112,000 Saudi Establishments Participate in Program to Support Job Nationalization

Saudi woman works in mobiles maintenance shop. Asharq Al-Awsat
Saudi woman works in mobiles maintenance shop. Asharq Al-Awsat
TT
20

112,000 Saudi Establishments Participate in Program to Support Job Nationalization

Saudi woman works in mobiles maintenance shop. Asharq Al-Awsat
Saudi woman works in mobiles maintenance shop. Asharq Al-Awsat

Saudi Ministry of Labor and Social Development announced on Sunday that 112,000 establishments participated in the program to support nationalization in establishments, in a step that urges private sector establishments in the kingdom.

This actually indicates the seriousness of private sector establishments in supporting nationalization programs.

In this regard, ministry of labor and social development spokesman Khaled Abalkhail clarified that 112,000 establishments participated in the program to support nationalization in establishments, ensuring that the program contributes in achieving purposes of Saudi Vision 2030 and enhancing Saudi males and females in the labor market.

Abalkhail pointed out that the program serves all active private sector establishments in social insurances regime in which the fund contributes in paying part of the monthly social insurance subscriptions on behalf of the establishments – this therefore pushes the Saudi employees number to grow.

He added that the support includes employees (from both genders) who were appointed by the establishment after July 31 2017, and for a period of two years. The support is directed to establishments to urge recruitment of male and female workers and fill the salaries’ gap.

These developments coincide with the kingdom’s approach to increase recruitment opportunities in the country via boosting economy, nationalizing jobs and supporting job opportunities by means of a specialized initiative launched by the Ministry of Labor and Social Development within initiatives of the National Transformation Program 2020.

The National Transformation Program 2020 is considered the first step towards implementation of Saudi Vision 2030 as a methodology and a road-map for economic and development work in the kingdom.

The program also sets general guidelines and policies to become a pioneering modal on all levels.



China’s Economy Set to Slow in Q2 as Pressure from US Tariffs Mounts

 A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)
A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)
TT
20

China’s Economy Set to Slow in Q2 as Pressure from US Tariffs Mounts

 A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)
A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)

China's economy is likely to have cooled in the second quarter after a solid start to the year, as trade tensions and a prolonged property downturn drag on demand, raising pressure on policymakers to roll out additional stimulus to underpin growth.

The world's No. 2 economy has so far avoided a sharp slowdown in part due to a fragile US-China trade truce and policy support, but markets are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low.

Data due Tuesday is expected to show gross domestic product (GDP) grew 5.1% year-on-year in April-June, slowing from 5.4% in the first quarter, according to a Reuters poll. The projected pace would still exceed the 4.7% forecast in a Reuters poll in April and remains broadly in line with the official full-year target of around 5%.

"While growth has been resilient year-to-date, we still expect it to soften in the second half of the year, due to the payback of front-loaded exports, ongoing negative deflationary feedback loop, and the impact of tariffs on direct exports to the US and the global trade cycle," analysts at Morgan Stanley said in a note.

"The third-quarter growth could slow to 4.5% or lower, while Q4 faces unfavorable base effect, putting the annual growth target at risk," the analysts said. They expect Beijing to introduce a 0.5-1 trillion yuan ($69.7 billion-$139.5 billion) supplementary budget from late in the third quarter.

China's exports regained some momentum in June while imports rebounded, as factories rushed out shipments to capitalize on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline.

GDP data is due on Tuesday at 0200 GMT. Separate data on June activity is expected to show both industrial output and retail sales slowing.

On a quarterly basis, the economy is forecast to have expanded 0.9% in the second quarter, slowing from 1.2% in January-March, the poll showed.

China's 2025 GDP growth is forecast to cool to 4.6% - falling short of the official goal - from last year's 5.0% and ease even further to 4.2% in 2026, according to the poll.

BALANCING ACT

Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year.

Analysts polled by Reuters expect a 10-basis point cut in the seven-day reverse repo rate - the central bank's key policy rate - in the fourth quarter, along with a similar cut to the benchmark loan prime rate (LPR).

Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from US President Donald Trump's trade tariffs.

But China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years.

Expectations are growing that China could accelerate supply-side reforms to curb excess industrial capacity and find new ways to boost domestic demand.

It's a stiff challenge, analysts say, as Chinese leaders face a delicate balancing act in their quest to cut production while maintaining employment stability in the face of a worsening labor market outlook.