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Riyadh Boosts Labor Market by Establishing 7 Labor Courts

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Riyadh Boosts Labor Market by Establishing 7 Labor Courts

The Supreme Council of Magistracy of Saudi Arabia approved on Tuesday the establishment of a number of labor courts and labor departments at appeals and a general courts

This step aims at achieving more safety, raising the attractiveness of the Saudi labor market and fostering justice in the business sector. The overall number of courts will be 96.

They will be set up in Riyadh, Mecca, Medina, Buraydah, Dammam, Jeddah and Abha.

Twenty-seven labor departments will be established at 21 general courts in various cities and provinces in the Kingdom. In addition, nine labor departments will be established at six appeals courts.

Council spokesman and Secretary General Salman Nashwan said that designating these departments was based on statistics revealed by the Saudi Ministry of Labor in resolving labor disputes in recent years.

Legal consultant and lawyer Ahmed Mahameed told Asharq Al-Awsat that inaugurating the labor courts is a transitional leap in the specialized judiciary and it provides a safe environment to support saudization and recruitment in the private sector.

It offers an organized judicial environment for business owners, he added.

The specialized labor judiciary has a supervisory role in activating labor systems and ensuring the rights of all labor contract parties.

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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

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 Firms in Thin Trade as Investors Weigh Fed Outlook

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 firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.