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GAMI Establishes Human Capital Roadmap in Saudi Military Industries

GAMI announces the human capital strategy for local military industries sector. (Asharq Al-Awsat)
GAMI announces the human capital strategy for local military industries sector. (Asharq Al-Awsat)
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GAMI Establishes Human Capital Roadmap in Saudi Military Industries

GAMI announces the human capital strategy for local military industries sector. (Asharq Al-Awsat)
GAMI announces the human capital strategy for local military industries sector. (Asharq Al-Awsat)

The Saudi General Authority for Military Industries (GAMI) launched the human capital strategy for the local military industries sector.

Saudi ministers stressed the importance of localizing the military sector to enhance skills and support the development system through the required policies and regulations.

The ministers indicated that GAMI has a clear strategy regarding distinguished human resources and reliance on national cadres targeting 50 percent localization of national military spending by 2030.

The officials attended the launch of the human capital strategy for the local military industries sector, stressing the need to bridge the gaps and needs of the labor market in the Kingdom in many areas, namely the military and defense industries.

The strategy contributes to bridging the gap between the skills required in the sector and the outputs of university education and technical and vocational training, focusing on more than 800 required skills, resulting in 30,000 technicians, 25,000 services jobs and 12,000 engineers.

Investment strategy

Minister of Investment Khalid al-Falih stressed the importance of the partnership between the public and private sectors in education and training, noting that they help achieve spending efficiency and promote a flexible mechanism in line with the labor market requirements.

Falih said that the national investment strategy has several initiatives that enable competitiveness and investment development, indicating that the ministry's role lies in linking all parties, providing capabilities and attracting investors.

"The localization rate in the military industries sector is promising and rising," he said.

Labor market

For his part, Minister of Human Resources and Social Development (MHRSD) Ahmad al-Rajhi stated that GAMI developed the human capital strategy, coupled with complementary plans to localize the sector.

Rajhi revealed that over 1.9 million citizens work in the private sector, proving that national cadres have succeeded in the economy.

The minister also indicated that 400,000 Saudis joined the labor market in 2021, describing it as a historical number that reflects the strong desire to accelerate the economy and participate in Vision 2030.

"We can bet on the Saudi young people after they showed their ability to bear responsibility and succeeded in all sectors, including the banking, petrochemicals, services, trade, and contracting," Rajhi said, pointing out that the ministry launched 32 Saudization decisions in 2021.

Industrial system

Minister of Industry and Mineral Resources Bandar Alkhorayef announced that the sector's new strategy would focus on increasing locally sourced inputs and adopting 4IR technologies.

He stressed that the two pillars guarantee a competitive and sustainable industrial line at the local and global levels.

GAMI is making significant efforts to create opportunities in the sector, creating a globally competitive industrial sector by converting 4,000 factories to use fourth industrial revolution technology.

Alkhorayef explained that his ministry responds to the directions of the government and issues monthly reports on human capital data in the industrial sector.

The ministry created over 39,000 job opportunities during 2020 and doubled that number to reach 77,000 jobs in 2021.

Human capital strategy

GAMI launched the human capital strategy for the local military industries sector at the Ritz-Carlton Hotel in Riyadh, with several ministers and officials from the government and private sectors.

GAMI Governor Ahmed al-Ohali said the Kingdom is moving towards the localization of this promising sector, aiming to reach more than 50 percent of government spending on military equipment and services by 2030.

The plan aims to develop industries, research, technologies, and national competencies and provide job opportunities for Saudi youth, increasing the sector's contribution to the national economy.

He indicated that the strategy aims to establish a stimulating system for the development of human cadres to ensure their readiness to achieve the Saudization goals of the sector.

"It is based on the strategy for localizing industries and research in the military industry sector to ensure the readiness and sustainability of people eligible to achieve the objectives of the sector localization," the GAMI governor said.

The human capital strategy aims to enable and build a stimulating system for the development and empowerment of human cadres. It will ensure the readiness and sustainability of qualified forces to localize the sector by developing three main programs represented in educational and training programs.

He pointed out that the strategy aims to empower Saudi workforces by developing training programs and establishing a national academy that focuses on more than 800 skills required in the sector, from 172 job fields.

Ohali added that the strategy's programs included many initiatives, such as the new national military academy to address the skills gap in the industry, with the support and empowerment of the Technical and Vocational Training Corporation and the Human Resources Development Fund (HRDF).

Partnership system

Three dialogue sessions were held during the launch of the human capital strategy for the military and defense industry sector in the Kingdom with ministers, senior officials, and specialists of human resources.

The event began with a ministerial discussion entitled "The Role of the National System in Empowering Human Capital in the Military and Defense Industries to Achieve the Objectives of Vision 2030."

