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.



Oil Steady but on Track for Weekly Drop on Firmer Supply Outlook

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
TT

Oil Steady but on Track for Weekly Drop on Firmer Supply Outlook

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo

Oil prices held steady on Friday but remained on track for a weekly fall as investors weighed expectations for increased output from Libya and the broader OPEC+ group against fresh stimulus from top importer China.

Brent crude futures were up 8 cents, or 0.1%, at $71.68 per barrel as of 1130 GMT, while US West Texas Intermediate crude futures were up 11 cents, or 0.2%, to $67.78.

On a weekly basis, Brent was down almost 4%, while WTI was on track to lose nearly 6%, Reuters reported.

China's central bank on Friday lowered interest rates and injected liquidity into the banking system, aiming to pull economic growth back towards this year's target of roughly 5%.

More fiscal measures are expected to be announced before Chinese holidays starting on Oct. 1 after a meeting of the Communist Party's top leaders showed an increased sense of urgency about mounting economic headwinds.

Meanwhile, rival factions staking claims for control of the Central Bank of Libya signed an agreement to end their dispute on Thursday. The dispute had seen crude exports fall to 400,000 barrels per day (bpd) this month from more than 1 million last month.