The Kingdom’s Human Resources Development Fund assisted about 74,000 Saudi citizens in obtaining employment in the private sector during the first quarter of 2024. It provided advice, training, and empowerment services to nearly 1.1 million people and facilitated hiring 73,878 residents.
Furthermore, the organization served over 72,000 private sector companies in the Kingdom throughout the same period, spanning various industries. Approximately 88% of small and medium-sized firms were established.
Support programs received SR2.13 billion ($567.9 million) in total funding during the first quarter. The goal of the fund, also known as HADAF, is to improve Saudi nationals’ skill sets, boost their employment rates, and promote private sector engagement in nationalization initiatives. It also seeks to strengthen alliances with appropriate organizations for employment and training, increasing the labor market’s sustainability and competitiveness. It helps achieve Saudi Vision 2030’s labor market strategy and human resources development objectives. The fund’s approach, which was introduced in the first quarter of last year, has enhanced the advantages that its services and programs offer to people and businesses.
The company seeks to accomplish three main goals: strengthening the country’s human capital development to satisfy the labor market’s changing expectations, strengthening the link between supply and demand in the labor market, and facilitating long-term employment in the private sector. According to an official representative, the number of workers in Saudi Arabia’s private sector reached 2.4 million in February, with a rise in the percentage of women to 36%.
Deputy Minister of Human Resources and Social Development for Labor Affairs Ahmed Al-Zahrani said during the third edition of the Qassim Youth Empowerment Forum in February that the increase over the previous six years is remarkable in any labor market globally.
Prince Faisal bin Mishaal, the governor of Qassim, reportedly stated that the region employs 26,000 women and 38,000 men. It shows that both genders are heavily represented in various private-sector professions. It reflected the significant increase in job opportunities and the keenness to empower Saudi citizens in all divisions, highlighting the substantial support provided by the leadership in securing job opportunities for citizens and enhancing economic prospects.
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