Saudi Database to Boost Women Participation in Economic Sectors

The Saudi government issued several decisions and legislation to enable women to participate in all economic sectors (Asharq Al-Awsat)
The Saudi government issued several decisions and legislation to enable women to participate in all economic sectors (Asharq Al-Awsat)
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Saudi Database to Boost Women Participation in Economic Sectors

The Saudi government issued several decisions and legislation to enable women to participate in all economic sectors (Asharq Al-Awsat)
The Saudi government issued several decisions and legislation to enable women to participate in all economic sectors (Asharq Al-Awsat)

Asharq Al-Awsat learned that the Council of Saudi Chambers intends to involve businesswomen in various economic sectors, issues, training and qualification programs, initiatives, and investment opportunities.

It will do so by building a database for directing invitations to enable women to enter appropriate projects.

At the Council of Saudi Chambers, a Women Empowerment Coordination Council (WECC) was established in accordance with a Cabinet decision.

The decision stipulated the formation of a women’s committee with experience and competence to coordinate with the relevant authorities to encourage private sector establishments to find activities and fields of work for Saudi women.

Furthermore, the WECC issued a circular asking all Saudi chambers to collect the required data to be able to send invitations to the programs and initiatives offered.

The WECC aims to increase the participation of Saudi women in the national labor market as it seeks to ensure the localization of the female labor force, the provision of new opportunities, and the development of capabilities.

Overall, the council looks to activate the role of Saudi Women in the field of economic development. It also wants to remove obstacles inhibiting their participation in various fields of work.

Saudi Arabia, according to its national strategic objectives, is pursuing the empowerment of Saudi women, as the number of establishments owned by women reached more than 174,000 in 2021.

Among the efforts spent by the Council Saudi Chambers in terms of women empowerment is Saudi women being given representation on the boards of directors of chambers. They have also been given a chance to chair several national committees and business councils and attained membership in those committees and commissions.

The empowerment of Saudi Arabian women is at the heart of the Kingdom's 'Vision 2030' reform program with the stated aim of increasing women participation in the job market from 22 % to 30 %.

The Ministry of Human Resources and Social Development worked to empower women, raising their participation in the labor market by the end of the third quarter of 2022 to 37%, exceeding the country's vision goals of 30%.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.