Introduction of driving licenses for women will steer economic growth and reduce dependence on foreign labor in the Kingdom, according to a panel discussion held at the Faisaliah Hotel in Riyadh on Tuesday to mark the opening of the new office of Fitch Ratings.
There are 1.3 million foreign house drivers earning salaries of SR33 billion ($8.8 billion) annually. Most women are dependent on these drivers for daily transport to their work places and for their shopping needs.
The discussions were moderated by Ian Linnell, president of Fitch Ratings, and supported by Tim Cooper, a global economist, and James McCormack, managing director and global head of the Sovereign and Suprarnatural Group at Fitch Ratings.
Empowerment of women is part of Vision 2030, which is a highly ambitious program designed to diversify the Kingdom’s revenue sectors and encourage developing non-oil products for necessary exports.
Linnell said the company’s Riyadh office is its second office in the Middle East after Dubai. “We got the license to operate in the Kingdom from the Capital Market Authority (CMA) to conduct credit rating activities in the Kingdom.
“We are delighted to be increasing our commitment in the region with an on-the-ground presence in the Kingdom,” Linnell said, adding that the company has had a solid footprint in the Kingdom for the past two decades covering Islamic finance. He also said that the company intends to hire local analysts to carry out its functions in the Kingdom.
With a leading global financial institutions franchise, Fitch Ratings has a leading market share in financial institutions in Saudi Arabia, Kuwait, Oman and Qatar.
Earlier in the day, there was a panel discussion on the “Saudi Arabian economy and the evolving debt capital markets in the Kingdom.” Besides Linnell, McCormack and Cooper, participants at the panel discussions included Fahad Al-Deweesh CEO J.P. Morgan Saudi Arabia; Khalid Al-Hussan, CEO Tadawul; Jadwa Chief Economist Fahd Al-Turki; and Ayman Al-Sayari, SAMA deputy governor for investment.
GMT 19:07 2018 Friday ,14 December
Lebanese PM flags up Saudi investment potential, financial tiesGMT 09:50 2018 Wednesday ,28 November
Egypt, Saudi Arabia to strengthen economic ties in coming phaseGMT 04:56 2018 Friday ,05 October
Egypt's medical exports increase by 8.9% in January-AugustGMT 17:36 2018 Monday ,24 September
Saudi Egyptian chambers of commerce enhance partnershipGMT 09:20 2018 Tuesday ,02 January
Saudi budget deficit narrows after oil income recoversMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor