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Saudi Arabia reduces salary premiums for foreign talents, recruiters claim
Saudi companies are reducing the generous salaries that used to attract top foreign talent in sectors like construction and manufacturing, as the Kingdom reins in its spending and reorders its economic priorities. Four recruiters said. Saudi Arabia is the top oil exporter in the world. Its Vision 2030 economic transformation plan, which aims to reduce dependence on hydrocarbon income and create jobs while expanding industries like tourism, real estate and mining, has already reached more than half of its goal. The Kingdom has been investing in megaprojects worth billions of dollars as part of its long-term plan. This has led to a huge increase in the demand for highly-skilled workers from abroad, but execution has suffered. Two sources say that foreign recruits shouldn't expect to negotiate 40% premiums or more and sometimes even double the salary they were earning earlier in this decade. The offers are much more conservative now. Magdy al Zein, the managing director of Boyden, said: "On one hand, the largest economy in the region is rationalising, and on the flip side, there are a lot of candidates that want to come to the region." What you'll get are employers who rethink their packages. It is true. KINGDOM PIVOTING Towards AI, LOGISTICS This change reflects a broader shift by Saudi Arabia's Public Investment Fund of $925 billion, which has taken a significant hit on its mega-projects in infrastructure and real estate, to sectors like AI, logistics, and mining. These are seen as providing better returns. Examples of this include NEOM, a $500-billion futuristic city planned in the desert and Trojena mountain tourism hub, which will host the Asian Winter Games 2029. PIF and NEOM didn't immediately respond to a comment request. Saudi Arabia targeted international talent for megaprojects because local workers lacked the necessary skills. Hasan Babat of Tuscan Middle East in Dubai, the CEO of a recruitment agency, says that project managers from the United Arab Emirates could receive offers in Saudi Arabia of up to $100,000 for jobs that pay $60,000 in UAE. NEOM, and other PIF-backed projects are now facing delays due to the kingdom's rationalisation drive. According to Kamco Invest, Saudi Arabia's project activity remained sluggish for 2025. Awards nearly halved in the first nine-month period. Saudi Arabia's oil production has been curtailed to maintain the market, but lower oil prices are weighing on the public finances. IMF: The IMF states that the kingdom requires oil prices to be close to $100 in order to balance its budget. "The pace of the development has slowed, and this has resulted in a slowdown on recruitment." Babat explained that employers now negotiate salaries more than they did before when there was a labor shortage. Tuscan's October Salary Report said that Saudi companies may allocate limited budgets to "hot jobs" such as AI and digital. Many high-skilled employees have found the UAE, with its 90% expatriate populace, to be a more appealing choice, not only because of their high salaries and tax-free status, but also for the more established international school and healthcare network. The country has also introduced social reforms that allow for a more liberal way of life. According to Trefor Murphy of Dubai's Cooper Fitch, there is only a small difference between the average salaries in Saudi Arabia compared with those in the UAE. The average salary has increased by just 5 to 8 percent. Al Zein, Boyden's Al Zein, said that convincing people to leave the UAE was a difficult task. They expect a premium. SAUDI JOBS COMPETITION GROWING Saudi Arabia, which is expected to grow by 4.4% this year, is still attractive for people outside of the region where job markets are tighter and growth slower. Saudi Arabia has also intensified labour market reforms, and taken initiatives to increase the number of Saudi citizens working in the private sector. This will boost competition and expand the pool of candidates. The unemployment rate among Saudi nationals is at an all-time low, and the number Saudis working in the private sector has increased by 31% from 2016 to the second quarter of 2018. "Packages have become more measured and are anchored on data, performance and real market benchmarks. Some people may feel that this is a contraction. "It signals maturity to me," said Louise Knutsson CEO of Matches Talent, Dubai. Knutsson said that to attract the best talent in Saudi Arabia, companies must offer packages that reflect the living costs and provide a balanced family lifestyle. They should also have a purpose related to the size of the project.
