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Saudi Labor Ministry Improves Contracts to Increase Efficiency

Saudi Ministry of Labor and Social Development Logo
Saudi Ministry of Labor and Social Development Logo
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Saudi Labor Ministry Improves Contracts to Increase Efficiency

Saudi Ministry of Labor and Social Development Logo
Saudi Ministry of Labor and Social Development Logo

The Saudi labor market is witnessing a tangible progress in improving contracts and raising its efficiency and competitiveness, according to the Ministry of Labor and Social Development.

The Ministry asserted it wants to ensure that the rights of workers are protected through the mandatory electronic documentation program of labor contracts of employees in the private sector by the end of 2020.

The program aims to protect the rights of workers by archiving and documenting their contracts so that they are aware of the data and whether they approve its content or not.

It aims to protect the rights of the parties to the relationship, support emerging business, and remove barriers to business growth.

According to the minister’s new decision, all new contracts will be documented electronically. 

The Ministry has recently held a seminar with the private sector in Riyadh to exchange views on improving the work environment and attract national talents, with the participation of Minister of Labor and Social Development Ahmed al-Rajhi, and a number of business owners and entrepreneurs in the private sector.

Business owners and private sector officials believe it is important to improve the contractual relations in order to create an attractive work environment for citizens and attract competencies to the labor market to serve the Kingdom's economy.

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Oil Prices Spike after US Strikes on Iran

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Prices Spike after US Strikes on Iran

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices surged and Asian markets traded lower on Monday on concerns of disruption to energy markets after US air strikes on Iran's nuclear facilities.

The dollar strengthened as traders assessed the weekend's events, with Iran threatening US bases in the Middle East as fears grow of an escalating conflict in the volatile region.

Iran is the world's ninth-biggest oil-producing country, with output of about 3.3 million barrels per day.

It exports just under half of that amount and keeps the rest for domestic consumption.

If Tehran decides to retaliate, observers say one of its options would be to seek to close the strategic Strait of Hormuz -- which carries one-fifth of global oil output.

When trading opened on Monday, Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January.

They pared these gains however and later in the morning Brent was up 2.1 percent at $75.43 per barrel and WTI was 2.1 percent higher at $78.64.

Economists at MUFG warned of "high uncertainty of the outcomes and duration of this war", publishing a "scenario analysis" of an oil price increase of $10 per barrel.

"An oil price shock would create a real negative impact on most Asian economies" as many are big net energy importers, they wrote, reflecting the market's downbeat mood.

Tokyo's key Nikkei index was down 0.6 percent at the break, with Hong Kong losing 0.4 percent and Shanghai flat. Seoul fell 0.7 percent and Sydney was 0.8 percent lower.

'Extreme route'

The dollar's value rose against other currencies but analysts questioned to what extent this would hold out.

"If the increase proves to be just a knee-jerk reaction to what is perceived as short-lived US involvement in the Middle-East conflict, the dollar's downward path is likely to resume," said Sebastian Boyd, markets live blog strategist at Bloomberg.

US Defense Secretary Pete Hegseth said Sunday that the strikes had "devastated the Iranian nuclear program", though some officials cautioned that the extent of the damage was unclear.

It comes after Israel launched a bombing campaign against Iran earlier this month.

Chris Weston at Pepperstone said Iran would be able to inflict economic damage on the world without taking the "extreme route" of trying to close the Strait of Hormuz.

"By planting enough belief that they could disrupt this key logistical channel, maritime costs could rise to the point that it would have a significant impact on the supply of crude and gas," he wrote.

At the same time, "while Trump's primary focus will be on the Middle East, headlines on trade negotiations could soon start to roll in and market anxieties could feasibly build".