Very few private sector firms in Saudi Arabia have plans to follow a recent Royal initiative and pay Saudi nationals a special bonus, according to a new survey conducted by Mercer, a global human resources and investments consultancy.
Private sector job creation and maintaining an inclusive labour market are crucial to achieve long term fiscal sustainability in the GCC countries, a report said.
Fiscal pressures on GCC economies are mounting with dropping oil pr
Saudi Arabia's economy is likely to grow 4.6 percent this year, more than previously estimated, helped by a robust performance of the private sector, the International Monetary Fund said.
"Private sector growth is expecte
The Saudi Arabian non-oil private sector continued expansion during June, with output growth quickening to a 26-month high, a report said.
New business from abroad also improved, albeit at a slower pace than total new orders, said
A high-level workshop organised by the World Economic Foundation (WEF) on "creating a supportive environment for private sector growth" was hosted yesterday by the Economic Development Board (EDB).
Attended by around 30
The International Monetary Fund's forecast for Saudi Arabia's economic growth of 4.4 percent this year is reasonable and achievable, the country's central bank governor Fahad al-Mubarak said on Sunday.
"We see tha
The Gulf Arab States need to create a massive 600,000 jobs by 2018, just to maintain a credible percentage of nationals working in the private sector, according to the International Monetary Fund (IMF).
The regional private sector
Saudi Arabia has doubled the number of its citizens working for private companies in the 30 months since it introduced wide-ranging reforms to tackle long-term unemployment, Labour Minister Adel Al-Fakeih said.
Policy makers fear
Saudi Arabia needs to strengthen its private sector to satisfy demand for jobs by its young population and reduce its dependence on oil exports, said a senior International Monetary Fund official.
The world's top oil exporter