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Localization in Saudi Private Sector Sees Steady Growth

Saudi employees in a telecom company | Photo: GettyImages
Saudi employees in a telecom company | Photo: GettyImages
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Localization in Saudi Private Sector Sees Steady Growth

Saudi employees in a telecom company | Photo: GettyImages
Saudi employees in a telecom company | Photo: GettyImages

Saudi Arabia recorded steady growth in the localization of private-sector jobs and saw a surplus in its trade balance last August, amounting to SR18.39 billion.

Saudi Arabia’s General Authority for Statistics (GASTAT) announced in its monthly report that the total Saudi exports reached SR57.3 billion in August, compared to SR38.9 billion in imports.

Official figures showed that commodity exports decreased by 25.1 percent, compared to the same period last year, to reach SR57.38 billion.

Saudi merchandise exports were affected by the decline in oil exports, which amounted to about 33.8 percent, while the Kingdom's exports rose 12.2 percent between August and July, with an increase of SR6.2 billion.

The Kingdom's non-oil exports grew about 5.7 percent in August to SR17.7 billion, compared to SR16.8 billion during the same month in 2019.

However, the imports declined 17.3 percent in August, compared to the same period last year, to reach SR38.9 billion, which was SR47.1 billion riyals in 2019.

Notably, Jeddah Islamic Port received about 31 percent of total Saudi imports, amounting to SR12.1 billion.

Meanwhile, the Saudi National Labor Observatory (NLO) announced that Saudization in the private sector increased to 21.54 percent of the total private sector workforce during the third quarter of 2020, compared to 20.40 percent during the same period last year.

The Observatory, affiliated with the Human Resources Development Fund (HADAF), stated that the number of Saudi employees in the private sector who are subscribers of the General Organization for Social Insurance (GOSI) reached about 1.76 million in Q3, an increase of about 81,000 subscribers compared to Q2 of 2020.

The Eastern Province ranked first in the Saudization of jobs in the private sector with a rate of 25.16 percent, followed by Riyadh with 21.89 percent, Makkah 21.47 percent, Madinah 19.27 percent, and Asir 17.85 percent.

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Business

China's Sinopec Posts 36.8% Drop in 2025 Net Profit

People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026. EPA/ALEX PLAVEVSKI
People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026. EPA/ALEX PLAVEVSKI
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China's Sinopec Posts 36.8% Drop in 2025 Net Profit

People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026. EPA/ALEX PLAVEVSKI
People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026. EPA/ALEX PLAVEVSKI

China Petroleum & Chemical Corp, known as Sinopec, reported a 36.8% decline in 2025 net profit on Sunday, citing rising substitution by new energy sources, and weak petrochemical margins, according to the company's filing.

The world's largest oil refiner by capacity posted net income attributable to shareholders of 31.8 billion yuan ($4.62 billion), based on Chinese accounting standards, in a filing to the Shanghai stock exchange.

Refinery throughput fell 0.8% last year to 250.33 million metric tons, equivalent to 5 million barrels per day. The company forecast refinery throughput would remain stable at about 250 million tons in 2026.

Gasoline and diesel production fell 2.4% and 9.1%, respectively, to 62.61 million tons and 52.64 million tons, while kerosene production rose 7.3% year-on-year to 33.71 million tons.

Annual refining ⁠gross margin was ⁠330 yuan ($47.93) per ton, up 27 yuan year-on-year, mainly due to sharply improved margins for refining by-products such as sulfur and petroleum coke, which offset the impact of high import crude premiums and freight costs.

The company's gasoline sales fell 2.5% year-on-year to 61.1 million tons, with the average price falling 7.7%, while diesel sales fell 9.1% to 51.2 million tons, and the average price fell 8% in ⁠2025, Reuters reported.

Kerosene sales were 24.2 million tons, up 4% year-on-year, while the average price was down 9.9% from 2024.

In 2025, the company's domestic crude oil output reached 255.75 million barrels, up 0.7% year-on-year, while overseas crude oil output was 26.65 million barrels.

