RIYADH: The labor market has become increasingly volatile, with around 23 percent of jobs projected to undergo significant changes worldwide within the next five years, noted the head of a Saudi regulatory authority.
While citing the World Economic Forum data, Capital Market Authority Chairman Mohammed El-Kuwaiz emphasized the need for proactive steps to align with the evolving labor market’s requirements.
Speaking at the second edition of the Financial Academy Forum, El-Kuwaiz cited another WEF report, which projected that 50 percent of work activities in Saudi Arabia are vulnerable to automation.
The CMA chairman called for investment in human capital, including job redesign, to enhance adaptability and promote a culture of lifelong learning.
Themed “Skills that Keep Pace with the Future,” the event focused on addressing the rapid changes in the financial sector and the need for new skills.
It also explored the future of reshaping skills and underscored the importance of realigning skills within the financial sector and organizations.
Additionally, effective strategies for adapting to these changes were discussed.
El-Kuwaiz, who also chairs the Financial Academy’s board of trustees, explained that the forum aligns with Saudi Arabia’s Vision 2030 goal to establish the nation as a comprehensive knowledge platform for decision-makers, academics, and industry professionals.
It also supports the academy’s mission to educate and prepare individuals for careers in the financial sector, which significantly employs Saudi citizens and offers competitive salaries.
