RIYADH: The Saudi Human Resources Development Fund, known as HADAF, concluded a cooperation agreement with Saudi Arabia’s National Industrial Development and Logistics Program in Riyadh on Thursday, Jan. 26, to support the training and recruitment of national cadres in opportunities generated by program’s initiatives.
In a joint statement, the two sides agreed to contribute to the development of human capital in support of the Kingdom’s Vision 2030 initiatives.
The agreement was signed by Turki Al-Jawini, director-general of HADAF, and Suliman Al-Mazroua, CEO of NIDLP.
The agreement aims to transform the Kingdom into a leading industrial power and an international logistics platform in several promising areas, focusing on the application of 4G technologies for industry. It will also contribute to the creation of employment and training opportunities for national cadres.
The agreement’s provisions include cooperation in the exchange of information, the transfer of expertise and the implementation of joint projects.
The parties also agreed to establish a joint working group to provide periodic reports on the progress of work.
HADAF revealed that in 2022 it supported the employment of 400,000 citizens in private-sector enterprises through the fund’s programs and initiatives.
Al-Jawini said that the fund has undergone many transformations over the past year and is presently working in partnership with various government and private-sector companies to empower Saudis with job opportunities.
The number of people who benefitted from the fund’s training and counseling services in the past year exceeded 1.49 million, he added, while the number of enterprises that benefitted from the fund’s services during the same period exceeded 138,000.
Total disbursements on training and support programs over the past year reached SR6 billion ($266 million), Al-Jawini said.
Crown Prince Mohammed bin Salman launched in October 2022 the National Industrial Strategy, which aims to drive growth in the sector and increase the number of factories to 36,000 by 2035, SPA reported.
The strategy also aims to develop an industrial economy that attracts investment and contributes to achieving economic diversification and sustainable growth by developing domestic products and non-oil exports in line with the objectives of Saudi Vision 2030.
Saudi Arabia is seeking to triple manufacturing by 2030, to create tens of thousands of high-quality jobs and to increase the value of industrial exports to SR557 billion, the total additional investments in the sector to SR1.3 trillion and the export of advanced technology products sixfold.
Through the strategy, the Kingdom aims to empower the private sector, increase the flexibility and competitiveness of the industrial sector, lead the regional industrial integration of value chains and achieve global leadership by investing in promising new technologies.
Saudi Arabia is currently the fourth largest manufacturer of petrochemical products in the world, while its industrial outputs contribute to global supply and manufacturing chains.