Saudi Labor Ministry Improves Contracts to Increase Efficiency

Saudi Ministry of Labor and Social Development Logo
Saudi Ministry of Labor and Social Development Logo
TT

Saudi Labor Ministry Improves Contracts to Increase Efficiency

Saudi Ministry of Labor and Social Development Logo
Saudi Ministry of Labor and Social Development Logo

The Saudi labor market is witnessing a tangible progress in improving contracts and raising its efficiency and competitiveness, according to the Ministry of Labor and Social Development.

The Ministry asserted it wants to ensure that the rights of workers are protected through the mandatory electronic documentation program of labor contracts of employees in the private sector by the end of 2020.

The program aims to protect the rights of workers by archiving and documenting their contracts so that they are aware of the data and whether they approve its content or not.

It aims to protect the rights of the parties to the relationship, support emerging business, and remove barriers to business growth.

According to the minister’s new decision, all new contracts will be documented electronically. 

The Ministry has recently held a seminar with the private sector in Riyadh to exchange views on improving the work environment and attract national talents, with the participation of Minister of Labor and Social Development Ahmed al-Rajhi, and a number of business owners and entrepreneurs in the private sector.

Business owners and private sector officials believe it is important to improve the contractual relations in order to create an attractive work environment for citizens and attract competencies to the labor market to serve the Kingdom's economy.



Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
TT

Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.

The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump's election ran out of steam, Reuters reported.

At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.

Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies' dominance of the sector, in a move some called AI's "Sputnik moment", referring to the former Soviet Union's launch of a satellite that marked the start of the space race in the late 1950s.

Bitcoin's losses are "seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek," wrote eToro analyst Simon Peters.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said a decline in Nasdaq futures had hurt crypto markets, but that disappointment over the Trump administration's announcement about a cryptocurrency stockpile had put digital assets more at risk of a sharp selloff.

Crypto failed to feature in Trump's day-one announcements after taking office last week, leaving some investors disappointed. In an executive order on Thursday, Trump created a working group to draft new crypto rules and explore a crypto stockpile, while the Securities and Exchange Commission (SEC) spiked accounting guidance that the industry said had stymied crypto adoption.

The prospect of interest rates staying higher for longer also hurt riskier assets, said Thomas Puech, CEO of digital asset hedge fund Indigo.

US Federal Reserve policymakers meet this week and are expected to keep interest rates on hold.