JEDDAH: Saudi Arabia’s labor market is transforming, with unemployment among the Kingdom’s nationals hitting record lows and the nation raising its Vision 2030 employment targets to reflect this accelerated progress.
Minister of Human Resources and Social Development Ahmed Al-Rajhi announced during the Budget Forum 2024 that Saudi Arabia has revised its unemployment target for nationals to 5 percent by 2030, down from the previous goal of 7 percent.
“The unemployment rate among Saudis was 12.8 percent in 2018, and today it has dropped to 7.1 percent. The Vision 2030 target was to reduce Saudi unemployment to 7 percent by 2030, a milestone we have achieved six years ahead of schedule,” Al-Rajhi said at the time.
He added that for this reason, Crown Prince Mohammed bin Salman “directed a review of that target, and now we have a new ambition: to reduce the unemployment rate among Saudis to 5 percent by 2030.”
A new phase of the strategy has been submitted for approval, aiming to elevate the Saudi labor market to global competitiveness.
