Human Resources Ministry Highlights Commitment To Youth And Entrepreneurs On World Entrepreneurs Day

The Ministry of Human Resources and Social Development celebrated World Entrepreneurs' Day on August 21 by reaffirming its dedication to improving the work environment. The ministry aims to empower youth and entrepreneurs through initiatives aligned with Saudi Vision 2030. Since 2016, the number of small and medium-sized enterprises (SMEs) has surged from 429,000 to over 1.2 million, showcasing the ministry's success in fostering entrepreneurship and expanding self-employment opportunities.

To achieve these objectives, the ministry has launched several key programs. One such initiative is an innovation hackathon that offers young men and women a platform to devise creative solutions for labor market challenges. This initiative encourages innovative thinking among the youth, aligning with the broader goals of Saudi Vision 2030.

The Youth Development Strategy, introduced in 2024, comprises over 20 unique initiatives aimed at qualifying and empowering young people. This strategy led to the creation of the General Administration for Youth Development and a professional certificate for youth work. These efforts are designed to equip young individuals with necessary skills for future success.

Furthermore, the ministry's social security empowerment program has achieved significant milestones. In the first quarter of 2025, it reached a 33.7% empowerment rate by qualifying and supporting 23,394 individuals. This was accomplished through employment platforms, entrepreneurial project support, and training programs tailored to meet diverse needs.

The freelance work initiative has been instrumental in enabling over 400,000 active freelancers to obtain work permits and access government incentives. This initiative attracts individuals with varied qualifications; notably, 62% of these freelancers hold a bachelor's degree. It provides a flexible work environment while contributing to economic growth.

In a bid to further support business growth, the Cabinet approved a three-year extension of the exemption from financial fees for small businesses with nine or fewer workers. This decision aims to bolster entrepreneurship and ensure small businesses continue thriving, thereby contributing to sustainable economic development in Saudi Arabia.

These comprehensive efforts underscore the ministry's commitment to nurturing an entrepreneurial ecosystem that aligns with national goals. By focusing on innovation, youth empowerment, and supportive policies for small businesses, Saudi Arabia is paving a path toward sustainable economic progress.

With inputs from SPA