MoU to Empower Saudi Women in the Industrial Sector

MoU to Empower Saudi Women in the Industrial Sector
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MoU to Empower Saudi Women in the Industrial Sector

MoU to Empower Saudi Women in the Industrial Sector

The Saudi Industrial Property Authority (MODON) signed a memorandum of understanding (MoU) with the Women and Children Social Commission to boost cooperation, increase efficiency, promote women’s participation in the labor market, and empower them to find suitable job opportunities in industrial cities.

The MoU also aims to contribute to non-profit societal development, support women entrepreneurs and empower their initiatives in the industrial sector.

The agreement was signed by MODON Director General Khalid bin Mohammed Al-Salem and the commission’s deputy head Hoda Al-Rowaished.

The MoU is part of MODON’s efforts to build cooperation ties with the parties that would boost development of the industrial sector, prepare an adequate environment, hold partnerships with the private and the non-profit sectors, and develop expertise and human capital, said Salem.

In another context, the Ministry of Labor and Social Development approved guidelines that streamline its decision to nationalize 12 activities in the retail sector.

The 12 work areas banned for expats are: watch shops, optical stores, medical equipment stores, electrical and electronics shops, outlets selling car spare parts, building material shops, outlets selling all types of carpets, automobile and mobile phone shops, shops selling home furniture and ready-made office material, sales outlets of ready-made garments, children clothes and men’s supplies, household utensils shops and pastry shops.

In this regard, a committee was formed to develop a program for nationalizing jobs in the 12 occupations and coordinating with relevant authorities. The committee members were drawn from the Ministry of Labour and Social Development, the Human Resources Development Fund (HADAF), and the Social Development Bank.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.