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Arab News, Thu, May 02, 2024 | Shawwal 23, 1445

HR development fund helps another 74k Saudis get private sector jobs, figures show

Saudi Arabia: Almost 74,000 Saudi nationals received help securing private sector jobs in the first quarter of 2024 by the Kingdom’s Human Resources Development Fund.   

The body supported the hiring of 73,878 citizens over the period, as offering advising, training, and empowerment services to more than 1.1 million individuals. 

Additionally, during the same period, the organization provided services to more than 72,000 private sector firms across various industries throughout the Kingdom. Approximately 88 percent of these establishments were small and medium-sized businesses. 

In the first quarter, a total of SR2.13 billion ($567.9 million) was allocated to support programs. 

The fund, also known as HADAF, is dedicated to enhancing the skills of Saudi citizens, increasing their participation in the labor market, and encouraging private sector involvement in nationalization efforts, the Saudi Press Agency reported. 

It also aims to strengthen partnerships with relevant organizations for training and employment, thereby increasing competitiveness and sustainability in the labor market. This contributes to achieving the goals of Saudi Vision 2030 regarding human resources development and labor market strategy. 

The fund’s strategy, launched in the first quarter of last year, has contributed to enhancing the benefits for individuals and establishments from its programs and services. 

It aims to achieve three key objectives: enhancing the development of national human capital to meet the evolving demands of the labor market, improving the relationship between supply and demand in the labor market, and enabling sustainable employment in the private sector. 

In February, Saudi Arabia’s private sector labor market reached a workforce of 2.4 million citizens, with female participation increasing to 36 percent, according to an official. 

Speaking at the third edition of the Qassim Youth Empowerment Forum, held in February, Deputy Minister of Human Resources and Social Development for Labor Affairs Ahmed Al-Zahrani stated that the increase observed over the past six years is unprecedented in any labor market worldwide. 

Addressing the audience at the event, Governor of Qassim Prince Faisal bin Mishaal highlighted that the region’s workforce comprises 38,000 male employees and 26,000 female workers, illustrating a substantial presence of both genders in various roles within the private sector. 

He added that this reflected the significant increase in job opportunities and the keenness to empower Saudi citizens in all divisions, underscoring the substantial support provided by the leadership in securing job opportunities for citizens and enhancing economic prospects. 

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