Human Capability Initiative Conference in Riyadh Explores Increasing Employment Rate in New Industries

Energy Minister Prince Abdulaziz bin Salman speaking to the audience at the HCI conference in Riyadh (Asharq Al-Awsat)
Energy Minister Prince Abdulaziz bin Salman speaking to the audience at the HCI conference in Riyadh (Asharq Al-Awsat)
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Human Capability Initiative Conference in Riyadh Explores Increasing Employment Rate in New Industries

Energy Minister Prince Abdulaziz bin Salman speaking to the audience at the HCI conference in Riyadh (Asharq Al-Awsat)
Energy Minister Prince Abdulaziz bin Salman speaking to the audience at the HCI conference in Riyadh (Asharq Al-Awsat)

The Human Capability Initiative (HCI) Conference was launched in Riyadh at the King Abdulaziz International Convention Center under the patronage of Crown Prince Mohammed bin Salman.

On the sidelines of the conference, Energy Minister and Chairman of the Board of Trustees of King Abdullah Petroleum Studies and Research Center (KAPSARC), Prince Abdulaziz bin Salman, inaugurated the Kingdom's first specialized educational institution for higher studies in public policy.

- Women's Empowerment

During his speech, the Energy Minister stated that the government is committed to a localization program with 75%, highlighting the global disparity in female participation across sectors.

He pointed out that while most sectors have 39-49% female participation, the energy sector lags with only about 15% globally.

"With our current leadership, we went to self-discovery of what truly drives our economy, and you will find it in no more than the two factors that I'm going to mention: youth and women empowerment," added Prince Abdulaziz.

He added that developing human resources is the most critical measure for determining the development of any society, stressing that there is a need to fill the gaps in education and training.

- Attracting talent

He pointed out that the energy sector can't be isolated from other entities and institutions, adding that there must be cooperation with all concerned parties to develop the human resources.

The Energy Minister asserted the need for cooperation with the Ministries of Education and Labor.

He noted the attempt to involve training institutions to ensure the achievement of the strategic goal of covering the workforce, organizing its affairs, building capabilities, attracting and retaining talented people, and empowering women.

The energy minister announced the launch of the Saudi Technical Institute for Petroleum Services, rebranded as the Energy Tech Institute.

Saudi Arabia is set to create 150,000 new jobs in chemical plants and renewable energy facilities with a commitment to achieving 75% localization, said the Minister.

"We see somewhere around 150,000 jobs being created, including not only working in chemical plants and with heavy wind or renewable facilities, but also we see many jobs are coming through the localization programs," announced Prince Abdulaziz.

"We also are committed to a localization program which is 75%."

- Enhance strategies

For his part, Saudi Education Minister Yousef al-Benyan stressed during his opening speech at the conference that the Human Capability Initiative demonstrates the Kingdom's commitment to enriching the global dialogue and promoting implementable strategies and solutions.

He stated that more than 200 global leaders and experts will join the conference to share their views on unleashing the potential of human capabilities and stimulate international cooperation to achieve maximum flexibility in times of uncertainty.

Benyan highlighted that global estimates indicate a potential disruption of 40% of workers' skills within the next four to five years due to these changes, and technology adoption is set to transform approximately 75% of business practices globally.

Highlighting the critical role of human capital in navigating a dynamic labor market, he emphasized the need for comprehensive efforts to enhance human capabilities.

"The success of industrial developments in green technology, healthcare, generative technology, and artificial intelligence hinges on a future-proof workforce equipped with the necessary skills," Benyan said, stressing that HCI aligns with Vision 2030.

- Shift in the employment landscape

He added that such a global platform aims to equip individuals with the skills and knowledge needed to navigate the evolving job market, ultimately fostering empowered individuals and resilient economies for the future.

The Kingdom's Human Capability Development Program has created a dynamic strategy that extends across the stages of learning.

