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          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

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                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                UAE sends medical aid to Iraq to fight COVID-19

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                UAE launches phase III trial of inactivated Covid vaccine

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                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Saudi Arabia to tackle the public wage bill

              OBG

              November 17, 2016
              in Economy
              0

              Recent changes to the terms and conditions of employment in Saudi Arabia’s civil service are expected to result in major budget savings; however, there are some concerns that the alterations could negatively affect the broader economy.

              In 2015 the public sector wage bill totaled SR450bn ($120bn), or just under half of all government expenditure for the year; reducing this is a strategic priority as Saudi Arabia works to rein in its budgetary deficit.

              To this end, in October a reform package came into force that included, among other measures, a freeze on salary increases for state employees, the cancellation of regular bonus payments and the suspension of most extra payments, such as overtime or hazardous work allowances.

              Also included in the package of reforms was a 20% cut in the salaries of ministers, reductions to their allowances and a 15% decrease in expenses allowed for members of the Shura Council.

              October also saw the Cabinet approve a measure to switch public servant payments from the Islamic Hijri calendar to the Georgian one. The shift will bring the salary schedule into sync with the state’s January-to-December fiscal calendar.

              As a result of the change, public servants will lose 11 days worth of wages per annum, according to press reports. This represents a saving for the state on the salaries of its estimated 1.5m employees.

              Redressing the balance
              The reforms follow the launch in June of the National Transformation Programme (NTP), which sets out the nearer-term objectives to be achieved under Vision 2030 – the Kingdom’s long-term strategy for economic and social development that aims to steer the economy away from reliance on hydrocarbons and state-funded growth.

              Under the NTP, salary and benefit outlays are projected to fall from 45% of budgetary allocations at present to 40% over a period of four years.

              As well as targeting payroll and benefits expenditure, the NTP plans to cut the overall number of public servants and reduce the ratio of state employment by encouraging more people to take up jobs in the private sector.

              “There are several other initiatives assigned by the NTP to the Ministry of Civil Service that will lead to workforce optimization, such as encouraging early retirement, transitioning employees to the private sector and the Tadweer initiative. The latter will allow government organizations to fill vacant positions from other government entities and hence facilitate a better overall allocation,” Khaled Al Araj, the minister for civil service, told OBG earlier this year. “The introduction of the new performance management system will shift civil servants from being task-oriented employees to performance-oriented ones.”

              Under the NTP, the government aims to facilitate the establishment of 450,000 new private sector jobs through to 2020.

              Knock-on effect
              The tightening of conditions for public servants is likely to have a knock-on effect for the rest of the economy, with the changes expected to curb retail spending, real estate investment and hospitality and entertainment outlays, as disposable incomes come under increased pressure.

              Indeed, concerns over decreased earnings and rising costs look set to materialize over the last months of the year, despite some signs of increased economic activity, according to Khatija Haque, head of MENA research at banking group Emirates NBD.

              “Recent announcements on spending cuts in the Kingdom are likely to weigh on household consumption and consumer confidence… as we head into the fourth quarter,” he told media.

              The introduction of austerity measures has prompted the Saudi Arabian Monetary Agency (SAMA) to launch a study into how local banks can reschedule borrowers’ mortgage loans to help ease the burden on Saudis whose income has been trimmed.

              SAMA has proposed that the terms of repayments for mortgages and other credit loans be eased, though the upper ceiling for repayments – 33.3% of total salary – may remain unchanged.

              Although the Kingdom’s economy continued to expand in the first two quarters of 2016, the pace of growth is slowing, leading the IMF to predict GDP growth of 1.2% for the year, the lowest since 2009, as the effects of higher charges and more circumspect spending patterns are felt more strongly.
              Oxford Business Group
              17 November
               

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