In the first nine months of 2024, a significant milestone was achieved in Saudi Arabia’s labor market. Over 294,000 Saudis joined the private sector, thanks to the Human Resources Development Fund (HADAF)’s substantial investment of $1.5 billion. Turki Al Jawini, HADAF’s Director General, confirmed this achievement.
Investment in Human Capital
Al Jawini stated that approximately 1.7 million Saudis have benefited from HADAF’s programs and products. This highlights the significant investment in human capital. The country moves away from its dependency on oil through these efforts.
The total expenditure for HADAF’s training, orientation, and empowerment initiatives reached SR5.48 billion, roughly $1.5 billion. This funding demonstrates the commitment to enhancing skills and capabilities among Saudis.
Support for Business and Investment
A total of 139,000 establishments across Saudi Arabia utilized HADAF’s services since the beginning of 2024. Al Jawini emphasized the growing alignment between government efforts and the private sector. This collaboration supports the overall economic strategy of the Kingdom.
Aligning with Economic Goals
Al Jawini noted that HADAF’s evolving strategy aligns with the Kingdom’s transformative economic plans. This alignment ensures young Saudis are well-equipped to meet modern workforce demands.
Through partnerships with private sector entities, HADAF aims to boost Saudis’ market competitiveness. The initiative also promotes workforce sustainability and drives progress toward Saudi Arabia’s labour market goals.
Adapting to Market Changes
The Fund’s revised approach focuses on adapting to rapid labour market changes. HADAF tailors programs to meet specific sector needs while fostering partnerships with training and employment stakeholders. These efforts position Saudis for future success in the evolving job landscape.
