World Bank: Saudi Arabia Leads Arab World in Advancing Women's Workforce Participation

Safaa El-Kogali, the World Bank's Country Director for the Gulf Cooperation Council (GCC) countries (Asharq Al-Awsat)
Safaa El-Kogali, the World Bank's Country Director for the Gulf Cooperation Council (GCC) countries (Asharq Al-Awsat)
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World Bank: Saudi Arabia Leads Arab World in Advancing Women's Workforce Participation

Safaa El-Kogali, the World Bank's Country Director for the Gulf Cooperation Council (GCC) countries (Asharq Al-Awsat)
Safaa El-Kogali, the World Bank's Country Director for the Gulf Cooperation Council (GCC) countries (Asharq Al-Awsat)

In a pivotal era marked by remarkable advancements in the economic involvement of women in the Gulf, specifically in Saudi Arabia, Safaa El-Kogali, the World Bank's Country Director for the Gulf Cooperation Council (GCC) countries, underscores the pivotal role of implementing precise policies and programs.

These measures, she contends, are crucial for fostering and sustaining the escalating participation of women in the workforce.

“Firstly, there has been a shift in economic and financial expectations from previous reports,” said El-Kogali as she addressed the novel aspects of this year’s report on women’s employment.

“Secondly, the report includes a new section on women’s participation in the workforce, highlighting a noticeable increase in female participation in the labor force in GCC countries over the past decade,” she added.

However, according to El-Kogali, no country in the GCC or the wider Middle East and North Africa region has experienced such a rapid increase in such a short period as witnessed in Saudi Arabia.

The report delves into developments in Saudi Arabia, where female participation in the workforce more than doubled between 2017 and 2023, rising from 17.4% to 36%.

“It is crucial to note that this increase encompasses various age groups and educational levels, contributing to a decline in overall unemployment rates, particularly among Saudi women,” El-Kogali explained, adding that “the majority of jobs held by Saudi women were in the private sector and spanned across all sectors.”

Attributing the rise in women’s contribution in the Gulf, especially in Saudi Arabia, to three factors, El-Kogali emphasizes that social norms surrounding women’s workforce participation were ready for change due to shifts in societal attitudes, reinforced by the government’s strong commitment and a robust communication campaign regarding women’s economic empowerment.

Moreover, major legal reforms facilitated more women joining the workforce, with new programs promoting women’s employment paving the way for increased female participation.

Another factor, according to El-Kogali, is the structural economic changes that generated a necessary demand for labor from companies willing to hire women.

She noted that the coronavirus pandemic acted as a positive catalyst for the demand for female Saudi workers, creating a fundamental driver for rapid transformation.

On her expectations for the future increase in women’s contribution to the Saudi economy, El-Kogali said: “I am convinced that the changes we have witnessed in recent years are not temporary.”

“The shift is evident across all age groups – it's not just young Saudi women who are more willing to enter the workforce, but also their mothers,” she affirmed.

Highlighting that Saudi women predominantly turn to the private sector across various industries, El-Kogali emphasizes the importance of solidifying policies and programs to sustain the trend of increasing women’s participation in the workforce.

Regarding the necessary steps to maximize Saudi economic contribution, El-Kogali stressed that Saudi Arabia has made significant strides in achieving its goals over the past two years, implementing structural reforms as a testament to the government’s commitment and determination.

“The success achieved in rapidly increasing women’s participation in the workforce is just one example of what the Kingdom is doing, laying the groundwork for its desired goals,” said El-Kogali.

“Similarly, we observe a divergence between the oil and non-oil sectors in Saudi Arabia, with the oil sector contracting by 8.4%, while the latter expands by 4.3%, showcasing robust efforts in economic diversification,” she highlighted.

The Country Director also emphasized that current economic results in Saudi Arabia reflect the fruits of ongoing exceptional efforts within the diversification agenda aligned with the Kingdom’s national plan for transformation, “Vision 2030.”

El-Kogali underscored the importance of Saudi Arabia remaining committed to the path of reforms and diversification.



PIF Delivers Strong Revenue and Profit Growth in 2025

(PIF)
(PIF)
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PIF Delivers Strong Revenue and Profit Growth in 2025

(PIF)
(PIF)

The Public Investment Fund (PIF) published its 2025 Annual Report, demonstrating strong financial performance and continued progress against its long-term objectives. As a long-term investor with a unique mandate to drive the economic transformation of Saudi Arabia and deliver sustainable financial returns, PIF maintained a diversified portfolio in 2025, balancing returns with national impact and long-term resilience.

