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 Prices Rise 1% as Supply Risks Remain in Focus

The Nave Photon, carrying crude oil from Venezuela, is docked at Port Freeport in Freeport, Texas, US, January 15, 2026. REUTERS/Antranik Tavitian
The Nave Photon, carrying crude oil from Venezuela, is docked at Port Freeport in Freeport, Texas, US, January 15, 2026. REUTERS/Antranik Tavitian
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Oil Prices Rise 1% as Supply Risks Remain in Focus

The Nave Photon, carrying crude oil from Venezuela, is docked at Port Freeport in Freeport, Texas, US, January 15, 2026. REUTERS/Antranik Tavitian
The Nave Photon, carrying crude oil from Venezuela, is docked at Port Freeport in Freeport, Texas, US, January 15, 2026. REUTERS/Antranik Tavitian

Oil prices rose over 1% on Friday as supply risks remained in focus despite the receding likelihood of a US military strike against Iran.

Brent crude was up 84 cents, or 1.3%, to $64.60 a barrel at 1413 GMT, on course for a fourth consecutive weekly gain. US West Texas Intermediate was up 80 cents, or 1.4%, to $59.99.

At those levels, Brent was on course for a 2% weekly gain and WTI for a 1.4% gain. Brent ⁠was up a little more than $1 at its intraday peak as investors continue to weigh the potential for supply outages should tensions in the Middle East escalate, Reuters reported.

"While geopolitical tensions in the Middle East have eased, they have not disappeared, and market participants remain concerned about potential supply disruptions," said UBS analyst Giovanni Staunovo.

Both benchmarks hit multi-month highs this week ⁠after protests flared up in Iran and US President Donald Trump signaled the potential for military strikes, but lost over 4% on Thursday as Trump said that Tehran's crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.

"Above all, there are worries about a possible blockade of the Strait of Hormuz by Iran in the event of an escalation, through which around a quarter of seaborne oil supplies flow," Commerzbank analysts said in a note.

"Should there be signs of a sustained easing on ⁠this front, developments in Venezuela are likely to return to the spotlight, with oil that was recently sanctioned or blocked gradually flowing onto the world market."

Meanwhile, analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.

"Despite the steady drumbeat of geopolitical risks and macro speculation, the underlying balance still points to ample supply," said Phillip Nova analyst Priyanka Sachdeva.

"Unless we see a genuine revival in Chinese demand or a meaningful bottleneck in physical barrel flows, oil looks range-bound, with Brent broadly hovering between $57 and $67."


Gold Eases as Strong US Data, Easing Geopolitical Tensions Sap Momentum

FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo
FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo
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Gold Eases as Strong US Data, Easing Geopolitical Tensions Sap Momentum

FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo
FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo

Gold prices ticked lower on Friday, extending losses from the previous session, as stronger-than-expected US economic data and easing geopolitical tensions in Iran hampered bullion's bullish momentum.

Spot gold eased 0.3% to $4,603.02 per ounce by 0918 GMT. However, the metal is poised for a weekly gain of about 2% after scaling a record peak of $4,642.72 on Wednesday. US gold futures for February delivery edged 0.4% lower to $4,606.70.

"There was ‌a lot of ‌momentum in the (gold) market, which seems to ‌have ⁠faded slightly ‌at the moment....the economic news flow out of the US has been causing some headwinds rather than tailwinds as of late, which is reflected in a somewhat stronger US dollar," said Julius Baer analyst Carsten Menke.

The US dollar hovered near a six-week high on the back of positive economic data on Thursday showing initial jobless claims dropped 9,000 ⁠to a seasonally adjusted 198,000 last week, below economists' forecast of 215,000.

A firmer ‌dollar makes greenback-priced bullion more expensive for overseas ‍buyers. On the geopolitical front, people ‍inside Iran, reached by Reuters on Wednesday and Thursday, said ‍protests appeared to have abated since Monday.

