HRDF Provides 30% of Salaries of Saudis Working in Private Sector

HRDF Provides 30% of Salaries of Saudis Working in Private Sector
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HRDF Provides 30% of Salaries of Saudis Working in Private Sector

HRDF Provides 30% of Salaries of Saudis Working in Private Sector

The Human Resources Development Fund (HRDF ) provides 30% of the salaries of male and female Saudis working in private sector establishments in the first year in order to stimulate localization, raise the participation of male and female citizens in the labor market and provide them with skills needed by the market, the Saudi Press Agency (SPA) reported.

HRDF approved program support controls by directing 70 % of support for employment and 30% for training support, the period of financial support for the employee's salary extends for 36 months, at a rate of 30% of the monthly salary for the first year of support, 20% for the second year, and 10% for the third year.

Also, an additional percentage of support will be added when the establishment employs females or persons with disabilities, employs in small towns and villages, and if the size of the establishment is 50 workers or less.

According to SPA, the program also targets the two categories of jobs available in private sector establishments, namely male and female job seekers, who have not worked for more than 90 days and newly graduates.



S&P Global Upgrades Credit Rating of Saudi Arabia to A+ with Stable Outlook

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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S&P Global Upgrades Credit Rating of Saudi Arabia to A+ with Stable Outlook

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Credit rating agency S&P Global upgraded Saudi Arabia’s local and foreign currency credit rating to A+ with a stable outlook.

In its report, the agency stated that the upgrade with a stable outlook reflects the Kingdom's continued progress in economic diversification, sustained growth of the non-oil sector, and development of the local capital market.

These factors help offset the risks associated with rising external sovereign debt, which is being strategically invested to achieve the objectives of Saudi Vision 2030 while managing debt servicing costs.

The agency highlights the Kingdom's measures to spur investments that will support non-oil growth prospects and economic resiliency over the medium term.

As a result, S&P forecasts real gross domestic product (GDP) growth to average 4% over 2025-2028.

The agency expects the Kingdom’s fiscal deficit to average 4.2% of GDP during the same period, driven by transformational spending aimed at accelerating economic diversification.

Furthermore, it is expected that the Kingdom will maintain its comfortable net asset position. Saudi Arabia has seen multiple credit rating upgrades from global rating agencies over the past few years.

These advancements reflect the Kingdom's improved institutional strength and ongoing implementation of structural reforms. They are enabling a successful economic transformation and unprecedented economic diversification in the context of fiscal sustainability and enhanced financial planning efficiency that will continue to support its strong and resilient fiscal position.