Nationalization rate in Saudi private sector increases
Eastern Province tops the list with 25.16 percent followed by Makkah region
Saudi Arabia’s private sector witnessed a rise in the nationalization rate during the third quarter of the current fiscal, according to a report.
The report, issued by the National Labor Observatory (NLO), an affiliate of the Human Resources Development Fund, shows a 21.54 percent increase in the nationalization rate compared to 20.4 percent during the same period in 2019. There has been a steady rise in the nationalization rate in the Saudi private sector. According to NLO statistics, the number of
Saudis who work in the private sector and are registered with the General Organization for Social Insurance (GOSI) has risen to 1,758,558 in Q3 2020, compared to 81,430 in Q2 2020. Of the total workforce registered with GOSI, 66.74 percent are males and 33.26 percent females.
Meanwhile, the Eastern Province topped the list of the regions with the highest nationalization at 25.16 percent, followed by the Riyadh region (21.89 percent), the Makkah region (21.47 percent), the Madinah region (19.27 percent), and Asir (17.85 percent).
NLO’s strategic objectives include the provision of accurate and reliable data to all stakeholders, offering analytics and feedback for labor partners, and building a network of experts and specialists to overcome labor challenges.
Several indicators have been established to reflect the status of the Saudi labor market. The authority’s web portal contains valuable market data that helps decision-makers contribute to the strategic transformation of the national economy.
It aims at diagnosing and studying the challenges of the labor market in order to boost regulating and developing the market and raise its efficiency and performance to create employment opportunities for Saudis.