700,000 jobs created for Saudis in private sector in 2024: AlRajhi
Speaking at the Global Labor Market Conference (GLMC), AlRajhi highlighted Saudi Arabia's pioneering efforts to support and empower the workforce in line with Vision 2030.
The minister noted that the unemployment rate decreased to 3.7% by the end of Q4 2024, down from 5.7% in 2020, while female labor force participation increased to 36%, surpassing Vision 2030 targets.
He also pointed out the significant transformations occurring in the labor market due to ongoing technological advancements, demographic shifts, and shortages of skilled labor, emphasizing the need for proactive measures to create sustainable labor markets that can adapt to future changes.
AlRajhi also unveiled two key initiatives designed to turn challenges into opportunities: the Labor Market Academy, based in Riyadh, which aims to enhance workforce skills and training, and the Future Outlook Report, offering in-depth, research-based recommendations and innovative strategies to address skill gaps and promote lifelong learning.
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