RIYADH: Private sector employment in Saudi Arabia reached 11.47 million by the end of July, up 0.5 percent from June, a new report showed.
Data released by the National Labor Observatory showed that the total number of citizens employed in the private sector in Saudi Arabia reached 2.34 million, a monthly increase of 1,206 employees.
Among the citizens working in this division, there are 1.38 lakh men and 956,639 women.
The increase in state citizens working in private enterprises indicates the effectiveness of government policies to encourage local employment and reduce unemployment.
This growth is in line with the goals of Saudi Arabia's Vision 2030, which opens up new investment opportunities to increase the private sector's contribution to the kingdom's gross domestic product, encourage innovation and competition, and remove barriers to growth.
This aligns well with the vision of 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 in 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 was more than 9.13 million people in July, with more than 8.74 million male workers and only 383,499 female employees.
Earlier this week, the NLO revealed that Saudi Arabia achieved the highest growth rate in male and female workforce participation of all G20 countries between 2016 and 2021.
This increase was attributed to the country's dynamic labor market, economic expansion, young population, and initiatives aimed at increasing women's participation in the workforce.
Saudi Arabia's economic diversification efforts have turned the kingdom into a hub of job opportunities, spurred by bold giga-projects like NEOM, which attract new talent to the construction sector.
The NLO, a government organization, is responsible for monitoring and analyzing the country's labor market trends and dynamics. It serves as an important resource for policymakers, researchers, and stakeholders interested in understanding and addressing issues related to employment, workforce development, and labor market regulations.
