Riyadh’s Human Resources Development Fund Supports 74,000 Saudi Nationals in Securing Private Sector Jobs
In a remarkable feat, almost 74,000 Saudi nationals received assistance in securing private sector jobs in the first quarter of 2024, thanks to the Kingdom’s Human Resources Development Fund.
Empowering Saudi Citizens in the Labor Market
The fund supported the hiring of 73,878 citizens during this period, offering advising, training, and empowerment services to over 1.1 million individuals. Moreover, more than 72,000 private sector firms across various industries in the Kingdom received services from the organization, with approximately 88 percent of these establishments being small and medium-sized businesses.
Investment in Human Capital
A total of SR2.13 billion ($567.9 million) was allocated in the first quarter to support programs aimed at enhancing the skills of Saudi citizens and increasing their participation in the labor market. The fund, also known as HADAF, plays a crucial role in encouraging private sector involvement in nationalization efforts and strengthening partnerships with relevant organizations for training and employment.
Contributing to Saudi Vision 2030
The fund’s strategy, launched in the first quarter of the previous year, aims to achieve key objectives such as enhancing the development of national human capital, improving the relationship between supply and demand in the labor market, and enabling sustainable employment in the private sector. These efforts align with the goals of Saudi Vision 2030 regarding human resources development and labor market strategy.
Unprecedented Growth in Private Sector Employment
In February, Saudi Arabia’s private sector labor market saw a workforce of 2.4 million citizens, with female participation increasing to 36 percent. Deputy Minister of Human Resources and Social Development for Labor Affairs Ahmed Al-Zahrani highlighted this remarkable increase in participation, stating that it is unprecedented in any labor market worldwide.
Empowering Saudi Citizens in Qassim Region
Governor of Qassim Prince Faisal bin Mishaal emphasized the significant increase in job opportunities and the commitment to empower Saudi citizens in various roles within the private sector. He attributed this success to the substantial support provided by the leadership in securing job opportunities for citizens and enhancing economic prospects.