He described the program as a comprehensive strategy designed to empower individuals to unleash their full potential, prioritizing collaboration among government agencies, the private sector, and non-profit organizations to ensure collective success and prosperity.

"The Kingdom welcomes collaboration with all stakeholders to explore opportunities and design innovative policies and solutions that enhance human capabilities," he said.

More than 45 agreements that reflect the Kingdom's commitment to cooperating with all partners will be announced during the conference.

The agreements were reached with representatives of over 70 countries with the shared mission of unlocking human potential.

- Innovation and development

Furthermore, Minister of Industry and Mineral Resources Bandar al-Khorayef launched the Strategy for Developing Human Capability in the Industrial and Mining Sectors and the National Academy for Industry during the Human Capability Initiative (HCI) Conference, in partnership with the Public Investment Fund (PIF).

Khorayef revealed that more than 50,000 employees had been trained during the past year in coordination with the private sector, with a 40% increase in the workforce.

Saudi Arabia should become an innovative country in research, development, and innovation, and those priorities lead to achieving sustainability in many sectors.

Khorayef highlighted efforts in the industry and mining sectors to incorporate new business models and technologies to shape the future of jobs for citizens.

- Attracting talent

The Minister unveiled the Human Capital Development Strategy for mining and industries with four key objectives.

"The first is to cultivate, grow, and attract the right talent; second is to empower the talent and leadership, create and complement the culture and environment for competitive human capital; third, boost innovation, productivity, and future readiness of the human capital," Khorayef said.

It also aims to drive a collaborative ecosystem where the ministry will orchestrate and build the regulatory foundation, and the private sector will lead.

A dialogue session within the "Human Capabilities Initiative Conference" shed light on advanced industries by empowering human capabilities and the importance of technology in creating more jobs.

- Stimulate human potential

The conference included a "Going Far, Going Together – The Critical Role of Collaboration" session with the participation of Saudi Permanent Representative to the EU Haifa al-Jedea, Dean of Said Business School at Oxford University Professor Soumitra Dutta, Udacity CEO Kai Roemmelt, Regional Director – Human Development for MENA at the World Bank Fadia Saadah, and Managing Director World Economic Forum Saadia Zahidi.

Participants pointed out to the importance of the Kingdom's Human Capacity Initiative Conference sponsorship, which is closely linked to Vision 2030.

They indicated that the conference is a testimony to Saudi Arabia's firm commitment to enhancing cooperation to stimulate human potential and innovation and evidence of its dedication to building a prosperous and sustainable future for its citizens and the world.

Jedea discussed providing everyone with good job opportunities, adding that policies must include all concerned parties.

She stressed the importance of government investments and multinational companies in human resources, investment in peace and work efforts, and cooperation with various sectors in empowering human capabilities.

For her part, the World Bank official touched on the influential role of human capabilities and that they are an essential factor in development, as they contribute to achieving 80% of the wealth of any developed country.



Oil Falls but on Track for 8% Weekly Gain on Supply Concerns; US Diesel Hits Record High

WHITING, INDIANA - SEPTEMBER 08: An aerial view shows the sprawling BP refinery on September 08, 2026 in Whiting, Indiana. (Photo by SCOTT OLSON / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
WHITING, INDIANA - SEPTEMBER 08: An aerial view shows the sprawling BP refinery on September 08, 2026 in Whiting, Indiana. (Photo by SCOTT OLSON / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
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Oil Falls but on Track for 8% Weekly Gain on Supply Concerns; US Diesel Hits Record High

WHITING, INDIANA - SEPTEMBER 08: An aerial view shows the sprawling BP refinery on September 08, 2026 in Whiting, Indiana. (Photo by SCOTT OLSON / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
WHITING, INDIANA - SEPTEMBER 08: An aerial view shows the sprawling BP refinery on September 08, 2026 in Whiting, Indiana. (Photo by SCOTT OLSON / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

Oil prices fell on Friday but remained on course for a weekly gain of more than 8% while US diesel prices hit a record high as attacks along Middle East shipping routes stoked concerns about prolonged supply disruptions.

