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Kingdom Invests $2.3 Bn to Boost Private Sector Saudi Employment

One of the job fairs that bring together companies with job seekers in Saudi Arabia (Asharq Al-Awsat)
One of the job fairs that bring together companies with job seekers in Saudi Arabia (Asharq Al-Awsat)
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Kingdom Invests $2.3 Bn to Boost Private Sector Saudi Employment

One of the job fairs that bring together companies with job seekers in Saudi Arabia (Asharq Al-Awsat)
One of the job fairs that bring together companies with job seekers in Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Human Resources Development Fund invested around SAR 8.7 billion ($2.3 billion) last year in programs for training, counseling, and empowering. This move aims to boost private sector businesses, increase Saudi employment, and ensure job sustainability.

This effort comes as the Kingdom’s unemployment rate among its citizens nears the 7% target set by the national transformation plan, Vision 2030, dropping to 7.7% by the end of 2023.

The Fund reported Monday that about 1.9 million Saudis benefited from its services and products last year. Over 120,000 establishments across the Kingdom benefited, with 89% falling into the medium, small, and micro-enterprise categories.

The Fund helped over 374,000 Saudis land jobs in the private sector last year, according to its head, Turki Al-Jawini.

Al-Jawini stressed the Fund’s ongoing work to improve Saudi skills, boost their job opportunities, and encourage companies to hire locals. The aim is to strengthen partnerships to train, hire, and support Saudi workers.

The Fund’s goal is to make Saudi workers more competitive and ensure their long-term employment in line with Vision 2030 targets.

Al-Jawini mentioned that the Fund’s new strategy, introduced last year, has made it easier for individuals and businesses to benefit from its programs.

The strategy focuses on three main goals: enhancing Saudi skills to meet job market needs, balancing job supply and demand, and supporting private sector employment.

Experts stress the importance of programs and initiatives offered by the Fund. They believe these efforts help support and empower local workers and make the job market more appealing.

Badr Al-Anzi, a board member of the Saudi Society for Human Resources, affirmed that Saudi Arabia’s efforts have reduced unemployment among Saudis to 7.7%, thanks to government support and strategies focusing on boosting the private sector and ensuring job stability.

Speaking to Asharq Al-Awsat, Al-Anzi added that Saudization policies and initiatives from the Ministry of Human Resources, along with programs from the Fund, have also increased local job opportunities.

Al-Anzi pointed out that the Kingdom aims to improve the work environment and wages, but there may be challenges for companies and citizens once support from the Fund ends, especially in finding new jobs.

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Trump to Impose Sharp Tariff on Countries Buying Venezuelan Oil

President Donald Trump delivers remarks in the Roosevelt Room at the White House in Washington, Monday, March 24, 2025. (AP)
President Donald Trump delivers remarks in the Roosevelt Room at the White House in Washington, Monday, March 24, 2025. (AP)
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Trump to Impose Sharp Tariff on Countries Buying Venezuelan Oil

President Donald Trump delivers remarks in the Roosevelt Room at the White House in Washington, Monday, March 24, 2025. (AP)
President Donald Trump delivers remarks in the Roosevelt Room at the White House in Washington, Monday, March 24, 2025. (AP)

US President Donald Trump announced Monday steep tariffs on imports from countries buying Venezuelan oil and gas, a punitive measure that could hit China and India, among others, and sow fresh global trade uncertainty.

Since returning to the White House in January, Trump has unleashed tariffs on US allies and foes alike, attempting to strong-arm both economic and diplomatic policy.

The latest across-the-board 25 percent levies targeting direct and indirect buyers of Venezuelan oil can take effect as soon as April 2, according to an order signed Monday by Trump.

The US secretary of state, in consultation with other government agencies, is authorized to determine if the new levy will be imposed.

These could hit China and India, with experts noting that Venezuela exports oil to both those countries, and to the United States and Spain.

Trump told reporters Monday that the 25 percent tariff would be on top of existing rates.

Caracas called the measure a "new aggression" by Washington.

"They can sanction and impose tariffs on whatever they want, what they cannot sanction is the love and patriotism of the Venezuelan people," President Nicolas Maduro said during an event broadcast on radio and television.

In February, Venezuela exported about 500,000 barrels of oil per day to China and 240,000 barrels to the United States, experts told AFP.

- 'Liberation day' -

Trump has dubbed April 2 "Liberation Day" for the world's biggest economy, already promising reciprocal tariffs tailored to each trading partner in an effort to remedy practices that Washington deems unfair.

He earlier signaled sector-specific duties coming around the same day -- but the White House said Monday it might take a narrower approach.

In his Monday announcement on Truth Social involving Venezuela, the president cited "numerous reasons" for what he called a "secondary tariff."

He accused Venezuela of "purposefully and deceitfully" sending "undercover, tens of thousands of high level, and other, criminals" to the United States.

He added in his post that "Venezuela has been very hostile to the United States and the Freedoms which we espouse."

According to Trump's order, the 25 percent tariff expires a year after the last date that a country has imported Venezuelan oil -- or sooner if Washington decides so.

Trump's announcement comes as the deportation pipeline between the United States and Venezuela was suspended last month when he claimed Caracas had not lived up to a deal to quickly receive deported migrants.

Venezuela subsequently said it would no longer accept the flights.

But Caracas said Saturday it had reached agreement with Washington to resume repatriations after which nearly 200 Venezuelan citizens were deported from the United States via Honduras.

Separately Monday, the Trump administration extended US oil giant Chevron's deadline to halt its operations in Venezuela through May 27.

The company had been operating in Venezuela under a sanctions waiver.

- Tariff 'breaks'? -

Trump's latest move adds to tariffs he has vowed would start on or around April 2.

Besides reciprocal tariffs, he has promised sweeping sector-specific duties hitting imported automobiles, pharmaceuticals and semiconductors.

As things stand, however, his plans for the day might become more targeted.

Sector-specific tariffs "may or may not happen April 2," a White House official told AFP, adding that the situation is "still fluid."

The official reaffirmed that reciprocal tariffs would take place.

But Trump told reporters Monday he might "give a lot of countries breaks" eventually, without elaborating.

He separately added that he would announce car tariffs "very shortly" and those on pharmaceuticals later down the line.

US partners are furthering talks with Washington as deadlines loom, with EU trade chief Maros Sefcovic heading to the country Tuesday to meet his counterparts -- Commerce Secretary Howard Lutnick and trade envoy Jamieson Greer.

Hopes of a narrower tariff rollout gave financial markets a boost.

Treasury Secretary Scott Bessent told Fox Business' Maria Bartiromo last week that Washington would go to trading partners with an indication of where tariff levels and non-tariff barriers are.

If countries stopped their practices, Bessent added, they could potentially avoid levies.

In the same interview, Bessent noted that levies would be focused on about 15 percent of countries who have trade imbalances with the United States, dubbing these a "dirty 15."