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HomeBusinessStrategic Growth in Saudi Private Sector: A Closer Look

Strategic Growth in Saudi Private Sector: A Closer Look

Saudi Arabia Witnesses a Surge in Workforce Development

March 26, 2024
in Business
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The Saudi Arabian Minister of Human Resources and Social Development, Ahmad Al-Rajhi, recently engaged in deliberations with private sector leaders in Makkah. Held at the Makkah Chamber of Commerce, the meeting served as a platform to discuss the labor market’s progression and strategic direction between the years 2019 and 2023, as well as to identify the primary challenges and prospects within the private sector.

Statistical data presented during the gathering highlighted noteworthy advancements, including an increase in Saudi nationals employed within the private sector—from 1.7 million to an impressive 2.3 million. Additionally, there was a significant leap in female participation in the workforce, which escalated from 17 percent to 35.3 percent, thereby exceeding the ambitious goal of 30 percent set by the national Vision 2030 initiative.

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Al-Rajhi commended the private sector’s contribution to the nation’s development and its support for the labor market strategy. He underscored the value of integrating national talent into seasonal employment and nurturing the country’s young professionals in skill-enhancing roles.

He also highlighted the utility of seasonal visas, projected to reach 59,000 this year, as a solution for businesses to address staffing needs during peak periods, such as the Hajj and Umrah pilgrimages.

The meeting concluded with Al-Rajhi recommending the formation of a joint task force between his ministry and the chamber. This collaborative effort would aim to further explore the shared challenges and opportunities, paving the way for continued growth and prosperity in the private sector.

Tags: Labor Market StrategyPrivate Sector Growthsaudi arabiaSeasonal VisasWomen's Participation
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