The Kingdom of Saudi Arabia invests in human capital through localization and training programs, as Saudi Vision 2030 aims to reduce the unemployment rate from 12.8 percent at its announcement in 2016 to 7 percent by 2030. In 2022, the unemployment rate decreased to 10.1 percent, and by the end of 2023, it dropped to its lowest historical level of 7.7 percent.
The number of Saudis working in the private sector exceeded about 2.2 million male and female workers in 2023, and their number approached 2.33 million workers in January 2024. The percentage of Saudi women in the workforce increased by 80 percent in 2023, compared to the first quarter of 2017, when their participation rate was 16.2 percent. It reached 29.2 percent in the first quarter of 2022, and by the end of 2023, the participation rate of Saudi women in the workforce had risen to approximately 35.5 percent.
The Human Capability Development Program, one of the Saudi Vision 2030 programs, was launched to create a qualitative shift in national human resources and reach global standards by improving the efficiency of expatriate labor, improving work environments, laws, and legislation, in addition to enhancing the quality of education and training programs.
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