In 2025, revenue rose 9% year on year to $120 billion, while net profit more than doubled to $17 billion, supported by stronger contributions from maturing portfolio companies. PIF retained over $900 billion in assets under management and achieved an annualized total shareholder return of 5.8% since 2017, SPA reported.

Total shareholder return in 2025 was positively driven by increased dividends from portfolio companies and returns from financial investments. It was also impacted by downward movements in the valuations of some assets, driven by broader market conditions, while PIF continued to make long-term local investments to drive economic transformation.

PIF demonstrated its access to diversified and efficient sources of funding throughout the year, including issuance of a debut euro-denominated green bond and the establishment of a commercial paper program to provide flexible short-term finance.

PIF continued to hold strong long-term ratings with Moody’s (Aa3, stable outlook) and Fitch (A+, stable outlook) while securing an inaugural A-1 short-term rating from S&P, reflecting PIF’s strong credit profile and reinforcing investor confidence.

PIF launched major new companies in 2025, including HUMAIN, marking a major step in advancing AI capabilities, and Expo 2030 Riyadh Company, to build and operate Riyadh’s Expo 2030 facilities as Saudi Arabia prepares to welcome the world.

PIF also continued to develop priority sectors and ecosystems and deepen private sector participation. From 2021 to 2025, PIF invested more than $199 billion in Saudi Arabia, as it continued to drive the country’s economic transformation.

Chief of Staff and Secretary General to the Board at PIF Maram Aljohani said: “Throughout 2025, PIF continued to drive Saudi Arabia’s economic development and diversification through long-term investments and the launch of strategic companies. PIF contributed 11% of Saudi Arabia’s total non-oil GDP in 2025 and contributed more than $342 billion cumulatively from 2021-2025.

“PIF also expanded its international presence in 2025 through the opening of new subsidiary company offices in Europe and Asia and through targeted investments across key markets, resulting in a 12% growth in its international investments. This progress was underpinned by continued institutional excellence and robust governance frameworks, as PIF accelerated its evolution into a fully digital-native, AI-enabled investment institution and reinforced its position among the world’s leading sovereign wealth funds in Global SWF’s 2025 governance, sustainability, and resilience (GSR) rankings.

“Over the next strategic phase, PIF is evolving towards six interconnected domestic ecosystems to drive sustainable value, while investing internationally in high-conviction opportunities in long-term global trends.”

Chief Financial Officer and Acting Head of Global Capital Finance Division at PIF Yasir Alsalman said: “Building on a sustained period of growth and disciplined investment, 2025 marked another defining year for PIF. In 2025, PIF more than doubled net profit year on year and maintained its strong financial position with over $900 billion in assets under management.

“PIF continued to deploy capital across priority sectors, with cumulative domestic deployment reaching more than $199 billion between 2021 and 2025, while deepening strategic international partnerships, including signing multiple agreements with the world’s leading asset managers, in 2025.

“As we enter the next five-year phase of our investment strategy, PIF will continue to drive sustained value creation, portfolio maturity and stronger financial performance through the six ecosystems of its Vision portfolio, as well as its Strategic and Financial portfolios.”

PIF continued to deploy capital internationally across strategic sectors, including infrastructure, technology, advanced manufacturing, and financial services, while bringing capital, knowledge, and expertise to Saudi Arabia.

In 2025, PIF signed agreements with Goldman Sachs Asset Management, Macquarie Asset Management and SACE, among others, driving capital mobilization and inward investment into Saudi Arabia and expanding PIF’s strong strategic relationships with leading global financial institutions.

To deepen engagement in priority markets, PIF expanded its global presence by opening new subsidiary offices in Paris, Beijing and Shanghai, adding to its existing footprint in London, New York and Hong Kong.

According to SPA, throughout 2025, PIF continued to drive institutional development, embedding advanced data, analytics and AI across its operating model. Throughout the year, PIF launched 100 new digital applications and activated 43 high-impact AI-enabled solutions, while strengthening secure infrastructure and expanding centralized digital platforms that enhance investment insight, operational efficiency, and institutional agility.

Brand Finance, the world’s leading independent brand valuation company, ranked PIF as the most valuable and fastest-growing brand in the world among all sovereign wealth funds, with an A+ rating, for the second consecutive year.

2025 marked the last year of PIF’s 2021-2025 strategy. PIF has now moved into the next phase of its long-term strategy - PIF’s 2026-2030 strategy - focused on delivering competitive ecosystems, unlocking the full potential of strategic assets and maximizing long-term returns.

