RIYADH: The Red Sea Development Co. has partnered with Saudi Human Resources Development Fund to provide vocational training for 1,000 nationals — its second batch of students — to encourage a thriving tourism industry in the region.
The partnership comes close on the heels of TRSDC’s first vocational training program, which granted diplomas to 500 Saudis across various fields such as hospitality management, culinary arts, airport services, mechanical engineering, electrical engineering and renewable energy.
“Through this partnership, we will be creating a substantial pool of qualified professionals with the skills and resources needed to establish a new and successful tourism industry in the Kingdom,” said TRSDC CEO John Pagano.
Fadi Al-Aseri, TrsDC education director
According to TRSDC Education Director Fadi Al-Aseri, the second vocational training program seeks to empower young Saudis by creating economic and educational opportunities to achieve their full potential.
The company received 31,435 applications, and only 1,106 were approved. As part of the selection process, the applicants had to clear an English placement test and a psychometric assessment.
“More than 600 students are currently enrolled in educational programs at both diploma and bachelor levels in priority fields for the Kingdom such as renewable energy and hospitality,” Al-Aseri told Arab News.
Besides Saudi Human Development Fund, TRSDC has also tied up with Higher Institute for Water & Power Technologies on the technical services front. Furthermore, it partnered with Bunyan for Hospitality Training Co for courses on luxury and hospitality. The company is also in partnership with the Saudi Academy for Civil Aviation and King Abdulaziz University Faculty of Tourism to skill students in airport services.
According to a company statement, of the 200 seats allocated for the technical services track, 100 percent were filled by men. In comparison, 170 seats in the hospitality track constituted 53 percent women and 47 percent men. The airport track filled 130 seats with 31 percent women and 69 percent men.
In Al-Aseri’s view, TRSDC has built an educational foundation by aligning with the Kingdom’s Vision 2030 blueprint and opened doors for professionals to succeed in challenging fields. He further added that locals constitute over 50 percent of enrolled students.
“Localizing, retaining knowledge and fostering empowerment results in immediate social and economic benefits for local communities,” said Al-Aseri.
The company, in affiliation with the University of Prince Mugrin and EHL Business School, also offers scholarships for graduate students to study international hospitality management and provides job opportunities upon graduation.
“TRSDC’s educational programs are designed based on a solid needs analysis that identifies future project vacancies and requirements, as well as a market analysis,” added Al-Aseri.
As a result, the company works with several internal and external partners to ensure complete alignment, including leading private and public educational institutions, government entities and ministries, operators within the destination, and other sister giga projects, he said.
An excellent example is the company’s collaboration with KAUFT, aviation regulator SACA, and airport operator Daa International, where students prepare for hospitality and airport studies to fill the increasing demand for skilled professionals at the Red Sea Airport. “This program is the first of its kind,” Al-Aseri said.
In addition, the program supported establishing a new hospitality school in Bunyan, a training academy at King Abdullah Economic City where future hoteliers study the essentials of luxury hospitality. The program is conducted in a state-of-the-art facility and is accredited by École hôtelière de Lausanne.
The company’s alliance with HIWPT offers three distinct technical tracks in collaboration with ACWA Power, a strategic partner in powering the project with renewable energy only.
“We believe TRSDC’s vocational training students will serve as catalysts in running the groundbreaking luxury, regenerative tourism destination, putting Saudi Arabia on the global tourism map and helping it follow its ambitious plans to become a world leader,” Al-Aseri said.
The vocational training program at TRSDC continues to impact the lives of all involved, including students, staff, service providers, future guests, and local communities, as well as the Vision 2030 and the Kingdom as a whole, he concluded.
RIYADH: Saudi Arabia's Minister of Environment, Water and Agriculture has announced the allocation of SR105 billion ($40 billion) for water projects within the five-year capital portfolio of the environment, water and agriculture system.
The five-year capital portfolio includes 1,335 projects, Saudi Press Agency reported, citing Abdulrahman Al-Fadley.
He added that the allocated amount represents the cost of the first package of the projects listed in the water sector.
In line with the national water strategy, this comes as part of the Kingdom’s efforts to improve services of the environment, water and agriculture system and maximize the utilization of sources and assets.
RIYADH: According to flash estimates by the General Authority for Statistics, real gross domestic product of Saudi Arabia increased by 11.8 percent in the second quarter of 2022 from a year ago.
The growth was mainly driven by the increase in oil activities by 23.1 percent.
Non-oil activities grew by 5.4 percent, and the government services activities by 2.2 percent.
RIYADH: Saudi stocks opened the week in positive territory on the back of rising oil prices and solid company earnings.
This is despite a 0.75 percent interest rate hike by the Gulf Cooperation Council's central banks last week.
