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Saudi Unemployment Rate Approaches 2030 Target

An employment gathering at the Chamber of Commerce in Qassim, Saudi Arabia. (Asharq Al-Awsat)
An employment gathering at the Chamber of Commerce in Qassim, Saudi Arabia. (Asharq Al-Awsat)
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Saudi Unemployment Rate Approaches 2030 Target

An employment gathering at the Chamber of Commerce in Qassim, Saudi Arabia. (Asharq Al-Awsat)
An employment gathering at the Chamber of Commerce in Qassim, Saudi Arabia. (Asharq Al-Awsat)

The unemployment rate among Saudis has reached a historic low of 7.1% in the second quarter of this year, close to the Saudi Vision 2030 target of 7%. This decline highlights the success of government initiatives aimed at making the job market more appealing to local job seekers.

According to data from the General Authority for Statistics (GASTAT) on Monday, the unemployment rate dropped by 0.5 percentage points from 7.6% in the first quarter of this year and fell by about 1.4 percentage points compared to the same quarter in 2023.

Efforts by the Ministry of Human Resources and Social Development to support women have resulted in a significant drop in the unemployment rate among Saudi women.

Moreover, in the second quarter of this year, the Human Resources Development Fund allocated over SAR 1.65 billion to boost employment and encourage Saudis to join the local workforce.

GASTAT said Saudi Arabia’s overall unemployment rate, including citizens and non-citizens, fell to 3.3% in the second quarter of 2024, down from 3.5% in the first quarter.

The decline improves the Kingdom’s ranking to fifth among G20 countries with the lowest unemployment rates, as noted by the International Labor Organization in April.

There are now over 2.3 million Saudi workers in the private sector, contributing to a total of more than 11.4 million private sector workers in the Kingdom, the highest number recorded.

Saudi Arabia’s Vision 2030 plan, which aims to diversify the economy and reduce its reliance on oil, has included several reforms to stimulate job creation.

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Saudi Chambers Federation Asks Companies to Benefit from Temporary Admission System for Goods

The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
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Saudi Chambers Federation Asks Companies to Benefit from Temporary Admission System for Goods

The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)

The Saudi Chambers Federation is making rapid efforts to ensure that all local companies and institutions can benefit from this international customs system after Saudi Arabia issued its first ATA Carnet (Temporary Admission Document) last week.

The ATA Carnet is an international customs document issued by an authorized chamber of commerce. It simplifies customs procedures for the temporary admission of various types of goods into countries that are part of the international ATA Carnet guarantee chain, without restrictions, duties, or taxes.

According to information available to Asharq Al-Awsat, the Saudi Chambers Federation has informed all companies and institutions that the federation’s ATA Carnet unit will now be accepting service requests from interested parties.

This step follows the federation's acceptance as an issuing and guaranteeing body for the ATA Carnet, granting carnet holders exemption from customs duties and taxes in member countries’ customs checkpoints.

On Thursday, the Saudi Chambers Federation announced the issuance of the first ATA Carnet since the system was officially implemented. Saudi Arabia has now become the 80th country globally to adopt this international customs system.

In June, the Saudi Zakat, Tax, and Customs Authority announced that it would start accepting ATA Carnets across all its land, sea, and air customs points. The move is part of the Kingdom’s commitment to the Istanbul Convention, which supports the business sector and bolsters Saudi Arabia’s position as a global destination for events, exhibitions, and activities.

The authority added that accepting the ATA Carnet is a positive step toward enabling the growth of the international events, exhibitions, and conferences sector. It also supports efforts to attract global exhibitions and conferences while adhering to international best practices and boosting the country’s status as a global destination for economic, tourism, and entertainment events.

The goods eligible for temporary import under the ATA Carnet include items intended for display or use at exhibitions, markets, meetings, or similar events, professional equipment, containers, pallets, packing materials, samples, and other goods related to commercial processes. It also applies to goods imported for educational, scientific, or cultural purposes.