It was attended by ministers of investment, industry and mineral resources, and human resources and social development.

The session addressed investment opportunities and reforms necessary to ensure the establishment of qualitative and effective partnerships and to bridge the gaps and needs of the labor market in the Kingdom.

The ministers stressed the importance of preparing future generations to enter the labor market.

The second session, "The Role of the Military and Defense Industries in Creating Diversified Career Paths," addressed the development and empowerment of the human element.

They discussed their impact on human resources in developing and empowering and developing talents, skills, and expertise through specialized technical and professional training programs.

The session was attended by the Chairman of the Board of Directors of the Education and Training Evaluation Commission Khaled al-Sabti, Chief of Staff First Lieutenant-General Fayyad al-Ruwaili, Governor of GAMI, and Governor of the Technical and Vocational Training Corporation Ahmed al-Fahid.

The development

The ceremony concluded with the third session: "The Role of Education and Training in Developing, Empowering, and Preparing Human Capital for the Military and Defense Industries."

The attendees discussed the importance of the human resources strategy project in advancing the sector's development by aligning the outputs and programs of educational institutions with the needs.

They also addressed forming partnerships with other key industries, aiming to develop qualified human capital to lead the future of this sector.

The session was attended by President of the King Fahd University of Petroleum and Minerals Mohammad al-Saqqaf, General Manager of the Human Resources Development Fund (Hadaf) Turki al-Jawini, CEO of the Saudi Arabian Military Industries (SAMI) Walid Abu Khaled, and CEO of Lockheed Martin Saudi Arabia Ltd. Joseph Rank.

Agreements and partnerships

On the sidelines of the ceremony, several memoranda of understanding (MoU) relating to the development and empowerment of human capital in the military and defense industries sector were announced between GAMI, the Ministry of Investment, and the UK-based Cranfield University.

GAMI also signed an MoU with Leonardo Company to create and develop investment opportunities in education and train specialized military industries.

The MoU establishes cooperation to identify and develop institutional and academic partnerships in the Kingdom, develop some programs and graduation projects, and launch short and long courses relating to the sector's needs.

It also creates opportunities for university educational scholarships in the military, defense, and security industries.

The MoU calls for cooperation in basic and applied scientific research and creates majors in the military and defense industries with educational and training authorities.

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China's Finance Ministry: Fiscal Policies Will be More 'Proactive' in 2026

A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
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China's Finance Ministry: Fiscal Policies Will be More 'Proactive' in 2026

A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO

China's finance ministry on Sunday said fiscal policies will be more proactive next year, reiterating its focus on domestic demand, technological innovation and a social safety net.

The statement comes as trading partners urge the world's second-biggest economy to reduce its reliance on exports, underscoring the urgency to revive confidence at home where a prolonged property crisis has rippled ⁠through the economy, weighing on sentiment.

China will boost consumption and actively expand investment in new productive forces and people's overall development, the ministry said in a statement after a two-day meeting at which it set ⁠2026 goals.

In addition, Reuters quoted the ministry as saying that it will support innovation to foster new growth engines, and improve the social security system by providing better healthcare and education services.

Other tasks for next year include promoting integration between urban and rural areas, and propelling China's transformation into a greener society.

China is likely to stick to ⁠its annual economic growth target of around 5% in 2026, government advisers and analysts told Reuters, a goal that would require authorities to keep fiscal and monetary spigots open as they seek to snap a deflationary spell.

Leaders this month promised to maintain a "proactive" fiscal policy next year that would stimulate both consumption and investment to maintain high economic growth.

Business

Bulgaria Adopts Euro Amid Fear and Uncertainty

Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
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Bulgaria Adopts Euro Amid Fear and Uncertainty

Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)

Bulgaria will become the 21st country to adopt the euro on Thursday, but some believe the move could bring higher prices and add to instability in the European Union's poorest country.

A protest campaign emerged this year to "keep the Bulgarian lev", playing on public fears of price rises and a generally negative view of the euro among much of the population.

But successive governments have pushed to join the eurozone and supporters insist it will boost the economy, reinforce ties to the West and protect against Russia's influence.

The single currency first rolled out in 12 countries on January 1, 2002, and has since regularly extended its influence, with Croatia the last country to join in 2023.

But Bulgaria faces unique challenges, including anti-corruption protests that recently swept a conservative-led government from office, leaving the country on the verge of its eighth election in five years.

Boryana Dimitrova of the Alpha Research polling institute, which has tracked public opinion on the euro for a year, told AFP any problems with euro adoption would be seized on by anti-EU politicians.

Any issues will become "part of the political campaign, which creates a basis for rhetoric directed against the EU", she said.

