TLDR:
Saudi Arabia targets five percent unemployment.
Women’s workforce participation surpasses Vision 2030 goals.
Private sector drives localisation efforts forward.
RIYADH (The Thursday Times) — Saudi Arabia has set an ambitious new target to reduce unemployment among its citizens to five percent by 2030, reflecting a marked shift in the country’s economic and labour policies. The Minister of Human Resources and Social Development, Ahmed Al Rajhi, unveiled the revised goals at the Kingdom’s budget forum, underlining the government’s focus on accelerating localisation and diversifying employment opportunities across key sectors.
Labour market strategy surpasses milestones
Saudi Arabia’s labour market strategy has achieved significant progress, with an implementation rate of over 80 percent in recent years. This approach has focused on creating qualitative localisation in industries like accounting, engineering, pharmacy, and radiology. By prioritising sectors requiring specialised skills, the government has facilitated sustainable employment opportunities for over 300,000 Saudi men and women.
Minister Al Rajhi emphasised the need to update these strategies, aiming to elevate the Saudi labour market to global standards. The target for unemployment among Saudis was initially set at seven percent for 2030 but was met six years ahead of schedule. Consequently, a new goal of five percent has been set, reflecting Saudi Arabia’s evolving economic landscape.
Women’s workforce participation on the rise
Women’s participation in the workforce has seen a transformative rise, exceeding the Vision 2030 target well ahead of time. The participation rate has reached unprecedented levels, driven by collaborations with the private sector. These achievements not only highlight the empowerment of women but also underscore the role of private enterprises in fostering gender inclusivity.
The surge in women’s employment comes alongside a broader localisation drive. Saudi citizens now account for a substantial proportion of the private sector workforce, which has expanded significantly since 2018. This growth illustrates the success of initiatives aimed at enhancing economic opportunities for the Saudi population.
Social security reform fosters economic independence
Social security reforms have empowered thousands of beneficiaries to transition from dependence to independence. Through specialised clinics and modern empowerment initiatives, these individuals are now actively contributing to the economy. The integration of social security beneficiaries into the workforce is a cornerstone of Vision 2030, with substantial government spending directed toward enhancing economic resilience.
Additionally, the Citizen’s Account programme continues to support citizens amid rising living costs, reflecting a broader effort to address economic challenges through targeted financial assistance.
Training and volunteerism gain momentum
A key pillar of Saudi Arabia’s economic transformation has been the emphasis on training and skill development. Millions of training opportunities have been created in collaboration with the private sector, addressing workforce demands and enhancing employability.
Volunteerism has also surged, with the Kingdom on track to exceed its Vision 2030 target for volunteer participation. This trend underscores a growing culture of civic engagement and social responsibility, bolstered by national programmes designed to mobilise volunteers across the country.
