GAMI Establishes Human Capital Roadmap in Saudi Military Industries

GAMI announces the human capital strategy for local military industries sector. (Asharq Al-Awsat)
GAMI announces the human capital strategy for local military industries sector. (Asharq Al-Awsat)
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GAMI Establishes Human Capital Roadmap in Saudi Military Industries

GAMI announces the human capital strategy for local military industries sector. (Asharq Al-Awsat)
GAMI announces the human capital strategy for local military industries sector. (Asharq Al-Awsat)

The Saudi General Authority for Military Industries (GAMI) launched the human capital strategy for the local military industries sector.

Saudi ministers stressed the importance of localizing the military sector to enhance skills and support the development system through the required policies and regulations.

The ministers indicated that GAMI has a clear strategy regarding distinguished human resources and reliance on national cadres targeting 50 percent localization of national military spending by 2030.

The officials attended the launch of the human capital strategy for the local military industries sector, stressing the need to bridge the gaps and needs of the labor market in the Kingdom in many areas, namely the military and defense industries.

The strategy contributes to bridging the gap between the skills required in the sector and the outputs of university education and technical and vocational training, focusing on more than 800 required skills, resulting in 30,000 technicians, 25,000 services jobs and 12,000 engineers.

Investment strategy

Minister of Investment Khalid al-Falih stressed the importance of the partnership between the public and private sectors in education and training, noting that they help achieve spending efficiency and promote a flexible mechanism in line with the labor market requirements.

Falih said that the national investment strategy has several initiatives that enable competitiveness and investment development, indicating that the ministry's role lies in linking all parties, providing capabilities and attracting investors.

"The localization rate in the military industries sector is promising and rising," he said.

Labor market

For his part, Minister of Human Resources and Social Development (MHRSD) Ahmad al-Rajhi stated that GAMI developed the human capital strategy, coupled with complementary plans to localize the sector.

Rajhi revealed that over 1.9 million citizens work in the private sector, proving that national cadres have succeeded in the economy.

The minister also indicated that 400,000 Saudis joined the labor market in 2021, describing it as a historical number that reflects the strong desire to accelerate the economy and participate in Vision 2030.

"We can bet on the Saudi young people after they showed their ability to bear responsibility and succeeded in all sectors, including the banking, petrochemicals, services, trade, and contracting," Rajhi said, pointing out that the ministry launched 32 Saudization decisions in 2021.

Industrial system

Minister of Industry and Mineral Resources Bandar Alkhorayef announced that the sector's new strategy would focus on increasing locally sourced inputs and adopting 4IR technologies.

He stressed that the two pillars guarantee a competitive and sustainable industrial line at the local and global levels.

GAMI is making significant efforts to create opportunities in the sector, creating a globally competitive industrial sector by converting 4,000 factories to use fourth industrial revolution technology.

Alkhorayef explained that his ministry responds to the directions of the government and issues monthly reports on human capital data in the industrial sector.

The ministry created over 39,000 job opportunities during 2020 and doubled that number to reach 77,000 jobs in 2021.

Human capital strategy

GAMI launched the human capital strategy for the local military industries sector at the Ritz-Carlton Hotel in Riyadh, with several ministers and officials from the government and private sectors.

GAMI Governor Ahmed al-Ohali said the Kingdom is moving towards the localization of this promising sector, aiming to reach more than 50 percent of government spending on military equipment and services by 2030.

The plan aims to develop industries, research, technologies, and national competencies and provide job opportunities for Saudi youth, increasing the sector's contribution to the national economy.

He indicated that the strategy aims to establish a stimulating system for the development of human cadres to ensure their readiness to achieve the Saudization goals of the sector.

"It is based on the strategy for localizing industries and research in the military industry sector to ensure the readiness and sustainability of people eligible to achieve the objectives of the sector localization," the GAMI governor said.

The human capital strategy aims to enable and build a stimulating system for the development and empowerment of human cadres. It will ensure the readiness and sustainability of qualified forces to localize the sector by developing three main programs represented in educational and training programs.

