عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi MoU Signed to Develop Labor Force Amid Rapid Industrial Growth

MoU signed between KAUST and SIDF on Tuesday (Asharq Al-Awsat)
MoU signed between KAUST and SIDF on Tuesday (Asharq Al-Awsat)
TT
TT

Saudi MoU Signed to Develop Labor Force Amid Rapid Industrial Growth

MoU signed between KAUST and SIDF on Tuesday (Asharq Al-Awsat)
MoU signed between KAUST and SIDF on Tuesday (Asharq Al-Awsat)

King Abdullah University of Science and Technology (KAUST) announced on Tuesday that it signed a Memorandum of Understanding (MoU) with the Saudi Industrial Development Fund (SIDF) to provide training to SIDF members via two programs: the KAUST SME Maharat and the KAUST Academy.

The partnership aims to upskill the local workforce and help create new job opportunities for Saudi youth, according to a statement issued on Tuesday.

Offering further training that supports the industrial sector, the agreement will also advance development, increase exports, diversify income sources, and expand production in Saudi Arabia, in line with the Kingdom’s Vision 2030 goals.

The industrial sector is growing rapidly in Saudi Arabia. This has created an urgent need to provide more training that can cultivate the skills of the local workforce.

Additionally, due to shortages in certain areas of the industry, small and mid-size enterprises (SMEs) also find themselves in need of further training. Human resource development initiatives can address the industrial employee skills gap.

By joining forces, KAUST and SIDF will focus on both developing and improving industrial performance, while also increasing productivity and efficiency and upskilling the local industry.

The two will develop and deliver workshops and training schemes as well as take advantage of shared utilization of facilities and capabilities towards this end.

Ultimately, the goal will be to build innovation capacity for Saudi Arabia’s SMEs.

The KAUST SME Maharat will focus on providing training from an SME perspective. While, the KAUST Academy will provide SIDF members with training in Artificial Intelligence (AI) from a research perspective.

Local manufacturers will also be able to take advantage of KAUST’s expertise and the Saudi Advanced Manufacturing Hub (Saudi AMHUB) network and efforts hosted by SIDF and their collaboration when it comes to capacity building and education in areas of deep tech such as AI, the Internet of Things (IoT), Digital Transformation, Prototyping, and 3D printing.

“If we take a hard look at the new National Industrial Strategy and its aim to increase the number of factories in the Kingdom to about 36,000 by 2035, it is easy to understand the need for an ‘all-hands-on-deck’ collaboration,” said KAUST President Tony Chan said.

SIDF CEO Dr. Ibrahim Saad AlMojel stressed the importance of signing the MoU with KAUST, a member of the Saudi Advanced Manufacturing hub (AMHUB).

“We are proud of this fruitful partnership with KAUST, in which we aim to improve the industrial sectors, share know-how, and develop young talents,” he added.

Most Viewed

 
 
Business

Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
TT
TT

Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.

Business

Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
TT
TT

Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.

Business

Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT
TT

Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.