The unemployment rate among Saudis approached the target of 7 percent, which was set in Vision 2030. At the end of the fourth quarter of 2023, unemployment declined to 7.7 percent, supported by a greater female participation in the labor market.
Human resources experts link this positive development to corrective strategies for the labor market and nationalization programs, as well as specialized programs that target the private sector.
Crown Prince Mohammed bin Salman had previously revealed that Vision 2030 sought to achieve an unemployment target of 4 to 7 percent, stressing that the government would attain this goal before the specified date.
According to data from the General Authority for Statistics (GASTAT) on Thursday, the unemployment rate among Saudis decreased in the fourth quarter of 2023 to the lowest level, due to the rise in the number of female workers and growth rates recorded by non-oil activities in the Kingdom, which contributed to providing more job opportunities.
Unemployment among Saudi women decreased to 13.7 percent compared to 16.3 percent during the third quarter, while the rate among Saudi males remained stable at 4.6 percent.
Experts told Asharq Al-Awsat that the strategies of the current human resources system were able to stimulate the private sector to accelerate the rate of employment of Saudis, in addition to the training, empowerment and guidance support programs of the Human Resources Development Fund, which in turn increased the employment process in the labor market.
Dr. Abdullah Al-Jassar, member of the Saudi Economic Society and the Energy Economics Society, explained to Asharq Al-Awsat that the decline in the unemployment rate among Saudis to 7.7 percent was achieved through support programs launched by the Ministry of Human Resources and Social Development, pointing as well to the growth of job opportunities in the private sector and efforts to stimulate investments and create an attractive economic environment.
Human resources expert Ali Al Eid noted that the entry of a large number of local and international companies into the Saudi labor market, in addition to the launch of a number of major government projects, contributed to raising employment rates.
