Saudi Arabia, Egypt to boost energy cooperation after high-level meeting

RIYADH: Saudi Arabia signed 31 deals at the Global Labor Market Conference to expand training, leadership development, and job opportunities for graduates and individuals with disabilities through specialized skills and education.

Taking place in Riyadh from Jan. 29-30, the agreements and memoranda of understanding also include a variety of development initiatives, educational projects, and knowledge exchanges aimed at empowering different segments of society, the Saudi Press Agency reported.

This falls in line with the Kingdom’s Vision 2030 goals, which focus on further elevating operational efficiency, supporting innovation, and creating added value.

It also aligns well with Saudi Arabia’s revised unemployment rate target of 5 percent by 2030, down from the previous goal of 7 percent, as part of Vision 2030’s ambitions.

The Saudi Logistics Academy signed four agreements to strengthen the Kingdom’s position as a global logistics hub.

The first MoU was with the International Federation of Freight Forwarders Associations and seeks to bolster collaboration in developing skills and vocational training in the field of freight and logistics services. Under the terms of the agreement, both sides committed to exchanging information and expertise to support the nation’s logistics transformation.

The academy inked a second MoU with the Spanish ACEX Association to establish a collaborative framework to enhance human resources in road maintenance and operation. This partnership focuses on providing specialized training programs and promoting the exchange of best practices to achieve mutual objectives.

The third agreement, signed with Saudi MEDLOG Limited, focuses on training and certifying 18 individuals for entry-level positions within the company. This initiative aims to enhance the skills of the national workforce to meet the demands of the job market.

The academy also partnered with the Mediterranean Shipping Co. to train and certify six candidates for roles within the firm as part of the entry-level diploma program.

GLMC signed a new three-year partnership agreement with the World Bank, directed at shaping labor systems and formulating policies that meet the future needs of the job market while addressing it's evolving challenges.

The collaboration reinforces combined endeavors, specifically in training policymakers on a global scale and conducting research to offer inventive perspectives that assist governments and organizations in adjusting to the swift transformations influencing labor market needs, job trends, and labor policies.

Both entities aspire to nurture a fresh cohort of policymakers through the deal, fortifying the conference’s position as an impartial research institution committed to forging effective labor market strategies.

Policymakers will be chosen from nations falling within the mandate of the World Bank to craft a holistic and enduring global labor market framework.

As part of the collaboration, the GLMC Labor Market Academy was launched in partnership with Takamol Holding.

The academy offers a three-year development program covering all aspects of the labor market to train international experts responsible for future policy formulation and to create an innovative platform for cross-country learning, particularly for low- and middle-income nations.

The partnership also includes the inauguration of a policy lab, which is a dedicated platform for in-depth discussions on specific policies, tools, and programs that propel labor market outcomes and workforce skills.

During the second edition of the GLMC, two policy labs will be introduced, playing a crucial role in addressing youth employment challenges, focusing on active labor market programs to raise employment opportunities and sector skills councils to bridge the gap between employees’ skills and job responsibilities.

The GLMC-World Bank collaboration aims to promote an inclusive and diverse global labor market, ensuring that all countries, especially emerging economies, can benefit from collaborative research and advanced policy development.

Saudi Arabia is emerging as a global leader in addressing labor market challenges, skill development, and workforce requalification, according to an analysis released by GLMC in December.

The inaugural report, issued by the conference hosted by the Kingdom’s Ministry of Human Resources and Social Development, emphasized the government’s initiatives to bridge the gap between academic qualifications and market demands. 

These efforts include enhancing education and training programs and preparing young job seekers for the rapidly evolving global labor landscape.

RIYADH: Saudi Aramco has increased the official selling prices for propane and butane for February, according to a statement released on Thursday.

The new prices are set at $635 per tonne for propane and $625 per tonne for butane, reflecting a $10 rise for each product compared to the previous month.

Both propane and butane are types of liquefied petroleum gas, commonly used for heating, vehicle fuel, and as feedstock in the petrochemical industry. Although similar, these gases have different boiling points, making them suitable for a range of specific applications.

Aramco's OSPs for LPG serve as important benchmarks for contracts supplying these products from the Middle East to the Asia-Pacific region.

Propane demand typically peaks in the winter months, as it is a key source of home heating, and this seasonal increase often drives up prices.

The fluctuations in price are a direct reflection of supply and demand dynamics, with colder weather pushing prices higher in line with greater consumption.