Latest news with #Vision2030.The
Economic Times
3 days ago
- Business
- Economic Times
Saudi Arabia's overall unemployment falls to just 2.8 per cent, with women leading the charge
Live Events What is driving Saudi Arabia's reduced unemployment rate Vision 2030 Goals Recalibrated How Saudis search for jobs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The unemployment rate among Saudi nationals dropped to an all-time low of 6.3 per cent in the first quarter of 2025, marking the lowest level since the Kingdom began publishing labor force data, according to the latest figures released by the General Authority for Statistics (GASTAT).This historic decline was largely attributed to Saudi women's increasing participation in the labor market and ongoing labor market reforms under Vision female unemployment rate fell to a record-low 10.5 per cent, a year-on-year drop of 3.6 percentage the labor force participation rate among Saudi women increased by 0.3 percentage points to 36.3 per cent, while the employment-to-population ratio rose by 0.7 percentage points to 32.5 per unemployment rate among Saudi men also continued its downward trend, falling slightly to 4.0 per cent, a year-on-year decline of 0.2 percentage the broader labor market, including both Saudis and non-Saudis, the overall unemployment rate fell to 2.8 per cent in Q1 2025, compared to 3.5 per cent during the same quarter a year economic empowerment initiatives were a major factor in the unemployment decline in Saudi Arabia. The labor force participation rate for Saudi women increased to 36.3 per cent, while their unemployment rate dropped from 14.1 per cent to 10.5 per cent over the past young Saudi women aged 15–24, participation rose to 18.4 per cent and the employment-to-population ratio reached 14.6 per cent, which shows early career core working-age Saudis (25–54), the employment-to-population ratio rose to 65.9 per cent, while labor force participation increased to 69.6 per cent. Unemployment for this group declined to 5.4 per labor force participation among young Saudi men (15–24) declined to 33.0 per cent, their unemployment rate also dropped to 11.6 per cent, which signals that many who remain active in the job market are securing positions. However, one of the points of concern remains as youth employment, as the employment-to-population ratio for this group also fell to 29.2 per centAmong older Saudis (55+), both labor force participation and unemployment rates dropped compared to Q4 of achieved its Vision 2030 unemployment target of 7 per cent in 2024, the Saudi government has revised its target to 5 per cent by International Monetary Fund , in its latest review, commended the labor market reforms that enabled this GASTAT report also highlighted the most popular job search methods. Around 75.8 per cent of job seekers directly approached employers, followed closely by 74.6 per cent who used the national unified employment platform, addition, 64.5 per cent reported posting or updating their CVs on professional social media platforms.
Time of India
3 days ago
- Business
- Time of India
Saudi Arabia's overall unemployment falls to just 2.8 per cent, with women leading the charge
Live Events What is driving Saudi Arabia's reduced unemployment rate Vision 2030 Goals Recalibrated How Saudis search for jobs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The unemployment rate among Saudi nationals dropped to an all-time low of 6.3 per cent in the first quarter of 2025, marking the lowest level since the Kingdom began publishing labor force data, according to the latest figures released by the General Authority for Statistics (GASTAT).This historic decline was largely attributed to Saudi women's increasing participation in the labor market and ongoing labor market reforms under Vision female unemployment rate fell to a record-low 10.5 per cent, a year-on-year drop of 3.6 percentage the labor force participation rate among Saudi women increased by 0.3 percentage points to 36.3 per cent, while the employment-to-population ratio rose by 0.7 percentage points to 32.5 per unemployment rate among Saudi men also continued its downward trend, falling slightly to 4.0 per cent, a year-on-year decline of 0.2 percentage the broader labor market, including both Saudis and non-Saudis, the overall unemployment rate fell to 2.8 per cent in Q1 2025, compared to 3.5 per cent during the same quarter a year economic empowerment initiatives were a major factor in the unemployment decline in Saudi Arabia. The labor force participation rate for Saudi women increased to 36.3 per cent, while their unemployment rate dropped from 14.1 per cent to 10.5 per cent over the past young Saudi women aged 15–24, participation rose to 18.4 per cent and the employment-to-population ratio reached 14.6 per cent, which shows early career core working-age Saudis (25–54), the employment-to-population ratio rose to 65.9 per cent, while labor force participation increased to 69.6 per cent. Unemployment for this group declined to 5.4 per labor force participation among young Saudi men (15–24) declined to 33.0 per cent, their unemployment rate also dropped to 11.6 per cent, which signals that many who remain active in the job market are securing positions. However, one of the points of concern remains as youth employment, as the employment-to-population ratio for this group also fell to 29.2 per centAmong older Saudis (55+), both labor force participation and unemployment rates dropped compared to Q4 of achieved its Vision 2030 unemployment target of 7 per cent in 2024, the Saudi government has revised its target to 5 per cent by International Monetary Fund , in its latest review, commended the labor market reforms that enabled this GASTAT report also highlighted the most popular job search methods. Around 75.8 per cent of job seekers directly approached employers, followed closely by 74.6 per cent who used the national unified employment platform, addition, 64.5 per cent reported posting or updating their CVs on professional social media platforms.
