RIYADH: Private sector employment in Saudi Arabia reached 11.47 million as of the end of July, up 0.5 percent from June, according to a new report.
According to figures released by the National Labor Observatory, the total number of Saudi Arabian citizens employed in the private sector has reached 2.34 million, an increase of 1,206 workers per month.
Of the people working in this sector, 1.38 million are men and 956,639 are women.
The increase in the number of Kingdom citizens working in the private sector demonstrates the effectiveness of government policies aimed at promoting local employment and reducing unemployment.
This increase is in line with Saudi Arabia’s Vision 2030 goal to increase the private sector’s contribution to the country’s gross domestic product by opening up new investment opportunities, encouraging innovation and competition, and removing barriers to growth.
It also fits well with the vision’s focus on attracting and retaining top talent, including Saudis and expatriates, and investing in women’s productive capacity to strengthen the role of women in the Saudi economy and society. Following recent changes to the Saudiization policy, the kingdom aims to increase female labor force participation to 30%.
According to NLO data, as of July, the total number of residents employed in the private sector exceeded 9.13 million, of which over 8.74 million were male workers and only 383,499 were female workers.
Earlier this week, the NLO said Saudi Arabia achieved the highest growth in male and female labor force participation among G20 countries between 2016 and 2021.
This growth was driven by the country's dynamic labour market, driven by economic growth, a young population and initiatives to promote female labour force participation.
Saudi Arabia’s economic diversification efforts have turned the country into a hub of employment opportunities, with bold megaprojects like NEOM attracting new talent to the construction sector.
As a government agency, NLO is tasked with monitoring and analyzing labor market trends and dynamics in the country. It serves as an important resource for policymakers, researchers, and stakeholders interested in understanding and resolving issues related to employment, workforce development, and labor market regulation.
