This document provides summaries of several topics:
1. It summarizes Saudi Arabia's economic challenges of a changing energy market and growing workforce, and the need to diversify the economy, increase private sector growth, and boost women's and youth participation.
2. It briefly outlines the key issues debated at the 21st UN Climate Conference, including disagreement over temperature targets and financing commitments by developed countries.
3. It notes that the Reserve Bank of India kept its key interest rates unchanged in its December policy statement.
Saudi Arabia economic transition beyond oilBruno Gremez
Very interesting report prepared by Mc Kinsey in December 2015, which resonates today as we have heard about many key initiatives taken by Crown Prices Mohammad bin Salman.
Aranca has compiled a special report on Saudi Arabia’s journey till 2025, highlighting the Kingdom’s economic potential, its influence on the region’s economy and opportunities available. Check out the report here!
Saudi Real Estate sector - Poised for lift offJiten Garg
The document provides an overview of the real estate sector in Saudi Arabia. It discusses several growth drivers that are poised to boost the Saudi real estate market, including rapid population growth, with over 78% of the population under 40 years old. The government's "10x10 Vision" aims to make Saudi Arabia one of the top 10 most competitive countries by 2010 through reforms that will boost economic competitiveness and attract foreign investment. Key real estate sectors like residential, commercial, retail, and industrial are expected to see significant growth due to increasing demand from the youthful population and massive infrastructure investment. Overall, the fundamentals indicate the Saudi real estate market is well positioned for growth despite the global economic slowdown.
While the non-oil private sector is relatively small in Saudi Arabia, it has potential to drive much of the growth. Already during the 2003–13 period, the non-oil private sector outperformed the economy as a whole, albeit starting from a low base. It grew at about 10 percent annually, much faster than the overall 6 percent GDP growth rate. Growth was broadly based, with consumption-based sectors such as transport, communications, retail and wholesale trade, and business services growing the fastest.
Despite global economic challenges, Saudi Arabia's economy has grown fivefold between 1999 and 2012 through careful economic planning, diversification, infrastructure investments, and high commodity prices. The country has a very strong fiscal position with low debt and high surpluses. While the economy faces challenges of high youth unemployment and pressure on resources from population and industrial growth, projections estimate continued overall GDP growth of 4.4% in 2013 as non-oil sectors and large infrastructure projects expand.
The document discusses many of the economic problems facing Pakistan and potential solutions. It identifies 15 challenges including the war on terror, energy crisis, inadequate exports, high inflation, lack of tourism, large fiscal deficits, and corruption. It then provides recommendations such as improving technology, governance, energy solutions, private sector growth, and utilizing natural resources to address these issues. The document provides a comprehensive overview of Pakistan's economic issues and pathways towards improving the country's economy.
The document discusses the bailout deal reached for Cyprus to avoid exiting the eurozone. Key points:
- Cyprus agreed to restructure its second largest bank, Laiki, dissolving it and transferring guaranteed deposits to the largest bank, Bank of Cyprus, which also faces major restructuring.
- Large depositors in both banks face significant losses of up to 40% of their money. The banking sector will shrink greatly and thousands of jobs will be lost.
- Capital controls will be imposed temporarily on bank withdrawals and cash movements.
- However, Cyprus' debt levels remain very high and its economy will shrink drastically, so it may require further bailouts.
- The deal sets a precedent that worries
The document summarizes employment and salary trends in the Gulf region. It finds that while economic growth has remained stable, the decline in oil prices has begun to impact the oil and gas sector through some downsizing. Healthcare and education have seen the most growth in job creation across countries. Nationalization policies pushing companies to replace expatriates with local citizens remains a major challenge, especially in Saudi Arabia and Oman. Overall salaries increased at their highest rates since the financial crisis in 2014 and are projected to continue rising in 2015, with Oman seeing the highest increases. The UAE remains the most attractive location and highest retaining country for expatriate workers in the region.
Saudi Arabia economic transition beyond oilBruno Gremez
Very interesting report prepared by Mc Kinsey in December 2015, which resonates today as we have heard about many key initiatives taken by Crown Prices Mohammad bin Salman.
Aranca has compiled a special report on Saudi Arabia’s journey till 2025, highlighting the Kingdom’s economic potential, its influence on the region’s economy and opportunities available. Check out the report here!
Saudi Real Estate sector - Poised for lift offJiten Garg
The document provides an overview of the real estate sector in Saudi Arabia. It discusses several growth drivers that are poised to boost the Saudi real estate market, including rapid population growth, with over 78% of the population under 40 years old. The government's "10x10 Vision" aims to make Saudi Arabia one of the top 10 most competitive countries by 2010 through reforms that will boost economic competitiveness and attract foreign investment. Key real estate sectors like residential, commercial, retail, and industrial are expected to see significant growth due to increasing demand from the youthful population and massive infrastructure investment. Overall, the fundamentals indicate the Saudi real estate market is well positioned for growth despite the global economic slowdown.
While the non-oil private sector is relatively small in Saudi Arabia, it has potential to drive much of the growth. Already during the 2003–13 period, the non-oil private sector outperformed the economy as a whole, albeit starting from a low base. It grew at about 10 percent annually, much faster than the overall 6 percent GDP growth rate. Growth was broadly based, with consumption-based sectors such as transport, communications, retail and wholesale trade, and business services growing the fastest.
Despite global economic challenges, Saudi Arabia's economy has grown fivefold between 1999 and 2012 through careful economic planning, diversification, infrastructure investments, and high commodity prices. The country has a very strong fiscal position with low debt and high surpluses. While the economy faces challenges of high youth unemployment and pressure on resources from population and industrial growth, projections estimate continued overall GDP growth of 4.4% in 2013 as non-oil sectors and large infrastructure projects expand.
The document discusses many of the economic problems facing Pakistan and potential solutions. It identifies 15 challenges including the war on terror, energy crisis, inadequate exports, high inflation, lack of tourism, large fiscal deficits, and corruption. It then provides recommendations such as improving technology, governance, energy solutions, private sector growth, and utilizing natural resources to address these issues. The document provides a comprehensive overview of Pakistan's economic issues and pathways towards improving the country's economy.
The document discusses the bailout deal reached for Cyprus to avoid exiting the eurozone. Key points:
- Cyprus agreed to restructure its second largest bank, Laiki, dissolving it and transferring guaranteed deposits to the largest bank, Bank of Cyprus, which also faces major restructuring.
- Large depositors in both banks face significant losses of up to 40% of their money. The banking sector will shrink greatly and thousands of jobs will be lost.
- Capital controls will be imposed temporarily on bank withdrawals and cash movements.
- However, Cyprus' debt levels remain very high and its economy will shrink drastically, so it may require further bailouts.
- The deal sets a precedent that worries
The document summarizes employment and salary trends in the Gulf region. It finds that while economic growth has remained stable, the decline in oil prices has begun to impact the oil and gas sector through some downsizing. Healthcare and education have seen the most growth in job creation across countries. Nationalization policies pushing companies to replace expatriates with local citizens remains a major challenge, especially in Saudi Arabia and Oman. Overall salaries increased at their highest rates since the financial crisis in 2014 and are projected to continue rising in 2015, with Oman seeing the highest increases. The UAE remains the most attractive location and highest retaining country for expatriate workers in the region.
The document discusses the key challenges facing Pakistan's economy. It outlines that Pakistan consumes more than it saves, imports more than it exports, and the government spends more than it earns in revenues. This leads to high fiscal deficits and reliance on external financing. Other challenges include a shrinking share of world trade, poor social indicators like education and health, high costs of doing business, weak governance and a lack of policy continuity between governments. Addressing these challenges is important for sustainable economic growth and development in Pakistan.
MIDDLE EAST INVESTMENT OPPORTUNITES FOR PRIVATE EQUITYsanthoshkrish
The document discusses opportunities for private equity investment in the Middle East region. It notes that private equity has historically accounted for only 0.1% of the global $2.3 trillion industry, but that the Middle East economies are growing rapidly, with real GDP growth exceeding 5% in most countries. Several factors are driving large infrastructure investment requirements in the region over the next 5-10 years, including population growth, economic diversification away from oil, and underinvestment. The private equity industry in the Middle East is also growing rapidly and could help meet the region's investment needs.
Tahseen Consulting’s Wes Schwalje Leads Panel on Female Retention in the GCC ...Wesley Schwalje
Schwalje outlines 5 key challenges that GCC countries must overcome to keep women in the labor force
One of the most widely reported challenges that GCC countries and companies now face is the retention of highly qualified female employees. Retention can be particularly problematic as women try to strike a balance between familial responsibilities and succeeding in the workplace. Schwalje asked the panel to reflect on five key challenges: overcoming social perceptions about occupations traditionally dominated by males, implementing female-friendly workplace policies, enabling work-life balance, developing family-friendly facilities, and articulating clear career trajectories for women.
