{"id":84689,"date":"2024-03-25T00:00:00","date_gmt":"2024-03-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/25\/saudi-private-sector-adds-1-1-mn-jobs-in-2023-women-are-now-37-of-the-workforce\/"},"modified":"2024-03-25T00:00:00","modified_gmt":"2024-03-25T00:00:00","slug":"saudi-private-sector-adds-1-1-mn-jobs-in-2023-women-are-now-37-of-the-workforce","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/25\/saudi-private-sector-adds-1-1-mn-jobs-in-2023-women-are-now-37-of-the-workforce\/","title":{"rendered":"Saudi private sector adds 1.1 mn jobs in 2023, women are now 37% of the workforce"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a reasonably short issue for you this morning, with the big stories of the day being a dive into regional investment bank EFG Hermes\u2019 planned USD 300 mn Saudi education fund as well as a look at new zakat regulations that come into effect next week. <\/p>\n

WEATHER- <\/strong>We\u2019re looking at a strong breeze and plenty of sunshine in Riyadh today<\/strong> as the storm passes. Expect a daytime high of 26\u00b0C and a low overnight of 19\u00b0C. <\/p>\n

It\u2019s more of the same in Makkah<\/strong>, with a breezy morning and a sunny day, temperatures in the holy city will peak at 33\u00b0C before dropping to 20\u00b0C. <\/p>\n

Meanwhile, Madinah <\/strong>will see some strong winds and hazy sun with a high of 27\u00b0C and a low of 15\u00b0C.<\/p>\n

So, when do we eat? <\/strong>Maghrib prayers are at 6:07 pm in the capital city, and you\u2019ll have until 4:32 am tomorrow to hydrate and caffeinate ahead of fajr. <\/p>\n

DATA POINTS-<\/p>\n

#1- The private sector has created some 1.1 mn jobs<\/strong> in the past 12 moths, with some 11 mn employees now registered \u2014 up 11.5% as of January 2024 compared to the same period last year, reported Aleqtisadiah<\/a>, citing a source from the National Labor Observatory. Some 700k of the new jobs came in the sectors of construction, transportation, and storage, while 35.7k were in manufacturing. <\/p>\n

Women now account for 37% of the private-sector labor force<\/strong>, the newspaper adds.<\/p>\n

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#2- Point of sale transactions were up 11% in January <\/strong>to SAR 53.8 bn by value, according to data from the Saudi Central Bank. Spending on food and beverages accounted for 16% of all transactions by value, followed by restaurants and cafes at 15%. Spending on personal care rose to 12% of total spending. <\/p>\n

The fastest-growing categories: <\/strong>Spending on utilities (+34%), hotels (+28%), and jewelry (+27%).<\/p>\n

Riyadh accounted for 34% of all spending <\/strong>via point-of-sale machines. <\/p>\n

HAPPENING TOMORROW- <\/p>\n

<\/a> IPO WATCH- <\/strong>Al Mohafaza Education<\/a><\/strong> will ring the bell on Nomu tomorrow<\/strong>, according to a statement by Tadawul<\/a> yesterday. Shares will open at SAR 18.00 apiece, with the share price allowed to trade in the \u00b130% band on each of the first three days before being capped at no more than 10% up or down after that before circuit breakers kick in. (All shares on Tadawul are subject to the 10% up-or-down rule.)<\/p>\n

About the IPO:<\/strong> The education provider has sold 1.6 mn shares<\/a>, good for a 20% stake of the company. The sale was made through a capital increase of an additional 1.3 mn shares, while the remaining 300k will be sold by existing shareholders.<\/p>\n

Use of proceeds:<\/strong> The majority of the proceeds (81%) would be used to fund the construction of an educational compound in Riyadh. The compound is set to go live in 3Q 2026. Some 18.8% of the proceeds will be distributed to the selling shareholders.<\/p>\n

Advisors:<\/strong> Yaqeen Capital quarterbacked the transaction as financial advisor and lead manager, while RSM acted as auditor.<\/p>\n

WATCH THIS SPACE-<\/p>\n

#1- Saudi will chair the World Trade Organization (WTO)\u2019s Dispute <\/strong>Settlement Body<\/strong>, according to the WTO\u2019s website<\/a>. Saudi Ambassador to the WTO Saqer Abdullah Almoqbel will lead the panel.<\/p>\n

SMART POLICY-<\/strong> The DSB has power to set up dispute-resolution panels, refer disputes to arbitration, and adopt arbitration reports. It also oversees the implementation of recommendations and rulings in arbitration reports and ratifies suspension of concessions in case of non-compliance.<\/p>\n

