RIYADH: Saudi Arabia stepped up localization efforts in the first quarter as the proportion of Saudis in the Kingdom’s workforce rose to 22.75 percent.
That compares with 20.37 percent during the same period a year ago, according to the National Labor Observatory (NLO) of the Human Resources Development Fund (Hadaf).
It represents a steady increase from 2017 when the localization rate was 16.46 percent, rising to 18.61 percent a year later and 20.21 percent in 2019, SPA reported.
Gulf states are stepping up efforts to reduce reliance on expatriates and provide more jobs for citizens as part of wider economic reform efforts aimed at reducing reliance on the oil industry. That process is especially visible in Saudi Arabia, the region’s largest economy.
In a wide-ranging TV interview to mark the fifth anniversary of the Saudi Vision 2030 strategy, Crown Prince Mohammed bin Salman on Tuesday highlighted the Kingdom’s progress in tackling unemployment.
The crown prince said that unemployment in Saudi Arabia at the beginning of Vision 2030 was about 14 percent.
“In the first quarter of 2020 we reached 11 percent. Because of the pandemic unemployment increased. We were the sixth best country in the G20 in terms of performance and unemployment, but in the last part of the fourth quarter of 2021 we were back to 12 percent,” he said, adding that figure would continue to fall as more Saudis enter the workforce.
The new NLO data reveals that the Eastern Region achieved first place in job localization efforts with a rate of 25.7 percent.
It was followed by Riyadh at 24.5 percent and Makkah at 21.4 percent.
Madinah and Asir rounded out the top five regions for localization at 19.3 percent and 17.5 percent respectively.
Saudis claim bigger share of workforce in first quarter
https://arab.news/8m3e7
Saudis claim bigger share of workforce in first quarter
- The crown prince said that unemployment in Saudi Arabia at the beginning of Vision 2030 was about 14 percent
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