Panel members included Khawla Al Mehairi, Vice President of Marketing and Corporate Communication, Dubai Electricity and Water Authority, Khaled Al Khudair, Founder, Glowork, and Deborah Gills, Chief Executive Officer, Catalyst. A copy of Tahseen Consulting’s analysis supporting the criticality of addressing the five panel focus themes is below along a with video that captures Schwalje’s thoughts on the way forward.
Region carries high opportunities for foreign firms to establish their busine...Sparkles Soft
The geographical location of UAE provides ad its liberal climate has helped it to establish extensively cooperative relations with other countries as well as to get access to more efficient infrastructure with developed air and sea connections
The aim of this dissertation is discussion and critical analysis of foreign investment laws in Saudi Arabia.
Foreign investment has a very complicated history since it was first introduced by the oil companies of western
developed countries. The history of investment in the oil industry through concession agreement, the
establishment of the ARAMCO, the effects of the government to indigenise the industry together with the shift
of power and control over the natural resources of the country led to a change in the perception of foreign
investment in Saudi Arabia and the Arab world.
This dissertation, regarding the legal security of foreign investment law in Saudi Arabia, is divided into the
following sections:
Firstly, it sets out the background of KSA and its relation with the WTO. In addition it sheds light on the
reasons for investment in Saudi Arabia and the increased willingness of foreign companies to invest in KSA.
Secondly, it discusses the law which governs KSA: Islamic Shari'a Law. This section also considers how
consistent Shari'a Law is with international law as well as examining the judicial structure in KSA and its
effectiveness.
Thereafter, the study examines the history of FDI as well as legislative history in KSA.
The following section, considers the most important features of the new foreign investment laws in KSA with
particular focus on the Foreign Investment Act and its rules and laws together with other relevant laws. It also
considers the negative aspects of foreign investment.
The next section examines the resolutions of foreign investment disputes in KSA through litigation and
arbitration after giving a brief description about litigation in KSA together with KSA's attitude towards
arbitration.
The subsequent section consists of discussion and critical analysis of foreign investment in Saudi Arabia.
Finally, the dissertation summarises the findings and concludes with the main themes of the dissertation
together with some recommendations.
This is a presentation given on 5 Dec 2008, in the EXFT2009 class of WFU MBA. It was given as part of a Foreign Investment investigation project for Dr. Chuck Kennedy's BGE class.
Ksa 2019 salary trends report (mid year) cooper fitchJanie-Lee Brown
This report details Cooper Fitch findings on salary trends within the Kingdom of Saudi Arabia since the release of our annual Salary Guide in January, where we predicted the rise of salaries by 4% across the country in 2019. We take a look at current salary growth or decline according to data collated mid-year 2019, with the trends impacting the numbers.
Smes role in reduction of the unemployment problem in the area located in sa...prjpublications
This study examines the role of small and medium enterprises (SMEs) in reducing unemployment in northern Saudi Arabia. It analyzes survey responses from 1,370 SME workers. The study finds: 1) SMEs positively contribute to economic development and solving unemployment; 2) Low SME salaries discourage local workers; 3) Government support is needed to encourage SMEs and reduce unemployment. The study recommends that the government increase SME funding, wages, and support to provide jobs and reduce unemployment in northern Saudi Arabia.
Because of the economic and job market requirements, the Gulf Corporation Council (GCC) countries have acquired extremely high proportion of migrant workers in the world, and is considered as the third largest in the world after the European Union and North America. Supported by the expansion of the oil industry, the colossal influx of foreign residents and workforce led to the exacerbation of the demographic imbalance in the GCC countries. This had an enormous impact on the region’s landscape both socially and economically. There are serious concerns among GCC countries about the stability of the national identity in light of the disproportionate population demographics. This paper touches upon the subject of the national identity in GCC countries, and present some recent statistics about the population demographics. It also presents one of the approaches followed by the GCC countries; namely, identity management systems, to allow their governments and policy makers develop and regulate their national identity strategies and the labour market.
The document discusses opportunities for UK consulting firms in the Middle East, specifically in Saudi Arabia. It notes that Saudi Arabia has a rapidly growing economy focused on non-oil sectors like services, infrastructure, education, and tourism. Saudi Arabia is also working to diversify its economy and attract foreign direct investment, making it an attractive market for international businesses.
Tahseen Consulting’s Wes Schwalje Speaks With Forbes Woman Middle East About ...Wesley Schwalje
The document discusses the lack of women working in STEM fields in the GCC and reasons for this disparity. It notes that the majority of female nationals in GCC countries work in the public sector rather than private industries like STEM. Social and cultural norms encourage women to pursue more traditional careers instead of STEM. Early education also influences girls away from STEM by portraying women in non-technical roles. Low numbers of women in STEM can negatively impact economies by reducing the skilled labor pool. GCC countries need to address barriers to increase female enrollment and participation in STEM education and careers.
Turkey has a population of over 78 million people and a growing economy. It has a democratic secular republic government led by President Recep Tayyip Erdogan. The economy has grown in recent years with a GDP of over $720 billion in 2015 and GDP per capita of around $20,400. The largest sectors are services, industry, and agriculture. Turkey has significant potential in renewable energy from sources such as hydropower, wind, and solar.
Saudi Arabia on the Move - An Aranca Special Report 2013Srinivas Macha
The Kingdom of Saudi Arabia (KSA), a completely oil-dependent economy until a few decades ago,
has now transformed into one of the most vibrant economies in the Middle East. Today, the country has
a diversified economic structure, strong international trade links, a stable political environment, strong
fiscal surplus and a vibrant financial services sector. Saudi Arabia’s increasing contribution to the global
economy has earned it a permanent seat at the G-20 -- the only OPEC member to get the honour. As the
exclusive knowledge partner for The Euromoney Saudi Arabia Conference 2013, Aranca has compiled
a special report on Saudi Arabia’s journey till 2025, highlighting the Kingdom’s economic potential,
its influence on the region’s economy and opportunities available. Given Saudi Arabia’s tremendous
potential as an attractive investment destination, we foresee opportunities in the financial sector as
the Kingdom looks to fund its growth plans. We also delve into the challenges around fully exploiting
demographic dividends, reducing reliance on public funding, attracting foreign investors, and reforming
capital markets and financial institutions
A Case Study On: Impact Of Liberalization on Trade between India and UAEpaperpublications3
This document discusses trade relations between India and the United Arab Emirates (UAE). It notes that trade between the two countries has increased significantly since the 1970s as they have strengthened bilateral agreements and Memorandums of Understanding. Total trade between India and UAE grew from $3.5 billion in 2000 to $74.6 billion in 2012, with India exporting more goods to UAE. Key areas of trade include petroleum products, precious metals, textiles, food items, and machinery. While UAE is a major source of oil imports for India, India has also increased non-oil exports and re-exports of refined oil to UAE. The document analyzes investments between the two countries and notes opportunities to strengthen
Toward a growth agenda for MENA under the “new normal” in the global economy Economic Research Forum
Mustapha K. Nabli - North Africa Bureau of Economics Studies Intl (NABES)
ERF 24th Annual Conference
The New Normal in the Global Economy: Challenges & Prospects for MENA
July 8-10, 2018
Cairo, Egypt
This thesis analyzes foreign direct investment (FDI) flows in Arab countries from 2006-2010 and evaluates the business environment. It finds that FDI inflows to the Arab world peaked in 2008 and were concentrated in a few countries, especially Saudi Arabia and GCC states. The author interprets the data using Worldwide Governance Indicators and finds the business environment and FDI attractiveness are improving, though some countries still face challenges. Key sectors for FDI are real estate, oil/gas, and hotels. Non-Arab states like the US are major investors in the GCC.
A elaboração desta pesquisa partiu da tentativa de construção de uma Gibiteca em um espaço de educação não formal no Centro Cultural de Novos Alagados no bairro do Uruguai, Salvador-BA, sendo de grande valor para nós discentes do curso de Pedagogia do 6º semestre noturno. Entendemos que esse espaço alternativo de leitura contribui para a formação de sujeitos leitores, críticos e reflexivos, além de influenciar as práticas de leitura e desenvolvimento do pensamento infantil, o que está intimamente ligado ao processo de aquisição escrita.
