Are you ready to explore one of the most dynamic investment landscapes in the Middle East? Saudi Arabia’s private sector is booming, with more than 1 million new employees joining in 2023—a remarkable 11.5 percent increase from the previous year.
A Surge in Workforce and Opportunities
According to the National Labor Observatory, 1.06 million individuals entered the Saudi business sector in 2023, with women making up 37 percent of this new workforce, reflecting a 2 percent growth from 2022. The construction, transportation, and storage sectors have particularly thrived, welcoming approximately 719,300 new employees.
The transportation and storage industry alone saw the creation of over 94,500 new facilities, while the wholesale and retail sectors added 73,300 new establishments. Meanwhile, the manufacturing sector employed 35,700 citizens, and administrative and support services engaged 14,800 individuals. The education sector also experienced an impressive growth rate of 74 percent.
Empowering Workforce with Vision 2030
As of February, the private sector boasted a total workforce of 11.1 million, comprising 2.3 million nationals and 8.8 million residents. The number of women in employment reached 961,690 among citizens and 348,892 among residents. Notably, 26,694 Saudi nationals joined the private sector for the first time in February alone.
By December, Saudi citizen employment had increased by 44,796, showcasing a consistent rise in job opportunities outside the government sector. A groundbreaking report released in November revealed over 123,000 Saudis with more than 20 years of experience in the private sector, highlighting a wealth of seasoned professionals.
Transformative Social Reforms and Economic Growth
The Kingdom’s commitment to economic diversification is evident in its bold giga-projects, such as NEOM, which are attracting new talent, particularly in construction. These initiatives are part of Vision 2030, aimed at reducing reliance on oil and strengthening the private sector.
Between 2019 and 2020, the number of Saudi women in the workforce increased by 64 percent, driven by transformative social reforms. Businesses in Saudi Arabia are hiring women at twice the rate of government-funded entities, as noted in a study by the Brookings Institution. This surge is a testament to the genuine and substantial progress led by private enterprises.
Saudi Arabia’s strategic direction is not just about numbers; it’s about creating a sustainable and diverse economy that welcomes international investors to be part of its success story. The Kingdom’s dynamic growth trajectory offers a compelling opportunity for those looking to invest in a thriving future.
