Saudi Arabia Launches Global Labor Market Academy in Partnership with the World Bank

Al-Rajhi addressing the audience during his opening speech at the conference (Asharq Al-Awsat). 
Al-Rajhi addressing the audience during his opening speech at the conference (Asharq Al-Awsat). 
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Saudi Arabia Launches Global Labor Market Academy in Partnership with the World Bank

Al-Rajhi addressing the audience during his opening speech at the conference (Asharq Al-Awsat). 
Al-Rajhi addressing the audience during his opening speech at the conference (Asharq Al-Awsat). 

Saudi Arabia has launched the Global Labor Market Academy in partnership with the World Bank, reinforcing its commitment to global transformation and addressing labor market gaps.

The announcement was made by Minister of Human Resources and Social Development Ahmed Al-Rajhi during the second edition of the International Labor Market Conference, held at the King Abdulaziz International Conference Center in Riyadh.

Under the patronage of King Salman bin Abdulaziz, the conference brought together 40 labor ministers from countries including the G20, Europe, Asia, the Middle East, Africa, and the Americas, alongside ILO Director-General Gilbert Houngbo and over 5,000 participants and 200 speakers from more than 100 countries.

Al-Rajhi highlighted the global unemployment rate, which reached 11.3% in the third quarter of 2024, calling it a cause for concern, especially as it surged to 24% in some member countries. He emphasized the need for proactive measures to address rapid technological advancements, demographic shifts, and emerging challenges such as climate adaptation.

In Saudi Arabia, the private sector workforce has exceeded 12 million employees, with the number of Saudi nationals employed rising from 1.7 million in 2020 to over 2.4 million in 2023, adding 724,000 new jobs for Saudis.

Since its establishment last year, the International Labor Market Conference has become a leading platform for shaping the future of global labor markets. Al-Rajhi noted that 67 million young people worldwide are unemployed, and 20% of individuals aged 15–24 are neither working, studying, nor in training. Additionally, 40% of employers struggle to fill positions due to skill mismatches, with youth unemployment exceeding 30% in some regions.

Saudi Arabia has introduced several initiatives under Vision 2030 to empower its workforce, including training programs, legislative reforms, and a national youth development strategy. As a result, the country’s unemployment rate dropped to 3.7% by the end of 2024, down from 5.7% in 2020, while women’s labor force participation increased to 36%, surpassing Vision 2030 targets.

Al-Rajhi announced two major initiatives: the launch of the Global Labor Market Academy, headquartered in Riyadh, which will serve as a hub for training and knowledge exchange, and the Future Outlook Report, which will provide data-driven insights and innovative strategies to bridge skill gaps and promote lifelong learning.

ILO Director-General Gilbert Houngbo stressed the importance of creating better employment conditions for young people, particularly in fields like technology and artificial intelligence (AI). He urged policymakers to develop strategies that prioritize decent jobs and sustainable employment.

Houngbo emphasized that the conference discussions would focus on youth skill development in an era of rapid technological progress and ensuring equal opportunities for young people across all regions.

 

Safaa El-Tayeb El-Kogali, World Bank Director for the GCC, highlighted the significance of the Global Labor Market Academy, stating that it offers a unique opportunity for policymakers to enhance their skills and address shared labor market challenges. She noted that the academy and the Global Labor Market Observatory will play a critical role in fostering international cooperation and sharing best practices between countries with different economic conditions.

During the ministerial roundtable, attended by 40 labor ministers, Al-Rajhi announced a comprehensive vision to enhance labor market resilience and inclusivity.

The plan focuses on facilitating youth transitions from education to employment, preparing the workforce for AI-driven changes, and increasing investment in human capital development.

It also emphasizes enhancing labor market flexibility, including remote and gig work, supporting SME growth to boost job creation, and utilizing technology and skills-matching platforms. Additionally, it promotes the employment of marginalized groups, such as people with disabilities and long-term unemployed individuals, while establishing a comprehensive labor market data system to track employment trends and workforce dynamics.

The Global Labor Market Academy and its initiatives mark a significant step in Saudi Arabia’s efforts to modernize labor markets, address global employment challenges, and foster sustainable economic growth.

 

 

 



Saudi Arabia Expands Tourist E-Visa Eligibility to Four More Countries

The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
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Saudi Arabia Expands Tourist E-Visa Eligibility to Four More Countries

The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)

Saudi Arabia has expanded its electronic tourist visa program by adding four countries to the list of eligible nationalities: Mexico, North Macedonia, Serbia, and Bosnia and Herzegovina.

The Ministry of Tourism said the move is part of ongoing efforts to facilitate travel to the Kingdom for visitors from around the world, allowing citizens of the newly added countries to apply electronically for tourist visit visas.

The tourist visa also permits holders to attend events, perform Umrah, visit exhibitions and conferences, and visit relatives and friends, in accordance with applicable regulations and instructions.


50-Year Contracts Open New Horizons for Real Estate Investment in Saudi Arabia

A neighborhood in the Saudi capital, Riyadh (SPA)
A neighborhood in the Saudi capital, Riyadh (SPA)
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50-Year Contracts Open New Horizons for Real Estate Investment in Saudi Arabia

A neighborhood in the Saudi capital, Riyadh (SPA)
A neighborhood in the Saudi capital, Riyadh (SPA)

Long-term real estate investment models are opening new opportunities for Saudi Arabia's private sector, as the Kingdom seeks to expand partnerships with investors to develop municipal assets and transform them into mixed-use projects.

The approach is expected to enhance the appeal of the real estate market, create investment opportunities spanning decades, and attract domestic and international capital to urban development. It also aims to improve land-use efficiency, maximize the economic value of municipal assets and increase housing supply.

