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2nd Riyadh Global Medical Biotechnology Summit to Kick off on Wednesday

A general view of Riyadh, Saudi Arabia. (AFP file photo)
A general view of Riyadh, Saudi Arabia. (AFP file photo)
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2nd Riyadh Global Medical Biotechnology Summit to Kick off on Wednesday

A general view of Riyadh, Saudi Arabia. (AFP file photo)
A general view of Riyadh, Saudi Arabia. (AFP file photo)

Saudi Minister of the National Guard Prince Abdullah bin Bandar bin Abdulaziz will inaugurate on Wednesday the second Riyadh Global Medical Biotechnology Summit.

The two-day event will be held under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and attract elite scientists and experts in the field.

The summit aims to discuss current practices and the future of the medical biotechnology sector to consolidate Saudi Arabia's position as a global biotechnology portal.

In strategic partnership with the Ministry of Investment, the summit seeks to act as a global platform for proposing innovative models for the sector's challenges, creating investment opportunities in the health industry, and signing agreements with major companies in this area in a way that positively reflects on human health in Saudi Arabia and the world at large.

To achieve these goals, biomedical and health research experts, doctors, pharmaceutical and biotechnological industry experts, representatives of health institutions, and research and development experts from around the world will participate in scientific panel discussions on five key themes: cell and gene therapy, vaccines for infectious diseases, vaccines for cancer, genomics and precision medicine for rare diseases, and clinical trials and real-world evidence.

The summit aligns with the Saudi Vision 2030, which seeks to strengthen the national economy based on research, knowledge, and research industries. It also represents an extension of the progress of national initiatives concerned with developing the Kingdom's biotechnological medical system.

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Saudi Arabia Approves ‘Golden Handshake’ Program Inspired by Global Models

Employees at the Saudi Ministry of Human Resources and Social Development booth at a conference (X)
Employees at the Saudi Ministry of Human Resources and Social Development booth at a conference (X)
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Saudi Arabia Approves ‘Golden Handshake’ Program Inspired by Global Models

Employees at the Saudi Ministry of Human Resources and Social Development booth at a conference (X)
Employees at the Saudi Ministry of Human Resources and Social Development booth at a conference (X)

Saudi Arabia has introduced the “Golden Handshake” program to offer financial incentives for government employees to voluntarily resign.

The goal is to reduce costs related to salaries and benefits for long-serving workers, creating space for others with lower salaries and skills suited to the country’s digital transformation.

The government has allocated SAR 12.7 billion ($3.38 billion) for the first three years of the program, inspired by similar global initiatives.

As of the fourth quarter of 2024, Saudi Arabia’s public sector employs 1.2 million people, excluding the military. The kingdom spends about 40% of its budget on salaries and employee compensation, with SAR 544 billion ($145 billion) set aside for this in 2024.

Experts, who spoke to Asharq Al-Awsat, have differing opinions on the financial compensation under Saudi Arabia’s “Golden Handshake” program for government employees. One expects the severance package to range from 12 to 24 months of salary, while another estimates it could be from 24 to 60 months of salary.

While the “Golden Handshake” is not new in Saudi Arabia, where large companies offer early retirement packages, it is a new approach for the public sector, which is traditionally seen as offering job security.

The Saudi program is similar to global initiatives encouraging voluntary resignations when employees’ skills are no longer needed. For example, the US offers up to $25,000 for employees who leave voluntarily, while the UK offers up to £149,800 for retiring police officers.

Dr. Mohammed Dulaim Al-Qahtani of King Faisal University expects compensation to range from 12 to 24 months of salary. For example, with a monthly salary of SAR 15,000, the package could range from SAR 180,000 to SAR 360,000.

Badr Al-Anzi, board member of the Saudi Human Resources Association, believes the compensation could range from 24 to 60 months of salary. For example, with a monthly salary of 15,000 riyals, the minimum compensation would be SAR360,000, and the maximum could reach SAR900,000.

Priority for the program will be given to employees with lower qualifications, and it will be available only after other options, such as transfers and skill development, have been explored. Employees close to retirement are excluded.

The government has also allowed agencies to announce vacant positions internally for five days before following regular procedures, to fill positions through transfers between government departments.

The program is expected to provide financial liquidity, encourage private-sector innovation, improve government efficiency, and reduce the financial burden on the state budget. The Ministry of Human Resources and Social Development is coordinating with relevant authorities to set the program’s guidelines.

Ultimately, the “Golden Handshake” is a significant initiative aimed at improving the efficiency of the public sector, with attractive financial compensation expected for those who participate.