Education For Employment (EFE), Citi Foundation Link Saudi Youth to Jobs

With Citi Foundation’s support, EFE in Saudi Arabia launched its Flagship “Work Readiness Program” to nurture and inspire 68 young Saudi with skills to succeed on the job and in life.
With Citi Foundation’s support, EFE in Saudi Arabia launched its Flagship “Work Readiness Program” to nurture and inspire 68 young Saudi with skills to succeed on the job and in life.
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Education For Employment (EFE), Citi Foundation Link Saudi Youth to Jobs

With Citi Foundation’s support, EFE in Saudi Arabia launched its Flagship “Work Readiness Program” to nurture and inspire 68 young Saudi with skills to succeed on the job and in life.
With Citi Foundation’s support, EFE in Saudi Arabia launched its Flagship “Work Readiness Program” to nurture and inspire 68 young Saudi with skills to succeed on the job and in life.

In continued support to Saudi Vision 2030’s mission of empowering youth with opportunities, the Citi Foundation and Education For Employment (EFE) in Saudi Arabia partnered together for the third year to continue the momentum in creating economic opportunities for unemployed Saudi youth in 2021. With Citi Foundation’s support, EFE in Saudi Arabia launched its Flagship “Work Readiness Program” to nurture and inspire 68 young Saudi with skills to succeed on the job and in life.

“We’re thrilled to see that our partnership with EFE is helping Saudi women and men become work-ready and secure jobs that will enable them to contribute to the Kingdom’s economy,’’ said Carmen Haddad, Citi Country Officer-Saudi Arabia and Vice Chair Citi Middle East. “As young people continue to face high rates of unemployment in the Middle East and North Africa, it is an economic imperative that businesses open their doors and invest in developing the skills of young people.”

With Citi’s support, EFE implemented the Job Training and Placement program to support Saudi young women employment in Saudi Arabia in May. The “Workplace Readiness” program is designed to highlight various aspects of the employment search journey and includes modules on effective communication, emotional intelligence, time management and interpersonal skills to meet Saudi employer expectations and overcome the challenges of adjusting to the work environment. “With COVID-19, a digital skills component was also introduced to equip Saudi youth with 21st century skills,” explained Amr Abdallah, Director of Gulf Programs at EFE-Global.

After placing those young women into jobs in the IT sector and in addition to the training, EFE held an additional workshop that served up to 25 participants to provide them with skills needed to thrive in the work environment. The program was designed to upscale their interpersonal skills in the workplace and help individuals improve their image and reputation to advance their careers. Sarah Altamimi Head of Equity Trading – Director from Citi Saudi joined the event and added: “I am delighted to see that at the end of this program beneficiaries are equipped with the skills and techniques that enable them to realize their full potential.”

Nouf Alenezi, a graduate of the program, is grateful to have been part of the journey, saying: “I’ve learned more about time management skills, the most sufficient ways to deal with working under pressure and other skills that I believe are essential in the life of youth at the beginning of their career. Those who seek excellence and have great ambition in developing their career ladder need to be positive people who leave impact within their work environment and those surrounding them”

Abdullah Alghamdi, EFE-Saudi CEO, added: “We are very pleased to partner with the Citi Foundation to bring this effort to Saudi Arabia to enable Saudi youth reach their potential and compete in growing sectors and contribute to Saudi vision 2030. We look forward to the continuous partnership between EFE-Saudi and the Citi Foundation. The skills that Saudi youth acquired in this program are based on the proven model that has enabled the EFE Network to connect over 130,000 graduates to the world of work in nine countries across the Middle East and North Africa. This work has become more important than ever due to the changing landscape caused by to COVID-19.”

The activities in Saudi Arabia is part of a regional Citi-EFE Global partnership in alignment with the Citi Foundation’s Pathways to Progress global approach that prepares youth with career readiness skills and opportunities to thrive in today’s economy. Now entering its eights year, the Citi-EFE Global partnership provides training and economic opportunities to unemployed youth in Morocco, Tunisia, and, for the second time, in Saudi Arabia and the UAE. Beyond providing direct program support to EFE, the Citi Foundation has played a unique and crucial role in enhancing the efficacy of the EFE Network by supporting EFE’s systems and outreach.

Education For Employment in Saudi Arabia (EFE) aims to help youth accessing economic opportunities, by equipping them with a set of internationally and locally recognized training programs that increase their employability skills to meet labor market demands, and linking them with employer partners.

The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation's “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation.



Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 


IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.


US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.