He pointed out that the strategy aims to empower Saudi workforces by developing training programs and establishing a national academy that focuses on more than 800 skills required in the sector, from 172 job fields.

Ohali added that the strategy's programs included many initiatives, such as the new national military academy to address the skills gap in the industry, with the support and empowerment of the Technical and Vocational Training Corporation and the Human Resources Development Fund (HRDF).

Partnership system

Three dialogue sessions were held during the launch of the human capital strategy for the military and defense industry sector in the Kingdom with ministers, senior officials, and specialists of human resources.

The event began with a ministerial discussion entitled "The Role of the National System in Empowering Human Capital in the Military and Defense Industries to Achieve the Objectives of Vision 2030."

It was attended by ministers of investment, industry and mineral resources, and human resources and social development.

The session addressed investment opportunities and reforms necessary to ensure the establishment of qualitative and effective partnerships and to bridge the gaps and needs of the labor market in the Kingdom.

The ministers stressed the importance of preparing future generations to enter the labor market.

The second session, "The Role of the Military and Defense Industries in Creating Diversified Career Paths," addressed the development and empowerment of the human element.

They discussed their impact on human resources in developing and empowering and developing talents, skills, and expertise through specialized technical and professional training programs.

The session was attended by the Chairman of the Board of Directors of the Education and Training Evaluation Commission Khaled al-Sabti, Chief of Staff First Lieutenant-General Fayyad al-Ruwaili, Governor of GAMI, and Governor of the Technical and Vocational Training Corporation Ahmed al-Fahid.

The development

The ceremony concluded with the third session: "The Role of Education and Training in Developing, Empowering, and Preparing Human Capital for the Military and Defense Industries."

The attendees discussed the importance of the human resources strategy project in advancing the sector's development by aligning the outputs and programs of educational institutions with the needs.

They also addressed forming partnerships with other key industries, aiming to develop qualified human capital to lead the future of this sector.

The session was attended by President of the King Fahd University of Petroleum and Minerals Mohammad al-Saqqaf, General Manager of the Human Resources Development Fund (Hadaf) Turki al-Jawini, CEO of the Saudi Arabian Military Industries (SAMI) Walid Abu Khaled, and CEO of Lockheed Martin Saudi Arabia Ltd. Joseph Rank.

Agreements and partnerships

On the sidelines of the ceremony, several memoranda of understanding (MoU) relating to the development and empowerment of human capital in the military and defense industries sector were announced between GAMI, the Ministry of Investment, and the UK-based Cranfield University.

GAMI also signed an MoU with Leonardo Company to create and develop investment opportunities in education and train specialized military industries.

The MoU establishes cooperation to identify and develop institutional and academic partnerships in the Kingdom, develop some programs and graduation projects, and launch short and long courses relating to the sector's needs.

It also creates opportunities for university educational scholarships in the military, defense, and security industries.

The MoU calls for cooperation in basic and applied scientific research and creates majors in the military and defense industries with educational and training authorities.



Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
TT
20

Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.

The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump's election ran out of steam, Reuters reported.

At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.

Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies' dominance of the sector, in a move some called AI's "Sputnik moment", referring to the former Soviet Union's launch of a satellite that marked the start of the space race in the late 1950s.

Bitcoin's losses are "seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek," wrote eToro analyst Simon Peters.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said a decline in Nasdaq futures had hurt crypto markets, but that disappointment over the Trump administration's announcement about a cryptocurrency stockpile had put digital assets more at risk of a sharp selloff.

Crypto failed to feature in Trump's day-one announcements after taking office last week, leaving some investors disappointed. In an executive order on Thursday, Trump created a working group to draft new crypto rules and explore a crypto stockpile, while the Securities and Exchange Commission (SEC) spiked accounting guidance that the industry said had stymied crypto adoption.

The prospect of interest rates staying higher for longer also hurt riskier assets, said Thomas Puech, CEO of digital asset hedge fund Indigo.

US Federal Reserve policymakers meet this week and are expected to keep interest rates on hold.