RIYADH: The Saudi economy is poised to generate 5.7 million jobs by 2020, but the Saudi work force is expected to get less rates of the available jobs compared to foreigners at 45 percent and 55 percent, respectively, according to a study.
The study titled "Assessment of the ability of Saudi economy to generate suitable and sustainable jobs for Saudis," drew three scenarios for the ability of Saudi economy to generate jobs by 2020.
The first scenario, which is more optimistic, says it will create 5.7 million jobs while the second and third ones said it would create 3.5 million and 1.6 million, respectively.
The study, originally prepared for the Seventh Riyadh Economic Forum, dealt with seven major themes, the most important one was that to what extent the Saudi economy could generate jobs in the next five years.
According to the study, the Saudi economy generated 5.5 million jobs in the period 1999-2014, 46 percent of which went to Saudi citizens while the remaining 54 percent went to foreigners.
Jobs increased to 11.1 million in the middle of 2014, with varying rates to Saudi citizens and foreign work force at 45 percent and 55 percent, the study said.
However, the rates of Saudi citizens will increase at higher rates than the population growth rates where Saudis entering the labor market in the period 2015-2020 will register at an average of 408,000 citizens per year, the study said.
The Saudi work force will constitute 34 percent of the Kingdom’s population by 2020, or an increase of work force by 2.07 million during 2015-2020, at an annual average of 346,000, the study said.
However, the foreign work force will have more dominance in the labor market by 55 percent compared to 45 percent to national (Saudi) work force, the study said.
On the suitability and sustainability of jobs, the study expected that the number of Saudi citizens working in acceptable jobs by 2020 will reach 7.10 million jobs.
The study touched on a strategic vision dealing with alternative economic policies and job generation initiatives, which will be suitable and sustainable for new entries to the labor market.
The vision has been prepared in the form of initiatives focusing on the generation of more jobs and the nature of jobs that have to be generated by the private sector companies.
Study: Saudi economy to generate 5.7m jobs by 2020
Study: Saudi economy to generate 5.7m jobs by 2020
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
