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Saudi Ministry of Labor Aims for 3 Mn Job Opportunities

10th Social Dialogue Forum (Asharq Al-Awsat)
10th Social Dialogue Forum (Asharq Al-Awsat)
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Saudi Ministry of Labor Aims for 3 Mn Job Opportunities

10th Social Dialogue Forum (Asharq Al-Awsat)
10th Social Dialogue Forum (Asharq Al-Awsat)

Around 3 million new jobs could be created in the future, the Saudi Ministry of Labor and Social Development has estimated.

Minister of Labor and Social Development Ahmed al-Rajhi admitted that some may consider the figure  exaggerated or unrealistic, but through the experiences of some countries, many of the traditional jobs and patterns have disappeared and were replaced by professions linked to future labor.

He stressed that the future of self-employment is going through many stages and developments, and is closely linked to the technological revolution, which requires the rehabilitation of many of the current workforce.

Speaking at the 10th Social Dialogue Forum organized by the Ministry of Labor, Rajhi announced that the goal is to increase the efficiency of the labor market and investment in human capabilities.

He explained that this can be achieved among others through talent management and development, and ways to create human resources. He pointed out that companies need to proactively rebuild their workforce and consider skills and manpower an investment.

Asked about the technological revolution and artificial intelligence, Rajhi pointed out that automating jobs does not necessarily mean high unemployment rate.

He explained that if companies or institutions prepared their employees for the change through rehabilitation programs, automation and investment can boost GDP growth.

This, the Minister, believes would increase productivity of both workers and companies that employ them.

Rajhi added that through this forum, the ministry aims to discuss labor issues and develop its mechanisms.

Labor Policy Deputy at the Ministry of Labor Ahmed al-Zahrani told Asharq Al-Awsat that the most important challenges of future jobs are that their descriptions are still unclear.

Zahrani explained that the ministry worked through “labor and social development” system to establish an entity named “Future Company” to consider this issue in terms of definitions, data, policies, and legislation, as well as the incentive programs of the private sector and its labor force.

The Forum, which ran under the slogan “The future of labor in the Kingdom,” discussed talent management and development, as well as rights and responsibilities of employees and employers.

It is one of the Saudi national initiatives aimed at providing the main mechanisms needed to form a successful labor market and achieve social development by increasing community participation. 

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.