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Saudi Arabia Launches Plan to Localize 15,000 Telecom Jobs

During the launching ceremony of the plan to localize telecom jobs (Asharq Al-Awsat)
During the launching ceremony of the plan to localize telecom jobs (Asharq Al-Awsat)
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Saudi Arabia Launches Plan to Localize 15,000 Telecom Jobs

During the launching ceremony of the plan to localize telecom jobs (Asharq Al-Awsat)
During the launching ceremony of the plan to localize telecom jobs (Asharq Al-Awsat)

Saudi Arabia launched Wednesday a plan to localize jobs and professions in the Information and Communication Technology (ICT) sector.

The plan aims to reach more than 15,000 jobs by 2020, after the rate of localzed jobs increased from 37 percent to 43 percent between 2016 and 2018.

The plan is the result of a partnership between the Ministry of Communications and Information Technology, the Ministry of Labor and Social Development, the Human Resources Development Fund (Hadaf) and the Council of Saudi Chambers. It is also one of the outcomes of the Memorandum of Understanding (MoU) signed earlier between both ministries.

Minister of Communications and Information Technology Abdullah al-Swaha said that the plan to localize the ICT sector is aimed at enabling national cadres of obtaining qualitative employment opportunities and use their abilities to support the digital transformation process in all sectors.

He stressed that Saudi Arabia is witnessing a digital transformation in all sectors and that the ministry is seeking to create an attractive and stimulating environment for the development and growth of the ICT sector.

Swaha pointed out that due to the efforts of both ministries through the National Transition Program 2020 (NTP), localization rose from 37 percent in 2016 to 43 percent by the end of 2018.

Women's participation in the ICT sector also increased from 11 percent in 2016 to 13 percent in 2018.

Minister of Labor and Social Development Ahmed al-Rajhi indicated that the plan to localize the ICT sector will have the positive impact of increasing the number of Saudi women and men in the sector.

The ministries will provide a package of intensive vocational training and programs to train young men and women.

This also includes leadership development programs, programs to support women's empowerment, and specialized training programs in modern technologies such as artificial intelligence, data, data security, robotics, blockchains, and a number of programs in traditional technologies.

Hadaf will support the ICT sector to achieve localization goals by providing training and employment support programs for targeted occupations.

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Business

Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
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Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)

Saudi stocks closed higher on Monday, recovering some of the losses sustained in the previous session as heavyweight shares strengthened and the banking sector advanced.

The benchmark Tadawul All Share Index (TASI) rose 0.90% to close at 10,106 points, gaining 90 points. Total trading value reached approximately SAR 3.5 billion ($933 million).

The index had fallen 0.8% on Sunday amid selling pressure on heavyweight stocks.

Anaam International Holding Group, Fitaihi Holding Group and Raoom were among the session's top gainers, rising between 7% and 9% to close at SAR 11.93, SAR 2.11 and SAR 72.30, respectively.

On the losing side, Almunajem Foods led the declines, shedding 9.20% to SAR 49.94, followed by Saudi Paper Manufacturing Co., which fell 6.18% to SAR 48.88, and Alamar Foods, which dropped 4.63% to SAR 44.06.

At the sector level, banks led the gains, advancing 1.60%, supported by a 2.06% rise in Bank AlJazira shares, which closed at SAR 10.89.

Business

Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
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Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's announcement that the electric vehicle maker is winding down the pickup truck's production at its Texas factory.

"We will try ‌to make ‌as many as ‌possible ⁠before shutting down the ⁠line in about 8 months, but will have to return deposits for a lot of people," the billionaire said in a post on X on Monday.

The comments ⁠come after Musk said ‌Tesla would ‌add an extra production shift to fulfill outstanding ‌Cybertruck orders before dismantling the production ‌line next year to expand output of its Cybercab robotaxi.

The production winddown is slated for mid-2027, Musk announced on ‌Friday, with the resources being redirected to the Cybercab, a vehicle ⁠central ⁠to the automaker's autonomous-driving ambitions.

Tesla began delivering the Cybertruck in late 2023, but demand has fallen far short of Musk's expectations. US sales fell 48% to 20,237 units last year, according to Kelley Blue Book, well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles.

Business

China Extends Suspension of New Rare Earth Controls Until January

A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
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China Extends Suspension of New Rare Earth Controls Until January

A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)

China on Monday announced a two-month extension of export-control waivers due to expire this month, preserving part of a wide-ranging deal struck after a summit between Presidents Xi Jinping and Donald Trump.

China introduced export controls on certain rare earths ‌in April 2025, ‌only to expand ‌them ⁠further in October ⁠of that year, dramatically widening their scope and also adding new controls on certain diamonds with industrial applications and lithium battery technology.

The measures were then ⁠paused for one year last ‌November after ‌a summit in South Korea ‌between Xi and Trump.

The Ministry of ‌Commerce said in a short statement on Monday that the pause would be extended for two months ‌until January 10. It gave no other details.

The extension ⁠is ⁠part of a broader suspension of trade countermeasures and tariffs announced by China on Monday as it negotiates with Washington over an enduring trade deal.

Trump is set to travel to Shenzhen in southern China later this month for an APEC leaders summit, where he is expected to meet with Xi.