Saudi Arabia saw a record number of jobs in the fourth quarter of last year as the Saudi unemployment rate fell to 8%, the lowest level since 1999.
The unemployment rate in the last quarter of 2021 was around 11%.
The best performance for women came when the unemployment rate for Saudi women fell to 15.4%, a decrease of 5.1% compared to the previous quarter, while the unemployment rate fell by 7.1% compared to the same quarter. 2021, which represents the highest decline in female unemployment since data collection began.
And the participation rate of Saudi women in the labor market reached 37% by the end of 2022, exceeding the original Vision 2030 targets.
Vision 2030 has played a key role in achieving these leaps in the labor market, especially for Saudi women.
In the World Bank report on women, business and law for 2022, the Kingdom rose by 10 positions compared to 2020.
The technical and vocational training of the young workforce in Saudi Arabia contributed to these numbers as the Kingdom was ranked ninth in the world in 2021 in the UNDP Learning Index.
Another important driver of job creation in the Kingdom is the strong entrepreneurial environment. Since the launch of Vision 2030, over 892,000 SMEs have registered and received US$695 million in funding.
A comprehensive system of initiatives was also provided to employ Saudis in quality jobs and increase the role of the private sector. According to the Hadaf Human Resource Development Fund, about 1.5 million Saudis benefited from the fund’s various services last year, including training, and the number of beneficiary institutions and companies, including in the private sector, is estimated at about 138,000 institutions. .
Private sector demand for hiring Saudis was reflected by the participation of 2.2 million Saudis in the private sector last year, the highest in the Kingdom’s history.
