Saudi Arabia to Start Supporting Private Sector Employees

Saudi Arabia to Start Supporting Private Sector Employees
TT
20

Saudi Arabia to Start Supporting Private Sector Employees

Saudi Arabia to Start Supporting Private Sector Employees

The Human Resources Development Fund (HADAF) announced the activation of a special initiative aimed at supporting Saudi private sector employees.

The initiative will benefit more than 80,000 Saudi men and women working in the private sector, specifically those who have been employed since the beginning of July 2019 and have not received any support from HADAF so far.

In a statement, HADAF called on private sector institutions to register online to take advantage of the initiative.

It added that the initiative fell within the framework of programs launched by the Fund as part of government support initiatives to ensure the stability of private sector enterprises, in light of the current economic situation that was impacted by the coronavirus outbreak.

According to the statement, HADAF has dedicated SR1 billion ($266 million) to support Saudis, who were employed in the private sector after July 1, 2019 and are receiving a salary ranging between SR4,000 and SR15,000.

The employees should not have previously benefited from the Fund’s employment support programs.

In parallel, HADAF announced on Monday that the value of projects proposed for competition by establishments in the “Forsa” platform has exceeded SR526 million since the launch of the platform in August 2016.

The platform is an electronic service that provides business establishments with the ability to compete for direct purchasing orders offered by government companies and major entities in the private sector.



Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
TT
20

Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters

The dollar hovered near a five-month low against major peers on Monday, bruised by President Donald Trump's erratic trade policies and soft economic data, at a time when other currencies, including the euro, benefit from domestic drivers.

The euro was last at $1.0905, up 0.2% on the day, and heading back towards the $1.0947 it hit last week, its highest since October 11.

The Japanese yen was also marginally stronger on the day at 148.48 per dollar, again after hitting its strongest in five months last week at 146.5 to the dollar.

That left the dollar index, which measures the US currency against its six major counterparts, at 103.5, just off its five-month trough of 103.21 reached last Tuesday, Reuters reported.

Currency markets have undergone a shift in recent months, as traders re-evaluate their initial expectations that Trump's economic policies would both support the dollar and cause other currencies to weaken.

In fact the reverse has happened, and analysts at Societe Generale said on Monday that they had changed their currency forecasts "to reflect Germany's planned fiscal changes, the US economy's self-inflicted (relative) fragility, and Japan’s escape from deflation".

They see the euro at $1.13 by year-end and the yen at 139 per dollar.