Saudi Arabia Brings Global Leaders Together to Shape Future of Labor Markets

 Delegates attend the meeting bringing together 40 labor ministers (The Global Labor Market Conference). 
 Delegates attend the meeting bringing together 40 labor ministers (The Global Labor Market Conference). 
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Saudi Arabia Brings Global Leaders Together to Shape Future of Labor Markets

 Delegates attend the meeting bringing together 40 labor ministers (The Global Labor Market Conference). 
 Delegates attend the meeting bringing together 40 labor ministers (The Global Labor Market Conference). 

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, the third edition of the Global Labor Market Conference opened on Monday in Riyadh, bringing together labor ministers, policymakers and experts from around the world.

The event reflects Saudi Arabia’s growing role in steering global discussions on labor-market transformation and future economic challenges.

Held on Jan. 26–27, the conference serves as a high-level platform to address rapid technological change, artificial intelligence, shifting trade patterns, evolving skills systems and the need to build more resilient and sustainable labor markets. A central theme is youth empowerment, which is a key driver of future economic growth.

Opening the conference, Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi said global labor markets are undergoing unprecedented change driven by technological progress, demographic shifts and evolving skills requirements. He stressed the importance of international cooperation and deeper knowledge exchange to respond effectively to these transformations.

Al-Rajhi noted that the conference has moved beyond dialogue to developing practical, evidence-based solutions that strengthen labor-market readiness, particularly amid the accelerating adoption of digital technologies and AI.

He highlighted this year’s themes, including the impact of trade transformation on employment, informal economies, global skills systems, the effects of AI on jobs, employment during crises and the development of flexible labor markets, adding that the event aligns with Saudi Arabia’s Vision 2030 reform agenda.

On the sidelines of the conference, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef emphasized the growing role of governments in establishing regulatory frameworks for emerging jobs, advanced technologies and evolving business models. He called for integrated systems that align efforts across government, the private sector, educational institutions and the workforce.

Alkhorayef said sustainable labor markets rest on three pillars: effective government policies, alignment between education outcomes and future labor needs, and individual readiness to compete globally. He added that Saudi Arabia faces not a shortage of jobs in industry and mining but a need for highly qualified talent, noting that the future of these sectors is closely linked to technology and advanced skills development.

Saudi Minister of Tourism Ahmed Al-Khateeb said tourism has been a key driver in reducing unemployment to record lows comparable with OECD and G20 levels. He added that the sector has created 250,000 jobs for Saudis since the launch of the National Tourism Strategy in 2019, raising total employment in tourism to more than one million by the end of last year. He also highlighted Vision 2030’s focus on economic diversification and people-centered development, noting that tourism is among the most attractive sectors for youth and women.

Mamta Murthi, Vice President for People at the World Bank Group, noted that workforce systems must evolve in line with rapid global economic shifts. She described Saudi Arabia’s cooperation with the World Bank as a model for translating evidence-based policies into tangible economic opportunities while supporting inclusive job growth.

Murthi highlighted persistent challenges in skills development, including mismatches between education and labor-market needs, outdated training programs and limited scalability of effective solutions, warning against supply-driven approaches disconnected from real market demand.

The ministerial meeting held within the framework of the conference, chaired by Al-Rajhi and attended by 40 labor ministers, alongside ILO Director-General Gilbert F. Houngbo, focused on aligning employment policies with future-readiness, sharing practical experiences and strengthening coherence in labor-market strategies.

The meeting concluded with agreement on six priority actions, including improving skills recognition and portability, promoting responsible use of AI, adapting social-protection systems to support career mobility, strengthening data-driven workforce planning and expanding pathways to first employment and re-entry into the labor market.

The first day also marked the graduation of the inaugural cohort of the Global Labor Market Academy, representing 34 countries.

Established in partnership with the World Bank and Takamol Holding, the academy combines in-person training with international knowledge exchange. With participation from 31 countries in the new cohort, the initiative now includes 50 countries and aims to expand to more than 75 by 2028, reinforcing a global model for turning policy dialogue into measurable impact.

 

 

 



Saudi Arabia Ranks First in GCC, 12th Globally in 2026 Marsh CFA Institute Global Pension Index

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia Ranks First in GCC, 12th Globally in 2026 Marsh CFA Institute Global Pension Index

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

The Kingdom of Saudi Arabia ranked first among GCC states and 12th globally out of 55 pension systems in the 2026 Marsh CFA Institute Global Pension Index. The Kingdom's overall score climbed to 73.2 out of 100, up from 67.6 in 2025, continuing an upward trajectory that has seen it advance 15 places since 2022.

The Kingdom achieved notable gains across the index's three primary pillars. In the Integrity sub-index—which evaluates regulatory governance, member communication, and participant rights—Saudi Arabia scored 83.5, up 9.3 points from the previous year, securing an A rating, the highest classification in the category.

The Kingdom's Sustainability score increased to 61.2 points from 54.6, while Adequacy rose to 77.2 from 75, maintaining an overall B grade, SPA reported.

With its 73.2 score, Saudi Arabia outperformed established international pension systems categorized within the B band, including the United Kingdom, Canada, France, Germany, Belgium, Ireland, and Hong Kong, while leading all participating Gulf nations.