Este documento presenta información sobre diferentes tipos de muestreo estadístico y cómo calcular el tamaño de la muestra. Explica métodos de muestreo probabilísticos como el aleatorio simple, sistemático y estratificado, así como métodos no probabilísticos. También describe cómo calcular el tamaño de la muestra para estimar parámetros poblacionales como la media, teniendo en cuenta la precisión deseada, la varianza y valores estadísticos como Z. Finalmente, presenta un ejemplo numérico de cómo calcular el tamaño de
In This Together: Strategies for Aligning Programs and Education StandardsWest Muse
Presenters:
Jacob Clark Blickenstaff, Washington State LASER Program Director, Pacific Science Center
Catherine Allgor, PhD, Nadine and Robert A. Skotheim Director of Education, Huntington Library, Art Collections, and Botanical Gardens
Jeanne Hoel, Associate Director of Education, School & Teacher Programs, Museum of Contemporary Art, Los Angeles
Lorie Millward, Curator of Curiosity and Director of Education, Thanksgiving Point
Maia Kolbeck, Student and Teacher Programs Coordinator, Aquarium of the Bay and bay.org
Moderator:
Keni Sturgeon, Director, Science and Education, Pacific Science Center
Field-wide education standards such as Common Core, NGSS, and other art and science state-based standards have institution-wide implications for institutions. There are a number of ways that museums are integrating standards into specific education programs, but it is important to explore the larger ramifications and opportunities for education-museum alignment. This session includes examples of and opportunities for connecting educational experiences to formalized standards. Brainstorming with colleagues, participants will propose ideas for implementing similar approaches in their own institutions.
“Desenvolvimento local: Turismo, Melgaço e Vinho Alvarinho, estudo de caso.”Carina Venâncio
Este documento discute como o turismo pode beneficiar áreas rurais de baixa densidade em Portugal. Primeiro, contextualiza as práticas de turismo, lazer e viticultura, notando como a revolução dos transportes levou ao desenvolvimento do turismo moderno. Em seguida, descreve como o enoturismo pode revitalizar áreas rurais, melhorando suas economias e identidades culturais. O documento analisa como essas práticas se desenvolveram historicamente e como podem promover o desenvolvimento sustentável.
The document discusses the key challenges facing Pakistan's economy. It outlines that Pakistan consumes more than it saves, imports more than it exports, and the government spends more than it earns in revenues. This leads to high fiscal deficits and reliance on external financing. Other challenges include a shrinking share of world trade, poor social indicators like education and health, high costs of doing business, weak governance and a lack of policy continuity between governments. Addressing these challenges is important for sustainable economic growth and development in Pakistan.
MIDDLE EAST INVESTMENT OPPORTUNITES FOR PRIVATE EQUITYsanthoshkrish
The document discusses opportunities for private equity investment in the Middle East region. It notes that private equity has historically accounted for only 0.1% of the global $2.3 trillion industry, but that the Middle East economies are growing rapidly, with real GDP growth exceeding 5% in most countries. Several factors are driving large infrastructure investment requirements in the region over the next 5-10 years, including population growth, economic diversification away from oil, and underinvestment. The private equity industry in the Middle East is also growing rapidly and could help meet the region's investment needs.
Tahseen Consulting’s Wes Schwalje Leads Panel on Female Retention in the GCC ...Wesley Schwalje
Schwalje outlines 5 key challenges that GCC countries must overcome to keep women in the labor force
One of the most widely reported challenges that GCC countries and companies now face is the retention of highly qualified female employees. Retention can be particularly problematic as women try to strike a balance between familial responsibilities and succeeding in the workplace. Schwalje asked the panel to reflect on five key challenges: overcoming social perceptions about occupations traditionally dominated by males, implementing female-friendly workplace policies, enabling work-life balance, developing family-friendly facilities, and articulating clear career trajectories for women.
Panel members included Khawla Al Mehairi, Vice President of Marketing and Corporate Communication, Dubai Electricity and Water Authority, Khaled Al Khudair, Founder, Glowork, and Deborah Gills, Chief Executive Officer, Catalyst. A copy of Tahseen Consulting’s analysis supporting the criticality of addressing the five panel focus themes is below along a with video that captures Schwalje’s thoughts on the way forward.
Region carries high opportunities for foreign firms to establish their busine...Sparkles Soft
The geographical location of UAE provides ad its liberal climate has helped it to establish extensively cooperative relations with other countries as well as to get access to more efficient infrastructure with developed air and sea connections
The aim of this dissertation is discussion and critical analysis of foreign investment laws in Saudi Arabia.
Foreign investment has a very complicated history since it was first introduced by the oil companies of western
developed countries. The history of investment in the oil industry through concession agreement, the
establishment of the ARAMCO, the effects of the government to indigenise the industry together with the shift
of power and control over the natural resources of the country led to a change in the perception of foreign
investment in Saudi Arabia and the Arab world.
This dissertation, regarding the legal security of foreign investment law in Saudi Arabia, is divided into the
following sections:
Firstly, it sets out the background of KSA and its relation with the WTO. In addition it sheds light on the
reasons for investment in Saudi Arabia and the increased willingness of foreign companies to invest in KSA.
Secondly, it discusses the law which governs KSA: Islamic Shari'a Law. This section also considers how
consistent Shari'a Law is with international law as well as examining the judicial structure in KSA and its
effectiveness.
Thereafter, the study examines the history of FDI as well as legislative history in KSA.
The following section, considers the most important features of the new foreign investment laws in KSA with
particular focus on the Foreign Investment Act and its rules and laws together with other relevant laws. It also
considers the negative aspects of foreign investment.
The next section examines the resolutions of foreign investment disputes in KSA through litigation and
arbitration after giving a brief description about litigation in KSA together with KSA's attitude towards
arbitration.
The subsequent section consists of discussion and critical analysis of foreign investment in Saudi Arabia.
Finally, the dissertation summarises the findings and concludes with the main themes of the dissertation
together with some recommendations.
This is a presentation given on 5 Dec 2008, in the EXFT2009 class of WFU MBA. It was given as part of a Foreign Investment investigation project for Dr. Chuck Kennedy's BGE class.
Ksa 2019 salary trends report (mid year) cooper fitchJanie-Lee Brown
This report details Cooper Fitch findings on salary trends within the Kingdom of Saudi Arabia since the release of our annual Salary Guide in January, where we predicted the rise of salaries by 4% across the country in 2019. We take a look at current salary growth or decline according to data collated mid-year 2019, with the trends impacting the numbers.
Smes role in reduction of the unemployment problem in the area located in sa...prjpublications
This study examines the role of small and medium enterprises (SMEs) in reducing unemployment in northern Saudi Arabia. It analyzes survey responses from 1,370 SME workers. The study finds: 1) SMEs positively contribute to economic development and solving unemployment; 2) Low SME salaries discourage local workers; 3) Government support is needed to encourage SMEs and reduce unemployment. The study recommends that the government increase SME funding, wages, and support to provide jobs and reduce unemployment in northern Saudi Arabia.
Because of the economic and job market requirements, the Gulf Corporation Council (GCC) countries have acquired extremely high proportion of migrant workers in the world, and is considered as the third largest in the world after the European Union and North America. Supported by the expansion of the oil industry, the colossal influx of foreign residents and workforce led to the exacerbation of the demographic imbalance in the GCC countries. This had an enormous impact on the region’s landscape both socially and economically. There are serious concerns among GCC countries about the stability of the national identity in light of the disproportionate population demographics. This paper touches upon the subject of the national identity in GCC countries, and present some recent statistics about the population demographics. It also presents one of the approaches followed by the GCC countries; namely, identity management systems, to allow their governments and policy makers develop and regulate their national identity strategies and the labour market.
The document discusses opportunities for UK consulting firms in the Middle East, specifically in Saudi Arabia. It notes that Saudi Arabia has a rapidly growing economy focused on non-oil sectors like services, infrastructure, education, and tourism. Saudi Arabia is also working to diversify its economy and attract foreign direct investment, making it an attractive market for international businesses.
Tahseen Consulting’s Wes Schwalje Speaks With Forbes Woman Middle East About ...Wesley Schwalje
The document discusses the lack of women working in STEM fields in the GCC and reasons for this disparity. It notes that the majority of female nationals in GCC countries work in the public sector rather than private industries like STEM. Social and cultural norms encourage women to pursue more traditional careers instead of STEM. Early education also influences girls away from STEM by portraying women in non-technical roles. Low numbers of women in STEM can negatively impact economies by reducing the skilled labor pool. GCC countries need to address barriers to increase female enrollment and participation in STEM education and careers.
Turkey has a population of over 78 million people and a growing economy. It has a democratic secular republic government led by President Recep Tayyip Erdogan. The economy has grown in recent years with a GDP of over $720 billion in 2015 and GDP per capita of around $20,400. The largest sectors are services, industry, and agriculture. Turkey has significant potential in renewable energy from sources such as hydropower, wind, and solar.
