By Rohit Kulkarni on January 3, 2019 in Business

A vision is the first step towards leading the entire planning and decision-making towards a successful path. It is a gateway to a number of solutions for the economic chaos in the country including reduced oil prices. The fact that a massive percentage of Saudi Arabia’s economy is dependent on the oil revenues had made it difficult for the country to stabilize the current financial breakdown. This is when King Salman bin Abdul Aziz and crown prince Muhammad bin Salman launched vision 2030 in the year 2016 for an improved, progressive, and diversified state of the kingdom. For this purpose, an impressively designed plan and highly intellectual approach was witnessed when the strategical views of the ministers were made public some 3 years back. (more…)

By Rohit Kulkarni on January 3, 2019 in News

Vision 2030 is no surprise to anyone as the news has been trending ever since the Red Sea project became an important and ultimate source of reformed economy. While the official ministers, analysts, and expert panel are busy leading the project with utmost excellence, the project has started to make news already. The fact that Red Sea project is a massive one and probably the biggest in the history of the country opens many doors to wealthy opportunities. Some of the essential facts related to the Red Sea project are: (more…)

By Innovation-sa on January 2, 2019 in News

Saudi Arabia is committed to settle all outstanding payments owed to private sector companies by the Saudi government as soon as possible, announced Kingdom’s economy and planning minister Mohammed Al-Tuwaijri.

A major setback faced by the Saudi government following fall in oil prices since mid-2014 led them to cut-down several projects and delay payments to several contractors and suppliers. In addition, some settlements were delayed due to disputes.

Al-Tuwaijri said that a vast majority of claims have now been addressed with the government repaying billions of dollars in outstanding payments and the rest will be settled within months.

By Innovation-sa on January 2, 2019 in News

Saudi Arabia’s biggest lender by assets, the National Commercial Bank (NCB), started preliminary merger talks with smaller rival Riyad Bank, eyeing a deal that would create an entity with $182 billion in assets.

The deal comes two months after the first major tie-up of the country’s banking sector in recent times between Saudi British Bank (SABB) and Alawwal Bank to create the Kingdom’s third-biggest lender. The planned merger will bring added value to the national economy as well as the local banking sector, cited Talaat Hafez, Secretary-General of the Media and Banking Awareness Committee of Saudi Banks.

NCB clarified that any agreement would be subject to regulatory and shareholder approvals, and there would be no forced dismissal of staff. The Public Investment Fund (PIF), which owns stakes in some of the biggest lenders, is exploring potential mergers to boost its financial services industry. PIF owns about 44 percent of NCB and 22 percent of Riyad Bank.

By Innovation-sa on November 25, 2018 in News

According to the latest amendment made by the Council of Ministers to the Labor Law and the System of Labor Courts, disputes that are more than twelve months old after the termination of the contract between the employee and the employer will not be accepted by labor courts.


The Kingdom’s newly established labor courts will accept such cases only if the claimant can successfully produce a valid excuse explaining the delay in filing lawsuit beyond a period of twelve months or if the dependent raises no objection to the right of the aggrieved party to file a lawsuit at any time.


Initially labor complaints should be filed at the labor office which will take necessary steps to amicably settle the dispute between the employee and the employer. If the labor office fails to settle the dispute, then concerned parties will be granted permission to go to the labor court.


Under the new amendment, workers can lodge collective complaints unless the Supreme Judicial Council rules against such a move.


According to reports from informed sources, courts have been instructed to consider labor cases as quickly as possible without any delay that may harm the interests of the workers. Moreover, employers will not have the right to modify the terms and conditions of the contract while a case is under the consideration of the court.


Saudi Gazette – 17 November 2018

By Innovation-sa on November 25, 2018 in News

The survey report published by Talent Shift research conducted by Korn Ferry highlighted that 60 percent of Saudi business executives who participated in the survey predicted at least 28 percent growth in their businesses in Saudi Arabia by 2020 and a growth of one-third by 2030.


A major challenge that the Kingdom is going to face could be a talent deficit and 46 percent are fearful about this scenario and 52 percent doubt that this talent deficit might limit the Kingdom’s growth potential in future.


Over 70 percent Saudi leaders believe that technology will become their greatest asset over people by 2030. The promise of technology seems to be the biggest driving force behind a lack of urgency to develop existing talent to fill the talent shortage.


However, despite all the shortcomings, Saudi leaders are optimistic about the development of their existing youth in line with the ambitions of Saudi Vision 2030 and the National Transformation Program.


