RIYADH — Minister of Human Resources and Social Development Ahmed Al-Rajhi said that the rate of Saudi workers in the private sector recorded a huge increase of 35 percent during the past five years. Chairing a panel discussion at the Riyadh Economic Forum on Tuesday, the minister said that the number of Saudi workers in the private sector reached 2.34 million from 1.7 million in 2019. He also noted that there has been a decline in the overall unemployment rate to 3.3 percent in the second quarter of 2024, compared to 5.6 percent in the same period in 2019. According to Al-Rajhi, the unemployment rate among Saudis dropped to 7.1 percent in Q2 2024, compared to 12.3 percent during the same period in 2019. "The overall economic participation rose from 57.9 percent in 2019 to 66.2 percent in 2024, with Saudi males' participation grew from 45 percent in 2019 to 50.8 percent in 2024, and females' from 23.2 percent to 35.4 percent in the same period," he said. Al-Rajhi said that the private sector compliance with the Wage Protection System (WPS) reached 87.6 percent in 2023, surpassing the 75.5 percent target, and compliance with occupational safety and health standards reached 71.27 percent in Q1 2024. Highlighting Saudi Arabia's international achievements in 2023, he said the Kingdom advanced 23 places in the Labor Regulations Index, reaching 22nd globally, and climbed 22 places in the Skilled Labor Index, to secure 19th place globally. "The Kingdom rose 18 places in the Workforce Productivity Index, attaining 11th place globally. In the Equal Pay for Work of Equal Value Index, the Kingdom placed 15th globally," he said. The minister said that Riyadh Economic Forum, which began on Monday, has a significant impact, as it has been presenting important economic and developmental studies since 2001, offering the best recommendations. The forum, which is being attended by over 1,500 participants, discusses ways to improve the quality of life and practices at work, as well as to increase the productivity of Saudi organizations, to stimulate and govern investment through differentiated regional government policies, and to increase the role played by AI in national economies. Al-Rajhi highlighted key achievements related to the labor market and Saudi Vision 2030. He praised the role of the Labor Market Strategy, which outlined a roadmap for carrying out fundamental reforms in both public and private sectors, adding that these reforms aim to increase the rate of participation of Saudi men and women in economic activities, improve the skills of the national workforce, boost productivity, improve labor market efficiency, and reduce unemployment rates, among other historic accomplishments in this area. Under the patronage of Custodian of the Two Holy Mosques King Salman, Emir of Riyadh Prince Faisal bin Bandar inaugurated the 10th edition of Riyadh Economic Forum in the presence of a host of senior government officials, economic experts, academics, and business men and women on Monday.
