Unemployment Down, Number of Women up in Saudi Labor Market in 2023

A general view of Riyadh, Saudi Arabia. (Getty Images)
A general view of Riyadh, Saudi Arabia. (Getty Images)
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Unemployment Down, Number of Women up in Saudi Labor Market in 2023

A general view of Riyadh, Saudi Arabia. (Getty Images)
A general view of Riyadh, Saudi Arabia. (Getty Images)

The Saudi Ministry of Human Resources and Social Development unveiled a series of impressive achievements in the pursuit of a more efficient and effective labor market.

The achievements align with the Kingdom's Vision 2030 and show that priority was given to achieve several key goals: protect workers’ rights, ensure safe and healthy workplaces, nurture national talent, and achieve a sustainable balance in the labor market. To achieve these goals, the ministry has in place appropriate laws and regulations, reported the Saudi Press Agency on Sunday.

The year 2023 witnessed significant progress. Over 1,000 government employees received training at international agencies, which helped improve their work effectiveness. The job engagement index for civil servants surpassed the 2022 target, reflecting a more engaged public sector workforce.

The National Training Campaign (Waad) incentivized the private sector to train workers, with over 16,000 trainees benefiting in various sectors. The skills accelerator program focused on boosting the efficiency of Saudi employees in the private sector, targeting industries with the greatest impact on the national economy.

More than 10,000 individuals benefitted from programs fostering self-employment and specialized skills development. Over 500 people with disabilities were integrated into the workforce in 2023, encouraging them to participate in and contribute to the economy.

The launch of a comprehensive program for reporting work-related accidents underlines the ministry's commitment to workers’ well-being.

The "On Time" campaign has been promoting timely wage payment, with over 700,000 establishments complying with the wage protection system for more than nine million private sector employees.

The ministry's efforts have yielded significant results. The unemployment rate dropped from 12.8% in 2017 to 8.6% in the third quarter of 2023. Working conditions for expatriate workers saw a 73% improvement in 2023 compared to 2020.

The percentage of establishments implementing safety and health measures soared from a mere 15% in 2019 to 71.27% in 2023. Compliance with the wage protection system rose significantly, from 50% in 2017 to 86.9% in the third quarter of 2023.

The percentage of employed individuals with disabilities increased from 7.7% in 2016 to 12.6% in the first half of 2024.

The ministry actively supports working women through dedicated programs. The Wusool transportation program has provided transportation to 234,344 women employed in the private sector.

The Qurrah program, establishing centers for children of working women, has enabled 26,363 women to access childcare services through accredited centers.

Over 25,000 women trainees participated in programs designed to equip them with the skills needed to thrive in the job market.

These initiatives have demonstrably increased women’s participation in the labor market. By the third quarter of 2023, the share of women in the labor market has risen to 34.2%, compared to just 21.2% in 2017. Moreover, the number of women in senior and middle management positions has also seen a significant rise, jumping from 28.6% in 2017 to 43.7% by the third quarter of 2023.

The Ministry of Human Resources and Social Development’s commitment to a more efficient and inclusive labor market is fostering positive change in Saudi Arabia. As these efforts continue, they are expected to have an even greater impact on the Kingdom's workforce and overall economic progress.



Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo

Diriyah, one of Saudi Arabia's giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said.

Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.

It has recently agreed deals worth nearly $1 billion in total with an Italian developer and a French company and is in talks with several foreign investors looking to buy equity stakes in hotels and other real estate developments, Jerry Inzerillo told Reuters in New York this week.

"There's a lot of interest from America, a lot of interest from every country," he said. "We'll work with any country that can deliver quality and stay on time."

Foreign investors have already bought stakes in several projects in Diriyah, said Inzerillo, with more to come.

"A lot of people can see that it's built, it's doable; it's no longer renderings, no longer 'you wait and see' ... So now we're seeing a big spike in interest in foreign investment".

Inzerillo said investment priorities have changed because of upcoming events such as the Expo 2030 world fair, which Riyadh last year won the right to host. But the pace and scope of the Saudi giga-projects have not been scaled back, he said.

"It's a realignment, a re-prioritization ... not a reduction," he added.