Saudi Arabia witnessed record numbers of employment in the last quarter of last year, as the unemployment rate among Saudis decreased to 8%, which is the lowest level since 1999%.
Unemployment rates in the last quarter of 2021 were about 11%.
The best numbers for females came with the decline in the unemployment rate among Saudi women to 15.4%, which means a decline of 5.1% compared to the previous quarter, while the unemployment rate decreased by 7.1% compared to the same quarter of 2021, which constitutes the highest decline in female unemployment since it began. data collection.
And the participation rate of Saudi women in the labor market reached 37%, by the end of 2022, which exceeded the initial targets of Vision 2030.
Vision 2030 has played a pivotal role in achieving these leaps in the labor market, especially for Saudi women.
In the World Bank report on women, business and the law, for the year 2022, the Kingdom jumped 10 ranks at once, compared to 2020.
Technical and vocational training for the young workforce in Saudi Arabia contributed to these numbers, as the Kingdom ranked ninth in the world in 2021 in the UNDP Training Index.
Another major enabler of jobs in the Kingdom is the strong entrepreneurial environment. Since the launch of Vision 2030, more than 892,000 small and medium enterprises have been registered, and have secured $695 million in financing.
An integrated system of initiatives was also provided to employ Saudis in quality jobs, and to create a greater role for the private sector. According to the Human Resources Development Fund “Hadaf”, about 1.5 million Saudis benefited last year from the fund’s various services, including training, while the number of beneficiary institutions and companies, including in the private sector, is estimated at about 138 thousand establishments.
The private sector’s demand for hiring Saudis was translated by the participation of 2.2 million Saudis in the private sector last year, in the highest reading in the history of the Kingdom.
