The Saudi Human Resources Development Fund has made a substantial investment of approximately SAR 8.7 billion ($2.3 billion) in the previous year into various initiatives that include training, advising, and empowering. The objective behind this investment is to enhance the prowess of private sector entities, augment the employment rate of Saudi nationals, and promote job longevity.
As part of the Kingdom’s ambitious national transformation agenda, known as Vision 2030, the unemployment rate is on the cusp of reaching the 7% benchmark. Indications show a decline to 7.7% as the year 2023 drew to a close.
According to a recent announcement, the Fund’s endeavors have reached about 1.9 million Saudi individuals, while over 120,000 businesses across the nation have reaped benefits, with a significant 89% of these being medium, small, and micro-enterprises.
Turki Al-Jawini, who leads the Fund, revealed that their efforts facilitated employment for more than 374,000 Saudi citizens in the private sector within the last year alone.
Al-Jawini emphasized the Fund’s commitment to refining the skillsets of Saudi workers, expanding their employment prospects, and motivating firms to employ local talent. This is part of a broader strategy to forge stronger ties with partners that focus on training, recruitment, and support for the Saudi workforce.
The overarching ambition of the Fund is to bolster the competitiveness of Saudi workers and confirm their sustained employment, aligning with the goals of Vision 2030.
Al-Jawini also highlighted that the Fund’s recently launched strategy has streamlined the process for individuals and enterprises to leverage its programs. This strategic approach is centered around three pivotal objectives: tailoring Saudi skillsets to the demands of the job market, achieving equilibrium between job availability and workforce supply, and enhancing employment within the private sector.
Industry connoisseurs acknowledge the critical role of the Fund’s initiatives and programs in buttressing and empowering the domestic workforce, thus rendering the job market more attractive.
Badr Al-Anzi, a board member of the Saudi Society for Human Resources, corroborated that the national efforts have successfully trimmed the unemployment rate among Saudi citizens to 7.7%, a feat attributable to the government’s supportive measures and strategic focus on invigorating the private sector while ensuring job stability.
In a discussion with Asharq Al-Awsat, Al-Anzi noted that along with Saudization policies, the initiatives from the Ministry of Human Resources and programs offered by the Fund have catalyzed the creation of more job opportunities for locals.
Al-Anzi pointed out the Kingdom’s aspirations to refine working conditions and remuneration. However, he cautioned that once the period of assistance from the Fund concludes, companies and citizens might face hurdles, particularly in securing new employment opportunities.