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Saudi Arabia Issues 3 Ministerial Decisions to Organize Types of Work

Saudi Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi participates in a panel discussion within the activities of the Riyadh Economic Forum on Tuesday. (Asharq Al-Awsat)
Saudi Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi participates in a panel discussion within the activities of the Riyadh Economic Forum on Tuesday. (Asharq Al-Awsat)
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Saudi Arabia Issues 3 Ministerial Decisions to Organize Types of Work

Saudi Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi participates in a panel discussion within the activities of the Riyadh Economic Forum on Tuesday. (Asharq Al-Awsat)
Saudi Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi participates in a panel discussion within the activities of the Riyadh Economic Forum on Tuesday. (Asharq Al-Awsat)

Saudi Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi announced three ministerial decisions to organize work types, as well as ongoing preparations for a project to review the legislations in force.

He noted that more than 2.2 million Saudi male and female citizens currently work in the private sector - the highest number in history, revealing that women’s economic participation has reached 35.6 percent this year, compared to 17.7 percent before the adoption of Vision 2030.

During a session on “the prospects and challenges of the new field of work — freelance work, flexible work and remote work” organized as part of the activities of the 10th edition of Riyadh Economic Forum, Al-Rajhi said that the ministry targets to announce 11 decisions on localization before the end of 2022.

He added that the employers’ rate of compliance with the Saudi Nationalization Scheme (Saudization) has reached 98 percent, while compliance with the Wage Protection Program was about 80 percent.

The Saudi minister pointed to the establishment of the Future Work Company in the fourth quarter of 2019, which seeks to link the private sector with individuals in the market and empower young men and women and develop their skills. The project is part of the ministry’s endeavor to organize and stimulate the freelancing sector in the Kingdom, he underlined.

According to Al-Rajhi, the average economic value of self-employment in the Kingdom is estimated at SR7.4 billion in 2021.

He noted that the ministry issued three organizational decisions for different types of work, and was currently working on a project to review legislation.

Meanwhile, Engineer Saleh Al-Jasser, Minister of Transport and Logistics Services, chaired a panel discussion on a study to link the Saudi regions with railways and evaluate its impact on the tourism and logistics services.

Al-Jasser pointed to the importance of the study, as it aligns with the national strategy for transport and logistics.

The discussion, which was held within the activities of the Riyadh Economic Forum, focused on ways to benefit from achieving the objectives of the general strategy for public transport and Vision 2030, with the aim to consolidate the Kingdom’s position as a global logistics hub linking the three continents, upgrading transport services, and strengthening the tourism services system.

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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.