Saudi Malls, Supermarkets, Restaurants Told to Increase Hiring of Saudi Nationals

Makkah Mall, one of the shopping malls operated by Arabian Centers, is pictured in Makkah, Saudi Arabia, April 17, 2019. (Reuters)
Makkah Mall, one of the shopping malls operated by Arabian Centers, is pictured in Makkah, Saudi Arabia, April 17, 2019. (Reuters)
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Saudi Malls, Supermarkets, Restaurants Told to Increase Hiring of Saudi Nationals

Makkah Mall, one of the shopping malls operated by Arabian Centers, is pictured in Makkah, Saudi Arabia, April 17, 2019. (Reuters)
Makkah Mall, one of the shopping malls operated by Arabian Centers, is pictured in Makkah, Saudi Arabia, April 17, 2019. (Reuters)

Malls, supermarkets, restaurants and cafes in Saudi Arabia must increase their percentage of local hires, the Kingdom’s ministry of human resources and social development announced on Wednesday.

A set of three decisions announced by Minister Ahmed bin Suleiman al-Rajhi was expected to provide 51,000 jobs for Saudi men and women, state news agency SPA reported. The move is part of a wider governmental push to replace expatriate workers with Saudi citizens.

The first decision would limit only Saudis to work in malls and mall management offices, “with the exception of a limited number of activities and professions in these malls.”

Supermarkets, restaurants and cafes would have to increase the number of Saudi citizens on payroll, in keeping with ministry issued guidelines.

Penalties would be issued to commercial establishments that violate the new ordinances, according to SPA, the rules of which would be made available on the ministry website.

Unemployment among Saudi citizens fell to 12.6% in the fourth quarter of 2020 from 14.9% in the third quarter, official data from the world’s biggest oil exporter showed on Wednesday.

The government has been pushing through economic reforms since 2016 to create millions of jobs and reduce unemployment to 7% by 2030. The plans were disrupted by the coronavirus crisis, which sent oil prices plummeting last year.



Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.