Latest news with #NationalTransformationProgram
Arab Times
21 hours ago
- Business
- Arab Times
Saudi Arabia Modernizes Labor Market with New Expat Classification System
RIYADH, July 11: Saudi Arabia's Ministry of Human Resources and Social Development (HRSD) has announced the implementation of a new framework to classify expatriate work permits into three categories: high-skill, skilled, and basic. The initiative, unveiled on the Ministry's official X (formerly Twitter) account, aims to regulate the labor market, enhance workforce development, and foster a more competitive and innovative business environment. It aligns with the strategic objectives of Saudi Vision 2030 and the National Transformation Program. Implementation Timeline and Classification Details The reclassification process for current expatriate workers began on June 18, 2025, with full rollout set for July 6, 2025. New expatriates entering the Kingdom will be subject to the classification system starting August 3, 2025. The classification system is based on a range of factors, including: A detailed guide outlining the new classification process is available on the Ministry's official website.
Filipino Times
4 days ago
- Business
- Filipino Times
Saudi Arabia rolls out new skill-based work permit for expats
The Ministry of Human Resources and Social Development in Saudi Arabia has introduced a new classification system for expatriate work permits, dividing them into three categories: high-skill, skilled, and basic. The decision, announced by Minister Ahmed Al-Rajhi, forms part of wider efforts to raise workforce quality and enhance labor market efficiency in the country, the Saudi Press Agency reported. The system was implemented on June 18 for expatriates already employed in the Kingdom, and will apply to all incoming workers beginning July 1. This classification is meant to ensure that workers are placed in jobs that match their qualifications and experience. It also aims to bring in global talents who can help develop the local labor market through their knowledge and skills. According to the ministry, the decision will strengthen verification processes and allow better management of skill-level distribution among expatriates, aligning with international standards. Technical system upgrades have also been rolled out to support this change. A detailed guide explaining the new classification is available on the ministry's official website. The initiative is part of Saudi Vision 2030 and the National Transformation Program to build a more competitive and innovative labor environment.
CairoScene
5 days ago
- Business
- CairoScene
Saudi Arabia Introduces Skill-Based Permit System for Expat Workers
A new classification system will group expat workers into high-skill, skilled, and basic categories based on education, wages, age, and experience, with full rollout by August 3rd. A new skill-based permit system will soon change how expatriate workers are classified, with updated criteria set to apply to all newcomers starting from August 3rd. Existing workers have already begun to undergo the reclassification process, which started on June 18th and was scheduled for full implementation by July 6th. The permit categories will be divided into three levels: high-skill, skilled, and basic. Factors such as educational background, age, job experience, skill set, and wage bracket will determine how a worker is placed within the system. A manual outlining the rules is currently available online for employers and employees to review. This development is intended to regulate how expat skills are matched to job roles across sectors and to improve how workforce data is managed. The classification is also expected to support verification systems that ensure qualifications meet job expectations and salary structures. Saudi Arabia's labour market has undergone a series of reforms under the National Transformation Program, which falls under the larger Vision 2030 initiative. These shifts have focused heavily on workforce development and reducing mismatch between job functions and employee qualifications.
CairoScene
5 days ago
- Business
- CairoScene
80,000 New Commercial Licenses Issued in Saudi Arabia
Saudi Arabia issued over 80,000 new commercial licenses in the second quarter of 2025, with sharp growth in AI, cloud, entertainment, and foreign investment driving business momentum under Vision 2030 Saudi Arabia issued over 80,000 new commercial registrations in Q2 2025, bringing the total number of valid business records in the Kingdom to nearly 1.72 million, according to the Ministry of Commerce. The spike reflects a broader uptick in business activity across high-growth sectors such as artificial intelligence, big data, blockchain, financial services, gaming, and entertainment, as outlined in the ministry's Q2 Business Sector Bulletin. This growth aligns with the Kingdom's Vision 2030 agenda, which aims to diversify the economy away from oil and position Saudi Arabia as a regional hub for innovation, entrepreneurship, and private sector expansion. The National Transformation Program continues to drive investment in infrastructure, digital transformation, and regulatory reform.
Leaders
6 days ago
- Business
- Leaders
Saudi Arabia's Business Boom: Over 80,000 New Licenses in Q2
Saudi Arabia's business sector experienced remarkable acceleration last quarter as official data confirms over 80,000 new commercial registrations issued nationwide during Q2 2025. Consequently, the total number of active businesses across the Kingdom now approaches 1.72 million. High-growth industries like artificial intelligence, blockchain, and big data analytics drove the surge. Additionally, sectors such as financial services, insurance, gaming, and entertainment contributed significantly, as per the Ministry of Commerce's quarterly Business Sector Bulletin. Furthermore, the increase in business activity highlights Saudi Arabia's efforts to diversify its economy under Vision 2030. Sweeping reforms aim to boost the private sector and reduce oil reliance with the National Transformation Program focuses on infrastructure, digitalization, and regulatory improvements to attract investments and spur entrepreneurship nationwide. Regulatory Reforms and Market Transparency Minister of Commerce Majed Al-Qasabi explained that the rectification is part of broader measures aimed at combating commercial concealment, a key challenge hindering local economic growth. The ministry has recently worked on rectifying the status of commercial registrations and updating their data to ensure compliance with regulations and to enhance market transparency. The second quarter also saw the implementation of the newly approved Commercial Register Law and Trade Names Law. These reforms have eliminated the need for separate subsidiary registrations by allowing businesses to operate under a single commercial record across the nation, regardless of their geographic location. The changes aim to simplify licensing, reduce administrative burdens, and improve the overall ease of doing business in the Kingdom. Riyadh accounted for the largest share of new registrations during the quarter with 28,181 licenses. Makkah followed with 14,498, while the Eastern Province recorded 12,985 new licenses. Qassim and Asir also saw significant activity, with 4,920 and 3,875 new commercial records, respectively. Asir, in particular, has been gaining prominence as an investment destination. Women Entrepreneurs Lead the Charge Women's participation in the commercial sector continued to rise, with female entrepreneurs accounting for 49% of newly issued commercial records. Limited liability companies (LLCs) remained the dominant form of business structure, with 10,954 LLCs registered during the quarter. Partnerships and joint stock companies also showed solid activity, further diversifying the business landscape. Several sectors experienced strong year-on-year growth. Registrations related to cloud data storage and analytics increased by 48%, reaching 5,894 records, with Riyadh leading the way at 3,775. Activities related to artificial intelligence increased by 34%, resulting in 14,409 new records, of which 8,909 were registered in the capital. The franchise sector expanded significantly as well, with activity up 64% compared to the same period last year, totaling 2,863 new registrations, driven largely by the food and beverage, retail, and services segments. Foreign Investment on the Rise Investor interest from abroad also surged, with registrations by foreign and GCC investors rising by 38% in the second quarter to more than 70,000 new records. Foreign nationals made 38,640 registrations and 31,488 made by regional Gulf investors. The majority of this investment was directed toward non-residential construction and building development, signaling sustained demand in real estate and infrastructure. Moreover, the ministry also reported 39,366 active commercial records in e-commerce by the end of the second quarter, underscoring the Kingdom's rapid digitalization. Meanwhile, gaming, leisure, and entertainment activities continued to gain traction, with a growing number of licenses issued in these sectors. Short link : Post Views: 7