While they predict that 28 percent of current jobs will become obsolete by 2030, they are also confident that 35 percent of the current workforce is capable of being retrained and redeployed to deliver specific skills needed in future.


Saudi Gazette -18 November 2018

By Innovation-sa on November 14, 2018 in News

Custodian of the two Holy mosques King Salman launched more than 600 development projects worth SR16.5 billion in Qassim region in the presence of Crown Prince Muhammed bin Salman, deputy premier and minister of defence, and several princes, ministers and high-ranking officials on Wednesday.


King Salman initiated 402 projects worth SR12.15 billion falling in 12 diverse sectors and laid the foundation stone for another 199 projects worth SR4.2 billion at a function held at Al-Wadi Palace in Buraidah. These multibillion-riyal projects include several ministries and sectors in all cities, governorates and towns of Qassim region and highlights the continuation of the process of development and boom in all sectors in the Qassim region.


The development projects include municipal and rural projects, energy, industry and mineral resources projects, university, public education and technical and vocational training projects, agriculture, environment, water and transportation projects and housing, tourism and heritage projects.


Saudi Gazette

By Innovation-sa on November 14, 2018 in News

The labor market bulletin published by the General Authority for Statistics (GaStat) stated that about 48,000 Saudi women entered the job market in the second quarter of 2018 marking an increase of 8.8 percent in comparison to the previous year.


The department of nationalization of jobs at the Ministry of Labor and Social Development is working tirelessly on developing remote employment centre to provide employment to more than 50,000 Saudi women job seekers.


The number of female workers in the Saudi private sector has crossed 9.37 million, which is 6.3 percent of the total workforce, as a result of several initiatives launched by the Ministry of Labor within the National Transition Program.


The ministry also held several meetings with 18 government and private companies including a number of international companies such as IBM and Huawei to generate more job opportunities for Saudi women in the IT, communications, engineering, commerce, tourism, transport, accounting, contracting, retail business, and renewable energy sector.


Saudi Gazette

By Innovation-sa on November 12, 2018 in News

Saudi Aramco and SABIC have announced Yanbu as the site for development of an integrated industrial complex to convert crude oil to chemicals (COTC), the first of its kind in the world.


The establishment of the complex will contribute to creating opportunities for setting up small and medium enterprises and factories and play a key role in national economic diversification as well as promote sustainable development, stated Prince Faisal bin Salman bin Abdul Aziz, Governor of Medina.


The complex, backed by equal investments from both companies, will create an estimated 30,000 direct and indirect jobs and eventually contribute to a GDP growth of 1.5 percent.


The COTC complex is expected to start operations in 2025 and will process 400,000 barrels of crude oil per day to produce approximately 9 million tonnes of chemicals and base oils annually.


The project will support the creation of a world-leading downstream sector in Saudi Arabia focussing on four key drivers – maximizing value from the Kingdom’s crude oil production via integration across the hydrocarbon chain, enabling the creation of conversion industries to produce semi-finished and finished goods to help diversify the economy, developing advanced technologies and innovation, and enabling sustainable development in alignment with the Kingdom’s National Transformation Program.


Asharq Al-Awsat – 6 November 2018

By Innovation-sa on November 12, 2018 in News

Saudi Arabia’s Crown Prince Muhammed bin Salman inaugurated a program to build the first nuclear research reactor in the Kingdom during a visit to King Abdulaziz City for Science and Technology (KACST), the Saudi Press Agency (SPA) reported.


The program is one among the seven strategic ventures launched by the Crown Prince in the fields of renewable energy, atomic energy, water desalination, genetic medicine and aircraft design.


Another major milestone reviewed at the KACST headquarters include the Center for development of aircraft structures, a 27,000 square meters area dedicated to developing civilian and military aircraft structures.


The Crown Prince also laid the foundation stone for a genome laboratory for tackling genetic disease in the Kingdom. The National Laboratory of the Saudi Human Genome contains the latest technologies in the study of genetic code, and 100,000 samples which are being examined to create a medical database.


The Crown Prince also reviewed two solar-powered water desalination plants, one in Al-Khafji and the other in Yanbu, as well as satellite projects, including SaudiSAt 5A and SaudiSat 5B.


KACST focusses on attracting investment and development in research with the coordination of national scientific, technological and innovative policies and strategies.


Saudi Gazette – 5 October 2018