New unemployment target set at 5% by 2030: Minister

Ahmed AlRajhi, Minister of Human Resources and Social Development

Saudi Arabia has set a new target for unemployment among Saudis at 5% by 2030, said Ahmed AlRajhi, Minister of Human Resources and Social Development.

Speaking at the Budget Forum 2025, AlRajhi indicated that this new target was set, after the previous Vision 2030 goal of a 7% unemployment rate was accomplished seven years ahead of schedule.

The number of Saudis employed in the private sector increased to 2.4 million, up from 1.7 million in 2018, he noted.

On another note, a total of SAR 41 billion was spent on the Citizen Account program this year, marking significant financial support to help citizens face rising costs of living, the minister added.

The Human Resources system contributes to eight out of the 11 programs of Vision 2030, AlRajhi noted, adding that the labor market strategy has been implemented at 84% over the past four years. It has recently been updated to elevate the Saudi labor market to the ranks of the best global markets, with approval from the government awaited.

The ministry has undertaken qualitative localization initiatives, employing 300,000 Saudi men and women in specialized professions, amending over 32 articles in the labor bylaws, and launching key insurance products.

According to available data, the Labor Force Survey results for Q2 2024, released by the General Authority for Statistics, showed a decline in the unemployment rate among Saudis to 7.1%, compared to 7.6% at the end of Q1 2024.

This marked the lowest unemployment rate for Saudis since data became available in 1999.