Saudi Arabia’s Human Resources Development Fund invested around SAR 8.7 billion ($2.3 billion) last year in programs for training, counseling, and empowering. This move aims to boost private sector businesses, increase Saudi employment, and ensure job sustainability.
This effort comes as the Kingdom’s unemployment rate among its citizens nears the 7% target set by the national transformation plan, Vision 2030, dropping to 7.7% by the end of 2023.
The Fund reported Monday that about 1.9 million Saudis benefited from its services and products last year. Over 120,000 establishments across the Kingdom benefited, with 89% falling into the medium, small, and micro-enterprise categories.
The Fund helped over 374,000 Saudis land jobs in the private sector last year, according to its head, Turki Al-Jawini.
Al-Jawini stressed the Fund’s ongoing work to improve Saudi skills, boost their job opportunities, and encourage companies to hire locals. The aim is to strengthen partnerships to train, hire, and support Saudi workers.
The Fund’s goal is to make Saudi workers more competitive and ensure their long-term employment in line with Vision 2030 targets.
Al-Jawini mentioned that the Fund’s new strategy, introduced last year, has made it easier for individuals and businesses to benefit from its programs.
The strategy focuses on three main goals: enhancing Saudi skills to meet job market needs, balancing job supply and demand, and supporting private sector employment.
Experts stress the importance of programs and initiatives offered by the Fund. They believe these efforts help support and empower local workers and make the job market more appealing.
Badr Al-Anzi, a board member of the Saudi Society for Human Resources, affirmed that Saudi Arabia’s efforts have reduced unemployment among Saudis to 7.7%, thanks to government support and strategies focusing on boosting the private sector and ensuring job stability.
Speaking to Asharq Al-Awsat, Al-Anzi added that Saudization policies and initiatives from the Ministry of Human Resources, along with programs from the Fund, have also increased local job opportunities.
Al-Anzi pointed out that the Kingdom aims to improve the work environment and wages, but there may be challenges for companies and citizens once support from the Fund ends, especially in finding new jobs.
