Saudi Arabia to open investment office in Brazil

Saudi Arabia to open investment office in Brazil
Saudi Arabia to open investment office in Brazil

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Jeddah - Yasmine El Tohamy - RIYADH: The total number of employees in Saudi Arabia’s private sector reached 11.1 million in February, up 0.9 percent from the previous month, according to newly released figures.   

The Saudi National Labor Observatory report revealed that out of the total, 2.3 million were Saudi nationals while 8.8 million were residents of the Kingdom belonging to different nationalities.  

This data represents a positive trend in the employment sector as the private sector continues to expand its workforce, creating opportunities for Saudi citizens.   

Moreover, an analysis of the Saudi national workforce shows that while 961,690 employees were females, 1.4 million were males.  

On the other hand, of the 8.8 million non-Saudi workers, 348,892 were women, while 8.4 million were men.  

In February alone, the net growth in jobs for Saudi nationals as well as residents stood at 26,694, indicating a steady increase in employment within the private sector.

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 is above 123,000.  

At the time, the organization claimed that this figure indicates an improvement in the overall survival and sustainability of such jobs in the Kingdom.    

The study also highlighted that this rise was mainly attributed to efforts exerted by the sector, such as financial incentives and rewards.  

In addition, private firms offer continuous training and development driven by government support, retention, and nationalization programs.  

In 2021, a report revealed that the Saudi private sector is hiring women at twice the rate of the public sector.    

Between the beginning of 2019 and the end of 2020, Saudi women in the labor market grew by 64 percent as the Kingdom underwent several social reforms, particularly for its female population, the study disclosed at the time.    

The analysis, commissioned by the US think tank Brookings Institute, showed the surge was “genuine, private-sector-led,” as female employment in these sectors rose by about 10 percent, twice as quickly as in the public sector, where it grew 5 percent.

Saudi Arabia’s economic diversification path has turned the Kingdom into a hub for employment opportunities, thanks to its bold giga-projects, including NEOM, which attract fresh talent into the construction sector.    

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.

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