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FinancialNews
23-05-23
Saudi Arabia's Unemployment Rate Drops to Record Low
(MENAFN) Saudi Arabia's unemployment rate among its citizens reached a historic low of 8 percent in the fourth quarter of 2022, and there are indications that it could continue to decrease with the ongoing efforts of the Human Resources Development Fund (HRDF). According to a press release, the HRDF, which focuses on job placement in the private sector, saw a 26 percent increase in its contributions during the first quarter of 2023, benefiting 96,000 individuals compared to 76,000 in the same period last year.
During the first quarter of 2023, the HRDF allocated SR2.2 billion (USD590 million) to its supporting programs, further reinforcing its commitment to combating unemployment. The press release also highlighted that 836,000 Saudi men and women received training and counseling through the fund, representing a 29 percent increase from the 646,000 beneficiaries in the first quarter of 2022.
Turki Al-Jawini, the director general of the HRDF, commended the Saudi government's efforts in developing human capital within the country and contributing to localization. Localization is a vital aspect of Saudi Arabia's Vision 2030 initiative, which aims to diversify the economy by promoting the growth of non-oil private sector enterprises.
Al-Jawini emphasized that approximately 73,000 establishments across various sectors in Saudi Arabia directly or indirectly benefited from the HRDF's programs during the first quarter of 2023. This highlights the broad impact and reach of the fund's initiatives in fostering employment opportunities and supporting economic growth.
In a recent collaboration, the HRDF partnered with King Saud University to launch the Vocational Counselors Qualification Program. This program aims to enhance and develop national competencies in the educational and vocational sectors, further aligning with the government's vision to build a skilled and knowledgeable workforce.
MENAFN23052023000045014228ID1106293328
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