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أدوات الموضوع | التقييم: | انواع عرض الموضوع |
#1511
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رد: Saudi Arabia Economical and other News
Tourism Create 1.3 million jobs for Saudis Statistical and survey studies conducted by the Tourism Information and Research Center of the Saudi Commission for Tourism and National Heritage (SCTNH) showed that the tourism sector is one of the largest job-generating economic sectors. It ranks second in terms of providing jobs to Saudis after the banking sector, according to a report in Aleqtisadiah, a sister publication of Arab News. Job nationalization ratios in the sector exceeded 28 percent, indicating that the direct job opportunities in the tourism sector until the end of 2015 amounted to 841,000 jobs, while indirect jobs amounted to 420, 000, bringing the total to 1.261 million jobs. The studies forecast, according to the working paper submitted by Nasser bin Abdulaziz Al-Nashmi, director general of the National Center for Tourism Human Resources Development (Takamul) in Jeddah, at the Human Resources 2016 forum, that jobs will reach more than 1.182 million direct jobs and 591,000 indirect ones, a total 1,773,546 jobs by the end of 2020. Al-Nashmi stressed the fact that the initiative of SCTNH to establish an integrated center came to found a regulatory and supervisory body on education, training and employment in the tourism sector, and aimed to develop national tourism manpower capable and qualified to work in the sector. He stated that these figures were achieved through joint efforts supported by more than 100 agreements and memorandums of cooperation that address mostly the development and rehabilitation of national cadres to work in the tourism and national heritage sector. He noted that joint work and efforts are ongoing to reach the objectives set in the National Transformation Plan 2020. The Takamul general manager noted the executive regulations recently issued by SCTNH to organize work in the tourism and national heritage field, explaining that Takamul participated in the preparation of such regulations through the inclusion of articles that mandate the tourist accommodation facilities, and travel and tourism agencies, to nationalize leadership jobs, allowing a grace period ranging from three to four years according to the title mentioned on the list. “The next step for Takamul will involve cooperation efforts with the Ministry of Labor and Social Development to launch the job Saudization program directed toward a number of tourism professions,” said Al-Nashmi. His working paper cited the center’s efforts and accomplishments in the areas of professional standard setting and building training packages for careers in the tourism and national heritage field, and in the scholarship program for national competencies to study tourist specialties through the King Abdullah Scholarship Program. The paper also addressed the issue of supporting and stimulating the establishment of colleges and departments and institutes for tourism and for advanced training centers in the public and private sectors. The number of tourism training and education facilities in the Kingdom by the end of 2016 reached 44 facilities, which served more than 4,000 students and trainees, compared to only 12 facilities in 2002. On the training and development side, Al-Nashmi reviewed in his paper the efforts of Takamul in the preparation and implementation of more than 350 programs until the end of October this year in the areas of training, education and professional knowledge, and skills development for employees in the tourism sector, or the other relevant tourist service sectors, where the number of beneficiaries of those programs amounted to 7,200 men and women. The paper also reviewed the initiatives to be launched by the beginning of 2017 aiming at supporting professional awareness and familiarizing the public on the promising future for careers in the tourism and national heritage field. Source: Arab News
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#1512
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رد: Saudi Arabia Economical and other News
Zain Saudi CEO shrugs off Mobily provision impact on net income Zain Saudi’s net income is unlikely to be hurt by the SAR 219.5 million it was ordered by an arbitration panel to pay Etihad Etisalat Co. (Mobily) as the telco has already made provisions for it, CEO Hassan Kabbani said on Sunday in a statement seen by Argaam. The telco has always said that the dues it owes Mobily are much less than the telco’s SAR 2.1 billion claims, he pointed out. Zain was ordered on Thursday by an arbitration panel to pay SAR 219.5 million to the kingdom’s second-largest telecom operator to settle a long-running dispute between both operators. Mobily in 2008 had signed an agreement with Zain Saudi to provide site-sharing and domestic roaming services, Argaam earlier reported. Mobily has been in arbitration with Zain, the kingdom's third-largest operator, since 2014. Zain had repeatedly denied Mobily’s claims, adding that it only owed the company around SAR 13 million. Source: Argaam
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#1513
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رد: Saudi Arabia Economical and other News
