RIYADH: Private sector employment in Saudi Arabia reached 11.47 million by the end of July, marking a 0.5 percent increase from June, according to a new report.
Figures published by the National Labor Observatory show that the total number of citizens employed in the private sector of Saudi Arabia reached 2.34 million, a monthly increase of 1,206 employees.
Of those citizens working in this division, 1.38 million are men and 956,639 are women.
The increase in the number of UK citizens working in private enterprises signifies the effectiveness of government policies aimed at encouraging local employment and reducing unemployment.
The increase 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 obstacles to growth.
It also aligns well with the vision's focus on attracting and retaining top talent, including Saudis and expatriates, and investing in women's productive capabilities to enhance their role in the Saudi economy and society. Following recent changes to the Saudiization policy, the Kingdom aims to increase women's labor force participation to 30 percent.
NLO data also showed that the total number of residents employed in the private sector exceeded 9.13 million people in July, comprising more than 8.74 million male workers and only 383,499 female employees.
Earlier this week, the NLO revealed that Saudi Arabia achieved the highest rates of growth in male and female labor force participation of any G20 country between 2016 and 2021.
This growth has been attributed to the country's dynamic labor market, driven by economic expansion, a young population and initiatives to boost women's labor force participation.
Saudi Arabia's economic diversification efforts have transformed the Kingdom into a hub for employment opportunities, driven by bold mega-projects such as NEOM that are attracting new talent to the construction sector.
The NLO, a government organization, is tasked with monitoring and analyzing the trends and dynamics of the country's labor market. It serves as an essential resource for policymakers, researchers, and stakeholders interested in understanding and addressing issues related to employment, workforce development, and labor market regulations.
