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Saudi Arabia Aligns Education Outputs with Industrial, Mining Sector Job Demands

A glimpse of one of the specialized institutes in the industrial sector in Saudi Arabia (Asharq Al-Awsat)
A glimpse of one of the specialized institutes in the industrial sector in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Aligns Education Outputs with Industrial, Mining Sector Job Demands

A glimpse of one of the specialized institutes in the industrial sector in Saudi Arabia (Asharq Al-Awsat)
A glimpse of one of the specialized institutes in the industrial sector in Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources for Human Capacity Development Eng. Faris Alsaqabi said that the Ministry of Industry would soon announce its strategy to develop human capabilities in the industrial and mining sectors.

“The Ministry has succeeded in formulating the strategy as well as the national programs that support the achievement of its goals,” he said.

Alsaqabi made the remarks during his visit to the Food Industries Institute in Al-Kharj to review the latest developments in the field of training and Saudization.

Alsaqabi said that there has been diligent work to create 2.1 million jobs in the industrial and mining sectors, and the ministry is serious in the field of qualifying and training workers.

Alsaqabi said the Ministry has started negotiating with Saudi universities, academies and institutes to facilitate qualifying and developing capabilities and providing specializations that support the industrial sector in the Kingdom.

These include the opening of the Department of Mining Engineering at King Fahd University of Petroleum and Minerals, and the ongoing efforts with Princess Nourah Bint Abdulrahman University to develop specializations that contribute to women’s participation in the industrial sector, as well as with King Abdulaziz University and King Saud University.

Alsaqabi said that the Ministry of Industry is working with the Ministry of Education to disseminate the culture of the Industrial Revolution through initiatives to enrich school curricula with some skills that are required in the labor market, especially in the technologies of the Fourth Industrial Revolution and its impact on the industrial and the mining sectors.

The deputy minister said that the Agency of the Ministry of Industry and Mineral Resources for Human Capacity Development is concerned with the sustainability of learning, which begins from the kindergarten level and later during the educational journey through various levels of school and university education.

This does not end with graduation, but rather continues throughout life in order to raise the efficiency and skills of workers in the industrial sector so as to ensure that they are armed with the latest skills resulting from the influence of the Fourth Industrial Revolution technologies.

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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)

Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq held talks with Steve Lutes, Vice President of Middle East Affairs at the US Chamber of Commerce and Chairman of the US-Iraq Business Council mechanisms for international trade and Iraq’s shift to fully utilizing correspondent banks for foreign transfers. 

Sunday's discussions in Baghdad follow the US blacklisting of 14 Iraqi banks - half of the country’s total banks - on suspicions of involvement in money laundering and transferring funds to Iran and Syria. The move has prevented these banks from conducting dollar transactions.

According to a statement by the Central Bank of Iraq on Sunday, the meeting, which was also attended by the Directors General of the Investments Department and the Banking Supervision Department, addressed “banking and economic relations” between Iraq and the US. They covered a visit by a Central Bank delegation to Washington in April, during which the delegation will meet with officials from the US Chamber of Commerce and American companies.

The two sides also touched on US companies’ interest in investing in Iraq’s energy, infrastructure, and advanced technology sectors, as well as opportunities arising from Iraq’s current security stability.

Al-Alaq emphasized the Central Bank’s role in supporting Iraq’s economic growth and pledged full support to global firms, including US companies and banks, looking to invest in the country. He stressed the importance of diversifying investment sectors to bolster economic development.

Since the beginning of 2023, the Central Bank of Iraq has implemented a monitoring system for dollar transactions through a specialized platform, which was designed to regulate financial transfers by Iraqi banks and provide proactive oversight, replacing the US Federal Reserve’s previous practice of auditing daily transfers. However, the Central Bank decided to discontinue the platform at the beginning of 2024.

The closure triggered significant withdrawals of deposits by individuals and companies, amid concerns that the banks holding their funds might face bankruptcy due to non-compliance with the Central Bank’s requirements and the US Treasury Department’s standards.

According to Central Bank data, the total volume of deposits in Iraq’s commercial banks fell to its lowest level in 22 months, dropping to 123 trillion Iraqi dinars in November 2024, compared to 127.5 trillion dinars in October.

Between June and November 2024, deposits decreased by 7 trillion dinars, reflecting a continued trend of declining savings in the banking sector over recent months.