Saudi Arabia on the Move - An Aranca Special Report 2013Srinivas Macha
The Kingdom of Saudi Arabia (KSA), a completely oil-dependent economy until a few decades ago,
has now transformed into one of the most vibrant economies in the Middle East. Today, the country has
a diversified economic structure, strong international trade links, a stable political environment, strong
fiscal surplus and a vibrant financial services sector. Saudi Arabia’s increasing contribution to the global
economy has earned it a permanent seat at the G-20 -- the only OPEC member to get the honour. As the
exclusive knowledge partner for The Euromoney Saudi Arabia Conference 2013, Aranca has compiled
a special report on Saudi Arabia’s journey till 2025, highlighting the Kingdom’s economic potential,
its influence on the region’s economy and opportunities available. Given Saudi Arabia’s tremendous
potential as an attractive investment destination, we foresee opportunities in the financial sector as
the Kingdom looks to fund its growth plans. We also delve into the challenges around fully exploiting
demographic dividends, reducing reliance on public funding, attracting foreign investors, and reforming
capital markets and financial institutions
A Case Study On: Impact Of Liberalization on Trade between India and UAEpaperpublications3
This document discusses trade relations between India and the United Arab Emirates (UAE). It notes that trade between the two countries has increased significantly since the 1970s as they have strengthened bilateral agreements and Memorandums of Understanding. Total trade between India and UAE grew from $3.5 billion in 2000 to $74.6 billion in 2012, with India exporting more goods to UAE. Key areas of trade include petroleum products, precious metals, textiles, food items, and machinery. While UAE is a major source of oil imports for India, India has also increased non-oil exports and re-exports of refined oil to UAE. The document analyzes investments between the two countries and notes opportunities to strengthen
Toward a growth agenda for MENA under the “new normal” in the global economy Economic Research Forum
Mustapha K. Nabli - North Africa Bureau of Economics Studies Intl (NABES)
ERF 24th Annual Conference
The New Normal in the Global Economy: Challenges & Prospects for MENA
July 8-10, 2018
Cairo, Egypt
This thesis analyzes foreign direct investment (FDI) flows in Arab countries from 2006-2010 and evaluates the business environment. It finds that FDI inflows to the Arab world peaked in 2008 and were concentrated in a few countries, especially Saudi Arabia and GCC states. The author interprets the data using Worldwide Governance Indicators and finds the business environment and FDI attractiveness are improving, though some countries still face challenges. Key sectors for FDI are real estate, oil/gas, and hotels. Non-Arab states like the US are major investors in the GCC.
A elaboração desta pesquisa partiu da tentativa de construção de uma Gibiteca em um espaço de educação não formal no Centro Cultural de Novos Alagados no bairro do Uruguai, Salvador-BA, sendo de grande valor para nós discentes do curso de Pedagogia do 6º semestre noturno. Entendemos que esse espaço alternativo de leitura contribui para a formação de sujeitos leitores, críticos e reflexivos, além de influenciar as práticas de leitura e desenvolvimento do pensamento infantil, o que está intimamente ligado ao processo de aquisição escrita.
Este documento presenta información sobre diferentes tipos de muestreo estadístico y cómo calcular el tamaño de la muestra. Explica métodos de muestreo probabilísticos como el aleatorio simple, sistemático y estratificado, así como métodos no probabilísticos. También describe cómo calcular el tamaño de la muestra para estimar parámetros poblacionales como la media, teniendo en cuenta la precisión deseada, la varianza y valores estadísticos como Z. Finalmente, presenta un ejemplo numérico de cómo calcular el tamaño de
In This Together: Strategies for Aligning Programs and Education StandardsWest Muse
Presenters:
Jacob Clark Blickenstaff, Washington State LASER Program Director, Pacific Science Center
Catherine Allgor, PhD, Nadine and Robert A. Skotheim Director of Education, Huntington Library, Art Collections, and Botanical Gardens
Jeanne Hoel, Associate Director of Education, School & Teacher Programs, Museum of Contemporary Art, Los Angeles
Lorie Millward, Curator of Curiosity and Director of Education, Thanksgiving Point
Maia Kolbeck, Student and Teacher Programs Coordinator, Aquarium of the Bay and bay.org
Moderator:
Keni Sturgeon, Director, Science and Education, Pacific Science Center
Field-wide education standards such as Common Core, NGSS, and other art and science state-based standards have institution-wide implications for institutions. There are a number of ways that museums are integrating standards into specific education programs, but it is important to explore the larger ramifications and opportunities for education-museum alignment. This session includes examples of and opportunities for connecting educational experiences to formalized standards. Brainstorming with colleagues, participants will propose ideas for implementing similar approaches in their own institutions.
“Desenvolvimento local: Turismo, Melgaço e Vinho Alvarinho, estudo de caso.”Carina Venâncio
Este documento discute como o turismo pode beneficiar áreas rurais de baixa densidade em Portugal. Primeiro, contextualiza as práticas de turismo, lazer e viticultura, notando como a revolução dos transportes levou ao desenvolvimento do turismo moderno. Em seguida, descreve como o enoturismo pode revitalizar áreas rurais, melhorando suas economias e identidades culturais. O documento analisa como essas práticas se desenvolveram historicamente e como podem promover o desenvolvimento sustentável.
The document outlines the system requirements for various components of Microsoft Dynamics NAV 2016, including the client, development environment, web client, universal app, server, web server components, database, and help server. It provides the minimum supported operating systems, hardware requirements, additional required software such as .NET Framework and SQL Server versions, and browser support for each component.
O grande problema chama se capitalismo e não globalizaçãoGRAZIA TANTA
O documento discute como o capitalismo, e não a globalização, é o principal problema. A globalização é um processo histórico que precede o capitalismo, mas este último o aprofundou e estendeu de forma prejudicial. Uma alternativa é superar o capitalismo através de narrativas e redes internacionais anticapitalistas que promovam a unidade entre os trabalhadores.
The document summarizes a presentation about business networks from the perspectives of an analyst and a supplier. It discusses how business networks have evolved from EDI networks for document exchange to platforms for collaboration between buyers and suppliers. It notes that while EDI networks still handle most POs and invoices, other networks have strengths in specific industries or functions. Finally, it emphasizes that the future of business networks lies in facilitating broader collaboration between partners on issues like forecasting, logistics, and payments.
La Unión Europea ha acordado un paquete de sanciones contra Rusia por su invasión de Ucrania. Las sanciones incluyen restricciones a las transacciones con bancos rusos clave y la prohibición de la venta de aviones y equipos a Rusia. Los líderes de la UE esperan que las sanciones aumenten la presión económica sobre Rusia y la disuadan de continuar su agresión contra Ucrania.
Saudi Arabia - Emergence of an Innovation Kingdom | An Aranca Special Report ...Aranca
Supported by resilient collaboration between the government, academia, and industry, the Kingdom of Saudi Arabia has laid the foundation for a knowledge-driven economy. Innovation-led strategic transformation is underway in the Kingdom and is likely to be the foundation of the next wave for economic and social progress.
(Pestle Analysis 15)PESTLE Analysis of Saudi Arabia and Jus.docxaryan532920
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Pestle Analysis 15
)
PESTLE Analysis of Saudi Arabia and Justification Introduction:
See appendix 1Political Factors
The King leads Saudi Arabia, and the government is a constitutional monarchy, where the Sunnah and the Quran are the Constitution of the country (Dawn 2010). The KSA (Kingdom of Saudi Arabia) is the leading players in the Middle Eastern politics. Their stature has been built over the years due to their larger geographical size, prestige as the home of Islam where the religion was born, and their strong economy based on their burgeoning oil production industry. These factors have combined to provide a strong political environment in the country led by the King (BBC 2017). At present, the country has gone through a political transformation under the young prince who plays a major role in policy development, Mohammed bin Salman (Alhussein 2017), who came with Vision 2030 for economic reform and diversification.
Argument/Justification. Australia and Saudi Arabia have a close relationship. This is interpreted in commercial ties. there are both memberships in the G20. moreover, Australia engages with the GCC, that is headquartered in Saudi Arabia (Australian government n.g).
Saudi Arabia is Australia’s second biggest trading partner in the Middle East region. There is significant potential for economic ties to grow, given areas of complementarity in agriculture, education and construction. The launch in April 2016 by the Saudi government of a plan (Vision 2030) for economic reform and diversification also provides potential opportunities for Australian business. The establishment of the Australia-Saudi Business Council in 2013 also supports the promotion of bilateral business ties (Australian government n.d).Economic Factors
Saudi Arabia's economy is one of the strongest in the Middle-East with per capita income of $54,078 in 2016 (Tasch 2017). The majority of the economic strength comes from their oil based economy. The Kingdom possesses around 16 percent of the oil reserves in the world, and they are the largest exporter of oil (Forbes 2016). Their large volume of production has made them one of the most powerful countries in the OPEC. More recently, the Saudi government has started to encourage investment in other industries and investors have been attracted to invest in the Saudi private sector industries such as textiles. The goals of economic diversification have become prominent in the last decade (Kerr 2015).
Argument/Justification. As Australia's second largest market in the Middle East, Saudi Arabia is an important trading partner for Australia(Australian government n.g).. In 2016, the two-way merchandise trade totalled $2.0 billion. Saudi Arabia is also a substantial market for accessories and jewelry(Australian government n.g). .it is the fifth largest country in use of jewelry and spend $323 Malians yearly (Algad 2016). Saudi Arabia's needs are well suited to Australian capabilities. According to U.S Department of ...