The index noted that Saudi Arabia's advancement was driven by sustained governance reforms, regulatory enhancements, data modernization, and stronger safeguards for scheme beneficiaries.

These results reflect ongoing modernization within the national social insurance ecosystem led by the Social Insurance, aimed at expanding benefit adequacy and safeguarding long-term fiscal sustainability.

Published in collaboration with the Monash Centre for Financial Studies, the 18th edition of the Marsh CFA Institute Global Pension Index evaluates retirement systems covering two-thirds of the world's population across more than 50 sub-indicators.


China’s January-September Fiscal Revenue up 5.1% y/y

People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
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China’s January-September Fiscal Revenue up 5.1% y/y

People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)

China's fiscal revenue increased 5.1% in the first nine months of 2026 from a year earlier, following a gain of 5.7% in the January-August period, the finance ministry said on Friday.

In the January-September period, fiscal revenue totaled 17.2 trillion yuan ($2.58 trillion), with tax revenue growing 6.1% year-on-year and non-tax ‌revenue expanding ‌1.2%.

Fiscal expenditure was up ‌1.0% ⁠on the year ⁠in the period, slowing from a rise of 1.2% in the first eight months.

China has accelerated local special bond issuance this year and plans to front-load part of its 2027 ⁠quota, finance ministry official Zhao Zeyong ‌told a press ‌conference on Friday.

Net special bond issuance ‌from January to September reached 3.56 trillion ‌yuan, accounting for 81% of the annual quota, and issuance for September was at 633.5 billion yuan, up by 214.8 billion yuan ‌from the same month last year, Zhao said.

Revenue from ⁠government ⁠land sales fell 27.9% on the year for the period from January to September, narrowing from a fall of 28.6% in the first eight months of this year.

The property sector downturn that began in mid-2021 has eroded land-sale revenue, long a crucial funding source for Chinese local governments.


Asian Stocks Mixed Ahead of Weekend as Tech Recovers Early Losses

 A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
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Asian Stocks Mixed Ahead of Weekend as Tech Recovers Early Losses

 A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)

Asian equities were mixed Friday as tech firms managed to claw back some early losses on bargain-buying at the end of tough week for the sector, while traditional safe havens benefited from a generally cautious mood.

Since AI-linked companies hit record highs in June, their equity prices have been pummeled by concerns they were overvalued, their huge outlays on infrastructure and hardware might not return a profit and, more recently, their servicing costs were spiraling.

That has combined with an Iran war-fueled surge in oil prices to more than $100 that has ramped up inflation, forced central banks to hike interest rates and sent government borrowing costs to multi-decade highs.

Strong earnings in past quarters have been able to temper many of the concerns, but analysts pointed out that investors are demanding better and better results to justify their backing.

Earnings from Facebook-parent Meta and chip equipment maker Lam Research this week have beaten forecasts but seen their shares dive.

"Even positive news is being ignored," said FOREX.com's Fawad Razaqzada.

"Strong results are no longer enough if the outlook fails to match an already demanding valuation. Investors are becoming much less forgiving."

The rush out of tech has, however, boosted industrial companies overlooked for much of the AI boom, with the Dow rising this week while the Nasdaq and S&P 500 retreated.

The general losses in New York filtered through to Asia in the morning, but some markets staged a comeback as the day progressed.

Seoul -- which was at the forefront of the AI boom and has led recent losses -- shed more than two percent after the open but was up at the close.

Chipmaker and market heavyweight SK hynix -- a major target amid the waves of buying and selling -- ended up more than four percent. However, its US shares fell more than eight percent Thursday after it said it was scrapping plans for an initial public offering for its US subsidiary Solidigm, citing "market conditions and share price trends".

There were also gains in Hong Kong, Shanghai, Sydney, Singapore and Jakarta.

Tokyo's Nikkei 225, which is also heavily weighted to tech, ended in the red, though well off earlier lows. Wellington, Mumbai and Manila were also down. Taipei was closed as Typhoon Champi neared Taiwan.

London, Frankfurt and Paris dropped in the morning.

Safe havens benefited, with the yen rallying against the dollar, helped by strong Japanese inflation data that boosted bets on another interest rate hike.

The currency has struggled against the greenback in recent years owing to the wide interest rate gap between the United States and Japan, as well as worries about the Asian giant's fiscal situation.

US Treasuries were also in demand, with yields falling from two-decade highs.

"Markets are looking for safe havens as the now familiar fears over AI and the tech sector, alongside ever higher oil and energy prices are powering a move back into bonds," said National Australia Bank's Gavin Friend.

"Regardless of the continued climb in oil prices, investors are increasingly looking for safe havens with the recent pullback in US Treasury yields getting a sizeable push," he said, adding that two- and 10-year Treasury yields were at one-month lows.

And Carol Kong at Commonwealth Bank of Australia said the yen could benefit further if the tech trade continued to deteriorate.

Oil prices added to the dour mood on fresh Middle East worries. Brent extended Thursday's spike and headed back towards $115 a barrel for the first time since May, while WTI topped $100.

The latest rally came after Iran threatened to hit US bases in the region if its military continued to escort ships through the Strait of Hormuz.