Saudi Arabia has set a new goal of 40% female workforce participation by 2030, surpassing its original 30% target. During the Future Investment Initiative on Oct. 30 in Riyadh, Finance Minister Mohammed Al-Jadaan highlighted that 45% of small and medium enterprises (SMEs) in Saudi Arabia are led by women.
The Kingdom’s Vision 2030 prioritizes female workforce inclusion, aiming to bridge gender gaps and diversify the economy. Saudi Arabia recently hosted the HERizon Summit on Oct. 28, themed “Invest in Women,” to explore ways women can expand their influence in the global workforce.
Female Workforce Growth Exceeds Expectations
“Since Vision 2030 began, female workforce participation has jumped from 17% to 35%, exceeding our 30% target,” said Al-Jadaan. He noted that women are contributing significantly, not only as employees but also as entrepreneurs, with SMEs doubling over the last seven years.
Female participation in the workforce has also positively impacted household income and consumption, Al-Jadaan added.
New Sectors Open to Saudi Women
Women in Saudi Arabia are making strides in new sectors, including tourism, according to Al-Jadaan. Princess Reema bint Bandar, Saudi ambassador to the U.S., echoed this sentiment at the HERizon Summit. She emphasized that Vision 2030 reforms have expanded opportunities for Saudi women in both public and private sectors.
Vision 2030 Progress: Economic Transformation Takes Hold
Al-Jadaan reviewed Saudi Arabia’s Vision 2030 progress, noting that the non-oil GDP now accounts for 52% of the economy, a significant shift. Saudi unemployment has fallen to 7.1%, nearing the 2030 target of 7%.
The minister stated that 87% of Vision 2030 targets are either achieved or on track. He stressed that the government remains focused on stability, avoiding economic overheating by pacing initiatives thoughtfully.
“Synchronizing our plans helps minimize economic leakage, keeping investments within Saudi Arabia,” Al-Jadaan explained.
Investor Confidence and Stability Amid Global Tensions
Investment inflows remain strong, as Saudi Arabia offers stability amid global uncertainties, Al-Jadaan noted. “Investors see Saudi Arabia as a regional anchor, prioritizing stability and transformation,” he said.
Despite this, Al-Jadaan acknowledged challenges, such as developing human resources to support Vision 2030 goals. He emphasized the need for execution capacity without straining the economy.
Global Economy: Cooperation Vital Amid Challenges
Addressing global challenges, Al-Jadaan expressed optimism for a controlled economic soft landing. He advocated for multilateralism to address global issues amid geopolitical tensions.
“Global challenges demand collective solutions. Building bridges, not burning them, is crucial now,” he said. Saudi Arabia aims to be a regional role model, driving economic reforms focused on people and long-term growth.
In summary, Saudi Arabia’s Vision 2030 journey continues, balancing economic goals, social transformation, and global cooperation as the Kingdom strengthens its position as a regional and global leader.