Brent crude futures were down $3.45, or 3.21%, to $104.18 a barrel at 1132 GMT.

US West Texas Intermediate crude fell $2.96, or 2.89%, to $99.52 a barrel. Both benchmarks hit their highest levels since mid-May earlier in the session.

The benchmarks reversed early gains after the Financial Times reported that foreign ministers in the Middle East are trying to work out a temporary deal with Iran to manage shipping through the Strait of Hormuz.

Brent and WTI rose more than 6% on Thursday after an escalation in shipping attacks in the region.

"Some headlines of possible new talks in the Middle East are weighing moderately on oil prices today," said UBS energy analyst Giovanni Staunovo. "I keep seeing near-term risks to the upside for oil prices, but we should expect ongoing high price volatility too."

In a further potentially significant development for Riyadh, satellite imagery showed smoke on Thursday in the vicinity of Saudi Arabia's East-West Pipeline, which has become a vital means for the kingdom to divert its crude exports away from Hormuz.

Saudi Arabia's crude supply fell by 2.3 million barrels per day on the month to 6 million bpd in August, the lowest level in more than three decades, the International Energy Agency said on Friday, citing attacks on Saudi energy facilities.

Adding to concerns over regional oil flows, Yemen's Iran-aligned Houthis on Friday reached the island of Perim in the Bab el-Mandeb Strait, four Yemeni government sources told Reuters, potentially tightening their grip on one of the world's vital shipping routes.

Iran said it had attacked 10 ships near the Strait of Hormuz on Wednesday, after the US hit five Iranian oil tankers. Iran's Islamic Revolutionary Guard Corps said it would escalate its response to any further attacks.

Vessel transits at the Strait of Hormuz fell to seven on Thursday from 11 the previous day, preliminary ship-tracking data showed on Friday.

The strait handled about 125 commodity vessels and one-fifth of global daily oil and liquefied natural gas supplies before the Iran war began in late February.

Meanwhile, two European Central Bank policymakers opened the door on Friday to further interest rate increases if a war-fuelled rise in energy prices continues and pushes up other prices in the euro zone.

SUPPLY DISRUPTIONS LIFT FUEL PRICES

Oil supply disruptions due to the Iran war, along with Ukrainian attacks on Russia's refineries, pushed the US national average diesel price past $6 a gallon for the first time on Thursday, according to price tracker GasBuddy.

"Refined products, particularly diesel, are feeling a one-two punch right now," said Tim Waterer, chief market analyst at KCM Trade.

"As long as both the Gulf shipping constraints and Russian refining outages remain in play, diesel and other refined products are likely to show a higher upside tendency than the broader crude market," he added.

Commerzbank raised its year-end Brent crude forecast to $85 a barrel from $75, while increasing its diesel forecast to $1,200 a ton from $950 and its jet fuel forecast to $1,230 a ton from $980.


Gold Gains on Softer Oil; US Inflation Data in Focus

A view of smelted gold bars at a smelting facility in Accra, Ghana, August 22, 2024. REUTERS/Francis Kokoroko/
A view of smelted gold bars at a smelting facility in Accra, Ghana, August 22, 2024. REUTERS/Francis Kokoroko/
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Gold Gains on Softer Oil; US Inflation Data in Focus

A view of smelted gold bars at a smelting facility in Accra, Ghana, August 22, 2024. REUTERS/Francis Kokoroko/
A view of smelted gold bars at a smelting facility in Accra, Ghana, August 22, 2024. REUTERS/Francis Kokoroko/

Gold prices rose on Friday, but were headed for a weekly loss, as oil slipped from multi-month highs and assuaged some inflationary concerns, as investors awaited key US economic data for clues on the Federal Reserve's monetary policy path.

