RIYADH: Private sector employment in Saudi Arabia reached 11.47 million by the end of July, marking a 0.5 percent increase from June, according to a new report.
Data released by the National Labor Observatory shows that the total number of citizens employed in Saudi Arabia's private sector has reached 2.34 million, with a monthly increase of 1,206 employees.
Among the citizens working in this division, 1.38 million are men and 956,639 are women.
The increase in the number of citizens of the Kingdom working in private enterprises testifies to the effectiveness of government policies aimed at encouraging local employment and reducing unemployment.
The increase is in line with Saudi Arabia’s Vision 2030 goal of increasing the private sector’s contribution to the Kingdom’s gross domestic product by opening up new investment opportunities, encouraging innovation and competition, and removing obstacles that impede growth.
It also aligns well with the vision’s focus on attracting and retaining top talent, including Saudis and expatriates, and investing in women’s productive capabilities to enhance their role in the Saudi economy and society. Under recent changes to the Saudization policy, the Kingdom seeks to increase women’s participation in the workforce to 30 percent.
NLO data also showed that the total number of residents employed in the private sector exceeded 9.13 million individuals in July, including over 8.74 million male workers and only 383,499 female workers.
Earlier this week, the NLO reported that Saudi Arabia achieved the highest growth rates in male and female labor force participation among all G20 countries between 2016 and 2021.
This growth has been attributed to the country's dynamic labor market, driven by economic expansion, a young population, and initiatives to increase female participation in the workforce.
Saudi Arabia’s economic diversification efforts have transformed the Kingdom into a hub of job opportunities, buoyed by bold giga projects like NEOM that are attracting new talent to the construction sector.
NLO, a government organization, is responsible for monitoring and analyzing labor market trends and dynamics in the country. It is a key resource for policy makers, researchers, and stakeholders interested in understanding and addressing issues related to employment, workforce development, and labor market regulations.
