The Saudi Arabian government is channeling a significant segment of its $3.3 trillion investment, earmarked for the economic overhaul envisaged in Vision 2030, into developing the nation’s human capabilities. The Minister of Investment underscored the critical nature of this endeavor, highlighting education as a fundamental investment sector.
During a prominent event in Riyadh dedicated to the Human Capability Initiative, he emphasized the evolving requirements of the energy sector and the burgeoning field of advanced technology. These industries are at the forefront of creating roles that don’t yet exist, driving the need for a talented workforce to sustain Saudi Arabia’s competitive edge on the global stage.
Capital investment is poised to follow the brightest prospects, which according to the minister, involves equipping Saudis for the jobs of tomorrow. The country has made strides in job creation, adding over a million new roles since the launch of Vision 2030, including a substantial number for Saudi nationals in the past year alone. However, challenges in filling these roles persist due to a skills mismatch.
A study from a local university points to a significant skills gap within the Saudi labor market, caused in part by a traditional education system that doesn’t align with market needs and insufficient human resource practices within Saudi organizations.
The minister highlighted the country’s commitment to enhancing training opportunities. This includes the establishment of a public policy school and the presence of a leading higher education institution housing the Middle East’s most potent supercomputer.
The integration of a larger proportion of the country’s youthful population into the workforce is vital, as seen in the increasing number of women being educated at a historically all-male university. The president of that university stressed the need for a reimagined approach to education, geared not just toward job acquisition, but also job creation.
Ensuring widespread educational accessibility to cater to the job market’s future needs was echoed by the chief executive of the Human Capability Development Programme. The programme’s objective is to position Saudis for lifelong success, a goal that includes enhancing the proximity and relevance of educational institutions to local industries.
Educational autonomy is being promoted to allow institutions to better serve the needs of their students and surrounding businesses, with the National Labour Market Observatory centralizing the identification of regional needs.
One such example is a major investment by Red Sea Global in a giga-city project, expected to generate tens of thousands of jobs. The focus is on acquiring talent with high-level human skills vital in the tourism and service sector, emphasizing the importance of experiences over technical prowess.
The relevance of soft skills in the job market is on the rise, particularly in the realm of communication and collaboration. A leading educational assessment organization highlighted that such skills are job-specific and critical for effectively relaying automated systems to people or implementing strategies across various management levels.