An official announcement reflects significant progress in economic reforms
In a move reflecting the tangible progress Saudi Arabia is making toward achieving its development goals, His Excellency the Minister of Human Resources and Social Development, Engineer Ahmed bin Sulaiman Al-Rajhi, announced that 92% of the targets of the Labor Market Strategy have been achieved. This announcement came during a meeting with a number of male and female entrepreneurs in the Madinah region, where he emphasized that these achievements represent a fundamental pillar in the journey toward realizing the Kingdom's Vision 2030.
General context: Labor market strategy as one of the drivers of Vision 2030
Launched in 2021, the Labor Market Strategy is a key initiative within the National Transformation Program and the Kingdom’s Vision 2030. The strategy aims to reform and develop the Saudi labor market to be more attractive and efficient, capable of keeping pace with global economic shifts. It is based on several key pillars, including enhancing the skills of the national workforce, increasing the participation of women and youth in the labor force, improving the work environment, and activating partnerships with the private sector to be the primary driver of job creation. This achievement comes within the context of integrated government efforts to diversify the economy and reduce dependence on oil, which requires a dynamic labor market that absorbs national talent and provides promising opportunities.
Notable figures and achievements
Minister Al-Rajhi explained that the number of Saudi citizens working in the private sector has reached a record high of 2.5 million, a strong indicator of the success of localization programs and the empowerment of national talent. He added that modern work programs, such as flexible and remote work, have contributed to expanding economic participation, with more than one million flexible and remote work contracts issued. Furthermore, more than 430,000 citizens have benefited from self-employment support programs, thus promoting a culture of entrepreneurship. Regarding skills development, the Minister noted that the “Wa’ad” training campaign has launched 4.5 million training opportunities, two million of which have been completed so far, while the Human Resources Development Fund (HRDF) has provided support exceeding 3.8 billion riyals to more than 1.5 million beneficiaries of training programs.
Importance and expected impact
This achievement is of paramount importance on multiple levels. Domestically , it directly contributes to reducing unemployment rates, raising the standard of living for citizens, and enhancing social stability. Empowering national talent also ensures the sustainability of economic growth and fosters a knowledge-based and innovation-driven economy. Regionally and internationally , this progress strengthens the Kingdom's position as an attractive investment destination. A well-organized and efficient labor market with a qualified national workforce encourages global companies to establish their headquarters and operations in Saudi Arabia, supporting the Kingdom's plans to become a global economic and logistical hub. The success of this strategy sends a powerful message to the international community about the Kingdom's commitment to implementing its structural reforms and its ability to achieve its ambitious goals.
Strengthening partnership with the private sector
Minister Al-Rajhi affirmed that the meeting with entrepreneurs aimed to strengthen the partnership between the Ministry and the private sector, and to discuss ways to develop the labor market and support economic empowerment programs. He praised the vital role played by the private sector in achieving these accomplishments, noting that the Ministry is continuing to expand its partnerships and develop work environments to increase the private sector's contribution to comprehensive economic and social development.
