Qatar Issues New Law to Nationalize Jobs in Private Sector

A general view of Doha, Qatar. (QNA)
A general view of Doha, Qatar. (QNA)
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Qatar Issues New Law to Nationalize Jobs in Private Sector

A general view of Doha, Qatar. (QNA)
A general view of Doha, Qatar. (QNA)

Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani issued on Sunday a new law to nationalize jobs in the private sector.

The law will be effective six months after it is published in the official gazette.

This legislation aligns with Qatar National Vision 2030 and will facilitate strategic investments and create opportunities for employment and training for Qatari citizens, the Ministry of Labor said in a statement.

The law supports the Third National Development Strategy, which aims to effect a fundamental transformation towards a more productive labor market, focusing on high-skill jobs.

The Ministry said this transformation will be achieved by leveraging a highly skilled Qatari talent pool while also attracting foreign talents with advanced skills.

It noted that the law seeks to significantly increase the effective participation of the national workforce in private sector institutions and companies, opening up new employment and career opportunities for Qataris, thereby maximizing the utilization of qualified national competencies.

The law aims to encourage Qatari participation in the private sector, ensure job stability for national cadres, develop the professional skills of the national workforce, meet the labor markets demand for qualified personnel, and incentivize private sector companies and establishments to increase the participation of the national workforce, it added.

The entities subject to nationalization under the law include employers who are natural persons managing private establishments registered in the commercial register, commercial companies operating in the state, whether state-owned, state-participated, or privately owned, and private non-profit institutions, sports institutions, associations, and similar entities, it explained.

The new law also grants many benefits, facilities and privileges to those covered by the integration plan, it added.

More than 2.5 million foreigners live and work in Qatar, with about two million working in the private sector.



Gold Dips to One-week Low as US Jobs Data Awaited

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Dips to One-week Low as US Jobs Data Awaited

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices fell to their lowest in more than a week on Monday as the US dollar firmed, while market focus shifted to a series of economic data due this week for clues to the extent of rate cuts at the Federal Reserve's September meeting.

Spot gold fell 0.1% to $2,501.06 per ounce, as of 10:34 GMT after dipping to its lowest since Aug. 23 earlier in the session.

US gold futures rose 0.2% to $2,533.40. Trading is expected to be light with U.S. markets closed for a holiday.

"To move higher from here we need to have more clarity whether it will be 25 (bps) rate cut or 50 (bps) rate cut and probably by the end of the week, with the employment data, we might get more clarity on that side," UBS analyst Giovanni Staunovo said.

Traders await a slew of US economic data pending this week including the ISM surveys, JOLTS job openings, ADP employment and the non-farm payrolls report, Reuters reported.

The markets broadly expect the Fed to cut rates at its Sept. 17-18 meeting, which would mark its first cut in this policy cycle.

According to the CME FedWatch tool, investors now see a 71% chance of a 25-basis-point cut and a 29% chance of a 50 bp cut in September. Lower rates reduce the opportunity cost of holding non-yielding gold.

"With earnings season now largely completed and a Fed rate cut on Sept. 18 all-but guaranteed, investors appear content to remain long despite some recent firming of both short rates and the US dollar," Mike Ingram, market analyst at Kinesis Money, said in a note.

"High levels of geopolitical risk and portfolio diversification remain as additional supports."

The dollar hovered near a two-week peak hit earlier in the session, making bullion more expensive for holders of other currencies.

Spot silver fell 0.7% to $28.62 per ounce, and hit its lowest in over two weeks.

Platinum was steady at $926.40 and palladium rose 0.5% at $969.99.