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Climate protesters swelter in Brazilian sun outside COP30 summit
On Saturday, thousands of climate activists marched peacefully through the Brazilian city Belem to call for more action in order to protect the fate and future of the planet. They also vented their anger towards governments and fossil-fuel industries. Negotiators have reached the halfway mark of the marathon COP30 Climate Summit, which aims to put years of promises to action in order to stop global warming and provide support for those who are most affected. Indigenous people, youth activists, and civil society groups sang, played musical instruments, and waved banners in the sweltering heat. Marina Silva, Brazil's Environment Minister, addressed the crowds. She said: "This is the place where we can march and create a roadmap of what needs to happen at this COP - a transition from deforestation to the use fossil fuels." Cristiane Puyanawa is an indigenous protester who joined the march in order to demand greater land rights. "Our forest and land are not commodities." "Respect nature and the people who live in forests," she said. COP30 already saw a number of protests. The most notable was an Indigenous attempt to force their way into the venue, which resulted in clashes between security and Indigenous people on Tuesday. Another peaceful sit-in on Friday morning blocked the venue. Even though the march did not pass directly by the venue on Saturday, the day designated for protests in the two-week COP Summit, there was a large security presence at the venue. This included military police wearing riot gear. The COP30 talks will move into a political phase In the negotiations, the negotiators, who spent the past week trying to make progress, reported back what they had accomplished, before handing over their work to the ministers, who will try to overcome any remaining obstacles. As negotiators prepare for week two, it is important to keep in mind that climate action doesn't just involve abstract numbers or distant goals. "It's all about people," Katharine Hayhoe said, chief scientist of environmental non-profit The Nature Conservancy. Every choice we make today will determine the future we share tomorrow. The summit's agenda is extensive and covers many issues. It aims to build on the progress that was made in previous years. This process has been going on for over 30 years, with some progress, but not enough. The shape of the outcome of the summit is still unclear. Some of the most controversial topics are being discussed outside of the formal process, such as climate finance, moving from fossil fuels and how to deal with a collective deficit in emission-cutting plans. The Brazilian COP30 Presidency, which is leading those sideline talks, must decide if they want to try a high-stakes balancing and come up a political accord on those issues, known in COP terms as a cover decision'. Andre Correa do Lago, COP30 president, was asked about this deal at a press briefing. "I've said for a long time that we do not plan a cover-up decision. But I also said that the presidency would take into account if there was a move from the countries that wanted to propose such a decision. Let's wait and see what happens. Reporting by Sebastian Rocandio and Lisandra Paraguassu; Editing by Richard Valdmanis, Andrea Ricci and Richard Valdmanis
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Congo and M23 sign peace framework in Qatar. More steps are needed
On Saturday, the Democratic Republic of Congo (DRC) and M23 rebels signed a framework deal for a peace agreement aimed at ending the fighting in eastern Congo which has claimed thousands of lives and forced hundreds of thousands to flee their homes this year. Representatives from both sides signed the agreement at a Doha, Qatar ceremony. The document was one of many signed in the last few months to support efforts by the United States of America and Qatar to end the decades long conflict in Congo, which has threatened to escalate to a full-blown war in the region. Officials from the United States and Qatar described the framework as an important step towards peace, but only one of many to come. Many details still need to be worked out Massad Boulos, the top U.S. ambassador to the region said that the framework included eight protocols and that there was still work to be done on how to implement the six of them. Boulos acknowledged, too, that the implementation of the two first protocols, concerning the exchange and monitoring of prisoners, which were agreed on in the last few months, was slow. After the signing, he said to reporters: "Yes they were a bit slow in their first few weeks." "Yes, there were people who expected to see immediate results, but it is a long process." It's not like a light switch you can turn on and off. M23, the latest in a series of actions supported and backed by Rwanda, captured Goma in eastern Congo in January. It then made gains in North Kivu, South Kivu, and other provinces. Rwanda has denied for years that it helped M23 seize more territory in Congo. CONFLICT CONTINUES TO BREAKOUT IN CONGO AS TALKS GO FORWARD The violence in Congo has continued despite the diplomatic efforts of Washington and Doha. Local officials in the eastern North Kivu Province reported that at least 28 people were killed on Friday by militants affiliated with Islamic State. Qatar has hosted several rounds of direct negotiations between the Congolese government and rebels dating back to April. However, they were mainly focused on preconditions and building confidence. In July, the two sides reached an agreement on a statement of principles which left unresolved many of the key issues that are at the heart of the conflict. They also agreed to monitor a ceasefire in October. Mohammed bin Abdulaziz Al-Khulaifi, Qatar's State Minister for Foreign Affairs, said that the agreement reached on Saturday put the parties back on the road to peace. He said that "peace cannot be enforced through force but can only be built by mutual respect, confidence and sincere commitment."
