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Saudi Arabia to Start Supporting Private Sector Employees

Saudi Arabia to Start Supporting Private Sector Employees
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Saudi Arabia to Start Supporting Private Sector Employees

Saudi Arabia to Start Supporting Private Sector Employees

The Human Resources Development Fund (HADAF) announced the activation of a special initiative aimed at supporting Saudi private sector employees.

The initiative will benefit more than 80,000 Saudi men and women working in the private sector, specifically those who have been employed since the beginning of July 2019 and have not received any support from HADAF so far.

In a statement, HADAF called on private sector institutions to register online to take advantage of the initiative.

It added that the initiative fell within the framework of programs launched by the Fund as part of government support initiatives to ensure the stability of private sector enterprises, in light of the current economic situation that was impacted by the coronavirus outbreak.

According to the statement, HADAF has dedicated SR1 billion ($266 million) to support Saudis, who were employed in the private sector after July 1, 2019 and are receiving a salary ranging between SR4,000 and SR15,000.

The employees should not have previously benefited from the Fund’s employment support programs.

In parallel, HADAF announced on Monday that the value of projects proposed for competition by establishments in the “Forsa” platform has exceeded SR526 million since the launch of the platform in August 2016.

The platform is an electronic service that provides business establishments with the ability to compete for direct purchasing orders offered by government companies and major entities in the private sector.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.