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Saudi Malls, Supermarkets, Restaurants Told to Increase Hiring of Saudi Nationals

Makkah Mall, one of the shopping malls operated by Arabian Centers, is pictured in Makkah, Saudi Arabia, April 17, 2019. (Reuters)
Makkah Mall, one of the shopping malls operated by Arabian Centers, is pictured in Makkah, Saudi Arabia, April 17, 2019. (Reuters)
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Saudi Malls, Supermarkets, Restaurants Told to Increase Hiring of Saudi Nationals

Makkah Mall, one of the shopping malls operated by Arabian Centers, is pictured in Makkah, Saudi Arabia, April 17, 2019. (Reuters)
Makkah Mall, one of the shopping malls operated by Arabian Centers, is pictured in Makkah, Saudi Arabia, April 17, 2019. (Reuters)

Malls, supermarkets, restaurants and cafes in Saudi Arabia must increase their percentage of local hires, the Kingdom’s ministry of human resources and social development announced on Wednesday.

A set of three decisions announced by Minister Ahmed bin Suleiman al-Rajhi was expected to provide 51,000 jobs for Saudi men and women, state news agency SPA reported. The move is part of a wider governmental push to replace expatriate workers with Saudi citizens.

The first decision would limit only Saudis to work in malls and mall management offices, “with the exception of a limited number of activities and professions in these malls.”

Supermarkets, restaurants and cafes would have to increase the number of Saudi citizens on payroll, in keeping with ministry issued guidelines.

Penalties would be issued to commercial establishments that violate the new ordinances, according to SPA, the rules of which would be made available on the ministry website.

Unemployment among Saudi citizens fell to 12.6% in the fourth quarter of 2020 from 14.9% in the third quarter, official data from the world’s biggest oil exporter showed on Wednesday.

The government has been pushing through economic reforms since 2016 to create millions of jobs and reduce unemployment to 7% by 2030. The plans were disrupted by the coronavirus crisis, which sent oil prices plummeting last year.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.