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.
Data released by the National Labor Observatory showed that the total number of citizens employed in the private sector in Saudi Arabia reached 2.34 million, a monthly increase of 1,206 employees.
Of those nationals working in this division, 1.38 million are male and 956,639 are female.
The increase in the number of citizens of the kingdom working in private enterprises indicates the effectiveness of the government's policy 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, fostering innovation and competition, and removing barriers to growth.
It is also in line with the vision's focus on attracting and retaining top talent, including Saudis and expatriates, and investing in women's productive capabilities to strengthen their role in the Saudi economy and society. As part of recent Saudi policy changes, the kingdom is aiming to increase the participation of women in the workforce to 30 percent.
NLO data also showed that the total population employed in the private sector exceeded 9.13 million individuals in July, with over 8.74 million men and only 383,499 women.
Earlier this week, NLO revealed that Saudi Arabia has achieved the highest rate of growth in male and female participation among all G20 countries between 2016 and 2021.
This growth has been attributed to the country's dynamic labor market, which has been fueled by economic expansion, a young population and initiatives aimed at increasing female labor force participation.
Saudi Arabia's economic diversification efforts have transformed the kingdom into a hub of job opportunities, fueling bold giga-projects like NEOM that are attracting new talent to the construction sector.
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 regulation.
