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Saudi Shura Council Calls for Addressing Pandemic Repercussions on Labor Market

The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)
The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)
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Saudi Shura Council Calls for Addressing Pandemic Repercussions on Labor Market

The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)
The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)

Saudi Arabia’s Shura Council on Monday demanded that the Ministry of Human Resources and Social Development coordinates with specialized parties to reinforce efforts for resolving the repercussions the coronavirus pandemic had on employment in the Kingdom.

Saudi authorities had launched several initiatives like the government covering 60% of salaries in private sector industries hit by the pandemic.

The move came as part of a 9 billion riyal ($2.4bn) economic package, and allows companies forced to consider staff lay-offs to apply for government aid of up to 9,000 Saudi riyals for the next three months.

In other news, the General Authority for Statistics (GASTAT) released its Labor Market Publication for Q3 of 2021.

The publication’s results showed that the unemployment rate of the total population (Saudis and Non-Saudis +15) remained stable at (6.6%) in Q3, 2021. However, the unemployment rate of the male population reached (3.3%), while the female population recorded (17.1%) according to the estimates of the Labor Force Survey for Q3, 2021.

As for the unemployment rate of Saudis (Males and females +15) in Q3 of 2021, the results revealed that it remained stable at (11.3%) compared to the previous quarter. The results also showed that the unemployment rate of Saudi males (+15) in Q3, 2021 fell to (5.9%) compared to (6.1%) in the previous quarter. Furthermore, the unemployment rate of Saudi females (+15) decreased to (21.9%) in Q3, 2021 compared to the previous quarter (22.3%).

The results of the Labor Market Publication for Q3 of 2021 also revealed that the labor force participation rate of total population (Saudis and Non-Saudis +15) in Q3 of 2021 increased to (61.2%) compared to (60.8%) in the previous quarter. However, the labor force participation rate of male population (+15) reached (78.3%), whereas the female population (+15) recorded (35.9%). Moreover, the results indicated that the labor force participation rate of total Saudis (Males and females +15) increased to (49.8%) in Q3 of 2021 compared to (49.4%) in the previous quarter.

On the other hand, the labor force participation rate of Saudi females (+15) in Q3 of 2021 went up from (32.4%) in Q2, 2021 to (34.1%) in Q3, 2021.

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Real Estate Market Creates Positive Momentum in Saudi Market

Real estate in Makkah, western Saudi Arabia (SPA)
Real estate in Makkah, western Saudi Arabia (SPA)
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Real Estate Market Creates Positive Momentum in Saudi Market

Real estate in Makkah, western Saudi Arabia (SPA)
Real estate in Makkah, western Saudi Arabia (SPA)

In its first year, the Saudi real estate exchange recorded approximately 619,000 real estate transactions valued at over $273 billion (SAR 1.025 trillion), covering a total area of more than 5.4 billion square meters. Around 2.1 million beneficiaries have taken advantage of these transactions, according to the Saudi Ministry of Justice.

Real estate experts told Asharq Al-Awsat that the real estate exchange has had a positive impact on the behavior of all market participants.

The market has allowed buyers and investors to make purchase decisions with greater confidence, security, and speed. The exchange has also played a key role in simplifying and streamlining real estate procedures and enhancing transparency, which constituted major challenges in the past.

The experts recommended further steps to boost its effectiveness, including providing detailed and specialized real estate indicators, offering accurate analytical reports on market trends throughout the year, expanding property evaluations to cover all regions of the Kingdom, and leveraging artificial intelligence technologies to analyze real estate data.

Real Estate Expert Eng. Ahmed Al-Faqih told Asharq Al-Awsat that the real estate exchange has created a positive shift and significant impact on the behavior of all market participants, including sellers, buyers, investors, regulators, and market observers. He noted that the platform is characterized by transparency and governance, and its launch coincided with the digital transformation taking place in Saudi Arabia.

Regarding the additional services proposed for the market, Al-Faqih said he believes it lacks detailed and specialized real estate indicators. He also noted that the platform still needs property classifications for certain types of real estate and improvements in search filters to provide more precise results.

For his part, Real estate expert Saqr Al-Zahrani told Asharq Al-Awsat that the real estate exchange has brought a significant transformation in the management of real estate during its first year of operation.

It has had a clear positive impact on the market by streamlining procedures and enhancing transparency, he underlined, noting that the exchange has allowed both buyers and investors to make decisions with greater confidence.

Al-Zahrani suggested enhancing the exchange by adding more services, including providing detailed analytical reports on market trends throughout the year. He also recommended expanding property evaluations to cover all regions of the Kingdom more comprehensively and accurately.