Saudi stocks climb after private sector businessman named labour minister | Reuters

Saudi stocks climb after private sector businessman named labour minister | Reuters:

"Saudi Arabia’s stock market rose in early trade on Sunday after private sector businessman Ahmed bin Suleiman al-Rajhi was named minister of labour at the weekend. The stock index was 1.3 percent higher after 25 minutes of trade. Al Rajhi Bank surged 3.0 percent; the new minister is a son of the founder of the bank. Many Saudi businessmen have been deeply frustrated by labour policy, including measures which make it harder and more expensive to hire foreign workers, and an inefficient, time-consuming system of obtaining employment visas."



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