294,000 Saudis enter private sector in first nine months of 2024

$1.5 billion workforce development drive benefits 1.7 million Saudis

Dubai: More than 294,000 Saudis have joined the private sector in the first nine months of 2024, supported by a $1.5 billion investment from the Human Resources Development Fund (HADAF), according to Turki Al Jawini, HADAF’s Director General.

The HADAF Director said approximately 1.7 million Saudis have benefited from the Fund’s programmes and products, highlighting a significant investment in human capital as the country moves away from its dependency on oil.

Al Jawini noted that the total expenditure for HADAF’s training, orientation, and empowerment initiatives during the period amounted to SR5.48 billion, or roughly $1.5 billion.

A total of 139,000 establishments across all regions of Saudi Arabia have taken advantage of HADAF’s services since the beginning of the year, Al-Jawini said, pointing to the growing alignment between government efforts and the private sector.

Al Jawini noted that HADAF’s evolving strategy aligns with the Kingdom’s transformative economic plans, ensuring that young Saudis are well-equipped to meet the demands of a modern workforce.

Through partnerships and collaborative efforts with private sector entities, HADAF seeks to boost Saudis’ market competitiveness, promote workforce sustainability, and drive progress toward Saudi Arabia’s labour market goals.

The Fund’s revised approach focuses on adapting to rapid changes in the labour market, tailoring programmes to meet sector-specific needs, and fostering partnerships with training and employment stakeholders.