26 Mar 2024
RIYADH: More than 1 million employees joined Saudi Arabia’s private sector in 2023, marking an 11.5 percent increase compared to 2022, according to new data.
The National Labor Observatory said that 1.06 million workers joined the business sphere in 2023, with women constituting 37 percent of the total, representing a 2 percent increase from 2022, as reported by Al-Ekhbariya,
Some 719,300 employees joined the construction, transportation, and storage sectors, as they witnessed substantial growth.
The transportation and storage industry saw the establishment of more than 94,500 new facilities, while the wholesale and retail trade field saw the emergence of 73,300 new locations.
The number of workers in the manufacturing branch reached 35,700 citizens, with 14,800 in administrative and support services. Furthermore, the education division experienced a growth rate of 74 percent.
In February, total employees in the private sector amounted to 11.1 million divided between 2.3 million nationals and 8.8 residents.
The number of women workers reached 961,690 among citizens and 348,892 among residents.
Saudi nationals joining the private sector for the first time reached 26,694 in February.
In December, the net increase in employment of Saudi citizens reached 44,796, indicating a steady rise in job opportunities in the non-governement domain.
In November, the NLO released a first-of-its-kind report that disclosed that the number of Saudis with more than 20 years of experience in the private sector was above 123,000.
In 2021, a study revealed that businesses in the Kingdom are hiring women at twice the rate of government-funded entities.
Between the beginning of 2019 and the end of 2020, the number of Saudi females in the labor market grew by 64 percent as the Kingdom underwent several social reforms.
The analysis, commissioned by the US think tank Brookings Institute, showed the surge was “genuine” and led by non-government undertakings.
Saudi Arabia’s economic diversification path has turned Saudi Arabia into a hub for employment opportunities thanks to its bold giga-projects, including NEOM, attracting fresh talent into the construction field.
The massive developments align with the Kingdom’s Vision 2030, which aims to reduce Saudi Arabia’s dependence on oil and enhance the strength of the private sector.