The Saudi Arabian private sector witnessed a positive surge in its job market throughout April 2024, according to a recent report published by the National Labor Observatory (NLO). The report delves into the intricacies of the private sector's workforce, providing a breakdown of employment figures by gender, nationality, and new entrants.
The headline statistic showcases a significant increase in the total number of individuals employed within the private sector, reaching an impressive 11, 274, 689 by the end of April. This points towards a consistent upward trend in job availability within the kingdom's private businesses.
The NLO report sheds light on the participation of Saudi nationals within the private sector. The findings reveal that a promising 2, 356, 829 Saudi citizens were employed in private companies in April. This figure breaks down to 1, 386, 593 men and 970, 236 women, showcasing a rise in female participation within the workforce.
In comparison, the total number of resident foreign workers employed in the private sector stood at 8, 917, 860. Men dominated this demographic category, with a figure of 8, 552, 960, while resident foreign women made up 364, 900 of the private sector workforce.
Encouragingly, the report also highlights a net increase in job opportunities specifically for Saudi citizens. The data indicates that a significant 18, 535 Saudi citizens entered the private sector for the very first time in April, marking a positive stride towards the country's economic diversification goals.
This growth within the Saudi private sector job market is a welcome sign for the nation's overall economic development. As the number of employed citizens rises, Saudi Arabia inches closer to its Vision 2030 objectives of reducing dependence on oil and fostering a robust and diversified economy. The increasing participation of women in the workforce further strengthens the country's economic prospects, fostering a more inclusive and empowered society.