Human Resources Minister Ahmed Al-Rajhi Chairs Panel On Economic Development At Riyadh Forum

The 11th session of the Riyadh Economic Forum commenced on Monday evening, drawing attention for its impactful contributions since 2001. Minister of Human Resources and Social Development Ahmed Al-Rajhi highlighted the forum's role in delivering vital economic and developmental studies. He chaired a panel attended by over 1,500 participants, focusing on enhancing work quality and productivity in Saudi organisations.

Al-Rajhi emphasised the importance of the Labor Market Strategy, which provides a roadmap for significant reforms in both public and private sectors. These reforms aim to boost Saudi men's and women's participation in economic activities, enhance workforce skills, increase productivity, improve labor market efficiency, and reduce unemployment rates. He described these as "historic accomplishments."

Key achievements related to Saudi Vision 2030 were also discussed. Al-Rajhi noted that the overall unemployment rate decreased to 3.3% in Q2 2024 from 5.6% in Q2 2019. Among Saudis, unemployment dropped to 7.1% in Q2 2024 compared to 12.3% during the same period in 2019.

The number of Saudi workers in the private sector rose to 2.34 million, marking a 35% increase from 1.7 million in 2019. Economic participation increased from 57.9% in 2019 to 66.2% in 2024, with male participation growing from 45% to 50.8%, and female participation rising from 23.2% to 35.4% over the same period.

Al-Rajhi highlighted Saudi Arabia's international achievements in labor regulations and workforce productivity for the year 2023. The Kingdom advanced by 23 places in the Labor Regulations Index, reaching the global rank of 22nd, while it climbed by 22 places in the Skilled Labor Index to secure the global rank of 19th.

The Kingdom also rose by 18 places in the Workforce Productivity Index, achieving an impressive global rank of 11th place. In terms of equal pay for work of equal value, Saudi Arabia attained the global rank of 15th place.

Private sector compliance with the Wage Protection System (WPS) reached an impressive rate of 87.6% in 2023, surpassing its target of 75.5%. Additionally, compliance with occupational safety and health standards was recorded at a notable rate of 71.27% during Q1 of 2024.

The forum also explored ways to stimulate investment through differentiated regional government policies and enhance AI's role in national economies.

This session underscored significant progress made towards improving life quality and work practices within Saudi Arabia.

With inputs from SPA