Saudi Youth Unemployment Over 40 Pct

May 3, 2010 by · Leave a Comment 

RIYADH – Unemployment among Saudis rose to 10.5 percent in 2009 from 10 percent a year earlier, and topped 43 percent among men and women aged 20-24, according to government figures cited by Okaz newspaper on Wednesday.

Despite continued economic growth on the back of a massive government spending program, 448,547 Saudis were without jobs, up by 32,197 from a year earlier, a report by the Central Department of Statistics and Information showed.

Joblessness among men was 6.9 percent, slightly up from to 6.8 percent in 2008. Among women, the rate was 28.4 percent compared to 26.9 percent.

The very high figures for youth underscore the problem of a rapidly growing population that, for complex reasons, is not getting jobs despite steady economic growth.

The jobless rate was 43.2 percent for men and women in the 20-24 category, rising to 46.7 percent for men alone.

The report did not give a figure for women in that age group, but said that for those between ages 25 and 29, 45.9 percent lacked jobs.

The study did not cover the eight to 10 million foreigners in Saudi Arabia — a third or more of the total population of 25.3 million.

The country heavily depends on foreign workers for everything from menial jobs, construction and the service sector to work requiring advanced skills like technology and hospital jobs.

Employers often say Saudis lack adequate training and skills, or demand too high salaries. The biggest employer of Saudis is the government, while foreigners dominate private sector jobs at many levels.

The country’s total population is growing about 2.4 percent annually, with the figure significantly higher for native Saudis.

The population is heavily weighted on the young side — more than half the population is less than 20 years old and 40 percent aged 15 or younger.

That places great pressure on the government to create long-term jobs for its citizens, and Riyadh has been pushing strongly a “Saudi-isation” policy to place native Saudis in jobs that foreigners hold.

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Indonesia to Kick Off $1 Billion Green Investment Fund

January 28, 2010 by · 1 Comment 

By Sunanda Creagh

2010-01-21T131423Z_273409850_GM1E61L1MT401_RTRMADP_3_RICE-INDONESIA

Workers carry sacks of rice at a paddy field in Karawang, in Indonesia’s West Java province January 21, 2009. Indonesian state procurement agency Bulog will release 300,000 tons of rice out of the government stock this week to stabilize domestic prices, its chief said on Thursday.

REUTERS/Beawiharta

JAKARTA, Jan 26 (Reuters) – Indonesia plans a $1 billion green investment fund this year to drive infrastructure developments that aid growth and help cut greenhouse gas emissions, a finance ministry official said on Tuesday.

Indonesia has promised to slash its emissions by at least 26 percent from business as usual levels by 2020 but recently re-elected President Susilo Bambang Yudhoyono has also vowed to boost economic growth to 7 percent or more by 2014.

At global climate talks in Copenhagen last month, Yudhoyono announced a plan to develop the Indonesia Green Investment Fund, which will catalyse infrastructure development that could speed economic growth, boost food and clean water production and also help cut emissions blamed for global warming.

Indonesia’s sovereign wealth fund the Government Investment Unit will put $100 million into the fund and a further $900 million will come from foreign governments including Norway and Australia, plus institutional investors, said Edward Gustely, a senior adviser to the Ministry of Finance.

“We’re in the initial stages but the target is to have this fund operational within this year,” Gustely told Reuters, adding the fund would rival Brazil’s Amazon Fund in size and scope. “There’s no reason why this can’t, in the next five years, scale to $5 billion or more.”

Brazil launched its Amazon Fund last year to promote sustainable development and scientific research in the world’s largest rain forest, with donations from European countries and the first projects unveiled last month.

Indonesia last year became the first country to launch a legal framework for a U.N.-backed scheme called Reducing Emissions from Deforestation and Degradation, allowing polluters to earn tradeable carbon credits by paying developing nations not to chop down their trees.

Catalyst

Indonesia’s green investment fund will not offer loans or grants but rather top-up funding needed for projects where a bank lender is seeking an additional equity injection.

“Many technology providers and project sponsors don’t have the balance sheet to top up the required equity needed to secure financing,” said Gustely. “We would come in and play a catalyst role to ensure good projects with good asset quality, with good expertise and proper management, can be deployed and proceed.”

The Copenhagen talks failed to achieve a legally binding agreement to reduce greenhouse gas emissions but projects like the Indonesia Green Investment Fund were a way for countries to take initiative at home, said Gustely.

“This is driven by how to create more food, water and energy in a sustainable fashion while trying to achieve Indonesia’s growth objectives,” he said.

Fitrian Ardiansyah, climate change programme director for WWF Indonesia, welcomed the fund but said more needed to be done to reduce Indonesia’s greenhouse gas emissions.

“The Indonesian government heavily subsidies fossil fuels, but investment in renewable energy sources is too expensive. The government must help the private sector by making investment in renewable energy sources cheaper, which will address the problem. But at the moment coal plants continue to be built, which does not help,” he said.

(Additional reporting by Pip Freebairn; Editing by Neil Chatterjee)

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