<\/a> #2- For the <\/strong>Anime enthusiasts among you:<\/strong> Saudi-Japanese anime Future Folktales <\/strong>season 2 <\/strong>will be out this year under a partnership between local media player Manga Productions and Japan\u2019s Toeni Animation<\/a>, Arab News reports<\/a>. The new season is filmed in Neom under an agreement between the city and Manga in 2020<\/a>. Manga<\/a> is owned by Crown Prince Mohammed bin Salman\u2019s Misk Foundation<\/a>. You can see the Saudi and Japanese posters here<\/a>. <\/p>\n

Toeni<\/strong> Animation is also <\/strong>partnering up<\/a><\/strong> with <\/strong>Qiddiya<\/strong> to develop the world\u2019s first Dragon Ball<\/a>theme park<\/a> right outside of Riyadh. Qiddiya is a unit of the Public Investment Fund. <\/p>\n

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#3- Lumi Rental shareholders with stock in lockup for six moths post-IPO can <\/strong>start trading their shares<\/strong>, Argaam<\/a> reports. Lumi went public on 25 September 2023.<\/p>\n

#4<\/strong>- Boosting<\/strong> cybersecurity <\/strong>for IoT<\/strong>: The National Cybersecurity Authority (NCA) has issued guidelines (pdf)<\/a> aimed at enhancing cybersecurity for bodies that use internet of things (ioT) here, it said in a statement yesterday.<\/p>\n

The details<\/strong>: The guidelines apply to government and private-sector entities with \u201csensitive infrastructure\u201d as well as to IoT manufacturers, among others. They cover cybersecurity governance, enhancement, resilience, and standards for external parties \/ cloud computing. <\/p>\n

SPORTS-<\/p>\n

<\/a> #1- KSA and Tajikistan will face off in the Fifa World Cup Qualifiers tomorrow<\/strong>: <\/strong>The Green Falcons will meet Tajikistani tomorrow in the Dushanbe Central Stadium at 6 pm (Makkah time) as part of the 2026 Fifa World Cup Qualification tournament, ESPN<\/a> reports. The match follows a 1-0 home win against Tajikistani on 21, March. <\/p>\n

#2- <\/strong>The national U-23 football team lost <\/strong>1-0<\/strong> against South Korea on Saturday<\/strong>, <\/strong>eliminating the home team from the West Asian Football Federation (WAFF) Championship held in Al Ahsa. Korea will face Australia in the final on Tuesday<\/strong>. <\/strong><\/p>\n

<\/a> #3- A \u201cmysterious\u201d Saudi football club has reportedly offered top Barcelona FC <\/strong>scorer <\/strong>Robert Lewandowskia a EUR 100 mn per season <\/strong>contract<\/a><\/strong>, reports Spanish sports daily Mundo Deportivo<\/a>, citing sources it says are close to the player. The 35-year-old Polish striker has made it clear in an earlier interview that he is not planning on leaving Barca, where he\u2019s under contract until June 2025.<\/p>\n

Speaking of Barca: <\/strong>Al Hilal might be breaking the bank in their year-old pursuit for Brazilian winger Raphinha, offering up to EUR 100 mn to secure the player\u2019s ink on paper, Spanish outlet Sport<\/a> reported.<\/p>\n

REMEMBER- <\/strong>The PIF has no plans to boost its three-year budget for the Saudi Pro League<\/a>, as the Kingdom\u2019s football clubs will be shifting gears in the next transfer window \u2014 halting last summer\u2019s spending spree. \u201cTeams in the Kingdom spent USD 875.4 mn bringing in foreign players last summer, according to FIFA. Only English clubs, with a tab of USD 1.98 bn, outspent them during the period,\u201d Bloomberg writes.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

It\u2019s shaping up to be a relatively quiet, holiday-shortened news week.<\/strong> Friday-Monday are off in much of the Western world in observance of the Good Friday and Easter, while Indian markets are closed today as the nation celebrates Holi and markets in Greece are also closed today for Independence Day. <\/p>\n

Today is deadline day for Donald Trump<\/strong>, who needs to raise a USD 464 mn guarantee in connection with his appeal of a fraud case. His Truth Social network is set to go public with a Spac<\/a> that his supporters have pumped to the moon, but there\u2019s no vote before Friday and a listing on NYSE would come a bit further down the road.<\/p>\n

Sam Bankman-Fried will be sentenced on Thursday<\/strong> after his conviction on fraud charges and related charges. And oddly enough: FTX customers may still get all of their money back<\/a>. <\/p>\n

MEANWHILE-<\/strong><\/p>\n