Saudi Gazette
19-02-2025
- Health
- Saudi Gazette
Saudi Arabia inaugurates first local insulin manufacturing facility, advancing healthcare self-sufficiency
In a landmark moment for Saudi Arabia's healthcare sector, the Kingdom inaugurated its first local insulin manufacturing facility, a key milestone in advancing pharmaceutical self-sufficiency under Vision state-of-the-art facility, established through a collaboration between Sanofi, Sudair Pharma Company (SPC), and NUPCO, aims to enhance national drug security and improve access to life-saving insulin for millions of patients living with inauguration ceremony was attended by Bandar Al-Khorayef, Minister of Industry and Mineral Resources, alongside senior government officials, healthcare leaders, and industry diabetes affecting nearly 19% of Saudi Arabia's adult population, ensuring a stable and reliable supply of insulin has been a national priority. Historically reliant on imports, the Kingdom is now taking a transformative step toward localizing production to reduce supply chain vulnerabilities and provide more accessible treatment Futnani, MCO Lead and Specialty Care General Manager for Greater Gulf at Sanofi, underscored the company's long-standing commitment to Saudi Arabia and its role in supporting the nation's health transformation.'Sanofi's journey in Saudi Arabia has always been about building something meaningful, and today, we take a major step forward,' Futnani stated.'With this insulin manufacturing facility, we are not just producing medicine—we are investing in the country's future by ensuring a reliable supply of high-quality insulin, reducing dependency on imports, and empowering local talent to sustain this progress.'Once fully operational, the facility is expected to produce approximately 15 million insulin pens annually, covering the needs of 500,000 patients across Saudi Arabia. This production milestone will provide 70% of the insulin required by diabetic patients in the Kingdom, significantly enhancing national pharmaceutical Yasser AlObaida, Chief Executive Officer of Sudair Pharma Company, said: "At Sudir Pharma, we are pleased to collaborate with NUPCO and Sanofi in the establishment of this integrated facility. It will manufacture three types of insulin, including the latest biological insulin, which is widely used in diabetes treatment. The facility relies on the latest technologies throughout its manufacturing and packaging stages. The success of this initiative is driven by the unwavering support offered by all relevant authorities, including the Ministry of Health, the Ministry of Industry, and others, as well as the favorable policies and regulations in Saudi Arabia.'Beyond production, the facility is designed to support the Kingdom's ambition to develop a sustainable healthcare ecosystem by equipping local talent with specialized skills. This focus aligns with the broader objectives of the Health Sector Transformation Program, a key pillar of Vision 2030 aimed at improving healthcare accessibility and advancing medical a global healthcare leader, has been present in Saudi Arabia for more than 50 years and has continuously invested in initiatives that support the country's healthcare goals. The localization of insulin production reflects the company's deep-rooted partnership with the Kingdom and its dedication to strongly contribute to Saudi Vision 2030.'As our CEO Paul Hudson said during his participation in FII8 last year, 'The sky is the limit for future collaborations in the Kingdom for Sanofi,'' Futnani remarked. 'While today is a milestone, it is just the beginning. We are committed to working alongside Saudi Arabia in shaping the future of healthcare and leaving a lasting impact for generations to come.' The inauguration of the facility marks a pivotal step in Saudi Arabia's healthcare transformation, ensuring that patients have access to world-class treatment produced in Saudi, for Saudi, by Saudi.
Saudi Gazette
18-02-2025
- Business
- Saudi Gazette
Saudi and Brazilian companies sign deal to invest more than $150 million in poultry industry
Saudi Gazette report RIYADH — Representing the Food Development Company, one of the leading food manufacturers in Saudi Arabia, Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley has signed an agreement with Vibra, a Brazilian poultry production and processing new partnership will contribute to achieving self-sufficiency in poultry meat and its products and enhancing food security in Saudi Arabia in line with the goals of Vision agreement seeks to invest more than $150 million to expand the Food Development Company's processing capacity, increase its operational efficiency, and bolster its position in the global poultry supply ministry explained that the first phase of the agreement covers investment by Vibra in processing plants of the Food Development Company and in acquiring a primary poultry processing unit in Brazil. This investment will be directed to building a specialized facility to expand poultry production and process its products using local chickens. In the second phase, the two parties will explore the possibility of acquiring the assets of a Brazilian facility for primary poultry processing. The agreement will expand processing capacities for both poultry and beef, contributing to improving supply chain efficiency. It will strengthen international partnerships in the agri-food sector, enhance the resilience of food supply chains, support food security efforts, and increase self-sufficiency in poultry meat and its products in Saudi Arabia.
Saudi Gazette
12-02-2025
- Business
- Saudi Gazette
Saudi-US Roundtable discusses partnership opportunities in aviation industry
Saudi Gazette report RIYADH — The Saudi-US High-Level Roundtable for Advanced Air Transport discussed ways to enhance economic ties, opportunities for partnerships and exchange of expertise in the aviation industry and related services. The meeting highlighted the sector's strategic programs and initiatives and their role in advancing the air transport industry according to the highest international standards, in line with Saudi Arabia's Vision Saudi-US Roundtable attended by Vice Presidents of the General Authority of Civil Aviation (GACA), 12 American companies specialized in the advanced air transport sector in Saudi Arabia, and a number of government agencies and the private sector, including Ministry of Investment, Ministry of Industry and Mineral Resources, Human Resources Development Fund, the Advanced Electronics Company, Airports Holding Company, and NEOM meeting reviewed the integrated logistics areas, roadmap for advanced air transport, and its implementation of a number of successful experiments in more than one location within Saudi Arabia, most notably the first successful flight experiment in Saudi Arabia for a vertical take-off and landing (VTOL) aircraft in June 2023 in Neom, and the successful experiment of air taxi during Hajj season programs and initiatives of the civil aviation sector system in Saudi Arabia, the available cooperative and investment opportunities, in addition to researching, transferring and localizing the advanced air transport industry, and developing human cadres in this sector were also discussed.
