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Riyadh Boosts Labor Market by Establishing 7 Labor Courts

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Riyadh Boosts Labor Market by Establishing 7 Labor Courts

The Supreme Council of Magistracy of Saudi Arabia approved on Tuesday the establishment of a number of labor courts and labor departments at appeals and a general courts

This step aims at achieving more safety, raising the attractiveness of the Saudi labor market and fostering justice in the business sector. The overall number of courts will be 96.

They will be set up in Riyadh, Mecca, Medina, Buraydah, Dammam, Jeddah and Abha.

Twenty-seven labor departments will be established at 21 general courts in various cities and provinces in the Kingdom. In addition, nine labor departments will be established at six appeals courts.

Council spokesman and Secretary General Salman Nashwan said that designating these departments was based on statistics revealed by the Saudi Ministry of Labor in resolving labor disputes in recent years.

Legal consultant and lawyer Ahmed Mahameed told Asharq Al-Awsat that inaugurating the labor courts is a transitional leap in the specialized judiciary and it provides a safe environment to support saudization and recruitment in the private sector.

It offers an organized judicial environment for business owners, he added.

The specialized labor judiciary has a supervisory role in activating labor systems and ensuring the rights of all labor contract parties.

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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.