Business

Saudi Arabia to mandate e-salary system for domestic workers

Saudi Arabia will begin enforcing a mandatory system for paying the salaries of all domestic workers through official electronic channels starting January 1, 2026, a move aimed at strengthening wage protection and increasing transparency in employment relationships.

The decision, announced by the Ministry of Human Resources and Social Development, requires employers to transfer salaries via approved platforms rather than in cash.

The measure aims to safeguard the financial rights of domestic workers and ensuring clearer, more accountable contractual arrangements between employers and employees.

Under the system, salary payments will be processed electronically through the Musaned platform, using recognised channels such as participating banks and digital wallets.

The ministry said this approach would enhance the reliability of wage payments, reduce disputes, and streamline administrative procedures, while also contributing to the professionalisation and development of the domestic worker sector.

For domestic workers, the electronic transfer system provides documented proof of salary payments, simplifies procedures related to contract termination or travel, and ensures that wages are paid regularly and securely.

Workers will also be able to transfer their earnings to family members abroad through the same official channels. Where cash withdrawals are preferred, salaries can be accessed via approved outlets using a Mada card issued to the worker.

The policy, according to Okaz newspaper, has been rolled out in phases since mid-2024. The first phase, launched on July 1, 2024, applied to domestic workers arriving in Saudi Arabia for the first time, with the aim of reducing cash transactions and improving the reliability of payments.

A second phase, introduced in January 2025, extended the requirement to employers with four or more domestic workers, followed by a third phase in July 2025 covering those with three or more. A fourth phase, which came into effect on October 1, targeted employers with at least two domestic workers.

From January 2026, the system will apply universally, covering all domestic workers regardless of the number employed by a household.

According to guidelines issued through Musaned, salaries must be paid at the end of each Hijri month in line with the amount stipulated in the employment contract, unless both parties agree otherwise in writing and in accordance with wage protection regulations.

For workers outside the Wage Protection System’s scope, salaries may still be paid in cash or by cheque with written documentation, unless the worker requests an electronic transfer.

Story by Gulf News

Business

Gold prices fall on firmer dollar

Gold fell about 2% on Monday, as a stronger U.S. dollar weighed on the greenback-priced bullion, while higher energy costs fueled inflation concerns and further dimmed the prospects for near‑term reductions in interest rates.

Spot gold was down 1.7% at $5,082.51 per ounce, as of 0233 GMT. U.S. gold futures for April delivery were down 1.4% at $5,099.40.

The dollar rose to a more-than-three-month high, making bullion more expensive for holders of other currencies.

The U.S. 10‑year Treasury yields climbed to a one-month high, raising the cost of holding non‑yielding gold.

“Gold is on the back foot today despite the market tumult, with triple-digit oil prices boosting the dollar on inflation fears and scaled back rate-cutting expectations,” said Tim Waterer, KCM Trade chief market analyst.

Crude oil prices surged more than 20% to above $110 per barrel as the expanding U.S.-Israeli war with Iran led some major Middle Eastern oil producers to cut supplies amid fears of prolonged disruption to shipping through the Strait of Hormuz.

“Much of gold’s price rise over the last 12 months was predicated on a dovish outlook for U.S. interest rates, but given the inflation risk presented by $100 per barrel oil, rate cuts are no longer a given and gold has repriced accordingly,” Waterer said.

Investors expect the U.S. Federal Reserve to keep interest rates steady at the end of its two-day meeting on March 18, as per CME Group’s FedWatch tool. The odds of a June hold, which were below 43% last week, climbed to more than 51%.

Bullion tends to thrive in a low-interest-rate environment as it is a non-yielding asset.

Meanwhile, raising geopolitical tensions in the Middle East, Iran on Monday named Mojtaba Khamenei to succeed his father, Ali Khamenei, as supreme leader, signalling that hardliners remain firmly in charge.

Spot silver dropped 2.2% to $82.50 per ounce. Spot platinum fell 2.8% to $2,076.07, and palladium was down 1.2% at $1,605.12.

