Saudi Human Resources Development Fund Reveals 24 Deals Worth $400ml to Support Employment

The Human Resources Development Fund was a strategic partner in the Global Labor Market Conference in Riyadh. (Asharq Al-Awsat)
The Human Resources Development Fund was a strategic partner in the Global Labor Market Conference in Riyadh. (Asharq Al-Awsat)
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Saudi Human Resources Development Fund Reveals 24 Deals Worth $400ml to Support Employment

The Human Resources Development Fund was a strategic partner in the Global Labor Market Conference in Riyadh. (Asharq Al-Awsat)
The Human Resources Development Fund was a strategic partner in the Global Labor Market Conference in Riyadh. (Asharq Al-Awsat)

The Human Resources Development Fund (HRDF) is implementing 24 active agreements to support employment-related training in high-growth sectors, with a combined value of more than 1.5 billion riyals ($400 million), a source within the Fund told Asharq Al-Awsat.

The entity has concluded important partnerships with major national projects and companies, and is seeking to keep pace with the unprecedented economic movement and the prosperity of the labor market, by forging agreements with promising sectors, such as: tourism, entertainment, transportation, logistics services, manufacturing, and cyber-security, in addition to developing training, qualification, and empowerment programs.

The source pointed to the Fund’s keenness to develop the skills and capabilities of the Saudi youth, raise the level of their participation in the labor market, and stimulate the private sector to contribute to the nationalization goals, in addition to strengthening partnerships with the relevant authorities in training, employing and empowering national cadres.

According to the well-informed source, the HRDF contributed, since the beginning of 2023 until the end of October, to supporting the employment of about 330,000 male and female citizens in private sector establishments. He added that the total spending on training, employment and empowerment support programs during the same period amounted to about SAR 7.5 billion, benefiting about 1.78 million Saudi citizens.

The source also told Asharq Al-Awsat that around 104,000 establishments operating in all vital sectors in the Kingdom have benefited from the Fund’s programs.

The Human Resources Development Fund has launched a new strategy in early 2023, targeting three main goals: enhancing the development of national human capital to meet evolving labor market requirements, improving the alignment of workforce supply and demand, and promoting sustainable employment in the private sector.

“We have reached a package of 8 developed and focused programs, which include a number of products, respond to labor market changes and improve the beneficiary’s experience, as well as cover all aspects of the Fund’s interventions, which consist of providing guidance, training, and enabling job opportunities,” the source noted.

The Unified National Employment Platform (Jadarat), which is managed and supervised by the HRDF, informs job seekers of opportunities available in the public and private sectors.

The Fund has developed its strategy by working with various stakeholders, such as the Ministry of Human Resources and Social Development, the Human Resources System, the Human Capacity Development Program and the Labor Market Strategy.



Indian State Refiners May Buy Mideast Spot Oil to Replace Russian Shortfall

A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit Paranjpe/FILE PHOTO
A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit Paranjpe/FILE PHOTO
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Indian State Refiners May Buy Mideast Spot Oil to Replace Russian Shortfall

A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit Paranjpe/FILE PHOTO
A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit Paranjpe/FILE PHOTO

Indian state refiners are considering tapping the Middle East crude market as spot supply from their top supplier Russia have fallen, three refining sources said, in a move that could support prices for high-sulphur oil.
The three large state refiners- Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum- are short of 8-10 million barrels of Russian oil for January loading, the sources told Reuters.
The refiners fear continued problems in securing Russian oil in the spot market could continue in coming months as Moscow's own demand is rising and it has to meet commitments under the OPEC pact.
However, they added that they can draw from their inventories to meet crude processing needs in March.
Two of the sources said their company may lift more crude from Middle East suppliers under optional volumes in term contracts or to float a spot tender for high-sulphur oil.

IOC, the country's top refiner, previously floated spot tenders to buy sour grades in March 2022.
The companies did not immediately respond to requests for comment.
India became the largest importer of Russian crude after the European Union, previously the top buyer, imposed sanctions on Russian oil imports in response to the 2022 invasion of Ukraine. Russian oil accounts for more than a third of India's energy imports.
Russia's spot crude exports since November as its refineries resumed operations after the maintenance season and poor weather disrupted shipping activities, traders said.
“We have to explore alternative grades as Russia's own demand is rising and it has to meet its commitments under OPEC,” said another of the three sources.
Russia, an ally of the Organization of the Petroleum Exporting Countries, promised to make extra cuts to its oil output from the end of 2024 to compensate for overproduction earlier.
Also, most supplies from Russia's state oil firm Rosneft are tied up in a deal with Indian private refiner Reliance Industries, Reuters reported earlier this month.
The new deal accounts for roughly half of Rosneft's seaborne oil exports from Russian ports, leaving little supply available for spot sales, sources told Reuters earlier this month.
India has no sanctions on Russian oil, so refiners there have cashed in on supplies made cheaper than rival grades by the penalties by at least $3 to $4 per barrel.
Sources said there are traders in the market that are willing to supply Russian oil for payments in Chinese Yuan but noted that state refiners stopped paying for Russian oil in the Chinese currency after advice from the government last year.
“It is not that alternatives to Russian oil are not available in the market but our economics will suffer,” the first source said.
Oil prices rose on Tuesday, reversing the prior session's losses, buoyed by a slightly positive market outlook for the short term, despite thin trade ahead of the Christmas holiday.
Brent crude futures were up 42 cents, or 0.6%, to $73.05 a barrel, and US West Texas Intermediate crude futures rose 38 cents, or 0.6%, to $69.62 a barrel at 0742 GMT, Reuters reported.
FGE analysts said they anticipated the benchmark prices would fluctuate around current levels in the short term “as activity in the paper markets decreases during the holiday season and market participants stay on the sidelines until they get a clearer view of 2024 and 2025 global oil balances.”
Supply and demand changes in December have been supportive of their current less-bearish view so far, the analysts said in a note.
“Given how short the paper market is on positioning, any supply disruption could lead to upward spikes in structure,” they added.
Some analysts also pointed to signs of greater oil demand over the next few months.
“The year is ending with the consensus from major agencies over long 2025 liquids balances starting to break down,” Neil Crosby, Sparta Commodities' assistant vice president of oil analytics, said in a note.
Also supporting prices was a plan by China, the world's biggest oil importer, to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, as Beijing ramps up fiscal stimulus to revive a faltering economy.
China's stimulus is likely to provide near-term support for WTI crude at $67 a barrel, said OANDA senior market analyst Kelvin Wong.