Latest news with #Gulfcountries
Arab News
2 days ago
- Business
- Arab News
Pakistan sent 336,999 nationals abroad for jobs from Jan. 1 to Jun. 30
ISLAMABAD: The Bureau of Emigration and Overseas Employment (BUEO) sent around 336,999 Pakistanis abroad from January 1 to June 30 this year, state-run media reported on Monday, crediting the government's policies for increasing employment opportunities for Pakistan's skilled and unskilled laborers. Thousands of Pakistanis every year travel abroad for jobs in Gulf countries, Europe, the United States and other nations. Citing data from an official of the BUEO, the state-run Associated Press of Pakistan (APP) said over 10 million emigrants have been provided overseas employment through the bureau since its inception in 1971. 'Through the Bureau of Emigration and Overseas Employment (BUEO) an attached department of the Ministry of Overseas Pakistanis and Human Resource Development from January 1 to June 30, around 336,999 Pakistanis have proceeded abroad for employment,' APP reported. The official shared that in 2015, 946,571 Pakistanis went abroad for jobs, the highest number ever. The official further said 116,300 foreign jobs are available with BEOE. 'Overseas employment is playing a vital role in reducing the pressure of unemployment at home, besides being a major means of earning foreign exchange in the shape of overseas workers' remittances,' it added. The state-run media said the bureau controls, regulates, facilitates and monitors the emigration process followed by the Overseas Employment Promoters (OEPs) in the private sector. It also monitors the 'direct employment' mode adopted by individuals, who seek foreign employment either through their own efforts or relatives and friends living abroad. 'The Bureau has been engaged in maintaining comprehensive statistical record of all the migrant workers since 1971, which provides basis for planning and policy formulation by the Economic Division and other interested government departments. The remittances sent by Pakistani citizens employed abroad is crucial for the South Asian country to shore up its foreign reserves, especially as it grapples with a prolonged economic crisis.
The National
3 days ago
- Business
- The National
Saudi Arabia allows Gulf residents to invest in Tadawul stock market
Saudi Arabia has opened its stock exchange to residents of Gulf countries, who are now allowed to invest directly in the kingdom's main Tadawul market. This move is expected to help attract more foreign direct investment into the Arab world's largest bourse. The approved amendments also allow individual foreign investors who previously resided in Saudi Arabia or other countries Gulf countries to continue investing in listed equities on Tadawul even after their residency expires, the market regulator, the Capital Markets Authority (CMA) said. 'This step enhances the market's international openness and simultaneously builds a long-term investment relationship with broader segments of investors worldwide, within a more flexible and attractive regulatory environment,' Mohammed El-Kuwaiz, chairman of the CMA, said in a post on social media platform X. Previously, Saudi investment by residents of the six-member economic bloc of the Gulf Co-operation Council was limited to the debt market, the parallel market 'Nomu', investment funds, and the derivatives market. Their ability to trade in the main market was 'limited to swap agreements as ultimate beneficiaries through capital market institutions or as clients of these institutions, where investment decisions are made on their behalf', the CMA said. The new measures come as Saudi Arabia continues to open its economy to foreign investors as part of its Vision 2030 programme. Saudi Arabia launched its Vision 2030 programme in 2016 to diversify its economy away from oil, support private-sector growth, improve female workforce participation and reduce unemployment among citizens. In recent years, the kingdom has introduced new laws, including companies law and civil transactions law, to attract more foreign investment. Last week, it also updated its rules to allow foreigners to buy property in specific zones in Riyadh and Jeddah, with 'special requirements' for home ownership in Makkah and Madinah. Development of the kingdom's financial markets is also a central plank of the kingdom's economic overhaul and CMA, like its peers in the other GCC markets, is consistently updating regulations to make capital markets more attractive to local, regional and foreign investors. Separately, Kuwait on Sunday announced it will start listing and trading of exchange-traded funds, sukuk and bonds on the Kuwait Stock Exchange in 2025, Reuters reported quoting Boursa Kuwait chief executive Mohammed Saud Al-Osaimi. Stock markets in Saudi Arabia and across the gulf region have also seen a surge in initial public offerings amid growing investor demand over the past few years. Last year, the kingdom led the Gulf region in IPO volumes with 15 listings on Tadawul and 27 share offerings on the Nomu market, raising more than $4.3 billion, according to a recent PwC report. Markets in the UAE, Oman, Bahrain and Kuwait also maintained robust IPO momentum last year.
