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Riyadh Economic Forum Studies Effects of Transition to New Work System

Riyadh Economic Forum Studies Effects of Transition to New Work System

Friday, 19 August, 2022 - 11:15
Panel discussion to study the new work system. (Asharq Al-Awsat)

The Riyadh Economic Forum is currently studying the prospects and challenges of the new work system, including flexible and remote employment, given its importance in the labor market, especially following the Kingdom’s successful experience in adopting modern patterns during the Covid-19 pandemic.

The establishment of the Riyadh Economic Forum, which operates under the Riyadh Chamber of Commerce, aims to promote the role of the privates sector in leading the national economy’s march and enabling it to face challenges by diversifying incomes, upgrading productivity, providing job opportunities and improving the investment climate in the Kingdom.

The forum’s advisory office said that the study aims to identify the concepts, mechanisms and requirements for success of modern patterns, and the challenges that their implementation could face.

During a panel discussion on Wednesday, Dr. Khaled Al-Rajhi, Chairman of the Board of Trustees of the Riyadh Economic Forum, pointed to the importance of the study, due to the development of remote work and the changes that occurred in the local labor market as a result of the progress achieved in the communications and information technology sector.

Meanwhile, the Saudi Real Estate Refinance Company (SRC) - wholly owned by the Public Investment Fund - has signed a joint cooperation agreement with Riyad Bank, to acquire a SAR 500 million real estate financing portfolio.

The agreement is the second largest mortgage refinancing deal in the Kingdom.

Fabrice Susini, CEO of SRC, stated that this agreement with Riyad Bank was the latest in a series of similarly significant deals, as part of SRC’s continued drive to expand and strengthen its partnerships with leading banks and lenders in Saudi Arabia.

“Through these agreements, SRC provides liquidity and risk management solutions to support lenders and originators’ efforts to de-risk their balance sheets and enhance both their origination and distribution capabilities,” he said.

Tareq Al-Sadhan, CEO of Riyad Bank, stated that the long-term partnership with SRC would provide housing finance solutions that fulfill the needs and requirements of Saudi families.

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