RIYADH: A new report shows that private sector employment in Saudi Arabia reached 11.47 million at the end of July, up 0.5 percent from June.
Figures released by the National Labor Observatory show that the number of Saudi citizens working in the private sector has reached 2.34 million, an increase of 1,206 people per month.
Of the citizens working in this department, 1.38 million are men and 956,639 are women.
The increase in the number of UK citizens working in private companies demonstrates the effectiveness of government policies aimed at promoting local employment and reducing unemployment.
This increase is in line with Saudi Arabia's Vision 2030 goal of increasing the private sector's contribution to Saudi Arabia's GDP by opening up new investment opportunities, fostering innovation and competition, and removing barriers to growth.
This is also in line with the Kingdom's vision to attract and retain high-calibre talent, including Saudis and expatriates, and to invest in the productive potential of women to enhance their role in the Saudi economy and society. Under recent Saudi policy changes, the Kingdom aims to increase women's participation in the labor force to 30 percent.
The NLO data also showed that the number of residents working in the private sector exceeded 9.13 million in July, with more than 8.74 million male employees and only 383,499 female employees.
Earlier this week, the NLO revealed that Saudi Arabia had the highest growth rate of male and female labor force participation among all G20 countries between 2016 and 2021.
This growth is driven by the country's rapidly changing labor market, driven by economic expansion, a young population and initiatives aimed at promoting women's participation in the workforce.
Saudi Arabia’s economic diversification efforts have transformed the kingdom into a hub for employment opportunities, driven by massive gigaprojects such as NEOM that are attracting new talent to the construction sector.
The NLO, a government organization, is tasked with monitoring and analyzing trends and dynamics in the country's labor market, serving as a key resource for policymakers, researchers, and stakeholders interested in understanding and solving issues related to employment, workforce development, and labor market regulation.