Sinopec expects domestic crude oil output to reach 255.6 million barrels in 2026, remaining largely stable, while overseas output is expected to drop to 25.31 million barrels.

Natural gas production rose 4% year-on-year to 1,456.6 billion cubic feet in 2025 and is expected to reach 1,471.7 billion cubic feet in 2026.

The company's ethylene production rose 13.5% year-on-year to 15.28 million tons in 2025.

In 2025, the ⁠company's external sales ⁠revenue from chemical products totaled 378.0 billion yuan, down 9.6% year-on-year, mainly because of lower product prices.

Sinopec's capital spending was 147.2 billion yuan in 2025 with 70.9 billion yuan on exploration and development.

Sinopec said it plans capital spending from 131.6 billion to 148.6 billion yuan this year, including 72.3 billion yuan for exploration and development, mainly for crude oil capacity expansion at Jiyang and Tahe, natural gas capacity projects in western and southern Sichuan, and oil and gas storage and transport facilities.

Sinopec's Hong Kong-listed shares have risen 0.21% year-to-date, outperforming a 1.38% drop in the Hang Seng Index , while lagging behind its peers PetroChina and CNOOC, which have posted 17.58% and 42.63% gains year-to-date, respectively.

Business

Egypt Says it Will Pay $1.3 Billion in Arrears to Oil Companies by June

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)
Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)
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Egypt Says it Will Pay $1.3 Billion in Arrears to Oil Companies by June

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)
Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)

Egypt will settle $1.3 billion in arrears to international oil companies by June, the petroleum ministry said on Saturday, accelerating its previous timetable for repayments.

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 due to a prolonged foreign currency shortage that delayed payments and weighed on investment and gas output. The shortage has since eased, ⁠though some companies have ⁠said that arrears have been once again accumulating.

Under its prior timetable, announced in January this year, the government had expected to still have arrears of some $1.2 billion by June.

Clearing debt may encourage ⁠foreign oil and gas companies to resume drilling, which would boost local production that has been steadily falling since peaking in 2021.

More local production would help the country to reduce its energy imports.

Business

China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
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China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)

China's number two leader Li Qiang said Sunday that his country was willing to help expand the global "trade pie" by further opening up, state media reported, while he slammed unilateralism from certain countries.

Many of China's key trading partners have increasingly called on Beijing to reduce its soaring trade surplus owing to its impact on local competition.

Its trade surged by a fifth in the first two months of the year, official data showed earlier this month, significantly outpacing forecasts.

China "will steadfastly advance high-level opening up, import more high-quality foreign goods, and work alongside all parties to promote the optimized and balanced development of trade", Premier Li Qiang told business executives in Beijing on Sunday, according to Xinhua.

Li was speaking at the opening of the annual China Development Forum, attended this year by prominent business leaders including Apple CEO Tim Cook, AFP reported.

The Chinese premier added that Beijing would work with other countries to "join forces to make the global economic and trade pie larger for everyone".

He slammed growing unilateralism and protectionism, which he said was "no panacea for resolving problems".

Beijing has been seeking to steer a shaky economy onto a more stable path since the end of the pandemic, particularly by boosting consumption.

It had been locked in a blistering trade war last year with Washington after President Donald Trump imposed tariffs on countries including China.

The recent trade boost is a lifeline for China, the world's second-largest economy, as domestic consumer activity has slumped, and adds to the record surplus achieved last year.

The China Development Forum convenes as the Middle East war, triggered by US and Israeli strikes on Iran, rages on.

Tehran has retaliated with strikes across the region and beyond in a conflict that has threatened global energy security as well as China's oil supplies.

Li told the Chinese officials and global business executives the international rules-based order was suffering "severe disruption" with power politics "running rampant".

Chinese Vice Premier He Lifeng met with senior representatives of multinational companies including HSBC, UBS, Schneider Electric and Standard Chartered on Saturday, Xinhua reported.