Politics & News

Private Sector Contributions to social responsibility Platform Exceed SAR Half Bln

The Ministry of Human Resources and Social Development announced that private sector contributions to the national platform for social responsibility exceeded half a billion Riyals in the past seven months.

According to statistics shared by Minister Ahmed Al-Rajhi, the private sector contributions are over 517 million Riyals through 50 initiatives and 166 developmental opportunities.

Impact and Reach

These opportunities, valued at 587 million Riyals, benefited 8 million people. Among them, 24 opportunities were adopted with a total value of one million Riyals.

Diverse Participation

The national platform for social responsibility includes 89 public sector entities, 494 non-profit organizations, and over a thousand private sector entities.

Private Sector Growth

The Ministry of Economy and Planning’s composite index for business cycles in the Saudi private sector (MEPX) indicated continuous balanced growth in Q3 2023.

Company activities and consumer-related indicators remained stable during this period.

MEPX Index: Reflecting Sector’s Resilience

The MEPX index remained steady in Q3 2023, despite global economic uncertainties. This underscores the private sector’s flexibility in Saudi Arabia.

Recent expansion in the  sector is now stabilizing. A periodic rebalancing is anticipated.

Consumer-related indices, including sales and cash withdrawals, show rebalancing in Q3 2023, compared to the latest period of growth.

Business-related indicators in the private sector remained relatively stable during this period.

The Purchasing Managers Index is consistently above its average value, indicating ongoing confidence.

Local financial sector indicators decline due to tighter monetary policies. This reflects global economic trends impacting the sector.

Empowering Private Sector

The Ministry of Human Resources and Social Development (MHRSD) has taken a significant leap forward in empowering private sector employees with the launch of the ‘Service Certificate’.

This initiative marks a transformative moment, reinforcing MHRSD’s commitment to enhancing workplace dynamics and employee rights.

Understanding MHRSD Service Certificate

At its core, the MHRSD Service Certificate aims to provide a comprehensive and official record of an employee’s tenure, roles, and accomplishments while working in the sector.

This certificate serves as a tangible acknowledgment of an individual’s professional journey, offering a transparent overview that benefits both employees and employers.

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