Riyadh Region Municipality, the Ministry of Municipalities and Housing, and the National Center for Privatization & PPP (NCP) announced the launch of the expression of interest, prequalification and proposal submission phases for a joint land investment project in northern Riyadh.

The project involves developing a plot of municipal land under a 50-year partnership with the private sector, marking the municipality's first initiative under this joint investment model.

The private-sector partner will be responsible for designing, constructing, operating and maintaining all project facilities.

Located on Zaid bin Asim Street, the strategically positioned 30,015-square-meter site benefits from flexible urban planning regulations that allow for mixed-use development, including residential, commercial, office and recreational facilities.

The project aims to deliver high-quality developments that meet growing demand, serve local residents and community needs, and strengthen Riyadh's urban infrastructure.

Long-Term Investment Strategies

Offering investment opportunities through contracts extending up to 50 years represents a shift in how Saudi Arabia develops government-owned real estate assets.

The model gives private-sector investors a longer timeframe to develop projects and implement long-term investment strategies, overcoming some of the limitations associated with short- and medium-term contracts.

It also strengthens investors' ability to undertake financial and operational planning, allowing them to recover development costs and generate investment returns over a longer period.

This could make such opportunities more attractive to real estate companies and institutional investors.

The project forms part of Riyadh Region Municipality's strategy to improve the efficiency of municipal asset management, expand private-sector participation in urban development and attract high-value investments.

These efforts are intended to promote sustainable urban development, keep pace with the capital's rapid growth and advance Saudi Vision 2030 objectives, in line with the municipality's ambition to help create a prosperous, sustainable Riyadh with a higher quality of life.

Project Sustainability

Real estate expert Khaled al-Mobid said the launch of a 50-year investment project in Riyadh's Al-Narjis district represents an important step toward enabling the private sector to develop real estate assets and transform them into sustainable projects with substantial economic value.

Speaking to Asharq Al-Awsat, he explained that the extended investment period encourages developers to improve construction quality and services while enhancing the financial viability of projects.

He added that the model could help diversify real estate offerings and increase supply in one of the capital's most expensive neighborhoods.

Al-Mobid said the project's significance lies less in its immediate impact on property prices than in its potential to establish a replicable investment model.

Such a model, he noted, could gradually increase supply, strengthen competition and contribute to greater price stability across Riyadh's real estate market.

Diversifying Real Estate Supply

Real estate developer Ahmed Omar Basoudan said the importance of these contracts extends beyond simply making land available to investors.

They also create opportunities to develop integrated real estate assets combining residential, commercial, office and recreational uses, increasing the economic value of land and improving its utilization.

Speaking to Asharq Al-Awsat, Basoudan explained that bringing design, construction, operation and maintenance together under a single investment framework allows for more integrated developments.

It also creates a stronger link between construction quality, operational efficiency and long-term sustainability.

At the broader market level, he said, the model could help diversify real estate offerings, particularly in major cities experiencing rapid urban expansion and rising demand for residential, commercial and office space.

The participation of new developers and operators could also strengthen competition and improve the quality of projects and services.

Moreover, the approach could create integrated mixed-use urban destinations that meet residents' needs and support economic activity, rather than relying solely on conventional real estate development.

 

Replicating the Model

 

According to Basoudan, the success of this investment model will depend on how effectively contracts are structured, how risks are allocated between government entities and investors, and how clearly development, operation and maintenance obligations are defined.

Equally important, he said, is striking an appropriate balance between investment returns and the public interest.

Basoudan believes extending the model to other municipalities and regions could create an additional channel for attracting domestic and international investment.

It could also strengthen private-sector participation in urban development, in line with Saudi Vision 2030 objectives to diversify the economy and improve the efficiency of government asset management.


Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
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Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)

Gold climbed to its highest level in over two weeks on Thursday as the fallout from the US midterm election results rippled through the global financial and oil markets.

Spot gold rose 1.6% to $4,124.89 per ounce by 0752 GMT. It touched $4,146.63 per ounce, its highest level since October 20, earlier in ‌the session.

Bullion ‌climbed about 3.4% on Wednesday, its biggest ‌daily gain ⁠since August 19.

US ⁠gold futures for December delivery climbed 1.5% to $4,135.40, Reuters said.

A weaker dollar and lower Treasury yields have helped gold recover above the key $4,000 level, though holding above that threshold remains crucial for the recovery outlook, said Linh Tran, market analyst at XS.com.

"If investment flows and yield movements continue to provide support, gold could stabilize ⁠above $4,000, also opening up an opportunity for a ‌recovery toward $4,200, followed by $4,400."

Oil prices ‌were slightly higher after earlier falling for a fourth day on ‌expectations that the losses US President Donald Trump's Republican Party ‌suffered in congressional elections this week may reduce the risk of further escalation of the US-Israeli war with Iran.

Lower energy prices ease inflationary pressures, reducing expectations that the central bank will keep interest rates higher ‌for longer, supporting the appeal of non-yielding bullion.

The dollar slid to its lowest in more ⁠than a ⁠month, and 10-year US Treasury yield fell to its lowest since September 10.

A weaker dollar makes greenback-priced bullion more affordable for holders of other currencies.

Market participants now await the US non-farm payrolls report on Friday to further gauge the Federal Reserve's monetary policy outlook.

Meanwhile, Citi has a 0-3 month price target of $4,500 per ounce for gold, the brokerage said on Wednesday, as it sees substantial upside potential if the Strait of Hormuz reopens and the Yemen/Saudi conflict de-escalates.

Among other metals, spot silver rose 0.8% to $52.63 per ounce, platinum gained 1.2% to $1,514.20 and palladium climbed 2.2% to $1,026.83.