New figures have highlighted that Saudis have been getting their hands dirty and getting stuck in at work. Unemployment levels among Saudis fell to 10.1% in the first quarter of 2022 from 11% in the fourth quarter of 2021, according to official data. The rate reached 5.1% for male citizens and 20.2% for females, according to the General Authority for Statistics (GASTAT) on Thursday.
The economy of the OPEC’s biggest oil producer expanded by 9.9% in Q1 2022, its fastest in a decade. Non-oil activity activities rose over 20% year on year. The World Bank estimates Saudi Arabia's GDP to grow by 7% this year. Labour force participation by women expanded strongly in the first quarter of 2022, continuing a recent trend following reforms in employment laws and regulations. Data showed labor force participation rate of the total female working-age population rose over 13 percentage points (pp) to 33.6% during the first quarter of 2022.
The nation is clearly putting a lot of faith in its next generation as well as its Vision 2030 targets. According to Saad Al-Shahrani, deputy minister at the Saudi Ministry of Investment the younger population in the nation is tackling all the challenges that are arising as the country progresses toward achieving the goals of Vision 2030. He pointed out that the Kingdom also set up a target to have the private sector lead the economy, contributing up to 65% of gross domestic product from 40% by 2030.
Why it matters
Be it the stock market (Tadawul) to booming oil prices, Saudi Arabia is definitely placing itself as one of the hottest places to be. Buoyed by a young and ambitious population businesses are keen to tap into the energy generated by a nation hungry to become a dominant global hub. It's little wonder that Tadawul received over 50 applications for an IPO by the start of the year which alongside increasing oil prices as well as global tie-ups with Lucid (LCID, $17.16) and other brands has made it a formidable prospect.
