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Saudi Unemployment Hits Record Low, Approaches ‘Vision 2030’ Target

Unemployment rate hits historic low in Saudi Arabia, bolstered by women entering the job market (Asharq Al-Awsat)
Unemployment rate hits historic low in Saudi Arabia, bolstered by women entering the job market (Asharq Al-Awsat)
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Saudi Unemployment Hits Record Low, Approaches ‘Vision 2030’ Target

Unemployment rate hits historic low in Saudi Arabia, bolstered by women entering the job market (Asharq Al-Awsat)
Unemployment rate hits historic low in Saudi Arabia, bolstered by women entering the job market (Asharq Al-Awsat)

In the last quarter of 2022, the unemployment rates in Saudi Arabia hit a historical low of 8%, which is only one percentage point away from the targeted rate of 7% specified in the country's national transformation plan, “Vision 2030.”

The decrease in joblessness in the Kingdom can be attributed to the government’s activities and the private sector’s role in employment operations.

Legislation and localization programs in the country have also played a crucial role.

According to experts, government procedures and regulations related to human resources, whether in the public or private sector, have efficiently worked to create jobs and contribute to reducing the unemployment rate.

Saleh Al-Sedmi, a human resources expert, confirmed that giant projects, foreign companies entering the Saudi market, and accelerated employment in both the public and private sectors have directly contributed to the decrease in unemployment rates in the Kingdom.

Speaking to Asharq Al-Awsat, he added that Saudization programs targeting active and promising sectors and employing citizens have also helped increase the number of employed individuals in the local market.

Moreover, some foreign companies relocating their regional headquarters to the Saudi capital, Riyadh, have reinforced efforts to reduce non-employment.

The country's overall unemployment rate, including non-citizens, fell to 4.8% in the final three months of 2022, according to a statement by the General Authority for Statistics (Gastat).

Gastat also revealed that unemployment in Saudi Arabia among citizens decreased to 8% in the fourth quarter of 2022, down from 9.9% the previous quarter.

Workforce participation among female citizens is also on the rise, with unemployment among Saudi women dropping to 15.4% in the final three months of 2022 from 20.5% in the previous quarter.

Despite the economic hardships experienced by many countries worldwide, including G20 states, due to market-based challenges and geopolitical factors, the unemployment rate in Saudi Arabia exceeded expectations, according to Gastat.

The decrease in unemployment levels in the Kingdom is the result of legislation, Saudization programs, job support, and monitoring of facilities by all relevant government entities.

Plans and initiatives launched under Vision 2030 have also contributed to achieving the highest rate of labor force participation, as per Gastat.

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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.