https://arab.news/nuzmt
RIYADH: Private sector employment in Saudi Arabia reached 11.47 million by the end of July, marking a 0.5 percent increase from June, according to a new report.
Figures released by the National Labor Observatory, show the total number of citizens employed in Saudi Arabia’s private sector reached 2.34 million, a monthly rise of 1,206 employees.
Of those nationals working in this division, 1.38 million are males and 956,639 are females.
The increase in the Kingdom’s citizens working in private enterprises signifies the effectiveness of government policies aimed at encouraging local employment and reducing unemployment.
The rise falls in line with Saudi Arabia’s Vision 2030 goal of increasing the private sector contribution to the Kingdom’s gross domestic product by opening up new investment opportunities, encouraging innovation and competition, and removing obstacles preventing growth.
It also aligns well with the vision’s focus on attracting and retaining top talent, including Saudis and expatriates and investing in women’s productive capabilities to enhance their role in the Saudi economy and society. Under recent changes to the Saudization policy, the Kingdom seeks to increase the participation of women in the workforce to 30 percent.
The NLO data also showed that the total number of residents employed in the private sector exceeded 9.13 million individuals in July, comprising over 8.74 million male workers and only 383,499 female employees.
Earlier this week, NLO disclosed that Saudi Arabia achieved the highest growth rates in male and female workforce participation among all G20 countries between 2016 and 2021.
This growth was attributed to the country’s dynamic labor market, driven by economic expansion, a youthful population, and initiatives aimed at boosting female participation in the workforce.
Saudi Arabia’s economic diversification efforts have transformed the Kingdom into a hub for employment opportunities, propelled by bold giga-projects such as NEOM, which attract fresh talent into the construction sector.
NLO, a governmental organization, is tasked with monitoring and analyzing the country’s labor market trends and dynamics. It serves as a crucial resource for policymakers, researchers, and stakeholders interested in understanding and addressing issues related to employment, workforce development, and labor market regulations.