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Saudi Shura Council Calls for Addressing Pandemic Repercussions on Labor Market

The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)
The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)
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Saudi Shura Council Calls for Addressing Pandemic Repercussions on Labor Market

The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)
The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)

Saudi Arabia’s Shura Council on Monday demanded that the Ministry of Human Resources and Social Development coordinates with specialized parties to reinforce efforts for resolving the repercussions the coronavirus pandemic had on employment in the Kingdom.

Saudi authorities had launched several initiatives like the government covering 60% of salaries in private sector industries hit by the pandemic.

The move came as part of a 9 billion riyal ($2.4bn) economic package, and allows companies forced to consider staff lay-offs to apply for government aid of up to 9,000 Saudi riyals for the next three months.

In other news, the General Authority for Statistics (GASTAT) released its Labor Market Publication for Q3 of 2021.

The publication’s results showed that the unemployment rate of the total population (Saudis and Non-Saudis +15) remained stable at (6.6%) in Q3, 2021. However, the unemployment rate of the male population reached (3.3%), while the female population recorded (17.1%) according to the estimates of the Labor Force Survey for Q3, 2021.

As for the unemployment rate of Saudis (Males and females +15) in Q3 of 2021, the results revealed that it remained stable at (11.3%) compared to the previous quarter. The results also showed that the unemployment rate of Saudi males (+15) in Q3, 2021 fell to (5.9%) compared to (6.1%) in the previous quarter. Furthermore, the unemployment rate of Saudi females (+15) decreased to (21.9%) in Q3, 2021 compared to the previous quarter (22.3%).

The results of the Labor Market Publication for Q3 of 2021 also revealed that the labor force participation rate of total population (Saudis and Non-Saudis +15) in Q3 of 2021 increased to (61.2%) compared to (60.8%) in the previous quarter. However, the labor force participation rate of male population (+15) reached (78.3%), whereas the female population (+15) recorded (35.9%). Moreover, the results indicated that the labor force participation rate of total Saudis (Males and females +15) increased to (49.8%) in Q3 of 2021 compared to (49.4%) in the previous quarter.

On the other hand, the labor force participation rate of Saudi females (+15) in Q3 of 2021 went up from (32.4%) in Q2, 2021 to (34.1%) in Q3, 2021.

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Saudi PIF Expands Investment Portfolio in Transport, Logistic Services

Riyadh Air is wholly owned by the Public Investment Fund. (Asharq Al-Awsat)
Riyadh Air is wholly owned by the Public Investment Fund. (Asharq Al-Awsat)
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Saudi PIF Expands Investment Portfolio in Transport, Logistic Services

Riyadh Air is wholly owned by the Public Investment Fund. (Asharq Al-Awsat)
Riyadh Air is wholly owned by the Public Investment Fund. (Asharq Al-Awsat)

The Saudi Public Investment Fund (PIF) is actively diversifying its investments across promising sectors and is strategically leveraging the Kingdom’s central location at the crossroads of three continents to establish itself as a global logistics hub.

The PIF is notably expanding its investment in transportation and logistics services, with recent efforts including exploratory discussions to acquire cargo planes from Boeing and Airbus, aiming to launch a new air freight company, according to Bloomberg.

Currently, the PIF’s investments in transportation and logistics are distributed among seven companies, all working diligently to support the Kingdom’s vision and achieve the national strategy for transport and logistics services. This strategy encompasses a range of major projects designed to meet both economic and social objectives.

PIF launched Riyadh Air last year as a new airline. Operating to global standards, the company aims to lead the industry by connecting travelers to over one hundred international destinations worldwide by 2030, offering exceptional service combined with authentic Saudi hospitality.

Riyadh Air recently secured numerous agreements and strategic partnerships with major industry players and finalized deals for acquiring a fleet of aircraft. These preparations are setting the stage for a strong launch of operations, scheduled to begin in 2025.

Rental services

In 2022, PIF launched AviLease, a company specializing in full-service commercial aircraft leasing. AviLease is committed to providing tailored solutions for partners through top-tier leasing, trading, and asset management services.

Since its inception, the company has seen significant growth with its advanced fleet of Airbus and Boeing aircraft and follows a disciplined investment strategy that balances strong financial performance with a sustainable positive impact on the national level.

Helicopters

The establishment of the Helicopter Company was aimed at addressing the increasing demand in the Kingdom for luxury tourism and air transportation services. This initiative aligns with PIF’s strategy to maximize sustainable returns and develop new sectors.

The company supports the efforts to achieve Vision 2030 and boost the tourism sector. It is also the first local operator of commercial helicopters in Saudi Arabia.

Land transport

The PIF also invests in the Saudi Public Transport Company SAPTCO, which was established in 1979. It is a land carrier that owns a fleet of over 8,000 vehicles of various types and specifications, equipped with the latest technology and vehicle tracking systems.

SAPTCO transports around 60 million passengers annually to various regions and countries and has achieved many accomplishments in the domestic and international transport sectors.

Marine vessels

In maritime services, the PIF holds a 22.55% stake in the Saudi National Shipping Company, Bahri, a global leader in logistics services and one of the prominent major shipping companies.

Bahri boasts a massive fleet of modern ships designed to the highest standards, enabling it to serve over 150 ports worldwide, establish a customer base both within and outside the Kingdom, and achieve a broad reputation for quality, reliability, and safety.

Cruise Saudi

The Saudi PIF has also ventured into the cruise market by launching Cruise Saudi, which is headquartered in Jeddah, on the Red Sea coast. The company aims to develop the necessary infrastructure and services to expand this market, in line with Vision 2030.