RIYADH: According to a new report, private sector employment in Saudi Arabia reached 11.47 million by the end of July, an increase of 0.5 percent compared to June.
Figures released by the National Labor Observatory show that the total number of Saudi citizens working in the private sector reached 2.34 million, a monthly increase of 1,206 employees.
Among the nationals working in this sector, 1.38 million are men and 956,639 are women.
The increase in the number of Kingdom citizens working in private companies shows the effectiveness of government policies aimed at encouraging local employment and reducing unemployment.
This increase is in line with the goal of Saudi Arabia's Vision 2030 to increase the share of the private sector in the Kingdom's GDP by opening up new investment opportunities, encouraging innovation and competition, and removing barriers 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 Saudi Arabia's economy and society. Under recent policy changes in Saudi Arabia, the kingdom is seeking 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 in July, including 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 growth rate in male and female labor force participation of all G20 countries between 2016 and 2021.
This growth was attributed to the country's dynamic labor market, driven by economic expansion, a young population, and initiatives aimed at increasing women's participation in the workforce.
Saudi Arabia's economic diversification efforts have made the kingdom a hub for job opportunities, fueled by bold gigaprojects like NEOM, which are attracting fresh talent to the construction sector.
NLO, a government agency, is responsible for monitoring and analyzing the trends and dynamics of the country's labor market. It serves as a critical resource for policymakers, researchers, and stakeholders interested in understanding and addressing issues related to employment, workforce development, and labor market regulation.
