Bahrain Launches National Plan to End Unemployment

Bahrain’s capital, Manama. (Asharq Al-Awsat)
Bahrain’s capital, Manama. (Asharq Al-Awsat)
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Bahrain Launches National Plan to End Unemployment

Bahrain’s capital, Manama. (Asharq Al-Awsat)
Bahrain’s capital, Manama. (Asharq Al-Awsat)

Bahrain launched Monday a program to recruit young Bahrainis, increase their opportunities in quality jobs through training and rehabilitation, and support wages so they can compete in the private sector and make citizens the first choice of employment for institutions and companies.

The government’s plan included a 66 percent increase in the corresponding work fees from BD300 (about $798) to BD500 ($1,330) per every two years.

The flexible work permit registration fees will be increased from BD200 to BD500, with a recurring monthly payment worth BD30.

The government also confirmed the implementation of all initiatives of the National Employment Program, which was launched by Premier Prince Khalifa bin Salman Al Khalifa at the session held by the cabinet on Monday.

This came during a press conference in which Bahraini officials gave details about the four key initiatives within the program.

The officials included Minister of Finance and National Economy Prince Salman bin Khalifa, Minister of Labor and Social Development Jameel Humaidan, and Chief Executive of Bahrain’s Labor Fund (Tamkeen) Dr. Ibrahim Janahi.

The Premier said the program would contribute to employing and qualifying Bahrainis in accordance with the market’s needs in the upcoming period.

He outlined the importance of achieving the program’s targets along with its key initiatives, which include launching an awareness campaign to encourage citizens to register in the National Employment Program, amending the unemployment insurance draft law in order to increase compensation fees, increasing fees associated with the Parallel Bahrainization System and the Flexible Work Permit, and redesigning Tamkeen’s Training and Wage Support Program.

Humaidan, for his part, encouraged locals to register in the Program while affirming that the ministry continues to assess and monitor unemployment rates in accordance with international best practices.

Janahi, however, said the program will pave the way for redesigning Tamkeen’s wage support program within one month.

He pointed out that under the current Wage Support Program, Tamkeen’s contribution is focused on new graduates as well as experienced employees.

For new graduates, Tamkeen encourages companies to hire Bahrainis through the Wage Support Program, which contributes to the salaries of Bahrainis over the first three years of employment: 70 percent in the first year, 50 percent in the second year, and 30 percent in the third year. Its contribution reaches up to BD500 per month.

Whereas for experienced employees, Tamkeen will allocate BD250 or 25 percent of the salary for experienced Bahraini employees in the private sector.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.