Arab Solutions to International Challenges at WEF in Jordan

WEF Logo at the Dead Sea, Jordan (EPA)
WEF Logo at the Dead Sea, Jordan (EPA)
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Arab Solutions to International Challenges at WEF in Jordan

WEF Logo at the Dead Sea, Jordan (EPA)
WEF Logo at the Dead Sea, Jordan (EPA)

The World Economic Forum on the Middle East and North Africa kicked off in the Dead Sea on Saturday, in the presence of more than 1,000 government, business, and civil society leaders from over 50 countries.

Held under the slogan of “Building New Platforms for Cooperation,” the meeting will discuss economic, technical, financial and social challenges associated with the Fourth Industrial Revolution.

Jordan’s King Abdullah II will launch the two-day forum, which will see on its first day addresses by Palestinian President Mahmoud Abbas and UN Secretary-General Antonio Guterres.

Mirek Dusek, Deputy Head of Centre for Geopolitical and Regional Affairs and Member of the Executive Committee at the WEF, said the forum would focus on four transformational imperatives: Shaping a new economic and social model for the region; promoting environmental stewardship in the Arab world; finding common ground in a multi-conceptual world; and embracing the Fourth Industrial Revolution in the Arab world.

In remarks to Asharq Al-Awsat, Dusek stressed that one of the Forum’s main concerns was to “enable countries to participate in keeping up with our technological era in a proactive way, enabling positive social, economic and political outcomes.”

“For this reason, over the last few years, the Forum has worked through our Regional Business Council in the Middle East and North Africa with private sector leaders to prepare young people for future jobs. We have received commitments from companies to rehabilitate and modernize the skills of more than one million people,” he noted.

He added that the region had good opportunities to contribute to shaping the future of the Fourth Industrial Revolution.

Dusek underlined the importance of collaboration with Saudi Arabia in this regard. He said the WEF was proud to work with various stakeholders in Saudi Arabia and was currently looking into a number of areas of cooperation, given the overall nature of the reform efforts currently underway in the Kingdom.



New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
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New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Cabinet, led by Crown Prince and Prime Minister Mohammed bin Salman, approved a new social insurance system for new workers during its session on Tuesday.
This move aims to boost labor market efficiency, ensure the sustainability of insurance funds, and support local talent stability. The Kingdom is gearing up for large-scale economic projects that require ongoing updates to meet national goals.
The government aims for a sustainable and fair retirement system, improving laws and regulations.
Minister of Economy and Planning Faisal Al-Ibrahim previously highlighted Saudi Arabia’s proactive approach to managing rising workforce rates and their retirement implications.
Minister of Human Resources and Social Development Ahmed Al-Rajhi affirmed that the Cabinet’s decision enhances retirement system efficiency and provides insurance protection for participants and their families, adapting to labor market changes.
Finance Minister Mohammed Al-Jadaan stressed the decision's goal to secure insurance coverage for participants while ensuring the sustainability of insurance funds and protecting beneficiaries' rights, thereby promoting economic and social stability.
Moreover, the Cabinet has decided to maintain current provisions of the civil retirement and social insurance systems for current participants, excluding those nearing retirement age and specific groups qualifying for pensions.
The General Organization for Social Insurance clarified that the new system applies only to newly employed civilians in both public and private sectors without prior contributions to either retirement or current social insurance systems.
Existing participants will continue under current rules, except for changes related to retirement age and qualifying periods for pensions for those with less than 20 years of contributions and under 50 lunar years old at the time of the amendments.
The retirement age for covered groups will gradually increase from 58 to 65 years, starting 4 months beyond the current retirement age, based on the participant's age when the amendments take effect.
The current retirement and insurance systems will remain unchanged for participants aged 50 and above or with 20 or more years of contributions at the time of the amendments.
For new labor market entrants, the new system facilitates job mobility between public and private sectors, with contribution rates gradually increasing by 0.5% annually over 4 years, starting from the second year.