The main index, TASI, started 0.62 percent higher at 12,155, while the parallel market, Nomu, started flat at 20,958, as of 10:08 a.m. Saudi time
The Kingdom’s largest valued bank, Al Rajhi, was up 0.89 percent, after its net profit rose 12 percent, hitting SR8.4 billion ($2.2 billion) in the first half of 2022.
Saudi National Bank, the Kingdom’s largest lender, added 0.57 percent, following the news last week that its net profit nearly doubled in the first half.
Saudi British Bank, which was voted the best bank in 2022, added 0.95 percent, while the Kingdom oil giant Aramco started the day 0.13 percent higher.
Saudi-listed Nama Chemicals Co. increased 0.81 percent after it saw its profit jump by 207 percent in the first half of 2022 to SR60 million.
SABIC Agri-Nutrients Co. rose 2.86 percent, leading the gainers, while City Cement Co. was down 0.79 percent, leading the fallers.
United Cooperative Assurance Co. edged up 2.62 percent last week, erasing some of its losses from last week.
Brent crude ended Friday at $103.97 a barrel, while West Texas Intermediate settled at $98.62.
RIYADH: Gold bounced to a fresh multi-week peak on Friday with its safe-haven allure getting a fillip as the dollar gave up initial gains following another jump in US inflation, with the current price range also seemingly attracting bids for bullion.
Spot gold is currently priced at $1,765.94 per ounce, while US gold futures are settled at $1,781.80.
Chicago soybeans rallied on Friday and were set for their biggest weekly rise in 22 years as forecasts of hot and dry weather in the US Midwest raised supply concerns, while strong soymeal demand added support.
Corn made its biggest weekly gain in nearly five months, while wheat finished the week higher after two weeks of decline.
The Chicago Board of Trade’s most-active soybean contract Sv1 added 27-3/4 cents to $16.37 a bushel, climbing 11.99 percent, its biggest weekly climb since July 23, 1999.
CBOT’s most-active corn added 1 cent to $6.20 a bushel, making its biggest weekly rise since March 4, while wheat fell 9-1/4 cents to $8.07-3/4 a bushel.
Copper prices touched their highest levels in three weeks on Friday amid renewed supply concerns and after US central bank authorities signaled slower interest rate rises.
The metal mainly used in power and construction has a tight supply backdrop, with inventories sliding and miners scaling back production plans.
Three-month copper on the London Metal Exchange settled up 2 percent to $7,917.50 a ton on Friday, its highest since July 8.
China approves trading of some soybean and soyoil options
China’s securities regulator has approved the trading of some soybean and soyoil options on the Dalian Commodity Exchange, it said on Friday.
Trading will begin on Aug. 8, the China Securities Regulatory Commission said in a statement.
(With input from Reuters)
RIYADH: Saudi stocks settled higher on Thursday, following a 0.75 percent interest rate hike by the Gulf Cooperation Council's central banks on Wednesday.
The rise was bolstered by banking stocks after posting strong earnings for the first half of 2022.
The main index, TASI, was up 0.9 percent to 12,155, while the parallel Nomu market ended 0.6 percent higher at 20,952.
Gulf stock exchanges were mixed, led by a 1.3 percent rise in Dubai’s DFMGI.
Qatar and Oman recorded fractional gains, while Abu Dhabi and Kuwait slipped by 0.1 and 0.4 percent, respectively. The Bahraini index, on the other hand, finished flat.
Apart from the GCC, Egypt’s main stock index added 0.9 percent on Thursday.
UAE indexes were buoyed by a rise in oil prices on Friday, with Abu Dhabi and Dubai both advancing 1.1 percent.
Brent crude exited the week at $103.97 a barrel, and US benchmark West Texas Intermediate settled at $98.62 a barrel.
Al Rajhi Bank’s net profit surged 21 percent to SR8.4 billion ($2.2 billion) due to an increase in net income during the first half of 2022
Kingdom Holding Co. acquired a SR1.06 billion stake in UK-based insurer Pheonix Group, serving over 13 million customers across the UK and Europe
United International Transportation Co.’s, or Budget Saudi, board of directors proposed buying back up to 7.12 million shares to hold them in treasury
Budget Saudi announced a slight profit surge of 5 percent to SR123 million for the first half of 2022, along with dividends of SR0.5 per share for the same period
Saudi Cable Co. announced the termination of the contract of its CEO Abdulhadi Abu Al-Khair, who will retain his membership in the company’s board
Nama Chemicals Co. saw its profit jump by 207 percent to SR60 million in the first half of 2022
National Medical Care Co. signed a memorandum of understanding with Smartmed Investment Co. to fully acquire Jiwar Medical Services Co.
Mohammed Hasan AlNaqool Sons Co. obtained Shariah-compliant financing worth SR15 million
The Saudi Investment Bank, or SAIB, saw its profit rise 21 percent to SR608 million, supported by higher operating income in the first half of 2022
Future Care Trading Co. will start trading its shares on Nomu
Saudi Aramco will announce its financial results for the second quarter of 2022