Saudi Arabia is one of the top 20 economies in the world and the largest in the Middle East, relying heavily on oil exports which account for 90% of export earnings and 45% of GDP. Ruled by the House of Saud family since 1932, Saudi Arabia has used oil revenues to fund modernization and economic projects to diversify its economy. Under King Abdullah bin Abdul Aziz Al-Saud, who became ruler in 2005, the private sector has expanded and now accounts for 48% of GDP, with sectors like construction and telecommunications growing rapidly. Saudi Arabia is also working to develop renewable energy, health care, tourism, and infrastructure through large government investments to reduce reliance on oil over the long term.
Greetings,
Attached FYI ( NewBase Special 16 March 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• Qatar: Energy exports term sales to help Qatar ‘partially shield’ its budget from price fall, says IIF
• UAE :DEWA announces Shams Dubai to regulate generation of solar energy in buildings and connection to its grid Iraq: Egyptian General Petroleum Corporation Farms Into Block 9
• Iraq: Oil majors companies offer to cut 2015 spending
• China’s plan to grow cleaner, but economical difficulties a head
• Oil prices drop again and countries build up inventories
• Oil Falls to 6-Year Low as Dollar Holds Gain; China Shares Rally
• U.S. Seeks More Crude for Strategic Reserve After 2014 Sale
• IEA Sees China, India Filling Strategic Reserves With Cheap Oil
As this daily news periodical is free for you, we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Employment and salary trends in the gulf 2015hvactrg1
- The Gulf region continues stable economic growth despite lower oil prices, with most firms maintaining or increasing employment. Healthcare and education are the fastest growing sectors.
- Governments are increasing pressure on employers to hire more nationals to address high youth unemployment. This nationalization challenge is most significant in Oman and Saudi Arabia.
- Expats continue dominating the workforce but competition from a growing Indian economy and some visa restrictions are posing challenges for employers in attracting talent.
- Pay rises have accelerated in recent years to around 7% on average as firms compete for talent amid rising costs of living, and are projected to increase further in 2015. Oman saw the highest salary growth while construction wages rose the most among
Employment and salary trends in the gulf 2015Sitha Sok
- The Gulf region continues stable economic growth despite lower oil prices, with most firms maintaining or increasing employment. Healthcare and education are the fastest growing sectors.
- Governments are increasing pressure on employers to hire more nationals to address high youth unemployment. This nationalization challenge is most significant in Oman and Saudi Arabia.
- Competition for talent is driving average salary increases across the Gulf to their highest levels since the financial crisis. Construction saw the highest pay rises while healthcare and education saw some of the lowest.
- The UAE remains the most attractive destination for expatriates, though Qatar's popularity is declining. Oman saw more expatriates leaving due to new restrictions on job switching.
An Executive Briefing report that was one of the deliverables required for my International Business final group project: "The Apparel Market of Saudi Arabia: An Untapped and Growing Opportunity for US Firms." Other deliverables included a presentation and an individually written one-page summary of the report.
C
hatham
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Research Paper
Jane Kinninmont
Middle East and North Africa Programme | July 2017
Vision 2030 and Saudi
Arabia’s Social Contract
Austerity and Transformation
Vision 2030 and Saudi Arabia’s Social Contract: Austerity and Transformation
| Chatham House 1
Contents
Summary 2
1. Introduction 3
2. Vision 2030 9
3. The Saudi Social Contract 17
4. Vision 2030: Disrupting the Social Contract? 26
5. Consulting the Public? 37
6. Conclusion 40
About the Author 43
Acknowledgments 44
Vision 2030 and Saudi Arabia’s Social Contract: Austerity and Transformation
| Chatham House 2
Summary
• It is now generally accepted that the rulers and citizens of Saudi Arabia must come to terms with
a future in which oil resources play a far less significant role in the economy than has historically
been the case. This is bound to change the implicit social contract between the government and
its key constituencies.
• Saudi Arabia has a long-term plan – as part of its wide-ranging Vision 2030 strategy – to reduce
the economy’s reliance on oil and the state by boosting investment in the private sector. Vision
2030 essentially continues, in amplified and expanded form, policies that the country has had in
place for some decades. These have had some successes in generating non-oil growth and
encouraging some Saudis to work in the private sector, but implementation has repeatedly fallen
short of the ambitious targets that have been set, with the result that the Saudi economy remains
overwhelmingly dependent on oil-fuelled government spending.
• Vision 2030 is prominently associated with King Salman’s son Mohammed bin Salman – or
‘MBS’ – newly promoted to crown prince as of June 2017. The strategy has helped to brand MBS
as a figure of considerable influence both within Saudi Arabia and internationally. But if it is
seen as unsuccessful, existing criticisms of his individual leadership style are likely to deepen
among those who resent his rapid rise. Personality politics within the royal family could thus
end up being a distraction from the fundamental need to implement economic diversification.
• If the government’s ability to distribute largesse to the population is curtailed for the long term,
it will need to focus on alternative sources of legitimacy. This could mean greater consultation
and public involvement in decision-making, or, perhaps more likely, emphasizing the
importance of royal rule as a bulwark against insecurity, terrorism and chaos, while maintaining
or intensifying an authoritarian model of rule.
• Vision 2030 implies a degree of social liberalization to enable the growth of the entertainment
and tourism industries, as well as extensive reforms to the education system, traditionally a
stronghold of Saudi Arabia’s religious clerics. If followed through, this would transform relations
between the state and its citizens, politically and socially a.
The document provides an introduction to key aspects of KSA (Kingdom of Saudi Arabia) including:
- Demographics such as a population of 28.6 million with high birth rates and life expectancy. Expatriates mainly come from Asia and Western countries.
- The economy relies heavily on oil exports and has diversified into other sectors like telecom and manufacturing. Unemployment is an issue the government is trying to address.
- Local cultural aspects revolve around Islam and tribal traditions. Music and dance styles have roots in ancient traditions while dress follows hijab principles.
Government and economic policies – saudi arabia – january 2017paul young cpa, cga
This presentation looks issues facing Saudi Arabia. The presentation will look at GDP, Financial Services Sector, Government Finances and Foreign Relations.
The UAE has a tightening labor market where 85% of the workforce comes from overseas. It has a population of 9.2 million people, with Emiratis making up only 1 million and expats from places like India, Pakistan, Bangladesh, the Philippines and Western countries making up the other 8 million. Major industries include petroleum, fishing, manufacturing and construction. The job market is affected by rules like employers sponsoring visas and medical tests being required. While jobs are growing, attracting and retaining talent is challenging due to factors like a small local population and competition from other countries. Salaries vary greatly between local, Asian and Western employees.
Emerging Dismal Scenario in Indian Emigration System Leads to Precipitous Slu...Asif Nawaz
Indo-Saudi relation has witnessed upswing during past few decades, reinforcing economic and socio-cultural ties. Beside trade, investment and cultural ties, India enjoys a very special kind of relation with the strongest economy of the Gulf region. Currently, around 3 million plus strong Indian community are living and working in the Saudi Arabia, which is the largest expatriate community in the Kingdom, contributing around 30 per cent of the total expatriates of KSA. In last 10 years (barring 2016), India succeeded in deploying around 7.50 lakh Indian blue collar workers in GCC countries, out of them roughly 3 lakh arrived in KSA. So, there was a considerable growth in the outflow of Indian workers to the region. However, with the emergence of some new phenomena on the India’s side of policy makers since 2014, there has been a constant decline in the outflow of Indian blue collar workers, resulting nearly 50 percent downfall in last two years. This study strived to discover the causes of decline in India’s share of migrants’ employment in the Gulf nations in general and in KSA in particular, while bringing some very striking facts and figures that how this decline did not resemble in other countries which also send workers to the Gulf. Alongside this, the study also explored how and why foreign employers (FEs) were compelled not to hire workers from India but from Pakistan and Bangladesh. The result of the study demonstrated that when we observe India, Pakistan, and Bangladesh together in terms of their share of blue collar workers in KSA, we find that till 2014, India’s share in the oil-rich Saudi Arabia was on average 50 percent, for Pakistan it was 48 percent and for Bangladesh it was merely 2 percent. But, in 2016, within a period of 2 years, India’s share shockingly slumped down to 21 percent, while Pakistan and Bangladesh unexpectedly rose up to 60 and 19 percent respectively. Furthermore, this is not only in the case of Saudi Arabia. If we go country by country, we will find the same situation in almost whole Gulf region. In the end, the study suggests how the serious situation has surfaced on the fate of Indian migrant workers, and tries to fetch the government’s attention to take cognizance of this issue and act swiftly to resolve it as soon as possible for avoiding further downfall of Indian workers in oil-rich Gulf nations.
