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Saudi Arabia Advances 10 Ranks Internationally in Gender Pay Gap

The Saudi government has enacted many laws to improve the labor market and enhance women’s participation in various sectors. (Asharq Al-Awsat)
The Saudi government has enacted many laws to improve the labor market and enhance women’s participation in various sectors. (Asharq Al-Awsat)
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Saudi Arabia Advances 10 Ranks Internationally in Gender Pay Gap

The Saudi government has enacted many laws to improve the labor market and enhance women’s participation in various sectors. (Asharq Al-Awsat)
The Saudi government has enacted many laws to improve the labor market and enhance women’s participation in various sectors. (Asharq Al-Awsat)

Saudi Arabia has achieved remarkable progress in the fields of training and gender balance in the labor market, after it approved several regulations and legislation for the development of human capabilities and women empowerment.

Last year, Crown Prince Mohammad bin Salman launched the Human Capacity Development Program, within the Kingdom’s Vision 2030, which constitutes a national strategy aimed at enhancing the competitiveness of national capabilities at the local and global levels.

Pointing to the global report on the gender gap, which was recently issued by the World Economic Forum, the Ministry of Human Resources and Social Development (MHRSD) said that Saudi Arabia advanced 10 places in the index of equal wages for similar work for both genders, to achieve the 16th place worldwide, and 12 places in terms of the percentage of women’s participation in the labor force.

With regard to training, the Kingdom jumped 22 ranks in the employee training index to achieve the 14th place globally, and 12 ranks in vocational training, to occupy the 9th rank in this indicator, according to the IMD World Competitiveness Yearbook (WCY).

The Saudi Council of Ministers has recently approved the adoption of the national policy to encourage equal opportunities and equal treatment in employment, which aims to eliminate any discrimination in this field.

The percentage of women’s participation in the local labor market during the past year reached 37 percent, exceeding the target of 30 percent, which was set within Vision 2030.

The MHRSD recently announced that the percentage of commitment to the new decisions and regulations by establishments operating in the labor market reached 98 percent, while the percentage of commitment to wage protection reached 80 percent. The rate of the amicable settlement of labor disputes rose to 74 percent.

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Gold Set for Third Weekly Gain as US Rate Outlook Offsets Dollar Strength

FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo
FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo
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Gold Set for Third Weekly Gain as US Rate Outlook Offsets Dollar Strength

FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo
FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo

Gold steadied on Friday as US-Iran ceasefire uncertainty lingered, but the metal stayed on course for a third consecutive weekly climb as investors priced in earlier and deeper US rate cuts, supporting non-yielding bullion.

Spot gold held its ground at $4,764.54 per ounce by 0532 GMT. The metal, however, has gained 1.8% so far this week.

US gold futures for June delivery fell 0.6% to $4,787.80.

The ‌dollar index strengthened, ‌making greenback-priced bullion more expensive for holders of other currencies, Reuters said.

"There's ‌a ⁠lack of clarity ⁠about the way that the ceasefire is evolving in the Middle East and what that means to energy markets... so we're in sort of a little bit of a holding pattern (with gold) going into the final session of the week," said Kyle Rodda, senior financial market analyst at Capital.com.

Spot gold has fallen about 10% since the US-Israel conflict with Iran ⁠erupted on February 28, with elevated energy prices sparking ‌inflation concerns and the prospect of ‌higher US interest rates.

The fragile two-week ceasefire between the US and Iran showed further ‌strain on Friday, as Washington accused Tehran of breaching promises on ‌the Strait of Hormuz.

Brent crude, however, has slid more than 11% this week on optimism that the ceasefire could reopen the Strait of Hormuz, through which about 20% of the world's oil and liquefied natural gas passes.

"If things break down, (gold) ‌could end up back in mid-$4,000's pretty quickly. But if the ceasefire holds and the peace deal starts ⁠to look more ⁠likely, then we could push through $5,000," Rodda added.

On the data front, the US Personal Consumption Expenditures index, the Federal Reserve's preferred inflation gauge, advanced 2.8% in the 12 months through February, in line with estimates, and likely rose further in March.

