Meeting Demands of Millions of Job-Seekers Tops Arab Concerns

Job-seekers stand in line to talk with a recruiter at a booth at a job fair in Riyadh. (Reuters file photo)
Job-seekers stand in line to talk with a recruiter at a booth at a job fair in Riyadh. (Reuters file photo)
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Meeting Demands of Millions of Job-Seekers Tops Arab Concerns

Job-seekers stand in line to talk with a recruiter at a booth at a job fair in Riyadh. (Reuters file photo)
Job-seekers stand in line to talk with a recruiter at a booth at a job fair in Riyadh. (Reuters file photo)

A conference held in the Moroccan city of Marrakesh witnessed a series of discussions focused on the job-creating process in regional countries.

Creating job opportunities is vital in order to absorb the millions of young people entering the labor market in coming years, and is expected to be realized through utilizing new sources and reinforcing growth across sectors, and getting governments to be supportive of needed policies.

Held under the theme "Opportunity for All: Promoting Growth, Jobs, and Inclusiveness in the Arab World," the conference also focused on specific policies needed to gain new sources of growth.

The meeting was attended by Glowork founder Khalid Alkhudair, Director of Trade, World Bank Regional Integration and Investment Climate Caroline Freund, Careem General Manager - Emerging Markets Ibrahim Manna, and Moroccan Capital Markets Authority (AMMC) Chairperson Nezha Hayat.

Participants focused on how large-scale SME prosperity could be achieved. They also addressed education and training reform to prepare young people for employment in the private sector.

They agreed that growth has not been strong enough to reduce unemployment significantly, as 25 percent of young people in the region are jobless.

Protracted regional conflicts, low commodity prices, weak productivity and poor governance have been identified as main factors gelding back the considerable potential of the region.

In order to boost inclusive economic growth, the conference summarized the priorities of the path to be taken in Marrakesh Call for Action, which calls on governments to "Act Now" to pursue a set of actions or reforms.

These reforms promote accountability through increasing transparency and strengthening institutions to improve governance, tackling corruption and ensuring responsibility for inclusive policies.

The document urged for a more vibrant private sector through improved access to finance and a better business environment with fewer barriers and less red tape. It also called for leveraging technology and nurturing trade to generate new sources of growth, create jobs and foster prosperity.

It stressed the importance of building strong safety nets and strengthening legal rights to empower disadvantaged groups, including youth, women, rural populations and refugees.



Report: US Ready to Reopen Oil Stockpile if Petrol Prices Surge Again

FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
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Report: US Ready to Reopen Oil Stockpile if Petrol Prices Surge Again

FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo

The Biden administration is ready to release more oil from the US strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday.

Senior Biden adviser Amos Hochstein told the newspaper that oil prices are "still too high for many Americans” and he would like to see them “cut down a little bit further.”

Hochstein, speaking to the FT said that the US would "continue to purchase into next year, until we think that the Strategic Petroleum Reserve (SPR) has the volume that it needs again to serve its original purpose of energy security."

The Energy Department this year has been buying about 3 million barrels of oil per month for the SPR after selling 180 million barrels in 2022 following Russia's invasion of Ukraine. The move was an effort to curb gasoline prices that spiked to more than $5.00 a gallon, but it also reduced the reserve to its lowest level in 40 years.

Earlier this month, Energy Secretary Jennifer Granholm told Reuters that the US could hasten the rate of replenishing the SPR as maintenance on the stockpile is completed by the end of the year.