The research is based on an analytical and investigative study of the data available on websites of India, Pakistan and Bangladesh, which deal with overseas employment’s regulation and statistics. Moreover, to illustrate the argument with more clarity, a number of tables and charts have been drawn with lots of interesting figures.
The GCC is in a fateful economic battle that has troubling cyclical, structural, and systemic components — driven by risks around oil and a disruptive post-pandemic digital world for which it is ill-prepared. Businesses are unravelling as entitlements are withdrawn and regulations rolled back. This paper proposes to reframe relationship between the public and private sectors, rewarding companies that transition from dependency and hopeless business models, while helping govts achieve fiscal sustainability.
Government and economic policies – Saudi Arabia – july 2017paul young cpa, cga
This document provides an overview and analysis of the economic policies and relations between Saudi Arabia and Canada. It discusses key details about each country's GDP, with Saudi Arabia highly dependent on oil exports. The document outlines areas of cooperation between the two countries, such as Saudi doctors training in Canada, but also issues like Saudi Arabia's human rights record. It analyzes the banking sector in Saudi Arabia and Saudi plans to eliminate its fiscal deficit. Finally, it briefly discusses Saudi Arabia's shifting foreign policies in relation to changes in the US and tensions with Qatar.
The document provides an overview of the United Arab Emirates (UAE) economy, including:
1) The UAE has transitioned from a largely undeveloped economy to one with a GDP comparable to industrialized nations due to large oil revenues, which allowed the country to invest heavily in infrastructure.
2) The economy has become more diversified with growing sectors like banking, tourism, and real estate, though oil still accounts for about 30% of GDP.
3) Data on starting a business in the UAE is presented, noting procedures, time, and costs required to formally operate a business.
The Middle East is a treasure trove of jobs and has always been a frontier for the best job opportunities across a wide spectrum of sectors. This Slide presents the current career status in the MIddle East, targeting the career opportunities, country wise status, different recruitment trends and much more.
This document provides an IMF Article IV-style report on the economy of the United Arab Emirates (UAE) in 2013. It summarizes key economic issues including strong stock market performance driven by increased capital inflows, the monetary policy of maintaining a fixed exchange rate with the US dollar, reliance on oil exports for income which could be impacted by declining global demand, and efforts to diversify the economy through growth in non-oil sectors such as tourism and construction projects. While the UAE economy grew rapidly in the 2000s, it was impacted by the global financial crisis and Dubai's real estate market decline. However, the economy has stabilized since through debt restructuring and remains insulated from political instability in the region.
Emiratization is a policy aimed at reducing reliance on expatriate labor and increasing employment of UAE nationals in the private sector through quotas. It was introduced in 2000 and initially focused on the banking and financial sectors. While government jobs provide better benefits, UAE nationals make up only about 2% of the private sector workforce due to perceptions of lower productivity, skills, and English ability among nationals. Emiratization policies have since imposed quotas, fees for employing expats, and incentives for hiring nationals to encourage greater private sector participation.
Nitaqat-- Second Wave of Saudi-isation: Implications for IndiaZakir Hussain
This issue brief provides a pensive insight into the issue of Nitaqat, new labour policy of Saudi Arabia, which talk about limiting the flow of foreign workers, regularize their stay and create employment opportunities for the Saudi labour force. As evident, amid 8 to 9 million foreigners engaged in gainful employment, their own labour force is suffering from high rates of unemployment, including youth, more than 35 per cent. The irony is the policy of the private sector, which employs more than 90 per cent of the foreigners but shy away when there is talk of absorbing the natives. However, Nitaqat is analysed from Indian point of view as well as New Delhi is the largest labour sending country to the Kingdom, more than 2.8 million and they are among the largest lot to be regularized in Riyadh.
Nitaqat-- Second Wave of Saudi-isation: Implications for India
SIMES_INSIGHT_Dec_15_v2
1. SIMES Insight
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SIMES Insight | December 2015 Page 1 of 11
Contents
Saudi Arabia – Moving Beyond Oil......................................................................................................... 2
21st UN Climate Conference................................................................................................................... 6
Reserve Bank of India Keeps Interest Rates Unchanged....................................................................... 7
How the US Federal Reserve Rate Hike Could Affect Singapore........................................................... 8
The United States and Cuba .................................................................................................................. 9
REFERENCES......................................................................................................................................... 10
Disclaimer:
For internal circulation within SIMES only. No part of SIMES Insight may be reproduced in whole or in
part without written permission of SIMES Research and Editorial Executive Committee 2015/16. All
views and opinions reflected in this brief are of authors’ own. Neither SIMES nor SIM are to be held
accountable for the authors’ views.
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Saudi Arabia – Moving Beyond Oil
Saudi Arabia is one of the largest yet least understood economy in the world. Its most popular fact is
perhaps being the world’s largest oil exporter. Over the decade of 2003 to 2013, her profits from oil
exporting almost doubled on the back of a protracted oil boom. At the same time, the country
underwent significant modernisation bringing about prosperity and change to the Saudi society. 4.4
million jobs were created. $450 billion was invested in health, education, and infrastructure. These
boosted living standards and quality of life of Saudi citizens.1
At a time of growing indebtedness across major developed and emerging economies since the 2008
financial crisis, Saudi Arabia has been a rare exception: the Kingdom eliminated national debt and
increased reserve assets to $732 billion, the equivalent of almost 100 percent of her GDP in 2014.1
Today's Challenges: A Changing Energy Market and Demographic Bulge
After those decades of prosperity and change, the Saudi economy faces two critical challenges that
will put the oil and financially rich country to a test.
The first is external and relates to oil, the lifeblood of the Kingdom’s economy. The oil market, having
experienced a boom for a decade, is volatile. Prices dropped about 50 percent during the second half
of 2014, and various forecasters including the International Energy Agency have outlined scenarios
for a more competitive global energy landscape in the near to medium term. Global investment in oil
is set to increase, and new sources of energy supply such as renewable energy and US shale oil,
together with disruptive technologies in the energy sector, mean greater competition for the
Kingdom’s key export and revenue source. These market shifts are already being felt. The Kingdom’s
budget swung from a surplus of 6.5 percent of her GDP in 2013 to a deficit of 2.3 percent in 2014 as
proceeds from oil exports dropped.2
The second challenge is internal and relates to the Kingdom’s demography and the projected
workforce of Saudi nationals. More than half of the Kingdom’s population is younger than 25 years
old, and by 2030 the number of Saudis aged 15 and over – that will make up the workforce – will likely
increase by about 6 million.*1
The number of Saudi women participating in the workforce has been rising, albeit from a very low
base. In 2014, the figure stands at 1.2 million, or 18 percent of the female population of working age.
Of this, 800,000 were employed. This figure doubles that in 2003. However, female unemployment
totals 33 percent, and the participation rate of women, youths (15 percent), and senior adults (35
percent) still lags well behind that of adult Saudi men (65 percent).3 Restrictions on mixed-gender
work environments and on female drivers create unique challenges and barriers to raising female
participation and employment.
*1 In its official statistics, Saudi Arabia’s Ministry of Economy and Planning defines the working-age population as
comprising people between the ages of 15 and 59.
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Another unusual aspect of the Saudi labour force is that foreign workers (largely from India, Pakistan,
and Bangladesh) constitute more than half of the total workforce. They tend to be relatively unskilled
and are paid far less than Saudi nationals. Thus, Saudi Arabia has a track record for low labour
productivity.3
Based on historical trends in participation, McKinsey estimates that this impending demographic
bulge could bring at least 4.5 million new working-age Saudis into the labour market by 2030.3 This
would almost double its size to about 10 million—and more if accompanied by above-trend increases
in female labour force participation. To absorb this influx would require the creation of almost three
times as many jobs for Saudis as the Kingdom created during the 2003–2013 oil boom. There will also
be a growing number of older people to support, which will increase the demands on the country’s
health system and finances.
Transforming the Economy through Increasing Labour Productivity and a Stronger Business
Environment
Increasing Labour Participation and Productivity
Today, 54 percent of the total working-age population in Saudi Arabia is either employed or looking
for work. However, excluding foreign workers, the majority of whom are required to work to stay in
the country, the labour force participation rate for Saudi nationals is only 41 percent, of which 12
percent are unemployed. Only about one-third of the Saudi working age population actually works.*2
Increasing the number of Saudis (including women and youths) who choose to look for work will be
an essential factor in raising Saudi household incomes over the next 15 years.
Increasing Women’s Participation
Women face a number of regulatory barriers to their increased participation in the labour force. The
requirement for all organisations employing women to invest in separate facilities such as working
areas and eating areas, and the ambiguity around what the rules mean in practice and how actively
they are enforced, creates a disincentive to hire women. This is especially the case for smaller
companies, due to the additional cost required to retrofit facilities. In addition, women in Saudi Arabia
have historically been represented by male relatives in executing certain professional transactions,
such as setting up businesses and signing employment contracts. Although some of these policies
have begun to change in recent years, remaining legal obstacles and time lags in implementation of
new regulations continue to discourage participation.*3
*2 The World Bank categorizes countries into low-income, lower-middle-income, upper-middle-income and high-income
segments. Saudi Arabia falls into this latter category of countries with a per capita income above $12,736 annually.
