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August 2023

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ECONOMY



 

Oil revenues slumped in the first six months of 2023, but the non-oil sector stepped up to the plate with a double-digit increase compared to the same period in 2022.


NIDLP



 

A programme associated with the country’s Vision 2030 strategy made significant progress in attracting investments and generating jobs in industries, mining, energy, logistics and transportation.

OIL&GAS



 

The world’s largest oil producer remains resilient in the midst of market conditions that have seen hydrocarbon prices taking a hit and forcing energy exporters to cut supplies.

RENEWABLE ENERGY



 

Saudi Arabia and Japan share a common vision of advancing the delivery of clean energy worldwide, while the kingdom also facilitates other projects to shore up its green transformation.


 

 

SME


 

Capital poured into small and medium enterprises in the kingdom has been the highest in the Middle East and North Africa, with particular focus on e-commerce, retail and tourism companies.

 

 

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 IN THIS EDITION

Saudi women are making their mark on the kingdom’s economy. Latest data from the General Authority for Statistics (GASTAT) show unemployment rate among Saudi women declined to 15.4% in the fourth quarter of 2022, a much lower number compared to the past few years.

Together with the decline in women's unemployment, the ratio of employed women to the population rose to 30.4% in the fourth quarter of 2022, compared to 27.6% during the same period in 2021. Overall, 1.47 million were employed by the last quarter of 2022, compared to 1.23 million in Q4 of 2021.The private sector employed just over 861,000 women, with government entities employing just more than 609,000 Saudi women, data shows.

 “The total number of women workers subject to the social insurance laws and regulations reached 970,330, where the highest number of female workers was in wholesale and retail trade activity and repair of motor vehicles and motorcycles, amounting to 192,952 female workers, followed by construction activity with 139,654 female workers, and human health and social work activities with 111,052 female workers,” GASTAT said.

Tourism emerged as an especially viable sector for Saudi women with the industry employing just over 66,845 according to latest available data, with catering and beverage entities employing 41,000 women, and accommodation activity recruiting more than 10,000 women.

Saudi women also showed their entrepreneurial skills, taking advantage of the Ministry of Human Resources and Social Development’s freelance certificate programme to boost women's earning options and improve their skills and expertise in a variety of business disciplines. The number of certificates issued to women in 2021 was (961,189), more than the number issued in 2020 (105,518), and considerably higher than the just under 8,000 certificates issued in 2019.

Business, management and law was the most popular discipline for higher education with 48,000 female graduates in the field, followed by over 33,0000 in arts and humanities, and more than 16,000 in education.

The rise of Saudi women in the economy is further bolstering the kingdom’s non-oil economy and will help the country achieve its ambitious Vision 2030 goals.
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