RIYADH: Saudi Arabia's private sector employment reached 11.47 million by the end of July, up 0.5 percent from June, according to a new report.
Figures released by the National Labor Observatory show 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.
Of the citizens working in this department, 1.38 million are men and 956,639 are women.
The increase in the number of citizens of the Kingdom working in private enterprises indicates the effectiveness of government policies aimed at encouraging local employment and reducing unemployment.
The growth is in line with Saudi Arabia's Vision 2030 goal of increasing the private sector's contribution to the Kingdom's gross domestic product by opening up new investment opportunities, encouraging innovation and competition, and removing barriers to growth.
It also aligns well with the vision's emphasis on attracting and retaining the best talent, including Saudis and expatriates, and investing in women's productive opportunities to enhance their role in the Saudi economy and society. Under recent changes to the Saudization policy, the Kingdom aims to increase female labor force participation to 30 percent.
NLO data also showed that the total number of residents employed in the private sector topped 9.13 million in July, including more than 8.74 million men and only 383,499 women.
Earlier this week, the NLO revealed that Saudi Arabia has achieved the highest rate of growth in male and female labor force participation of any G20 country between 2016 and 2021.
This growth is attributed to the country's dynamic labor market, driven by economic expansion, a young population and initiatives aimed at increasing the participation of women in the workforce.
Saudi Arabia's efforts to diversify its economy have turned the Kingdom into a hub of employment opportunities, with bold megaprojects like NEOM attracting fresh talent to the construction sector.
The state organization NLO monitors and analyzes trends and dynamics of the labor market in the country. It is a critical resource for policymakers, researchers, and stakeholders interested in understanding and addressing issues related to employment, workforce development, and labor market regulation.
