Human Resources Minister Chairs Panel Discussion at Riyadh Economic Forum.

Riyadh: Minister of Human Resources and Social Development Ahmed Al-Rajhi emphasized the significant impact of the 11th session of the Riyadh Economic Forum, which commenced on Monday evening. The forum has been pivotal in presenting crucial economic and developmental studies since 2001, offering the best recommendations for progress. According to Saudi Press Agency, Al-Rajhi chaired a panel session attended by over 1,500 participants. The discussion focused on enhancing the quality of life and workplace practices, boosting productivity in Saudi organizations, stimulating investment through regional government policies, and increasing the role of AI in national economies. Al-Rajhi underscored achievements related to the labor market and the Saudi Vision 2030. He praised the Labor Market Strategy for outlining a roadmap for fundamental reforms in the public and private sectors. These reforms aim to increase the participation of Saudi men and women in economic activities, improve workforce skills, boost produ ctivity, and reduce unemployment rates. He shared key figures highlighting the ministry's progress, noting a decline in the overall unemployment rate to 3.3% in Q2 2024, from 5.6% in Q2 2019. Unemployment among Saudis dropped to 7.1% in Q2 2024, compared to 12.3% in the same period of 2019. Al-Rajhi reported an increase in Saudi workers in the private sector to 2.34 million, a 35% rise from 1.7 million in 2019. Overall economic participation rose from 57.9% in 2019 to 66.2% in 2024, with male participation increasing from 45% to 50.8%, and female participation from 23.2% to 35.4% in the same period. He highlighted that private sector compliance with the Wage Protection System reached 87.6% in 2023, surpassing the 75.5% target. Compliance with occupational safety and health standards was at 71.27% in Q1 2024. Internationally, Saudi Arabia advanced 23 places in the Labor Regulations Index to 22nd globally, and climbed 22 places in the Skilled Labor Index, reaching 19th. The Kingdom also rose 18 places in th e Workforce Productivity Index, securing 11th place globally, and ranked 15th in the Equal Pay for Work of Equal Value Index.