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Australian Energy Minister pushes for COP31 to be hosted at Brazil Climate Summit
Chris Bowen, Australia's energy minister, said he will travel to Brazil on Saturday for the COP30 summit to press Australia to host the summit next year. This is despite a dispute with Turkey over hosting rights. Since then, both Australia and Turkey have refused to compromise on the issue. This month, Australian Prime Minister Anthony Albanese wrote to Turkish President Tayyip Erdoan in an effort to resolve the longstanding tussle. Bowen told reporters at Sydney Airport that a decision would be taken at COP30. He also asserted "Australia has the overwhelming backing of the world" to host the conference next year. Bowen, in a press release, said that he would be promoting Australia's clean energy sector at the summit to be held in the Amazonian city of Belem. Bowen stated that Australia was keen to host the summit next year with Pacific Island nations and demonstrate how they can work together to combat the "existential danger" of climate changes. He added, "Our nation faces a number of challenges when it comes climate change. But every effort we make will help us avert the worst effects." The Pacific Islands Forum is a regional diplomatic bloc made up of 18 countries that supports Australia's bid. The rising seas are a threat to several Pacific island nations. Australia is aiming to be a "superpower of renewable energy" and has shifted away from coal, gas and nuclear power. It is now seeking investment for critical minerals, green-steel and transition technologies, such as batteries. The Turkish government wants a COP – or Conference of the Parties – that focuses more on financing climate initiatives in developing countries, while showcasing the progress Turkey has made towards its 2053 target of net-zero emission. Over the years, the annual COP has evolved from a diplomatic gathering into a vast trade show where the host countries can showcase their economic prospects.
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Director Raizen says that the company has locked in prices for half its production for 2026/27.
Phillipe Casale, director of investor relations at Raizen and one of the top sugar producers in the world, said on Friday that the company has already locked in prices for half the volume of sugar it expects to make in the 2026/27 harvest. Casale, a Brazilian company, said that the Brazilian firm had so far achieved prices of 114 cents real ($0.2110) per kilogram. He added that the price of sugar for the crop year 2025/26 is set at 111 cents real per pound. According to Raizen, weather problems will cause his sugarcane crushing to be lower than the 72-75 million tons he had forecasted for 2025/26. * The director of the company said that the company expects to see potential productivity gains in next crop year. This is due to replanting areas damaged by wildfires and better weather conditions. * The executives also stated that the firm's divestment program is not yet complete, and further developments will be expected to reduce the net debt. * Raizen reported a net loss in the second quarter for the 2025/26 harvest of 2.3 billion reals ($425.6 millions). ($1 = 5.4039 Reais) (Reporting and Writing by Roberto Samora, Editing and Proofreading by Natalia Siniawski).
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Australian Energy Minister pushes for COP31 to be hosted at Brazil Climate Summit
Chris Bowen, Australia's energy minister, said he will travel to Brazil on Saturday for the COP30 summit to press Australia to host the summit next year. This is despite a dispute with Turkey over hosting rights. Both Australia and Turkey bid in 2022 for the United Nations Climate Conference and have refused to give up their positions ever since. This month, Australian Prime Minister Anthony Albanese wrote to Turkish president Tayyip Erdoan in an effort to resolve the longstanding dispute. Bowen stated in a press release that he will advocate strongly for Australia at the summit to be held in the Amazonian city of Belem and would highlight the clean energy industry. Bowen stated that Australia wished to host the summit of Pacific Island Nations next year and demonstrate how they can fight together against the "existential danger" of climate changes. He added, "Our nation faces a number of challenges when it comes climate change. But every effort we make will help us avert the worst effects." The Pacific Islands Forum is a regional diplomatic bloc made up of 18 countries that supports Australia's bid. The rising seas are a threat to several Pacific island nations. Australia is aiming to be a "superpower of renewable energy" and has shifted away from coal, gas and nuclear power. It is now seeking investment for critical minerals, green-steel and transition technologies, such as batteries. The Turkish government wants a COP – or Conference of the Parties – that focuses more on financing climate initiatives in developing countries, while showcasing the progress Turkey has made towards its 2053 target of net-zero emission. Over the years, the annual COP has evolved from diplomatic gatherings to vast trade shows, where host countries are able to promote their economic prospects.
