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Education For Employment (EFE), Citi Foundation Link Saudi Youth to Jobs

With Citi Foundation’s support, EFE in Saudi Arabia launched its Flagship “Work Readiness Program” to nurture and inspire 68 young Saudi with skills to succeed on the job and in life.
With Citi Foundation’s support, EFE in Saudi Arabia launched its Flagship “Work Readiness Program” to nurture and inspire 68 young Saudi with skills to succeed on the job and in life.
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Education For Employment (EFE), Citi Foundation Link Saudi Youth to Jobs

With Citi Foundation’s support, EFE in Saudi Arabia launched its Flagship “Work Readiness Program” to nurture and inspire 68 young Saudi with skills to succeed on the job and in life.
With Citi Foundation’s support, EFE in Saudi Arabia launched its Flagship “Work Readiness Program” to nurture and inspire 68 young Saudi with skills to succeed on the job and in life.

In continued support to Saudi Vision 2030’s mission of empowering youth with opportunities, the Citi Foundation and Education For Employment (EFE) in Saudi Arabia partnered together for the third year to continue the momentum in creating economic opportunities for unemployed Saudi youth in 2021. With Citi Foundation’s support, EFE in Saudi Arabia launched its Flagship “Work Readiness Program” to nurture and inspire 68 young Saudi with skills to succeed on the job and in life.

“We’re thrilled to see that our partnership with EFE is helping Saudi women and men become work-ready and secure jobs that will enable them to contribute to the Kingdom’s economy,’’ said Carmen Haddad, Citi Country Officer-Saudi Arabia and Vice Chair Citi Middle East. “As young people continue to face high rates of unemployment in the Middle East and North Africa, it is an economic imperative that businesses open their doors and invest in developing the skills of young people.”

With Citi’s support, EFE implemented the Job Training and Placement program to support Saudi young women employment in Saudi Arabia in May. The “Workplace Readiness” program is designed to highlight various aspects of the employment search journey and includes modules on effective communication, emotional intelligence, time management and interpersonal skills to meet Saudi employer expectations and overcome the challenges of adjusting to the work environment. “With COVID-19, a digital skills component was also introduced to equip Saudi youth with 21st century skills,” explained Amr Abdallah, Director of Gulf Programs at EFE-Global.

After placing those young women into jobs in the IT sector and in addition to the training, EFE held an additional workshop that served up to 25 participants to provide them with skills needed to thrive in the work environment. The program was designed to upscale their interpersonal skills in the workplace and help individuals improve their image and reputation to advance their careers. Sarah Altamimi Head of Equity Trading – Director from Citi Saudi joined the event and added: “I am delighted to see that at the end of this program beneficiaries are equipped with the skills and techniques that enable them to realize their full potential.”

Nouf Alenezi, a graduate of the program, is grateful to have been part of the journey, saying: “I’ve learned more about time management skills, the most sufficient ways to deal with working under pressure and other skills that I believe are essential in the life of youth at the beginning of their career. Those who seek excellence and have great ambition in developing their career ladder need to be positive people who leave impact within their work environment and those surrounding them”

Abdullah Alghamdi, EFE-Saudi CEO, added: “We are very pleased to partner with the Citi Foundation to bring this effort to Saudi Arabia to enable Saudi youth reach their potential and compete in growing sectors and contribute to Saudi vision 2030. We look forward to the continuous partnership between EFE-Saudi and the Citi Foundation. The skills that Saudi youth acquired in this program are based on the proven model that has enabled the EFE Network to connect over 130,000 graduates to the world of work in nine countries across the Middle East and North Africa. This work has become more important than ever due to the changing landscape caused by to COVID-19.”

The activities in Saudi Arabia is part of a regional Citi-EFE Global partnership in alignment with the Citi Foundation’s Pathways to Progress global approach that prepares youth with career readiness skills and opportunities to thrive in today’s economy. Now entering its eights year, the Citi-EFE Global partnership provides training and economic opportunities to unemployed youth in Morocco, Tunisia, and, for the second time, in Saudi Arabia and the UAE. Beyond providing direct program support to EFE, the Citi Foundation has played a unique and crucial role in enhancing the efficacy of the EFE Network by supporting EFE’s systems and outreach.

Education For Employment in Saudi Arabia (EFE) aims to help youth accessing economic opportunities, by equipping them with a set of internationally and locally recognized training programs that increase their employability skills to meet labor market demands, and linking them with employer partners.

The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation's “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.