Saudi Labor Ministry Improves Contracts to Increase Efficiency

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



Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High
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Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that former President Donald Trump's victory in the US presidential election will be a boon for cryptocurrencies.

Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world's second most popular cryptocurrency after bitcoin, which rallied 8%.

Another token, dogecoin, rocketed as much as 18%. It's the favorite cryptocurrency of billionaire Elon Musk, one of Trump's most prominent supporters, The AP reported.

Crypto-related shares outran the rest of the stock market. Coinbase, one of the biggest cryptocurrency exchanges, leaped 17%. Online brokerage Robinhood Markets, which offers crypto trading, soared 12% and MicroStrategy, which says it is the “largest corporate holder of bitcoin,” jumped 10%.

Trump was previously a crypto skeptic but changed his mind and embraced cryptocurrencies ahead of the election.

He has pledged to make America "the crypto capital of the planet" and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

Bitcoin is up 77% this year.

“Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000," he said.

“Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said.

But other experts warned of the risks.

“Investors should only dabble in crypto with money that they can be prepared to lose,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Because we’ve seen these wild swings in the past.”

Crypto industry players welcomed Trump's victory, in hopes that he would be able to push through legislative and regulatory changes that they've long lobbied for.

Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the US government’s crackdown on the crypto industry.

“Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Coinbase CEO Brian Armstrong . “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong posted on X.

Streeter said Trump's administration would most likely pursue “light touch regulation” for the crypto industry.

“Certainly that’s what crypto fans would want," she said. “They want the sheen of legitimacy to be brought to crypto, but they don’t want regulations to be too onerous to stop opportunities and innovation.”