Unemployment rate among Saudis records historically low level at 7.1%
The drop in unemployment rate among Saudis to record levels reflects the success of nationalization policies and economic diversification, bringing the Kingdom closer to achieving Vision 2030 goals ah
October 1, 2024, 1:46 am

Unemployment rate among Saudis records historically low level at 7.1%

الاقتصاد السعودي

Recent data released by the General Authority for Statistics in Saudi Arabia revealed positive developments in the country's economic landscape during the second quarter of 2024.

A notable increase of 23% was recorded in net foreign direct investment inflows compared to the first quarter, reaching 11.7 billion riyals. Despite this quarterly increase, this value represents an 8% decrease compared to the same period last year.

The total foreign direct investment inflows into the Saudi economy amounted to about 19.44 billion riyals during the second quarter, reflecting the continued attractiveness of the Saudi market to foreign investors.

In a related context, the data showed a significant improvement in the Saudi labor market. The unemployment rate among Saudi citizens dropped to a historic low of 7.1% in the second quarter, down from 7.6% in the first quarter, bringing the Kingdom closer to achieving the "Saudi Vision 2030" goal of reducing the unemployment rate to 7%.

On an annual basis, the unemployment rate decreased by 1.4 percentage points compared to the second quarter of 2023, indicating a continuous improvement in the job market.

However, a slight decrease was recorded in the Saudi labor force participation rate during the second quarter, reaching 50.8%, a decrease of 0.6% compared to the first quarter. Nevertheless, this rate is still 0.1 point higher compared to the second quarter of 2023.

In another positive sign, the overall unemployment rate for Saudis and non-Saudis fell to a historic low of 3.3% in the second quarter, down from 3.5% in the first quarter.

Despite these positive developments, a slight decrease was recorded in the percentage of employed Saudis to the total population, reaching 47.2%, a decrease of 0.3 points compared to the first quarter of 2024.

These indicators reflect the tangible progress Saudi Arabia is making towards achieving Vision 2030 goals, while challenges persist in some areas that require more efforts to enhance economic participation and diversify income sources.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”