Excluding oil from the economy, however, it would fall into the upper-middle-income category, which also includes such
leading G20 emerging economies as Malaysia, Mexico, South Africa, and Turkey.
*3 The Saudi press has reported on stores being closed for refusing to employ women, for example. Arab News, “90
bridal shops shut for not employing women,” June 8, 2015.
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Other practical barriers to women’s participation are logistical in nature and include limited child care
and transportation options. Today, no formal, high-quality day care system exists in the Kingdom.
This is partly because of restrictive and unclear regulation of the sector, which is governed by multiple
ministries. In a recent survey of 3,000 Saudi men and women, 82 percent of respondents (and 86
percent of women) felt that increased availability of child care would improve women’s ability to
contribute to national development.4 The experience of other countries has borne this out; in one
study in the OECD, an increase in child care coverage was strongly associated with an increase in the
female employment rate.5
Transportation is another obstacle. In Saudi Arabia, women are not allowed to drive, and public
transportation options are limited, although the ongoing construction of new metro transit lines may
create more possibilities. For private transportation, either a driver employed by the household or
taxis, such expenses can consume a substantial share of a woman’s salary, providing a disincentive to
work. Many different government actions could address this challenge, ranging from providing more
public transportation options to loosening restrictions on women driving, to promoting telework.
Increasing Youth Participation
Engaging youths to work is a different challenge. While 62 percent of Saudi youths are in training or
education, only 20 percent are in the labour force, with a comparable number having dropped out of
the system entirely. These dropouts are often labelled as NEETs (not in employment, education, or
training).6 In Saudi Arabia, the current regulatory environment and job market do not create
incentives for young people to work and can actually make it hard for them to do so even if they want
to.
The Kingdom’s education system has a central role to play in upgrading the skills and productivity of
the Saudi workforce. There are three priorities: improving the basic level of education; ramping up
vocational education and training; and improving the flow of young people, including university
graduates, from education to employment. The government will have to provide for more resources
for the teachers (11 to 1 student), who make up 10 percent of overall Saudi workforce.7 The lack of
infrastructure in rural areas where 20 percent of Saudi’s pupils live is the challenge. Another is the
emphasis on academic education rather than a vocational education; a 2012 McKinsey survey showed
that 75 percent of Saudi Arabian youths thought that an academic path was more highly valued by
society than a vocational one. That was the highest proportion of the nine countries surveyed.8
Stronger Business Environment – Even without Oil
While the non-oil private sector is relatively small in Saudi Arabia, it has potential to drive growth.
Already during the 2003–13 period, the non-oil private sector outperformed the economy as a whole,
albeit starting from a low base. It grew at about 10 percent annually, much faster than the overall 6
percent GDP growth rate.3 Between now and 2030, there are opportunities throughout the economy
to supercharge this non-oil growth. The five sectors highlighted here are identified by analysts to have
some of the biggest potential, which could contribute more than 60 percent of the overall growth
needed to double GDP by 2030. The five industries are: mining and metals, manufacturing, and
tourism and hospitality.
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Mining and Metals
They present an opportunity for the Kingdom to develop additional resource and manufacturing
sectors. While reserves are ample, the Mining and Metals sector are still largely underdeveloped.
McKinsey estimates this sector could triple in value addition and potentially create up to 500,000 new
jobs for Saudi nationals.3 To develop the industry, the Kingdom will need to invest more heavily in
exploration and create a competitive ecosystem that allows both public and private sector companies
to thrive.
Manufacturing
Saudi Arabia has a large market for a range of manufactured goods, including automobiles and
electrical and mechanical machinery. As with other countries in the region, its needs for now are
supplied from abroad. The Kingdom has an opportunity to meet a larger share of its domestic
demand, and potentially some regional demand, by leveraging the country’s natural endowments,
and relatively large market size. Already, some private companies are starting to produce locally,
including international firms such as Isuzu, which opened a truck assembly plant in the Kingdom in
2012. To ensure competitiveness in these segments would require a skilled and more productive
workforce, stronger legal and investment protection, and the removal of a range of obstacles that
hinder business, including high import duties, lengthy customs and visa procedures, and gaps in local
supply chains.3
Tourism and Hospitality
Saudi Arabia attracts 10 million to 13 million Muslim visitors to the holy sites of Mecca and Medina
every year, including more than two million during the annual Hajj pilgrimage period. However, the
tourist industry is in decline on the whole; the total number of visitors dropped by 31 percent
between 2004 and 2012 as Saudis preferred to vacation abroad.3 An onerous visa process may also
have discouraged some international visitors. There is potential to develop this industry by reversing
this trend and developing a thriving private-sector leisure tourism industry for Saudis and foreigners
alike that leverages the Kingdom’s long Red Sea coastline, a wealth of archaeological treasures, and
areas of natural beauty. Religious tourism could also be further developed which can cater to tens of
millions more pilgrims each year outside the peak Hajj season. Potentially, the sector could employ
as many as 1.3 million additional Saudi nationals and increase its value-add by more than fivefold.3
Conclusion
In summary, Saudi Arabia has to evaluate its potential segments to develop. The five industries listed
here were deemed the most valuable by analysts. Reader should note that only Economic factors are
evaluated here, implications of societal, political and cultural factors have not yet been accounted
for.
Written by: Helen Su Myat Moe
Edited by: Wang Ming Zhu
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21st UN Climate Conference
COP 21, the 21st session of the Conference of the Parties took place in Paris from November 30, 2015
to December 11, 2015. It was a historical event that involved more than 190 nations gathered
together to discuss a potential new global agreement on climate change. Citizens all around the world
centred their eyes on this momentous conference. The aim of COP 21 was to reduce greenhouse gas
emissions and avoid the threat of global warming from human activities. In conclusion, a 14 page final
draft was reached - with areas of disagreements significantly reduced from 900 to 300.10 However,
the success of the conference can be debated as several key questions have yet to be answered.
Firstly, there were ambiguities regarding whether the warming should be limited to 1.5 or 2 degree
Celsius. 100 poorer countries and low-lying small island states had proposed tougher goals of limiting
the goal to 1.5 amid the largest limit proposed of 2.7 degree Celsius.11
This came about after PM Narendra Modi’s statement stating that developed countries must make
the deepest emissions cuts. Seconding him was President of China, Mr. Xi. Even though 60-65 percent
of the emission now comes from developing countries, the richer countries must still bare
responsibilities for their past emissions. However, arguments were also made that history cannot be
undone. 12
India is still a developing country with 300 million people without access to electricity. The country
will need to increase its coal usage to develop its economy and bring about basic utility. Also, the
undermining disagreement was that India accounts for 3 percent global greenhouse gases compared
to 27 percent for the US. Even after its extended coal usage, India’s emission per person in 2030 will
be 4-5 tonnes per capita, which is still lower than the global average of 6.6 tonnes and significantly
lower than 12 tonnes per capita in 2030 for U.S. and China. However, in accord to the solutions
proposed previously, all countries should contribute equivalently regardless of the country’s
capability to contribute to the global mitigation. PM Modi’s statement counter addressed this unfair
solution, as the burden was being shared disproportionally to reach the 2 degree Celsius target.13
Moreover, past promises have also yet to be fulfilled. In the 2009 UN climate conference in
Copenhagen, the rich economies pledged to provide $100 billion a year in financial support for poor
countries from 2020 to develop technologies and infrastructures to cut emissions. However, the
sourcing and distribution of the money are yet to be decided. Mr. Xi thus emphasized that the richer
countries should honour their commitments made.14
Though the summit had a positive omen, leaders have stressed for a stronger binding agreement.
With all its complexities, global warming can only be solved through global platforms and mitigations.
The success of COP21 will hence be determined with time.
Written by: Sonia Parwani
Edited by: Lim Wei Long
7. SIMES Insight
A Publication by Research and Editorial Committee
Central and East Asia, and Russia │ Europe │ Southeast Asia and Australia │ The Americas
SIMES Insight | December 2015 Page 7 of 11
Reserve Bank of India Keeps Interest Rates Unchanged
On December 1, the Reserve Bank of India (RBI) released its fifth bi-monthly policy statement, in a
widely expected move the RBI kept its key benchmark interest rates unchanged. The policy repo rate
was held at 6.75 percent, Cash reserve ratio (CRR) was maintained at 4.00 percent and the reverse
repo rate was also kept unchanged at 5.75 percent. A customary press conference was held at the
RBI headquarters in Mumbai following the release of the monetary policy statement. Dr.Raghuram
Rajan spoke for less than 3 minutes before the question-and-answer session with the press. He
reiterated on the key considerations of this monetary policy decision which mainly focused on the
RBI’s vigilance on commodity prices, particularly food & energy. The RBI governor also mentioned the
effects of the 7th pay commission review on aggregate demand & fiscal spending, recommendations
from which will be implemented on January 1, 2016.
