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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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Egypt Aims to Reduce Inflation to Less than 10% by End of 2025

A general view shows Egypt's Nile river and the the University bridge in the capital Cairo on November 11, 2022. (AFP)
A general view shows Egypt's Nile river and the the University bridge in the capital Cairo on November 11, 2022. (AFP)
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Egypt Aims to Reduce Inflation to Less than 10% by End of 2025

A general view shows Egypt's Nile river and the the University bridge in the capital Cairo on November 11, 2022. (AFP)
A general view shows Egypt's Nile river and the the University bridge in the capital Cairo on November 11, 2022. (AFP)

Egypt aims to reduce inflation to less than 10% by the end of 2025 or the beginning of 2026, Prime Minister Mostafa Madbouly said on Thursday.

This came as the country's statistics agency CAPMAS showed on Thursday that Egypt's annual urban consumer price inflation slid to 25.7% in July from 27.5% in June.

Month-on-month, prices fell by 0.4% in July, down from 1.6% in June. Food prices declined by 0.3% in July, though they were still 28.5% higher than a year ago.

A poll of 18 analysts had expected inflation to have slowed to a median of 26.6% in July, extending a deceleration that began in September, when inflation reached a peak of 38.0%.

Egypt has tightened its monetary policy under an $8 billion International Monetary Fund financial support package it signed in March, although that programme has also required it to increase many domestic prices and let its currency plunge.

The central bank hiked interest rates by 600 basis points (bps) on March 6, bringing total increases in 2024 to 800 bps.

The government raised the price of some subsidised products to battle a budget deficit that hit 505 billion Egyptian pounds ($10.27 billion) in a 3.016 trillion pound budget in the year that ended on June 30.