While far-right and pro-Russia parties have been behind several anti-euro protests, many people, especially in poor rural areas, worry about the new currency.

"Prices will go up. That's what friends of mine who live in Western Europe told me," Bilyana Nikolova, 53, who runs a grocery store in the village of Chuprene in northwestern Bulgaria, told AFP.

The latest survey by the EU's polling agency Eurobarometer suggested 49 percent of Bulgarians were against the single currency.

After hyperinflation in the 1990s, Bulgaria pegged its currency to the German mark and then to the euro, making the country dependent on the European Central Bank (ECB).

"It will now finally be able to take part in decision making within this monetary union," Georgi Angelov, senior economist at the Open Society Institute in Sofia, told AFP.

An EU member since 2007, Bulgaria joined the so-called "waiting room" to the single currency in 2020, at the same time as Croatia.

The gains of joining the euro are "substantial", ECB president Christine Lagarde said last month in Sofia, citing "smoother trade, lower financing costs and more stable prices".

Small and medium-sized enterprises stand to save an equivalent of some 500 million euros ($580 million) in exchange fees, she added.

One sector expected to benefit in the Black Sea nation is tourism, which this year generated around eight percent of the country's GDP.

Lagarde predicted the impact on consumer prices would be "modest and short-lived", saying in earlier euro changeovers, the impact was between 0.2 and 0.4 percentage points.

But consumers -- already struggling with inflation -- fear they will not be able to make ends meet, according to Dimitrova.

Food prices in November were up five percent year-on-year, according to the National Statistical Institute, more than double the eurozone average.

Parliament this year adopted empowered oversight bodies to investigate sharp price hikes and curb "unjustified" surges linked to the euro changeover.

But analysts fear wider political uncertainty risks delaying much needed anti-corruption reforms, which could have a knock-on effect on the wider economy.

"The challenge will be to have a stable government for at least one to two years, so we can fully reap the benefits of joining the euro area," Angelov said.

Business

Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)
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Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)

Syria’s central bank governor, Abdulkader Husrieh, said the new Syrian pound is not merely a means of exchange but a symbol of the success of the Syrian revolution, national belonging, and confidence in the country’s ability to recover.

In a Facebook post, Husrieh said that with the launch of the new currency, Syrians were not just celebrating a banknote, but also celebrating their sovereignty and national identity, noting that many international experiences show that national currencies become strong when people rally around them, according to the Syrian Arab News Agency.

He pointed to Germany’s experience, where the introduction of the mark after the war marked the starting point of economic recovery, and to France, where the new French franc became the financial symbol of the new republic, known as the Fifth Republic.

Husrieh said the central bank would carry out its role with a clear understanding of the challenges and opportunities, while committing to responsibility, transparency, and the protection of the national currency. He added that the cornerstone remains public solidarity and trust, because a strong currency begins with the people's belief in it.

He called for turning the launch into a dignified national occasion through which Syrians express awareness, confidence, and adherence to the pound as a symbol of sovereignty and a national choice.

Husrieh added that supporting the pound is supporting the nation, and taking pride in it is a matter of pride in the future for Syrians and their children. He described the move as an opportunity for a new success following the success of the revolution in liberation and the lifting of economic sanctions that had shackled Syria’s economy for nearly fifty years.

Husrieh had recently announced that Jan. 1, 2026, would mark the launch of the new Syrian currency and the start of the exchange process for the old notes, with the exchange to be carried out through 66 companies and 1,000 designated outlets.

Restoring confidence

Political and economic researcher Bassel Kouwefi said the exchange plans, if well implemented, could serve as an entry point for rebuilding confidence in the national economy, encouraging domestic investment, and paving the way for broader reforms in the financial sector. However, he warned against failing to address the root causes of inflation and economic collapse during the previous regime's rule.

Speaking to Asharq Al-Awsat, Kouwefi described currency exchange and the removal of zeros as complex economic measures.

He said their main benefits include simplifying daily transactions, reducing the volume of banknotes in circulation, boosting confidence in stability, lowering printing and transportation costs, simplifying accounting records and financial software, and reducing currency speculation driven by corruption networks seeking to undermine stability in Syria.

Kouwefi said the exchange plans, if well-executed, could help restore confidence in the macroeconomy, but stressed the challenges posed by failing to tackle the fundamental causes of past inflation and collapse, including fiscal deficits, instability, and weak production. He said a comprehensive economic and financial program was therefore essential.

He added that the process also requires strong banking infrastructure, an organized transition period, and sufficient liquidity in the new denominations.

He said these remain major challenges under current Syrian conditions, alongside the need to mitigate social impacts that could lead to public confusion, market exploitation, and difficulties for less informed segments of society.