Saudi Arabia’s Private Sector Employment Sees Significant Growth
In a recent report, it was revealed that private sector employment in Saudi Arabia has reached 11.47 million by the end of July, showing a 0.5 percent increase from the previous month. This significant growth is a testament to the effectiveness of government policies aimed at boosting local employment and reducing unemployment.
Empowering Saudi Nationals in the Workforce
Out of the total number of citizens employed in the private sector, 2.34 million are Saudi nationals. This includes 1.38 million male employees and 956,639 female employees, showcasing the increasing participation of Saudi women in the workforce.
Aligning with Vision 2030 Goals
The rise in citizens working in private enterprises aligns perfectly with Saudi Arabia’s Vision 2030 goal of enhancing the private sector’s contribution to the GDP. By creating new investment opportunities, fostering innovation, and promoting competition, the Kingdom aims to remove obstacles hindering growth and attract top talent.
Driving Female Workforce Participation
Under the recent changes to the Saudization policy, Saudi Arabia aims to increase the participation of women in the workforce to 30 percent. The total number of residents employed in the private sector exceeded 9.13 million individuals in July, with initiatives in place to boost female participation and attract fresh talent into sectors like construction through projects like NEOM.
Leading the G20 in Workforce Growth
Saudi Arabia has achieved the highest growth rates in male and female workforce participation among all G20 countries between 2016 and 2021. This success can be attributed to the dynamic labor market, economic expansion, and initiatives aimed at empowering women in the workforce.
Monitoring Labor Market Trends
The National Labor Observatory (NLO), a governmental organization, plays a vital role in monitoring and analyzing Saudi Arabia’s labor market trends. By providing valuable insights to policymakers, researchers, and stakeholders, the NLO helps address issues related to employment, workforce development, and labor market regulations.