov -- formally inaugurated the launch of the fourth of seven planned development phases at Galkynysh.

The ceremony was attended by Chinese Vice Premier Ding Xuexiang, an AFP correspondent saw.

"Turkmen gas is a symbol of happiness -- it is present in every Chinese household," Ding said.

The event featured songs and dances celebrating Turkmen-Chinese friendship, staged with the lavish pomp typical of Turkmenistan's state-sponsored events.

Gurbanguly Berdymukhamedov, officially titled "Hero-Protector" and vested with sweeping powers, presided over the gathering.

Galkynysh, in the Karakum desert about 400 kilometers (250 miles) east of the capital Ashgabat, has been producing gas since 2013 and is the world's second-largest gas field, according to the British consulting firm GaffneyCline.

Expansion works are being carried out by the state-owned China National Petroleum Corporation (CNPC).

On a visit to Ashgabat the day before the ceremony, CNPC chairman Dai Houliang said "the friendship between China and Turkmenistan is as deep as the roots of a tree."

Business

$27 Billion City to be Built East of Cairo

The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
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$27 Billion City to be Built East of Cairo

The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat

Egypt's Talaat Moustafa Group (TMG) will build a new 1.4 trillion Egyptian pound ($27 billion) mixed-use city east of Cairo, CEO and Managing Director Hisham Talaat Moustafa said at a press conference on Saturday.

The project, called The Spine, is to be developed in partnership with ⁠the National Bank ⁠of Egypt, with a paid-up capital of 69 billion Egyptian pounds ($1.3 billion).

The project, to be built as a Special Investment ⁠Zone with TMG's Madinaty, covers approximately 2.4 million square meters of land, combining residential, commercial, hospitality, retail, entertainment, and public green space within a single continuous urban environment.

The investment is equivalent to roughly 1% of Egypt's GDP, according to Moustafa, and is ⁠projected ⁠to generate approximately 818 billion Egyptian pounds in tax revenues for the state budget over time.

The project is expected to create more than 55,000 direct jobs and hundreds of thousands of indirect positions.

Business

Türkiye Says Iran Gas Pipeline Contract Nearing Expiry, No Talks Yet on Extension

Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
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Türkiye Says Iran Gas Pipeline Contract Nearing Expiry, No Talks Yet on Extension

Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas

Türkiye's long-term contract for importing natural gas from Iran is due to expire in the coming months, and the two countries could hold talks on a possible extension, though no negotiations are under way yet, Türkiye's energy minister said on Saturday.

The agreement, due to expire in July, provides for delivery of 9.6 billion cubic metres of gas a year, but actual flows have often fallen short, Reuters reported.

Türkiye imported 7.6 bcm from Iran last year, accounting for 13% of total gas imports. Regulator data show the pipeline last hit the contracted volume in 2022.

"According to our forecast, we might need this gas pipeline or the gas flow from Iran for the security of supply of Türkiye. There is no negotiation right now ongoing. I think they are busy with so many other things. But we might sit and discuss a potential extension," Alparslan Bayraktar told reporters on the sidelines of a diplomacy forum in the southern Turkish province of Antalya.

"But we haven't started a negotiation during the current circumstances in the region," Bayraktar said, referring to the Iran war.

Bayraktar also said Türkiye was seeking to diversify natural gas supplies, including through Russian liquefied natural gas.