Three main factors provided by the Saudi government have helped sustain the employment of citizens in the private sector over the past years.
Those include financial incentives and rewards, continuous training and development, and support and nationalization programs.
According to a report by the National Labor Observatory of the Human Resources Fund on Sunday, a copy of which was reviewed by Asharq Al-Awsat, the local labor market was able to employ more than 714,000 people in the private sector during a period ranging between five to 10 working years.
Private sector companies attracted 49,300 citizens last October. This comes after non-oil sector companies recorded a strong performance during the same month, in terms of employment, the highest in nine years, according to the Purchasing Managers’ Index issued by Riyad Bank in cooperation with Standard & Poor’s.
The report revealed that the total number of citizens working in the private sector reached more than 611,000 employees between one and three years, while the number of Saudis in private companies between three and five years reached more than 377,000 workers.
A recent report issued by the Saudi Ministry of Economy and Planning pointed to an improvement in the business environment in Saudi Arabia, as non-oil private sector companies witnessed a continuous growth in performance.
The report revealed that new orders increased positively at the beginning of the second quarter, which led to a strong growth in economic activity, production and employment.
