The Kingdom, as outlined in the 2024 budget, sets its sights on a robust economic future by aiming to add approximately 1.122 million jobs to the Saudi economy through the private sector by the close of 2023.
According to the Ministry of Finance, highlighted in today’s budget statement post-approval by the Cabinet, the unemployment rate among Saudi nationals has seen a notable decline of 8.3%. The total workforce in the Saudi Arabian private sector now stands at around 2.3 million employees.
The statement also underscores the significant achievement of surpassing the Vision 2030 target, with the female participation rate in the labor market reaching approximately 35.3%.
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, and Chairman of the Council of Economic and Development Affairs, reaffirmed the commitment to fortifying the partnership with the private sector. This commitment is geared towards empowering and incentivizing the private sector to play a pivotal role in achieving economic diversification. The ultimate goals include enhancing the labor market’s capacity to absorb more Saudi workers, generating job opportunities, curbing unemployment rates among Saudis, and fostering an investment-friendly environment. This, in turn, aims to attract local and foreign investment, bolster non-oil exports, and improve the overall non-oil trade balance.
