Hello!
Ready to explore ‘Saudi Arabia this week’ by Analytix, with the latest weekly news updates and business insights from Saudi Arabia. Here we go!
From 17th to 23rd June 2024
Saudi Arabia's Vision 2030 Exceeds Targets for Women's Leadership and Employment
RIYADH – Saudi Arabia’s Vision 2030 has improved women’s leadership in the labour market where 1,707 women occupy leadership positions in line with the set agenda of having over 1000 women leaders. The Ministry of Human Resources and Social Development revealed that 320 women participated in the self-employment training program in 2023, thus exceeding the target of 310. Female employment increased from 21. From 2 percent in 2017 to 34 percent in 2023, with economic participation rising to 35 percent. 5%. Women now hold 43. 8% of middle and senior administrative positions. Saudization of highly skilled jobs has been achieved at a rate of 39%. 6%, which is very close to the goal set for 2025 of 40%. Other training courses have also trained more than sixteen thousand trainees into the labor market.
Riyadh Emerges as a Leading Startup Hub in MENA Region
RIYADH – Riyadh is in the top five startup ecosystems in the MENA region with an overall score according to Startup Genome and Global Entrepreneurship Network. Especially Riyadh, Jeddah and Alkhobar are recognized as great places to start a business. Riyadh is ranked between 51-60 worldwide and is particularly highlighted for developing four unicorns in the last decade regarding funding performance. The region’s leading country in venture funding is Saudi Arabia with $1. 38 billion US dollars in the year 2023.
Saudi Arabia's Construction Sector Driven by Vision 2030 and Mega Projects
Saudi Arabia’s state-backed projects such as NEOM and Vision 2030 have led to a massive increase in infrastructure and construction activities due to increased domestic and foreign investments. The Kingdom leads global construction activity with $1.5 trillion in projects, equivalent to 39% of the total projects of the MENA region. Prominent examples include The Line and King Salman Park, which showcase megaprojects in urban and city planning. Interestingly, some of the issues in skills gaps are giving rise to digitization and effective sourcing approaches
Saudi Arabia's Economic Resilience: Non-Oil Activities Now 50% of GDP Amid Vision 2030 Reforms
Data from the General Authority for Statistics (GASTAT) reveals that non-oil activities now account for 50% of the nation’s GDP, an indication of a successful economic restructuring under Vision 2030. According to GASTAT Q1 2024 GDP report, there is a 1.7% year-on-year decrease in real GDP, but a 1.4% growth compared to the previous quarter. Non-oil activities increased by 3. 4% year on year and government activities grew by 2%. This diversification is one of the premises of Vision 2030, which shows the effectiveness of the programs and reforms undertaken to build a stronger economy.