Safe-haven gold tends to do well during times of geopolitical and economic uncertainty. Meanwhile, gold demand in India stayed muted this week as prices hit record highs again, taking the shine off retail buying, while bullion traded at a premium in China as demand remained steady ahead of the Lunar ⁠New Year.

Spot silver shed 1.1% to $91.33 per ounce, although it was headed for a weekly gain of over 14% after hitting an all-time high of $93.57 in the previous session. "The silver market seemed very determined to reach the $100 per ounce threshold before moving lower again....speculative traders are keeping an eye on that level even though it would not be sustainable in the medium to longer-term," Menke added.

Spot platinum dropped 2.7% to $2,345.78 per ounce, and was set to gain more than 3.1% for the week so far. Palladium lost 2.6% to $1,755.04 per ‌ounce, after hitting a more than one-week low earlier, and was headed for a weekly loss of 3.3%.


IMF's Growth Forecasts to Show Resilience to Global Trade Shocks, Georgieva Says

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during an interview with Reuters, amid Russia's attack on Ukraine, in Kyiv, Ukraine January 15, 2026. REUTERS/Valentyn Ogirenko
International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during an interview with Reuters, amid Russia's attack on Ukraine, in Kyiv, Ukraine January 15, 2026. REUTERS/Valentyn Ogirenko
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IMF's Growth Forecasts to Show Resilience to Global Trade Shocks, Georgieva Says

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during an interview with Reuters, amid Russia's attack on Ukraine, in Kyiv, Ukraine January 15, 2026. REUTERS/Valentyn Ogirenko
International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during an interview with Reuters, amid Russia's attack on Ukraine, in Kyiv, Ukraine January 15, 2026. REUTERS/Valentyn Ogirenko

The International Monetary Fund's latest economic forecasts due next week will show the global economy's continued resilience to trade shocks and "fairly strong" growth, IMF Managing Director Kristalina Georgieva told Reuters on Thursday.

In an interview during a visit to Kyiv to discuss the IMF's loan to Ukraine, Georgieva suggested the IMF could again revise its forecasts slightly upward as the World Bank did this week.

In October, the IMF edged its 2025 global GDP growth forecast higher to 3.2% from 3.0% in July as the drag from US tariffs was less than initially ‌feared. It kept ‌its 2026 global growth outlook unchanged at 3.1%.

Asked what ‌the ⁠January forecasts ‌would show after the upgrade in October, Georgieva said: "More of the same - that the world economy is remarkably resilient, that trade shock has not derailed global growth, that risks are more tilted to the downside, even if performance now is fairly strong."

The IMF is expected to release its World Economic Outlook update on January 19.

Georgieva said risks were focused on geopolitical tensions and rapid technological shifts. Things could turn out well, ⁠she said, but the global economy could also face significant financial distress if the huge resources flowing into ‌artificial intelligence did not result in promised productivity gains.

"We ‍are in a more unpredictable ‍world, and yet, quite a number of businesses and policymakers operate as if ‍the world hasn't changed."

Georgieva said she worried that many countries had failed to build up sufficient reserves to deal with any new shock that could occur. The IMF currently has 50 lending programs, a high number by historic standards, but was bracing for more countries to seek funds, she said.

The IMF chief said US economic performance had been "quite impressive" despite a raft of tariffs imposed by President Donald ⁠Trump last year on nearly every country in the world.

She said overall tariff levels were lower than initially threatened, and the US accounted for only about 13% to 14% of global trade. Most other countries had also refrained - at least so far - from imposing retaliatory measures, which had helped limit the impact of the wave of US tariffs.

She said inflation and macroeconomic conditions could still worsen, though, if the trade picture darkened.

Geopolitical factors were also clouding the outlook and now played a more significant role than in years past, said Georgieva, who took office in October 2019, just months before the COVID-19 pandemic hit in early 2020.

"Regrettably, since I took ‌this job (in 2019), there has been one shock after another after another," she said.