In this next phase, PIF will continue to deploy capital strategically and at scale to drive long-term value realization, including in domestic ecosystems and high-conviction international opportunities across global themes such as AI, energy transition, advanced manufacturing, and sports and entertainment.


Saudi Arabia Opens Education Sector to Private and Non-Profit Investment

Ministry of Education building in Riyadh (SPA)
Ministry of Education building in Riyadh (SPA)
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Saudi Arabia Opens Education Sector to Private and Non-Profit Investment

Ministry of Education building in Riyadh (SPA)
Ministry of Education building in Riyadh (SPA)

Saudi Arabia is moving to reshape the public education market by creating greater scope for participation by the private and non-profit sectors under a new system that establishes a clearer regulatory framework for sector governance and service delivery. The move is expected to expand investment opportunities and improve the efficiency of the education system.

The system comes as Saudi Arabia’s education sector gradually expands its investor and listed-company base, alongside growing interest in commercial opportunities in education, training and support services, in line with the objectives of Vision 2030.

A royal decree approving the General Education System was issued last month. The system aims to strengthen the governance framework for public education, provide the necessary enablers to achieve its objectives, improve the quality of the educational environment and its outcomes, and regulate the role of the private and non-profit sectors in line with the goals of Vision 2030.

The system defines the roles of the Ministry of Education, the General Education Affairs Council and relevant entities, supporting the alignment of education policies, plans and programmes, improving decision-making efficiency, and enabling the ministry to develop regulatory, monitoring and supervisory tools for the public education sector.

It also seeks to support investment in education by regulating the participation of the private and non-profit sectors in providing educational services and enhancing the attractiveness of investment and partnerships under clear rules. The aim is to improve service quality, expand educational options and support the sustainable development of public and private educational institutions.

Experts say the significance of the system extends beyond increasing investment volumes, arguing that it could change the nature of the market itself by clarifying regulatory roles, expanding public-private partnership models and strengthening governance. These factors could help reduce risks for both domestic and foreign investors.

In this context, Dr Abdullah Al-Salloum, professor of finance and investment at Imam Muhammad ibn Saud Islamic University, said Saudi Arabia’s public budgets have traditionally placed education among the government’s largest expenditure items. He noted that around 200 billion riyals ($53.3 billion) was allocated to education in the latest budget, representing roughly 18 percent of total government spending.

He added that education spending is estimated at between 5 and 7 percent of gross domestic product, a level that puts Saudi Arabia above the global average for education spending and among the highest in the G20.

Foreign Investment Expands

On investment, Al-Salloum said foreign direct investment stocks in the education sector reached 3.43 billion riyals ($914.7 million) at the end of 2024, more than 13 times their level a decade earlier.

He said the figure remains limited compared with some other economic sectors, but the compound annual growth rate of foreign direct investment, according to the data he cited, was close to 130 percent. This reflects a significant increase in the sector’s attractiveness to foreign investors over the past decade.

From this perspective, Al-Salloum expects the new system to help strengthen this trend by expanding investment options and providing a clearer and more flexible regulatory framework for private-sector and foreign-investor participation.

He noted that the scale of the impact will remain dependent on the effectiveness of implementing regulations and the extent to which investors respond to the opportunities.

8 Listed Companies

Al-Salloum also pointed to the recent listing of education companies on the Saudi market, saying the trend has become increasingly notable. He said the Saudi stock market currently has eight listed companies operating in education and training.

According to Al-Salloum, these companies generated revenues of about 3.4 billion riyals ($906.7 million) in 2025, representing annual growth of around 12 percent.

He said the figures show that the sector is not only one of the largest in terms of government spending, but also has a gradually expanding investment and commercial base. This could support continued growth in the coming years as the new regulatory framework is completed.

Sharing Roles and Improving Market Efficiency

Al-Salloum does not expect the system’s impact to be limited to increasing investment volumes. Rather, he sees its more important effect as changing the nature of the market. Clear regulations, expanded public-private partnership models and stronger governance could all contribute to reducing investment risks.

He stressed that reducing investment risk is “the most important factor for both domestic and foreign investors when deciding to enter any market.”

The system also affirms the protection of human rights in education and the rights of students and teachers, while providing a safe and stimulating educational environment to support the quality of the education process and improve the experience of male and female students. It also reinforces the role of families in supporting students’ educational journeys.

