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Saudi Arabia Begins Localization of Education Sector Jobs

Saudization of education jobs in the public and private sectors, Asharq Al-Awsat
Saudization of education jobs in the public and private sectors, Asharq Al-Awsat
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Saudi Arabia Begins Localization of Education Sector Jobs

Saudization of education jobs in the public and private sectors, Asharq Al-Awsat
Saudization of education jobs in the public and private sectors, Asharq Al-Awsat

Saudi Arabia started on Wednesday the first phase of localization of educational jobs in private schools and international schools for boys and girls.

This aligns with the Minister of Human Resources and Social Development Ahmed Al-Rajhi’s decision last May.

According to Al-Rajhi’s decision, the Kingdom aims to Saudize a specific percentage of jobs and to create 28,000 jobs for Saudis in a number of subjects in various phases of public education.

Saudization will be implemented in specific proportions over several phases within a span of the coming three years.

The first phase of Saudization in the international schools covers specializations like the Arabic language, national identity, Islamic studies, social studies, art education, and physical education.

The decision also aims to increase Saudization rates in private schools in all disciplines, including mathematics, physics, biology, science, and computer.

The ministerial decision stipulated a grace period from the date of its issuance until the date of implementation of the decision in each phase. During the grace period, the establishment can work to achieve its targeted Saudization rates.

A package of incentives and support will be provided to these establishments as part of supporting private sector establishments in employing Saudis.

According to the procedural guide for Saudization of private education, the Saudization percentage of one teacher will be calculated if his/her monthly wage registered in the General Organization for Social Insurance (GOSI) is not less than SAR 5,000 for a bachelor’s degree holder or its equivalent qualification.

Teachers receiving a wage less than SAR 5,000 will not be counted in the Saudization percentage.

The decision aims to create 28,000 educational jobs for the sons and daughters of the country in private schools and international schools during the next three years.

This decision comes in line with the ministry’s plan to Saudize and boost opportunities available to Saudi men and women participating in the labor market and thus contributing to the gross domestic product (GDP).

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China Approves $840B Plan to Refinance Local Government Debt, Boost Economy

Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)
Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)
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China Approves $840B Plan to Refinance Local Government Debt, Boost Economy

Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)
Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)

China on Friday approved a 6 trillion yuan ($839 billion) plan to help local governments refinance their mountains of debt, in the latest push to rev up growth in the world’s second largest economy.

The plan will be implemented over the next three years, Xu Hongcai, vice-chairman of the National People's Congress's financial and economic committee, said at a news conference Friday.

Finance minister Lan Fo'an estimated that the hidden debt of local governments was 14.3 trillion yuan ($2 trillion) at the end of 2023. Hidden debt refers to debt that has not been disclosed publicly, The Associated Press reported.

Lan said 2 trillion yuan would be allocated each year from 2024 to 2026 to help local governments resolve their debts. He estimated that the amount of hidden debt will drop to 2.3 trillion yuan ($320.9 billion) by the end of 2028.

Officials also said Friday that the ceiling to issue special bonds will be raised to 35.52 trillion yuan ($4.96 billion) from 29.52 trillion yuan ($4.12 billion) for local governments.

Lan said that the implementation of such a large-scale replacement measure indicates a “fundamental shift” in China's approach to debt restructuring and said that China’s government debt risk was “controllable.”

Analysts have called for bold, multi-trillion-yuan measures to reinvigorate the world's second largest economy, which has yet to bounce back fully from the COVID-19 pandemic.
Local government debts have ballooned partly due to high spending and low tax revenues during the pandemic, but also due to a downturn in the property industry, since sales of land use rights, a key source of local government revenue, have sagged.

The central bank loosened restrictions on borrowing in late September, sparking a stock market rally, but economists say the government needs to do more to ignite a sustained recovery. Government officials have indicated that could come at this week's meeting of the Standing Committee of the National People's Congress, which must give official approval to any new spending.

The economy has shown signs of life in the past two months. Purchase subsidies offered to people who trade in old cars or appliances for new ones helped auto sales rebound in September. A survey of manufacturers turned positive in October after five straight months of decline, and exports surged 12.7% last month, the largest increase in more than two years.

For most of the year, the ruling Communist Party appeared more focused on addressing long-term structural issues with the economy rather than short-term ones. Previous steps to boost the economy were piecemeal, seemingly aimed at keeping the economy afloat rather than sparking a robust recovery.

In recent weeks, the party has signaled a growing concern about the economy's sluggishness as it tries to meet its goal of achieving growth of around 5% this year. The central bank's monetary easing was followed by government pronouncements that it still has ample funds to pump into the economy.

Still, the longer-term goals of transforming China into a high-tech and green energy economy seem likely to remain the chief aims of the Communist Party, which doesn't face election pressures like the ones that toppled the Democrats and swept Donald Trump's Republicans to power in America this week.