Saudi Arabia’s Private Sector Employment Sees Growth
In a recent report by the National Labor Observatory, private sector employment in Saudi Arabia has reached 11.4 million by the end of June, showing a 1.24 percent increase from April. This highlights the robust nature of the private sector as a significant contributor to the national economy, creating ample job opportunities.
Government Policies Boost Local Employment
The number of Saudi nationals employed in the private sector has reached 2.34 million, with an increase of 16,598 since April. This growth signifies the effectiveness of government policies aimed at encouraging local employment and reducing unemployment in the Kingdom.
Saudi Vision 2030 Targets on Track
Saudi economist Talat Hafiz emphasized the government’s efforts to meet the goals of Saudi Vision 2030, including reducing the unemployment rate to 7 percent by 2030 and increasing female participation in the labor market to 30 percent. The unemployment rate of Saudi nationals has already dropped to 7.7 percent in 2023, showing progress towards these targets.
Investment in Training and Empowerment Programs
To further boost private sector employment, the Human Resources Development Fund allocated approximately SR8.7 billion ($2.3 billion) in 2023 and an additional SR2.13 billion in the first quarter of this year for training, counseling, and empowerment programs. These efforts aim to strengthen private sector enterprises and ensure job stability in the Kingdom.
Supporting Small and Medium-Sized Enterprises
The fund has already helped nearly 74,000 Saudi nationals secure jobs in the first quarter alone, while also providing services to over 1.1 million individuals. Additionally, over 72,000 private sector firms, with a focus on small and medium-sized enterprises, have received support from the organization, further driving employment growth in Saudi Arabia.