It supports the quality of care and education in early childhood, reflecting the importance of the early years in developing children’s personalities and skills. It also contributes to providing educational and support services better suited to the needs of students with disabilities within educational institutions, while supporting the care and development of gifted students.

During the next phase, the Ministry of Education, in coordination with relevant entities, will complete the implementing and regulatory provisions to ensure that the system is applied through a clear methodology and supports the objectives of developing public education and improving its outcomes.

The General Education System includes a number of provisions governing education stages, the General Education Affairs Council, educational institutions, education pathways, e-learning, continuing education, the educational environment, and the rights of students and teachers.


Sources: New Syria-Iraq Crude Pipeline Still Years Away

FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo
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Sources: New Syria-Iraq Crude Pipeline Still Years Away

FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo

Iraq's plans to export oil via a pipeline through Syria to avert future disruptions in the Strait of Hormuz will likely require four years of construction and cost at least $15 billion, sources with knowledge of the project told Reuters.

US officials and energy executives are billing the plan, which is receiving initial support for feasibility studies from a consortium including Chevron, as part of a strategy to reduce the industry's reliance on a waterway that has been largely shut by the Iran war.

"Over the next two years, the strait is going to become irrelevant. It is going to become just another body of water," US Treasury Secretary Scott Bessent said last week.

While a fifth of the world's oil and liquefied natural gas was shipped through Hormuz before the conflict, Bessent said "more than 50% or 70%" of those exports would instead be exported via underground pipelines.

But two sources directly involved in ‌the project told Reuters ‌the plans for the Iraq-Syria pipeline would take twice that long due to the need ‌for ⁠new infrastructure and ⁠could face other hurdles.

Both sources asked not to be named due to the sensitivity of the matter.

NEW INFRASTRUCTURE TO REPLACE EXISTING WAR-DAMAGED PIPELINE

Iraq has been among the countries most affected by the Hormuz shutdown.

It exported around 3.6 million barrels of oil per day before the war, mainly through Gulf terminals near Basra, but shipped just 35.5 million barrels in total via Hormuz in July, according to state-run oil firm SOMO.

A pipeline linking Iraq's northern Kirkuk region to Syria's Mediterranean port of Banias already exists but was badly damaged by wars in Iraq and Syria and has not been in regular use since the 1980s.

Both sources said the plan would require laying entirely ⁠new infrastructure rather than rehabilitating the existing pipeline and cost at least $15 billion.

While part of the ‌new pipeline would run largely along the same Kirkuk-Banias route, intact sections of ‌that pipeline are not compatible with newly developed specifications and would be unusable, one of the sources said.

The second source said the project ‌would include developing an entirely new integrated crude oil pipeline system that would link Iraq's southern and northern fields to a ‌central hub in Haditha in western Iraq, then onwards to Banias.

The US has welcomed the "rehabilitation and reconstruction" of the pipeline, saying it will have initial transport capacity of 2 million bpd of crude oil.

That would imply a major expansion of the old pipeline's capacity of about 300,000 bpd, which is less than a tenth of the oil volume Iraq exported through the Strait of Hormuz before the Iran war. Iraq has also ‌restarted oil exports from its Kirkuk fields via pipeline to Türkiye’s Ceyhan port with targeted capacity of around 250,000 bpd.

Both sources said work on the Iraq-Syria pipeline would take around ⁠four years, though one added ⁠that the timeline may also need to accommodate clearing old infrastructure and acquiring fresh land use rights from Syria's new administration.

ANOTHER POSSIBLE 'ACCESS TO MARKET' BUT STUDIES STILL NEEDED

Syria and Iraq have both signed separate memorandums of understanding with a consortium comprised of US major Chevron, TI Capital and Qatar's UCC Holding to carry out technical and financial studies in preparation for the project.

Iraq's oil ministry and state-owned Syrian Petroleum Company did not respond to Reuters requests for comment on the project and the sources' timeline and cost assessments. TI Capital and UCC Holding did not immediately respond to requests for comment. Chevron pointed to an earlier statement about the preliminary agreement and said it does not comment on details related to commercial matters.

During a press briefing last month, a Chevron executive said the project could offer "another access route to market" through the Mediterranean. The executive said any pipeline would also need to connect to Iraq's southern fields of West Qurna 2 and Nassiriya, which Chevron is in negotiations to enter.

Chevron still needs to complete technical studies to determine whether the existing Iraq-Syria pipeline would need refitting, expanding or rebuilding, the executive said.

The company has not yet given estimates of the project's future export capacity.

"Usually, as these pipelines go, it's not 100% capacity available on day one," the executive said.