Saudi Arabia launched the Global Labor Market Academy in partnership with the World Bank

In order to strengthen its commitment to global transformation and filling labor market gaps, Saudi Arabia and the World Bank have partnered to develop the Global Labor Market Academy. Ahmed Al-Rajhi, Minister of Human Resources and Social Development, made the statement at the second International Labor Market Conference, which was hosted at the King Abdulaziz International Conference Center in Riyadh.

The ILO Director-General Gilbert Houngbo, 40 labor ministers from the G20, Europe, Asia, the Middle East, Africa, and the Americas, as well as more than 5,000 attendees and 200 speakers from more than 100 countries, attended the conference, which was sponsored by King Salman bin Abdulaziz.

The private sector in Saudi Arabia now employs more than 12 million people, and the number of Saudi nationals working increased from 1.7 million in 2020 to over 2.4 million in 2023, creating 724,000 new jobs for Saudis.

67 million young people are unemployed globally, and 20% of persons between the ages of 15 and 24 are neither employed, enrolled in school, nor undergoing training, according to Al-Rajhi. Furthermore, skill mismatches cause 40% of companies to struggle to fill positions, and in some areas, young unemployment rates surpass 30%.

Under Vision 2030, Saudi Arabia has implemented a number of measures to empower its workers, such as national youth development plans, legislative changes, and training programs. Because of this, the nation's unemployment rate decreased from 5.7% in 2020 to 3.7% by the end of 2024, while women's labor force participation rose to 36%, exceeding the goals set by Vision 2030.

Two significant projects were announced by Al-Rajhi: the Future Outlook Report, which will offer data-driven insights and creative approaches to close skill gaps and encourage lifelong learning, and the opening of the Global Labor Market Academy, with its headquarters located in Riyadh and functioning as a training and knowledge-sharing hub.