Saudi Arabia’s Private Sector Sees Significant Growth in 2023
In a remarkable development, over 1 million employees have joined Saudi Arabia’s private sector in 2023, representing an 11.5 percent increase from the previous year, according to recent data released by the National Labor Observatory.
Women Make Up a Growing Percentage
Women accounted for 37 percent of the new workforce, marking a 2 percent rise from 2022. This increase highlights the expanding opportunities for women in the business sector.
Growth in Key Industries
The construction, transportation, and storage sectors experienced significant growth, with more than 719,300 employees entering these fields. The transportation and storage industry alone saw the establishment of over 94,500 new facilities.
Expansion in Various Fields
The wholesale and retail trade sector welcomed 73,300 new locations, while the manufacturing branch added 35,700 workers. Additionally, the education division saw a remarkable growth rate of 74 percent.
Increasing Employment Opportunities for Saudi Nationals
The private sector now employs 11.1 million individuals, with 2.3 million being Saudi nationals. The number of women workers among citizens and residents has also seen a notable increase.
Focus on Economic Diversification
Saudi Arabia’s efforts towards economic diversification have led to a surge in job opportunities, especially in sectors like construction. The country’s Vision 2030 aims to reduce dependence on oil and strengthen the private sector, creating a more diverse and dynamic economy.