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S&P Upgrades South Africa For First Time In Nearly 20 Years As Reforms Gain Ground
S&P Global upgraded South Africa's long-term foreign currency sovereign rating from "BB-" to "BB", citing improved growth prospects, an improved fiscal outlook, and reduced contingent liability following better performance by state-owned power utility Eskom. The National Treasury worked to stop the rising debt and restore credibility fiscally to put the nation back on a path of growth. Recent mid-term budget reviews showed that debt to GDP stabilized at 77.9% in this financial year, and that the budget deficit would shrink to 4.7% in 2025/26 compared to 4.8% in the may budget. As the reform agenda of the country gains momentum, state-owned entities engaged in power and freight logistics have also improved. S&P stated in a press release that it expects South Africa’s GDP to grow at a rate of 1.1% by 2025, after a subdued growth of 0.5% in 2024. It also expects the growth to be 1.5% on average through 2026-2028 due to electricity and other sectors supporting growth. Fiscal revenue exceeded budget targets in the first quarter of fiscal 2025. The agency expects to see successive years with primary surpluses, as well as continued fiscal consolidation until 2028. South Africa's foreign currency rating is now two notchs below investment grade. In 2017, the African economy with the highest industrialisation was downgraded for the first time to junk status following the firing by the then president Jacob Zuma of the well-respected Finance Minister Pravin Gordhan and the subsequent policy instability. S&P has rated the outlook for the country as "positive".
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S&P upgrades Nigeria's outlook as reforms begin to take root
S&P Global Ratings changed its outlook for Nigeria from "stable" to "positive" on Friday. They backed the ongoing reforms in the economy and affirmed that the country was rated "B-/B". S&P stated in a press release that "the monetary, fiscal, and economic reforms being implemented" by the Nigerian authorities would yield positive results over the medium-term. Moody's upgraded Nigeria's credit rating in May by one notch, from "Caa1" to "B3", citing significant improvements in the external and fiscal position of the country. Fitch, on its part, maintained a "B" rating with a "stable outlook" last month. Bola Tinubu, Nigeria's President, launched the boldest reforms since decades in 2023. He scrapped the expensive petrol subsidy, and removed currency trading restrictions, to boost growth and attract foreign investments. Analysts say that if these reforms are sustained, they could support economic growth on a long-term basis, although implementation hurdles as well as volatility in the global oil prices still pose risks. Nigeria has turned towards debt markets to bridge its fiscal gap. Last week, Nigeria raised $2.35bn through an Eurobond issue to help finance the budget deficit for 2025, while still borrowing domestically. (Reporting and editing by AnushkaChourasia, ChijiokeOhuocha.
Sources say that Turkey offered to take joint leadership of COP31 in order to resolve the host-host dispute with Australia.
Turkish diplomatic sources confirmed that Turkey proposed to co-host the U.N. Climate Summit with Australia next year, even though the two parties have yet to reach an agreement. The discussions regarding the hosting dispute are still unresolved.
Australia and Turkey submitted bids to host COP31 in 2022, and neither country has withdrawn their bid. This impasse, which is a distraction, must be resolved at the COP30 conference, currently being held in Belem in Brazil.
Conference of the Parties (COP) is the main global forum for climate action. The host is important because they set agendas and are the diplomats who lead negotiations to achieve global agreements.
Turkish sources claimed that Turkey and Australia discussed a joint presidential model in the margins U.N. General Assembly talks held in September. This included sharing hosting duties for meetings at high levels and jointly steering the negotiations.
They said that the conversations had created "a base of mutual understanding", but the proposal was not furthered.
Later exchanges revealed, according to sources, differing views about how a joint presidency could operate within U.N. procedure.
Chris Bowen, Australian Energy Minister, travelled to Brazil for the COP30 on Saturday. He said a decision will be made there and Australia has "overwhelming" support for its candidature.
Canberra wants to host the event with Pacific Island nations in order to bring to light the climate challenges they face. The Pacific Islands Forum has backed Australia's bid.
Turkey's candidacy, on the other hand, emphasizes inclusion and cooperation. It also aims to focus more on financing for developing nations while showing its progress toward a net-zero emission goal by 2053.
Turkish sources claim that President Tayyip Erdoan expressed this opinion in a recent correspondence with Australia's Prime Minister. They also said that Turkey believes "flexible formulations" can be developed by continuing consultations.
Sources said that Turkey was also prepared to host the Summit alone, and take over the presidency in the event of a failure to reach an agreement.
The COP31 host must be agreed by all 28 members of "Western Europe and Others Group", which includes Australia and Turkey. Tuvan Gumrukcu, Ece Toksabay and Alex Richardson are responsible for reporting; Ece Toksabay is writing; Alex Richardson is editing.
(source: Reuters)