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.

 

 

 



EU Sees €28 Billion Hit from Trump’s Steel, Aluminum Tariffs

FILED - 12 July 2020, Lower Saxony, Salzgitter: An employee walks along coiled steel at Salzgitter AG. Photo: Julian Stratenschulte/dpa
FILED - 12 July 2020, Lower Saxony, Salzgitter: An employee walks along coiled steel at Salzgitter AG. Photo: Julian Stratenschulte/dpa
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EU Sees €28 Billion Hit from Trump’s Steel, Aluminum Tariffs

FILED - 12 July 2020, Lower Saxony, Salzgitter: An employee walks along coiled steel at Salzgitter AG. Photo: Julian Stratenschulte/dpa
FILED - 12 July 2020, Lower Saxony, Salzgitter: An employee walks along coiled steel at Salzgitter AG. Photo: Julian Stratenschulte/dpa

The European Union estimates that the first wave of Donald Trump’s steel and aluminum tariffs will hit as much as €28 billion ($29.3 billion) of the bloc’s exports in what would be a massive escalation in the US president’s trade war, Bloomberg reported.

The amount of goods — which the EU assesses will include derivative products as well — would be about four times larger than the last time Trump targeted the bloc’s metals sector, according to people familiar with the EU’s thinking.

EU trade chief Maros Sefcovic debriefed the bloc’s ambassadors on Friday after his visit to Washington to meet with his US counterparts. He cautioned that the situation is in flux and the details and the scope of any tariffs could still change, said the people, who spoke on the condition of anonymity.

As part of his effort to rewrite global trade rules, Trump announced a series of duties including 25% tariffs on steel and aluminum exports that could take effect as soon as March 12. He’s also announced reciprocal tariffs based on policies of partners that are seen as obstacles to US trade.

The European Commission, which has authority over EU trade actions, declined to comment.

For the EU, the fight over American metals tariffs started in 2018 during Trump’s first term, when the US hit nearly $7 billion of European steel and aluminum exports with duties, citing national security concerns. At the time, officials in Brussels scoffed at the notion that the EU posed such a threat.

In that first salvo, the US hit steel goods with 25% tariffs and aluminum with 10%, and included exemptions for certain products. Bloomberg reported earlier that this time around, no exemptions were planned.

The 27-nation bloc retaliated by targeting politically sensitive companies with retaliatory duties, including Harley-Davidson Inc. motorcycles and Levi Strauss & Co. jeans. The measures were applied product-by-product and included agricultural goods and apparel in addition to steel and aluminum products.

The two sides agreed to a temporary truce in 2021, when the US partly removed its measures and introduced a set of tariff-rate quotas above which duties on the metals are applied, while the EU froze all of its restrictive measures.

The EU has said that it would respond quickly and proportionally to US tariffs and could reactivate as a first step the lists previously suspended. The commission has been preparing various lists with different sectors and goods targeted with the principle of causing more harm on the American side, including in sensitive constituencies, Bloomberg previously reported.

The commission has said that unfreezing the suspended tariffs, which are on pause until the end of March, could be done quickly.

Sefcovic, who met with US Commerce Secretary Howard Lutnick, Jamieson Greer, his pick for US trade representative and National Economic Council Director Kevin Hassett this past week, told EU envoys that the atmosphere was positive but no negotiations were conducted yet, said the people.

According to Bloomberg, Sefcovic said he used the meeting as a first point of contact to open the channels of communication and to try to debunk claims by the Americans that he said were false, including that Europe’s value added tax is unfair to the US, they said.

In order to avoid a trade clash, Sefcovic offered to his American counterparts a deal to lower tariffs on industrial goods, including cars, one of Trump’s longstanding demands.