MOL deposits social insurance funds The Ministry of Labor and Social Development deposited social insurance money to 70 percent of families on social insurance. A source said the General Organization for Social Insurance had suspicions of shadow accounts and more and more social insurance recipients were complaining that they were not receiving their monthly social insurance. “The ministry reported there is a total of 852,000 families living on social insurance. The ministry had to step in and compensate for 650,000 families on social insurance. There are still 200,000 families awaiting compensation,” said the source. The source also said there are 81,360 social insurance recipients in Makkah Province, 54,860 recipients in Riyadh and 54,500 recipients in Eastern Province. “There are 50,890 recipients in Asir, 41,700 in Jazan, 29,420 in Madinah, 21,430 in Hail, 18,480 in Qassim, 14,560 in Najran, 12,230 Tabuk, 11,700 in Jouf, 10,100 in the Northern Border and 8,340 in Baha,” added the source. Labor and Social Development Social Insurance Agency Deputy Minister Naif Al-Subhi said the families that received their social insurance have updated their status. “Shadow accounts are not linked to the recipient in any way as there is no identity card registered or any record of the recipient linked to the account. Recipients of social insurance complained about the delay in receiving their social insurance number and ID,” said Al-Subhi. He also said the ministry is depositing social insurance funds to the recipients’ bank account directly. “Recipients will not have to have a separate ID number and account for social insurance funds. All funds will be directly deposited to their bank account,” said Al-Subhi. Source: Saudi Gazette
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#1514
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رد: Saudi Arabia Economical and other News
Saudi Finance Minister "very optimistic" on 2016 budget gap Saudi Arabian Finance Minister Mohammed Al Jadaan said on Thursday that he was optimistic about efforts to cut a huge state budget deficit caused by low oil prices. Asked by reporters if the deficit for this year, which is expected to be announced late next month along with the 2017 budget plan, would be lower than originally planned, Jadaan said it was too early to say but he was personally very optimistic. "I have just been appointed a week ago and am now looking into many files - the budget, contractor payments and other files ... I am very optimistic," said Jadaan, who took over the finance ministry at the end of last month. The original budget plan for 2016 envisaged a deficit of 326 billion riyals ($87 billion), after a deficit of 367 billion riyals in 2015. But some local analysts now expect this year's deficit to come in well below that projection, because of drastic cuts in state spending and delays by the government in paying debts that it owes to the private sector, particularly construction firms. Jadaan, speaking on the sidelines of an economic conference, reiterated that the government intended to make all delayed payments to the private sector "as soon as possible". Delayed payments are estimated to total a "significant amount of billions" of dollars, he said. Some private analysts have calculated they may total tens of billions of dollars. Jadaan also said he would work on making the finance ministry's handling of the state budget more clear and transparent. He was speaking on the sidelines of the inaugural meeting of a new committee formed by the six-nation Gulf Cooperation Council, which groups the region's wealthy Arab oil-exporting states. The Committee for Economic and Development Affairs discussed ways to cooperate in diversifying economies and developing non-oil industries, said an official statement from the meeting, which was attended by economic and energy officials from GCC countries. Source: Reuters
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#1515
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رد: Saudi Arabia Economical and other News
Al Falih: OPEC production cut imperative Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said it was “imperative” that OPEC nations finalize an agreement over a cut in oil production aimed at boosting crude prices, Algerian media said Sunday. Al-Falih met his Algerian counterpart on Saturday and called on OPEC members to stick to the surprise cut deal, reached in Algiers in September. “In this period marked by unstable oil prices it is imperative to reach a consensus between OPEC nations and to agree on an effective mechanism and precise figures to activate the historic Algiers accord,” Al-Falih was quoted as saying by Algeria’s APS news agency. The September meeting of OPEC members produced an agreement to cut the output by 750,000 barrels per day, according to Bloomberg News. Oil rose on news of the deal, but crude prices are still more than 50 percent lower than their mid-2014 levels. The accord still needs finalizing by Nov. 30, when OPEC nations will meet in Vienna. Al-Falih said he was “optimistic” that the agreement would come into effect. OPEC officials said in September that the group would aim for a combined output of 32.5-33 million barrels per day. Source: Saudi Gazette
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#1516
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رد: Saudi Arabia Economical and other News