Inflation Expectations
Consumer price index (CPI) Inflation has been rising in line with the RBI’s expectation of 5.8 percent
by January 2016. Dr. Rajan has said that he expects that inflation will rise until December 2015 and
plateau thereafter reaching 5.00 percent by March 2017. Currently, October’s CPI inflation stands at
5.00 percent, a marked increase from August’s CPI inflation rate of 3.66 percent. Thus, it is evident
that despite its accommodative stance the RBI would be reluctant to award the market with more
rate cuts given its expectation of rising inflation and commodity prices. The RBI is also monitoring
geopolitical developments in oil-producing regions which may have adverse effects on the supply of
oil.
Transmission Issue
Since the RBI started cutting rates this year, the repo rate has gone down by a total of 125 basis
points. However, the median base lending rate of commercial banks has been reduced modestly by
60 basis points. Thus, the full benefits of the RBI’s monetary easing have not been transmitted to the
consumers. Currently, Indian commercial banks are engaged in a process of cleaning up their balance
sheet. Once this ritual is completed, banks will begin fresh lending, allowing greater transmission of
rates and further increasing money supply.
A major takeaway of the fifth bi-monthly monetary policy statement was that it has clearly shown
that there is still room for more monetary easing. This is evident from the bigger-than-expected rate
cut of 50 basis points from the previous monetary policy statement, which has remained largely
unchanged. This leaves the possibility of future rate cuts widely open, delighting those on Dalal Street
as the Sensex closed, to jubilant cheers, at 26,169.41 points above the trading day’s low of 26,121.52
points, reaching a high of 26,246.02 point on the same day.
Written by: Anish Mishra
Edited by: Alda Poon
8. SIMES Insight
A Publication by Research and Editorial Committee
Central and East Asia, and Russia │ Europe │ Southeast Asia and Australia │ The Americas
SIMES Insight | December 2015 Page 8 of 11
How the US Federal Reserve Rate Hike Could Affect Singapore
On December 17, 2015 at 0300 SGT, the US central bank announced its decision to raise its benchmark
federal funds rate by 25 basis points to 0.25 to 0.50 percent. It was the first rate hike since June 2006
where the rate was increased from 5 to 5.25 percent.16 The rate hike has many significant implications
to Singapore and the rest of the world.
(10 year chart of the US Fed Funds Rate)
Source: http://www.tradingeconomics.com/united-states/interest-rate
The widely anticipated rate hike by the US Federal Reserve has generated a large capital outflow from
emerging markets. Investors have already withdrawn a net US$500 billion from emerging markets in
2015, the first annual outflow in decades.1 Investors are questioning the health of emerging markets
given the large capital outflows. Capital flows are important for investments, trade and business
production in the country.
It is widely expected that Real Estate Investment Trusts (REITS) will be negatively impacted once rates
rise, with some being more vulnerable than others. REITS are typically heavily geared and have very
high dividend payouts. Some REITS will face a contraction of -0.5 percent to -1.00 percent.
Distribution per Unit (DPU) while REITS that are more financially stable could only see a marginal
contraction of -0.2 percent DPU.17 Distribution per unit is the amount of dividends given for every
share of REIT.
Many analysts anticipate that the Singapore dollar will fall against the US dollar, making Singapore
exports cheaper and more attractive to international customers.18 However, a key factor that would
affect exports is the demand from China. China being one of Singapore’s main export partners, plays
a critical role in foreign trade.19
Written by: Mark Yaohua
Edited by: Wang Ming Zhu
9. SIMES Insight
A Publication by Research and Editorial Committee
Central and East Asia, and Russia │ Europe │ Southeast Asia and Australia │ The Americas
SIMES Insight | December 2015 Page 9 of 11
The United States and Cuba
Source: Flickr/Day Donaldson
Background of the US-Cuba Relationship
U.S. and Cuba’s relationship had been severed during the Cold War. After Fidel Castro successfully
overthrew Fulgencio Batista, the elected President of Cuba and dictator in 1959, he improved trade
relations with the Soviet Union but nationalized the U.S.’ properties and imposed higher taxes on its
imports. As retaliation, Washington banned nearly all imports into Cuba and then President, John F.
Kennedy, further expanded this by a full economic embargo. By 1961, the US had severed diplomatic
ties with Cuba.20
Restoration of the US-Cuba Relationship
On December 17, 2014, the unexpected happened and took the world by surprise. President Barack
Obama and Raúl Castro, Cuba’s President, announced that both countries would restore diplomatic
relations.
A year on, the embargo against Cuba has still not been lifted. Americans are still unable to invest in
Cuba or visit the country as tourists. Companies caught having business dealings with Cuba are heavily
fined. There were only 100 imports into Cuba despite the order issued by the Obama administration
including exports of building materials, car parts and farm machinery into Cuba’s private sector.
Currently, many Cuban businessmen import goods into their home country illegally through their
travelling baggage. It seems like the embargo would not be lifted until the 2016 elections in the US.
Also, lobbying by corporations is required, together with changes in Cuba to encourage the lifting. 21
Written by: Chong Qian Ni
Edited by: Anuj Sehgal
10. SIMES Insight
A Publication by Research and Editorial Committee
Central and East Asia, and Russia │ Europe │ Southeast Asia and Australia │ The Americas
SIMES Insight | December 2015 Page 10 of 11
REFERENCES
Saudi Arabia – Moving Beyond Oil
1. Primary Research: by McKinsey Global Institute Analysis
http://www.mckinsey.com/insights/growth/moving_saudi_arabias_economy_beyond_oil
2. World Economic Outlook, IMF, October 2015.
3. Central Department of Statistics and Information, Saudi Ministry of Economy and Planning.
4. Al Sayedah Khadijah Bint Khuwailid Center at the Jeddah Chamber of Commerce and Industry Poll
of 3,000 Saudi Females and Males, 2013.
5. Olivier Thévenon, Drivers of Female Labor Force Participation in the OECD, OECD Social,
Employment and Migration Working Paper No. 145, May 2013.
6. Women, Business and the Law 2016: Getting to Equal, World Bank September 2015.
7. Saudi Ministry of Education
http://www.saudinf.com/main/c6h.htm
8. Education to Employment: Designing a System That Works, McKinsey & Company, 2012.
9. G20 Employment Plan 2014—Saudi Arabia, G20 Leaders’ Summit, Brisbane, November 2014
21st UN Climate Conference
10. Everything You Need to Know About the Paris Climate Summit and UN Talks
http://www.theguardian.com/environment/2015/jun/02/everything-you-need-to-know-about-the-
paris-climate-summit-and-un-talks
11. What Is Climate Change?
http://www.bbc.com/news/science-environment-24021772
12. Why We Need the Next-To-Impossible 1.5°C Temperature Target
http://www.theguardian.com/environment/climate-consensus-97-per-cent/2015/dec/30/why-we-
need-the-next-to-impossible-15c-temperature-target
13. Why India Has a Point at the Paris Climate Talks
http://time.com/4138055/india-paris-talks-climate-change/
14. COP21: Fine Words but Divisions Run Deep
http://www.bbc.com/news/science-environment-34969276
11. SIMES Insight
A Publication by Research and Editorial Committee
Central and East Asia, and Russia │ Europe │ Southeast Asia and Australia │ The Americas
SIMES Insight | December 2015 Page 11 of 11
Reserve Bank of India Keeps Interest Rates Unchanged
15. RBI Fifth bi-monthly monetary policy statement
https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=35595
How the US Federal Reserve Rate Hike Could Affect Singapore
16. The Fed's Historic Rate Hike: What You Need to Know in 6 Points
http://www.straitstimes.com/business/economy/the-feds-historic-rate-hike-what-you-need-to-
know
17. Here's How Rate Hikes Will Impact Singapore's Largest REITs
https://sg.finance.yahoo.com/news/rate-hikes-impact-singapore-largest-072000856.html
18. Can the Stronger Greenback Revive Singapore's Flailing Exports?
https://sg.finance.yahoo.com/news/stronger-greenback-revive-singapore-flailing-063400944.html
19. Singapore Exports
http://www.tradingeconomics.com/singapore/exports
The United States and Cuba
20. U.S.-Cuba Relations
http://www.cfr.org/cuba/us-cuba-relations/p11113
21. Lots of Diplomacy, Not Many Dollars
http://www.economist.com/news/americas/21679835-fruits-historic-year-united-states-and-cuba-
lots-diplomacy-not-many-dollars
Email: economic@mymail.sim.edu.sg
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