Significant Increase in Saudi Participation in Private Sector

In the first nine months of 2024, more than 294,000 Saudis entered the private sector, driven by a substantial investment of $1.5 billion from the Human Resources Development Fund (HADAF). This achievement underscores Saudi Arabia’s efforts to diversify its economy and reduce reliance on oil, said Turki Al Jawini, HADAF’s Director General.

HADAF's Support of 1.7 Million Saudis

Al Jawini stated that approximately 1.7 million Saudis have benefitted from HADAF's programs and services, with a total expenditure of SR5.48 billion (around $1.5 billion) dedicated to training, orientation, and empowerment initiatives, reinforcing the importance of human capital development in Saudi Arabia.

Expansion of Private Sector Engagement

Over 139,000 establishments across Saudi Arabia have utilized HADAF's services this year, reflecting the growing cooperation between the private sector and government in realizing Vision 2030's labor market objectives. Al Jawini emphasized that HADAF’s strategic shift aligns with the Kingdom’s broader economic transformation, preparing young Saudis to thrive in a modern, competitive workforce.

Enhancing Competitiveness and Workforce Sustainability

Through collaboration with private sector entities, HADAF is focused on boosting Saudis' competitiveness and sustaining workforce progress. By adapting programs to meet sector-specific needs and developing partnerships with training providers, HADAF aims to foster a resilient, skilled workforce that can respond to the dynamic labor market.

Adapting to a Changing Labor Market

The Fund’s revised approach involves tailoring its initiatives to address the evolving needs of Saudi Arabia's economic sectors, ensuring that training and employment opportunities match industry demands. HADAF’s strategy aims to achieve sustainable workforce growth, contributing to Saudi Arabia’s Vision 2030 labor market goals.