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Saudi Arabia Tops 67 Countries in Global Employment Growth Index

One of the employment forums in the Jazan region, located in southern Saudi Arabia (Asharq Al-Awsat)
One of the employment forums in the Jazan region, located in southern Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Tops 67 Countries in Global Employment Growth Index

One of the employment forums in the Jazan region, located in southern Saudi Arabia (Asharq Al-Awsat)
One of the employment forums in the Jazan region, located in southern Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s labor market continues to set records and lead global rankings. The Kingdom, which was at the top of G20 workforce participation from 2016 to 2021, now leads in employment and labor market growth among 67 countries in the Global Competitiveness Yearbook 2024.

The Saudi government is making several changes to labor laws to align with national strategies and international agreements. Recently, the Cabinet approved amendments to the labor law to support the market and improve conditions in productive and service sectors, aiming to create a more attractive work environment.

According to the National Labor Observatory, Saudi Arabia ranked third in labor market effectiveness legislation and fourth in skilled foreign labor in the Global Competitiveness Yearbook 2024.

The Kingdom also achieved fifth place in the labor market index and sixth in working hours. Additionally, Saudi Arabia ranked tenth in employee training.

Job Opportunities

The latest report shows that Saudi Arabia has improved its labor market rankings, moving from 24th place in 2022 to 16th place this year.

Last Tuesday, the Saudi Cabinet approved amendments to labor laws to improve job stability and protect rights, while enhancing human resources development and increasing job opportunities for Saudi citizens.

Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi said these changes reflect the government's strong support and ongoing efforts to align labor laws with global best practices.

The amendments involved extensive consultations with private sector companies, government agencies, and labor experts.

National Workforce

The amendments are expected to boost market efficiency and meet the needs of employers and employees. Over 1,300 participants contributed to the revisions, which included 38 changes, the removal of seven provisions, and the addition of two new provisions.

In July, the number of Saudi citizens joining the private sector for the first time rose to over 34,600, more than doubling from June. The total number of private sector workers reached 11.473 million, with Saudi employees numbering over 2.342 million.

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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."