RIYADH: Private sector employment in Saudi Arabia reached 11.47 million at the end of July, up 0.5 percent from June, according to a new report.
Figures released by the National Labor Observatory show that the total number of employees in Saudi Arabia's private sector reached 2.34 million, a monthly increase of 1,206 employees.
Of the citizens working in this division, 1.38 million are men and 956,639 are women.
The increase in the Kingdom's citizens working in private companies demonstrates the effectiveness of government policies aimed at encouraging local employment and reducing unemployment.
The rise falls in line with Saudi Arabia's Vision 2030 goals 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 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 capacity to strengthen their role in the Saudi economy and society. Under recent changes to Saudization 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 individuals in July, comprising over 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 of male and female labor force among all G20 countries between 2016 and 2021.
This growth was attributed to the country's dynamic labor market, driven by economic expansion, a youthful population and initiatives aimed at increasing women's participation in the workforce.
Saudi Arabia's economic diversification efforts have transformed the kingdom into a hub of employment opportunities, driven by bold megaprojects such as NEOM, which are attracting new talent to the construction sector.
NLO, a government organization, is tasked with following and analyzing the country's labor market trends and dynamics. 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 regulations.