CNBC

Business

Why 2026 could set a new high score for the video game industry

Gaming’s not just for kids anymore. The majority of Baby Boomers play video games every week, too, and Candy Crushing grandparents also contribute to the $60 billion-plus industry.

We’re on track to spend more on video games this year in the United States than ever before.

2025 was the video game industry’s second-biggest year on record, according to data from the Entertainment Software Association, Circana and Sensor Tower. We only spent more on games when we were locked down with nothing to do but play Animal Crossing in 2020.

And 2026 could be even bigger.

It used to be a real boom-or-bust industry. Like Hollywood, but instead of everyone rushing to go see “Wicked,” everyone would rush to buy the newest PlayStation or Nintendo gaming system, and wait for months or years for the next installment of “Zelda” or “Star Wars” or “Madden.”

Those booms still happen. There was a boom when the Nintendo Switch came out last June.

But there aren’t as many busts anymore.

“Pretty much everybody who wants to play can now, because of the proliferation of smartphones all over the world and the drop in costs for bandwidth and access,” said Dmitri Williams, communications professor at the University of Southern California.

And most people do want to play. One in three people over 80 years old and the majority of Baby Boomers play video games every week.

“This is not one demographic. Young kids don’t spend enough to spend $60.7 billion by themselves,” said Aubrey Quinn with the Entertainment Software Association, a trade group. “I feel like every time I sit on a plane next to a woman 50 or older, she’s got her iPad out or her phone out, and she is doing some sort of puzzle-matching-something game.”

The 8-year-old Roblox warriors and the 80-year-old Candy Crush-ers are primarily spending on free-to-play games. These are the ones where you can grind for hours without paying a cent, but you get interrupted every five minutes with an ad, and if you just spent $4.99 per month you could get rid of the ads and unlock this special currency that would make building your virtual garden go way faster. If you’ve ever done that, you added to the $60.7 billion gaming industry.

The other growing model is gaming subscriptions. Just like you pay for Spotify and Netflix, you might buy a season pass that unlocks cool costumes and catchphrases for your character.

Even as these other revenue sources have grown, 2025 also got a good old fashioned boost from the new Nintendo console.

And this year is set to get a boost too.

“‘Grand Theft Auto VI’, that’s something that we’ve been waiting for over a decade,” said Sam Aune with the digital analytics group Sensor Tower. “Everyone thinks that ‘GTA VI’ is going to be one of the hugest moments in maybe gaming history when it comes out later this year. Fingers crossed.”

“Grand Theft Auto” has a little bit of everything that makes games profitable. You’ll pay a lot of money for it, you can play online and pay money for cool bells and whistles, there’ll be clips on social media from content creators which act as free advertising, and it’ll generate the same everybody’s-doing-it fervor as dressing in pink and going to see the Barbie movie.

“The one big tent pole sometimes is something that people are rallying around the way that you’d say, ‘Well, nobody watches the same thing anymore, except for the Academy Awards and the Super Bowl. Sometimes that’s the equivalent in games,’” Williams said.

Market place

Business

Saudi raises Saudisation in engineering, procurement

Saudi Arabia’s Ministry of Human Resources and Social Development has announced two new decisions aimed at increasing Saudi participation in specialised jobs and creating better employment opportunities for citizens.

According to the Saudi Press Agency (SPA), the first decision raises Saudisation in engineering roles to 30 per cent and sets a new minimum salary of SR8,000 for Saudi engineers working in the private and non-profit sectors. The rule is effective from December 31, 2025, and will apply to companies with five or more employees across 46 engineering roles. These include positions such as architect, industrial engineer, and power generation engineer. Professionals must be accredited by the Saudi Council of Engineers. Companies will be given six months to prepare before the decision is enforced.

The second decision increases Saudisation in procurement professions to 70 per cent within the private sector. This has been effective from November 30, 2025, and will apply to businesses employing three or more workers in 12 procurement-related roles, including procurement manager, contracts manager, and warehouse keeper. A six-month grace period will also be provided.

The ministry said the measures are designed to improve the work environment, expand job opportunities for Saudis, and strengthen national participation in key sectors. A detailed guide outlining requirements and compliance steps is available on the ministry’s website.

Story by Gulf News