Saudi Labor Market to Witness Radical Reforms

The Saudi Ministry of Human Resources and Social Development is committed to implementing radical reforms in the labor market in both the public and private sectors (Asharq Al-Awsat).
The Saudi Ministry of Human Resources and Social Development is committed to implementing radical reforms in the labor market in both the public and private sectors (Asharq Al-Awsat).
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Saudi Labor Market to Witness Radical Reforms

The Saudi Ministry of Human Resources and Social Development is committed to implementing radical reforms in the labor market in both the public and private sectors (Asharq Al-Awsat).
The Saudi Ministry of Human Resources and Social Development is committed to implementing radical reforms in the labor market in both the public and private sectors (Asharq Al-Awsat).

The Saudi Ministry of Human Resources and Social Development underlined its commitment to implement radical reforms in the labor market in both the public and private sectors. Those reforms, according to the ministry, include a set of initiatives that would increase economic participation, raise skills and productivity and improve market efficiency, in line with the goals of the Kingdom’s Vision 2030.

In comments to Asharq Al-Awsat, the ministry said that the reforms aim to support the development of existing systems and regulations, thus contributing to reforming the labor market and providing the appropriate legislative environment for the private sector, increasing its growth and creating an appropriate work environment that motivates the workers.

“The Saudi labor market has witnessed in recent years an escalating and continuous development, which reflects the leadership’s determination to support this sector as the backbone of the economy. Moreover, the Kingdom is witnessing an influx of huge investments, which requires keeping pace with the development by benefiting from the experiences of other countries, to reach the aspired goals under the leadership of the Saudi Crown Prince,” a former member of the Council of Saudi Chambers, Abdullah Al-Meleihi, told Asharq Al-Awsat.

Al-Meleihi added that the proposed amendments aim to improve the work environment, raise efficiency and maximize competitiveness to meet the requirements of the new leading projects, including The Line and NEOM.

Consultant and professor of law at the Institute of Public Administration in Riyadh, Dr. Osama Al-Obaidi, told Asharq Al-Awsat that the draft amendment of the labor system aims to improve the business environment, reform the labor market, and provide an appropriate legal and regulatory framework for the development of the private sector, as well as supporting women’s participation.

Al-Obaidi stated that reducing the percentage of required nationalization for companies would help curb the costs and increase profits, thus boost economic growth.

The amendments will also lead to an increase in the localization of jobs by reducing the weekly working hours to 40 hours instead of 48 hours and adjusting the working hours in Ramadan to 30 hours per week instead of 36 hours, according to Al-Obaidi.

For his part, Economist Dr. Khalil Khoja told Asharq Al-Awsat that the package of amendments, proposals, procedures and initiatives recently launched by the Ministry of Human Resources and Social Development would enhance the digital economy

“The amendments cannot be separated from the Kingdom’s plan to provide decent job opportunities for citizens by intensifying rehabilitation and training programs that aim to produce qualified and professional cadres,” he emphasized.



Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the World Association of Investment Promotion Agencies (WAIPA) and Invest Saudi will hold the 28th annual World Investment Conference (WIC) in Riyadh from November 25 to 27.

The event will gather global leaders in investment, government, and international organizations to tackle the theme “Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities”.

On the occasion, Saudi Minister of Investment Khalid Al-Falih said: “Under the wise leadership of Custodian of the Two Holy Mosques King Salaman bin Abdulaziz Al Saud and Crown Prince Mohammed, the Kingdom, driven by its ambitious Vision 2030, has become a premier world investment destination and is experiencing unprecedented growth in overall investment amounts and diversity.”

This year’s World Investment Conference in Riyadh “will be a platform for sharing our nation’s strategic vision with our partners, and an invaluable opportunity to highlight our status as a trusted partner for sustainable economic growth,” he added.

“We look forward to welcoming investment leaders from around the world to forge partnerships that will benefit both the Kingdom and global economies,” he stressed.

Vision 2030 has driven significant economic reforms in Saudi Arabia, attracting substantial foreign investment. Over 28,900 foreign investment licenses have been issued, reflecting the Kingdom's transformation into a major global investment hub.

Key factors contributing to this growth include 100% foreign ownership in specific sectors, streamlined commercial register procedures, simplified visa issuance, and other investor-friendly initiatives that have created a favorable and appealing environment for investors in various sectors, including renewable energy, logistics services, and AI.

The Kingdom's attractive investment landscape has also facilitated the development of a dynamic economy that leads in innovation and growth.

WAIPA Executive Director and CEO Ismail Ersahin said: “WAIPA is excited to bring the 28th WIC to Riyadh, a city that perfectly embodies the future of investment. The conference will provide a crucial platform for Investment Promotion Agencies and investors to discuss emerging opportunities in a rapidly evolving global landscape.”

“We deeply appreciate Saudi Arabia’s vision and leadership, which will ensure that this edition of WIC is an impactful gathering for all participants,” he remarked.

Key highlights of this year’s WIC are a range of conference tracks, such as high-level dialogues with government ministers, insightful sessions on technology, sustainability, and economic cooperation, as well as practical masterclasses for investment professionals, a dedicated entrepreneurship track that will emphasize the transformative role of startups and innovators, and exclusive matchmaking sessions that will facilitate strategic partnerships between investors, SMEs, and potential collaborators.

Participants will also have the opportunity to celebrate the achievements of Investment Promotion Agencies on the Awards Track, honoring innovation and excellence in investment facilitation.

This year’s WIC promises to be a pivotal forum as it aligns with global investment drivers: the disruptive influence of technology and AI, global supply chain resilience, energy transition toward sustainability, and the transformative role of entrepreneurs and startups in reshaping investment landscapes traditionally led by multinational corporations.

Leaders and stakeholders will discuss and explore how these factors are redefining economies and driving forward-looking investment models worldwide.

With its focus on scaling investment opportunities, WIC is designed to equip attendees with the tools, knowledge, and connections necessary to drive meaningful economic impact.