Saudi Arabia restricts SME market to professional investors Saudi Arabia will restrict investment in its planned bourse dedicated to small and medium-sized businesses to professional investors, according to draft rules published on Thursday by the Capital Market Authority (CMA). Announced in April and expected to go live in early 2017, the market is a bid to improve access to capital and encourage better corporate governance in a country whose economy is dominated by family businesses, many of whom have been reluctant to cede any kind of control to outsiders. Investment in these companies will only be permitted by qualified investors, such as local and international investment firms and government bodies, according to the document. Much of the trading on Saudi's main market is dominated by retail investors, even though foreign institutions were allowed to buy directly on the market from the middle of last year. In May, then-CMA Chairman Mohammed al-Jadaan, who was made finance minister this week, said certain restrictions would be put in place to ensure only investors who understood the risks could buy into the SME market. Among the mechanisms to encourage firms to list on the SME market is a minimum capital requirement of 10 million riyals ($2.67 million), significantly below the 100 million riyal floor for listing on the main market. Companies will be required to list upwards of 20 percent of the share capital and have at least 50 public shareholders, although an exception will be granted by the regulator if it is considered "appropriate". The document did not elaborate. Those firms wanting to list on the SME market must have financial records and been operating for at least one year. Firms wishing to list on the main market must have a minimum of three years of accounts. Transitioning to the main indice is possible after a minimum of two years listing on the second market, the document added. No indication was given in the draft rules of whether small companies already traded on the existing bourse would be allowed to, or forced to, transfer to the second market. Small-cap firms are among the most heavily traded on the Saudi exchange as they are targeted by retail investors aiming to make a quick profit. A consultation process for the draft rules will now run until Nov. 14, according to the stock market announcement of the draft rules. Source: Arabian Business
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#1517
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رد: Saudi Arabia Economical and other News
GCC labor officials discuss uniform law for protection of disabled The preparatory meeting for the 33rd session of the ministers of labor and social affairs from the six-member Gulf Cooperation Council (GCC) held here Sunday discussed a number of key issues including a uniform law for the protection of persons with disabilities and a coordination body for joint charity work in the Gulf region. Undersecretaries of the ministries of labor and social development opened the preparatory meeting, while the 33rd meeting of the minsters will officially open Tuesday in Riyadh to discuss the joint strategy on labor and social development as well as conditions of foreign workers in the region, a senior official from the Saudi Ministry of Labor and Social Development told Arab News. Labor and Social Development Minister Mufrej Al-Haqabani heads the current session of the GCC labor and social affairs ministers’ council. Commenting on the agenda during the preparatory meeting, Khalid Aba Al-Khail, spokesman for the Ministry of Labor and Social Development, said: “Undersecretaries of the ministry of labor and social affairs from member states met here at the GCC general secretariat, and will resume discussions on Monday on a number of topics including a unified draft law on the protection of disabled people.” They will also discuss important issues, such as “how GCC citizens residing in any member country would benefit from social services provided by the country to its citizens,” he said. The GCC as a common market will also be discussed, he pointed out, saying the officials will also discuss a uniform system for voluntary work in addition to a proposal presented by Bahrain on the formation of a coordination body for joint charity work. Moreover, a GCC unified strategy for social development and objectives of sustainable development for 2030, and mechanisms for implementation of recommendations of a GCC youth workshop in the social field are also under consideration for the meeting, he said. GCC officials will also discuss resolutions of the previous sessions of the GCC Supreme Council on Social Affairs, which fall within the jurisdictions of the GCC ministries of labor and social affairs. They will further explore how to put the GCC organizations and offices under the umbrella of the GCC General Secretariat, under the supervision of the GCC Ministerial Council and other committees in charge of GCC organizations and offices, which will help rationalize spending and avoid duplicity. It is also expected to ensure smooth work of GCC organizations and their integration into GCC joint efforts for common benefits, the spokesman said. The current meeting of the labor ministers will honor GCC companies, which played a leading role in the nationalization of the jobs in the GCC countries, and owners of distinguished small-scale enterprises in the member countries. The outcome from the meeting will help activate common working mechanisms and help achieve the requirements of the Gulf labor market. Source: Arab News
