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Saudi Unemployment Rate Drops in Labor Market

General Authority for Statistics (GASTAT) logo
General Authority for Statistics (GASTAT) logo
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Saudi Unemployment Rate Drops in Labor Market

General Authority for Statistics (GASTAT) logo
General Authority for Statistics (GASTAT) logo

The latest official data released on Thursday in Saudi Arabia revealed a drop in the unemployment rate in the Saudi workforce.

The unemployment rate of the total working age population (15+ Saudi and non-Saudi) fell from nine percent to 6.6 percent in the second quarter of 2021, according to the General Authority for Statistics (GASTAT) estimates based on the Labor Force Survey (LFS).

Saudi Arabia’s citizen unemployment rate fell to 11.3 percent in the Q2 2021, as the economy continued to recover from the pandemic and the government intensified efforts to create jobs for nationals.

The rate compares to 11.7 percent in the first quarter. Saudi male unemployment declined to 6.1 percent in the period from March to June, from 7.2 percent in the first quarter, while female unemployment rose to 22.3 percent, from 21.2 percent, according to the data.

Saudi labor force participation fell slightly to 49.4 percent, suggesting that some citizens are dropping out of the job market.

Total labor force participation, for Saudis and non-Saudis, was 60.8 percent in the second quarter, down from 61.1 percent in the first three months of the year.

Saudi labor force participation fell slightly to 49.4 percent, data showed. The labor force participation rate of Saudi males dropped to 65.7 percent in the second quarter, compared to 66.2 percent in the first quarter.

The kingdom has recently launched the Human Capacity Development Program, under the auspices of Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

It is one of the programs aimed to attain Saudi Vision 2030, which represents a national strategy to enhance the competitiveness of national human capacities locally and globally.

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Saudi Homeownership Rate Approaches 2030 Target

 A project of the Saudi Ministry of Municipalities and Housing (Asharq Al-Awsat)
 A project of the Saudi Ministry of Municipalities and Housing (Asharq Al-Awsat)
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Saudi Homeownership Rate Approaches 2030 Target

 A project of the Saudi Ministry of Municipalities and Housing (Asharq Al-Awsat)
 A project of the Saudi Ministry of Municipalities and Housing (Asharq Al-Awsat)

Saudi Arabia is steadily progressing toward achieving its housing program targets under Vision 2030, with homeownership rates among Saudi families reaching 63.7% in the past year. This marks a significant step toward the program’s goal of 70% homeownership by the end of the decade.
According to a recent report from the Ministry of Municipal and Rural Affairs and Housing, more than 205,000 off-plan housing units were licensed and launched in 2024, with over 60,000 units delivered. Additionally, Sakani, the government’s housing initiative, made 165,000 plots of land available, allowing beneficiaries to build homes tailored to their future needs.
To support low-income families, the ministry provided over 50,000 housing units, reinforcing its commitment to sustainable social housing solutions. Efforts continue to diversify options and create integrated residential communities that meet citizens’ needs. The Real Estate Development Fund (REDF) deposited SAR 11.9 billion ($3.1 billion) into the accounts of Sakani beneficiaries last year. The program offers digital services that help recipients customize their housing support and select optimal financing solutions.
By the end of 2024, more than 122,000 families had benefited from Sakani’s housing support services. The “Your Installment is Your Support” program, which offers flexible payment options for off-plan and self-construction homes, recorded 2,700 beneficiaries. Additionally, 107,000 housing finance contracts were signed, demonstrating the continued growth of the sector. Financing solutions with a reduced interest margin of 2.59% were provided to over 22,000 Sakani beneficiaries in the low-income category. Meanwhile, nearly 962 beneficiaries received subsidized installment plans, and 59,000 low-income families secured government-supported mortgage loans. In total, Sakani provided approximately 70,000 financing packages for off-plan, ready-built, and self-construction homes.
In its latest quarterly report, Sakani outlined key initiatives aimed at enabling Saudi families to own their first home. The program continues to expand housing options and financial solutions to improve homeownership rates, enhance citizens’ quality of life, and align with Vision 2030 housing objectives. The report highlighted a variety of financial solutions used by families in late 2024, including off-plan units, self-construction, ready-built homes, and land support programs. By year-end, more than 107,000 financing contracts had been signed, with nearly 58,000 benefiting low-income families.
To cater to different financial needs, Sakani offers a range of customized financing solutions, including financial support packages, down payment assistance, in-kind support, reduced financing margins, affordable mortgage plans, flexible installment options, and mortgage guarantee programs.