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Saudi Arabia Aligns Education Outputs with Industrial, Mining Sector Job Demands

A glimpse of one of the specialized institutes in the industrial sector in Saudi Arabia (Asharq Al-Awsat)
A glimpse of one of the specialized institutes in the industrial sector in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Aligns Education Outputs with Industrial, Mining Sector Job Demands

A glimpse of one of the specialized institutes in the industrial sector in Saudi Arabia (Asharq Al-Awsat)
A glimpse of one of the specialized institutes in the industrial sector in Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources for Human Capacity Development Eng. Faris Alsaqabi said that the Ministry of Industry would soon announce its strategy to develop human capabilities in the industrial and mining sectors.

“The Ministry has succeeded in formulating the strategy as well as the national programs that support the achievement of its goals,” he said.

Alsaqabi made the remarks during his visit to the Food Industries Institute in Al-Kharj to review the latest developments in the field of training and Saudization.

Alsaqabi said that there has been diligent work to create 2.1 million jobs in the industrial and mining sectors, and the ministry is serious in the field of qualifying and training workers.

Alsaqabi said the Ministry has started negotiating with Saudi universities, academies and institutes to facilitate qualifying and developing capabilities and providing specializations that support the industrial sector in the Kingdom.

These include the opening of the Department of Mining Engineering at King Fahd University of Petroleum and Minerals, and the ongoing efforts with Princess Nourah Bint Abdulrahman University to develop specializations that contribute to women’s participation in the industrial sector, as well as with King Abdulaziz University and King Saud University.

Alsaqabi said that the Ministry of Industry is working with the Ministry of Education to disseminate the culture of the Industrial Revolution through initiatives to enrich school curricula with some skills that are required in the labor market, especially in the technologies of the Fourth Industrial Revolution and its impact on the industrial and the mining sectors.

The deputy minister said that the Agency of the Ministry of Industry and Mineral Resources for Human Capacity Development is concerned with the sustainability of learning, which begins from the kindergarten level and later during the educational journey through various levels of school and university education.

This does not end with graduation, but rather continues throughout life in order to raise the efficiency and skills of workers in the industrial sector so as to ensure that they are armed with the latest skills resulting from the influence of the Fourth Industrial Revolution technologies.

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SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
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SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)

Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemical firms, returned to profit in the third quarter, recovering from a loss a year earlier, helped by higher revenue and core earnings.

SABIC, 70% owned by Aramco, reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30, according to a disclosure to the Saudi Stock Exchange (Tadawul).

This is a major improvement from a loss of SAR 2.87 billion during the same period last year.

SABIC CEO Abdulrahman Al-Fageeh said: “The increase in the third quarter’s profits compared to the same quarter last year is attributable to higher average selling prices of some key products, and a decrease in total losses on non-continuing operations.”

Analysts had projected that SABIC would achieve profits of up to SAR 1.7 billion.

SABIC attributed its growth mainly to higher average selling prices, which were partially offset by a slight decline in sales volumes.

The company’s net profit was primarily driven by an increase in operating income of about SAR 797 million, thanks to improved profit margins despite higher operating costs. Gains also came from selling its specialized business that produces plastic sheets and films, along with foreign exchange benefits in the third quarter of 2024.

Profit was also driven by a decrease in losses from discontinued operations by around SAR 3.3 billion, mainly due to the fair value assessment of Saudi Iron and Steel Company (Hadeed), classified as a discontinued operation while awaiting the closure of a previously announced sale.

This was partly offset by a drop in financing income of SAR 390 million from the revaluation of equity derivatives, which are non-cash items.