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#1518
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رد: Saudi Arabia Economical and other News
CMA amend rules for losing listed companies
The Saudi Capital Market Authority (CMA) has issued an amendment to the “Procedures and Instructions Related to Listed Companies with Accumulated Losses Amounting to 50% or More of its Share Capital”, which has been implemented since July 1, 2014. As amended, it is now called “Procedures and Instructions Related to Listed Companies with Accumulated Losses Amounting to 20% or More of its Share Capital”. The amended procedures and instructions includes adding a flag beside the company’s name on the Saudi Stock Exchange (Tadawul) website to indicate when a company’s accumulated losses amount to 20% or more and less than 35% of its share capital, when accumulated losses amount to 35% or more and less than 50% of its share capital, and when the accumulated losses of a company amount to 50% or more of its share capital. The CMA also clarified that the current Procedures and Instructions Related to Listed Companies with Accumulated Losses Amounting to 50% or More of its Share Capital will continue to be applicable until the new instructions take effect starting from April 22, 2017. In addition, the CMA clarified that paragraph (k) of Article (5) of the currently applicable procedures requires delisting company’s shares with accumulated losses amounting to 100% or more of its share capital after the elapse of two full financial years, each of which is not less than 12 months, without improving its position by reducing its accumulated losses below 75% of its share capital or not reflecting operating profits and positive operating cash flows for the last financial year. Paragraph (k) of Article (5) in the currently applicable procedures will be applied to listed companies with accumulated losses amounting to 100% or more of its share capital and which will complete two financial years by the end of 2016 without improving its position by reducing its accumulated losses below 75% of its share capital, when it publishes its annual financial results for 2016. The amendment on these procedures is consistent with the provisions included in Article (150) of the new Companies Law. This article included the procedures required to be taken when the accumulated losses of a company amounts to 50% or more of its paid capital. The procedures are as follows: • Any company official or the auditor must inform the Chairman of the Board of Directors immediately upon his knowledge that the company›s accumulated losses reached 50% of its paid capital. • The Chairman of the Board must inform the Board members immediately. • Within 15 days of the Board›s knowledge of such losses, the Board must call for convening of the extraordinary general assembly within 45 days from the date of their knowledge of the losses. • The extraordinary general assembly must decide to either increase or decrease the company›s capital – in accordance with the Companies Law and other related laws and regulations- to the degree where the percentage of losses would decrease below 50% of the paid capital, or to dissolve the company before the prescribed date in its bylaws. In addition, according to the Companies Law, the company will be deemed dissolved by force of law in any of the following cases: • If the extraordinary general assembly does not convene during the specified period above. • If a meeting was held but failed to issue a resolution on the matter • If it decided to increase the capital in accordance with the above but not all capital increase was subscribed for within 90 days from the issuance of the extraordinary General Assembly›s resolution to increase the capital. The CMA reiterates that listed companies with accumulated losses amounting to 50% of its share capital should take advantage of the prescribed period in Article 224 of the Companies Law to improve its position, since this period will end on April 22, 2017. Source: Arab News
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#1519
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رد: Saudi Arabia Economical and other News
Fatimah Salem Baeshen added that Vision 2030 has become “a source of inspiration for all Saudis JEDDAH: Saudi Arabia’s Vision 2030 has begun to transform the way government institutions operate in the Kingdom, streamlining operations and altering the structure of various departments, according to Fatimah Salem Baeshen, spokesperson for the Saudi Embassy in Washington. She added that Vision 2030 has become “a source of inspiration for all Saudis as it represents all Saudis.” She highlighted the benefits Vision 2030 has already had for Saudi women, and on development and modernization in the Kingdom. Source: Arab News November 3, 2018 Arab News November 03, 2018 22:39 22
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#1520
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رد: Saudi Arabia Economical and other News
RIYADH: Saudi Arabia’s King Salman held talks with the King of Bahrain Hamad bin Isa Al-Khalifa at Auja Palace in Riyadh on Saturday, in which they discussed relations between the two countries and the situation in the Middle East.
Several ministers were also in attendance, including the Saudi Arabian foreign minister Adel Al-Jubeir, the governor of Riyadh region and the deputy prime minister.
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