Investors are now looking out for March's US Consumer Price Index data, due later in the day, for further clues on Fed's monetary policy direction.

Markets are pricing in a 31% chance for a US rate cut of at least 25 basis points at the Fed's December meeting, according to CME's FedWatch Tool, up from 20% in the prior session.

Among other metals, spot silver rose 1.3% to $76.03 per ounce, platinum lost 2% to $2,061.10, and palladium fell 0.2% to $1,553.92.

Business

Saudi Business Confidence Index Remains Optimistic

A street in the Saudi capital, Riyadh (Reuters)
A street in the Saudi capital, Riyadh (Reuters)
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Saudi Business Confidence Index Remains Optimistic

A street in the Saudi capital, Riyadh (Reuters)
A street in the Saudi capital, Riyadh (Reuters)

Saudi Arabia’s Business Confidence Index remained in optimistic territory at 52.1 points in March, underscoring private sector resilience despite geopolitical challenges.

The index fell from 60.7 in February but stayed above the neutral 50 threshold, reflecting continued confidence in stable economic activity and sustained growth across key sectors, according to the General Authority for Statistics (GASTAT).

A statement released by GASTAT said that the BCI for the industrial sector recorded 50.8 points, maintaining an optimistic level despite a decline of 15.8 percent compared to February.

The BCI for the services sector recorded 52.0 points, maintaining an optimistic level despite a decline of 14.9 percent compared to February, it said.

Regarding the BCI in the construction sector, the data revealed that in March, it recorded an optimistic level at 53 points, confirming the continued positive confidence among establishments in the sector, the statement added.

Business

Syria Nears Correspondent Bank Account Deal with Türkiye, Mulls Currency Swap

This picture shows stacks of Syrian lira banknotes at the Commercial Bank of Syria in Damascus, on November 10, 2022. (Photo by LOUAI BESHARA / AFP)
This picture shows stacks of Syrian lira banknotes at the Commercial Bank of Syria in Damascus, on November 10, 2022. (Photo by LOUAI BESHARA / AFP)
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Syria Nears Correspondent Bank Account Deal with Türkiye, Mulls Currency Swap

This picture shows stacks of Syrian lira banknotes at the Commercial Bank of Syria in Damascus, on November 10, 2022. (Photo by LOUAI BESHARA / AFP)
This picture shows stacks of Syrian lira banknotes at the Commercial Bank of Syria in Damascus, on November 10, 2022. (Photo by LOUAI BESHARA / AFP)

Syria ‌is in the final stages of establishing a correspondent bank account with neighboring Türkiye's central bank and will also discuss a potential currency swap aimed at boosting trade, the Syrian central bank chief said.

Türkiye has been the main backer of the Syrian government of President Ahmed al-Sharaa since the ousting of Bashar al-Assad in late 2024. Al-Sharaa has been seeking to rebuild state institutions and the ‌economy after ‌more than a decade of war, sanctions ‌and ⁠financial isolation, Reuters said.

Trade between ⁠the two countries has surged but businesses say the lack of a cross-border payments system was one of the biggest impediments to further growth and investment. A correspondent bank account would help to facilitate cross-border payments and trade finance transactions ⁠which traders say are currently cash only ‌and handled by traditional ‌money transfer offices.

In written responses to Reuters questions, Syria's ‌central bank Governor AbdulKader AlHussrieh said he expected Syrian-Turkish ‌cooperation to expand "into integrated payment systems, cross-border settlements, and more structured trade finance frameworks".

"Cooperation with Türkiye, particularly between the Central Bank of Syria and Turkish authorities, is accelerating ‌and becoming increasingly institutionalized," said AlHussrieh, who was on a two-day working visit to ⁠ Türkiye ⁠this week.

Turkish state lender Ziraat Bank and smaller private Aktif Bank were also expected to begin Syrian operations "in the near term", he said.

Türkiye 's exports to Syria jumped following Assad's ouster by 60% to $3.5 billion last year, official data show, while Syria's imports were at $235 million. The countries aim to almost triple trade volume to $10 billion over the medium term.

"This ambition will require a fully functioning financial system in Syria, supported by strong correspondent banking relationships," AlHussrieh said.