Number of Saudis Working in Private Sector Rises in 2023
Impact on Unemployment Rates
In 2023, the Saudi private sector witnessed a substantial increase in the employment of Saudi nationals. The total number of Saudis working in the private sector escalated to 2.3 million, up from 1.7 million in 2019.
This remarkable growth included over 36,000 Saudis who entered the labor market for the first time.
Impact on Unemployment Rates
This surge in employment significantly impacted the Kingdom’s overall unemployment rate. By the second quarter of 2023, the total unemployment rate in Saudi Arabia had declined to 8.3%.
Initiatives for Workforce Enhancement
The Saudi Ministry of Human Resource and Social Development played a crucial role in this development. The ministry launched several initiatives aimed at increasing the involvement of Saudi nationals in the labor market. Additionally, the Human Resources Development Fund (HRDF) supported approximately 1.4 million Saudis. These initiatives included training, enablement, and guidance programs, benefiting around 79,000 enterprises across the Kingdom.
Inclusion of Saudi Women
A noteworthy aspect of this growth is the substantial participation of Saudi women in the private sector. Out of the total Saudi workforce in the private sector, approximately 942,648 are women. That forms about 41% of the total Saudi workforce in this sector.
Furthermore, the continuous growth in this area is significant.
The National Labor Observatory (NLO) has reported a significant increase in jobs for Saudi nationals. A total of 13,084 new jobs reflect a steady rise in private sector employment. This growth shows the combined efforts of the government and private sectors to strengthen the Saudi workforce.
Additionally, the rise in employment highlights the Kingdom’s push for economic diversification. It also shows a commitment to improving citizens’ skills and job readiness.
For more information, please consult Sharikat Mubasher. You can also visit the official website of the Saudi Ministry of Human Resources and Social Development.
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NLO: 22.3% Saudization Rate in Private Sector in Saudi Arabia
