Saudi Arabia`s mega projects generating employment
01/08/23
Saudi Arabia’s economic diversification has turned the Kingdom into a hub for employment opportunities.
Over the past five years the country has launched several massive construction projects, including Neom (which will feature The Line, Trojena, Oxagon and Sindalah), Al Ula Heritage Site, Red Sea Project, Amaala, Qiddiya, Ad Diriyah and King Salmon Park.
The huge developments are in line with the Kingdom’s Vision 2030 which aims to reduce Saudi Arabia’s dependence on oil and enhance the strength of the private sector.
The current construction boom will result in further job opportunities once completed and the Saudi government will continue to invest in additional infrastructure, tourism and transportation projects creating even more opportunities. The Kingdom will not only focus on mega projects but also expand its national 5G and IT capabilities, renewable energy and logistics sectors, while elevating technology including artificial intelligence.
A recent report released by the Ministry of Economy and Planning (MECP) earlier this month highlights the growth of job creation in Saudi Arabia. It noted that the unemployment rate for Saudi nationals reached 8.5 percent in the first quarter of 2023, down from 10.1 percent in the first quarter of 2022. Moreover, Saudi Arabia’s unemployment rate fell to an all time low of 8 percent in the fourth quarter of 2022.
According to the MECP the continuous decrease in unemployment among Saudis is linked to various factors, including government efforts to provide job opportunities for citizens, the introduction of innovative programmes and initiatives, as well as the role of the private sector in employment processes.
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