Spot gold rose 0.6% to $4,339.46 per ounce by 1105 GMT. It was down nearly 3% for the week so far.

Prices fell on Thursday after the US Producer Price Index data showed prices increased in line with expectations in August amid a rebound in the cost of energy products.

US gold futures dropped 0.6% to $4,381.30.

The precious metal is benefiting from "softer oil prices on hopes a Monday meeting between GCC ministers and Iran can yield some results regarding the passage of oil through the Strait," said Ole Hansen, head of commodity strategy at Saxo Bank. "In addition, buyers once again emerged ahead of a key support area around $4,300," said Hansen.

Oil prices were set to end the week above $100 a barrel.

Higher oil prices stoke inflation fears and bolster expectations of the Fed raising interest rates. While gold is typically seen as an inflation hedge, higher interest rates diminish the appeal of non-yielding bullion.

Traders are now pricing in a 67% chance of a rate hike at the central bank's policy meeting next week, up from 62% before the data, according to the CME FedWatch Tool. The US consumer price inflation report is due at 1230 GMT.

Elsewhere, gold demand in India was subdued this week as volatile prices discouraged buyers, while investment demand remained strong in top consumer China.

Among other metals, spot silver rose 0.4% to $63.80 per ounce, but was down 3% for the week.

Platinum climbed 0.9% to $1,792.07 and palladium gained 2.4% to $1,312.90. However, both metals were on track for a weekly loss.


France Lowers Growth Forecast, Will Miss Deficit Target

French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure gestures as he speaks during a press conference to update the governments growth and fiscal deficit forecasts for the 2027 budget, at the Bercy Economy and Finance Ministry in Paris, France, September 11, 2026. REUTERS/Stephanie Lecocq
French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure gestures as he speaks during a press conference to update the governments growth and fiscal deficit forecasts for the 2027 budget, at the Bercy Economy and Finance Ministry in Paris, France, September 11, 2026. REUTERS/Stephanie Lecocq
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France Lowers Growth Forecast, Will Miss Deficit Target

French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure gestures as he speaks during a press conference to update the governments growth and fiscal deficit forecasts for the 2027 budget, at the Bercy Economy and Finance Ministry in Paris, France, September 11, 2026. REUTERS/Stephanie Lecocq
French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure gestures as he speaks during a press conference to update the governments growth and fiscal deficit forecasts for the 2027 budget, at the Bercy Economy and Finance Ministry in Paris, France, September 11, 2026. REUTERS/Stephanie Lecocq

France's economy will grow less than expected this year and the government will miss its budget deficit target, Finance Minister Roland Lescure said on Friday.

The downgraded outlook complicates the government's task of getting its 2027 budget passed in the coming months in a deeply divided parliament, where parties have hardened their positions before an April-May two-round presidential election.

Lescure told journalists he was lowering the government's 2026 economic growth forecast to 0.5% from 0.7% previously, but stuck with a ⁠projection of 1.0% ⁠for next year.

"This year has been marked by extreme crises involving four different types of shocks," Lescure told reporters, according to Reuters.

Slower growth will make it more difficult for the government to trim its fiscal budget deficit as planned to 5.0% of economic output this year.

"The ⁠reality is that the budget was built on a 5% assumption. And the reality is that, today, 5% is no longer an option," Lescure said.

The minister did not give a new deficit target.

The economic fallout from the war in the Middle East and summer heatwaves and drought that hit agriculture output have dragged down growth and put the government's fiscal targets out of reach.

"I think it is reasonable to say that economic ⁠uncertainty has ⁠never been greater than it is today," Lescure said. "We are operating under tight budgetary constraints; there is no more fat to trim."

Further complicating the picture, French borrowing rates have surged in recent weeks as investors have identified France as one of the weaker links in a global bond selloff due to its weak public finances and serial slippage on its deficit-reduction plans.

Lescure stressed that France had no difficulties in issuing debt, but acknowledged that it now cost more.