Setting a New Record: The Saudi Economy to Create 1.8 Million New Jobs in 2024

Official data revealed that the Saudi economy will create approximately 1.8 million job opportunities in 2024, setting a new record for the number of job opportunities available in a single year. This has significantly contributed to the decline in the unemployment rate among Saudis to a historic low of 7%, achieved at the end of last year. This reflects the strong momentum witnessed by the Saudi economy in recent years, in light of major projects and the momentum it is witnessing with the beginning of reaping the benefits of the programs and policies of the Kingdom’s Vision 2030.

According to data from the General Authority for Statistics on labor market statistics, the Saudi economy created approximately 1.1 million job opportunities in 2023, after creating approximately 1.7 million jobs in 2022, following the recovery from the effects of the COVID-19 pandemic in 2020 and 2021, during which the number of jobs was negative.

Data shows that the number of Saudis working in the economy exceeded 4 million in 2024, reaching 4,054,483, up from 3,915,247 at the end of 2023. This means that 139,236 Saudis entered the labor market in 2024. The total number of workers in the Saudi economy (Saudis and foreigners) reached a new record by the end of 2024, reaching 17,672,270 workers, up from 15,887,504 workers in 2023, representing an annual increase of 1,784,766 workers in one year. The number of foreign workers in the economy rose to 13,617,787 workers, compared to 11,972,257 workers in 2023. This means that 2024 witnessed the entry of 1,645,530 foreign workers. The rising numbers of foreigners, coupled with declining unemployment rates among Saudis, confirm the balanced growth of the Saudi economy and are a testament to the success of the policies and programs of Saudi Vision 2030, which balance labor market reforms and empowering Saudis to enter the labor market, while also attracting surplus demand for foreign labor, which is concentrated in the types of jobs Saudis do not accept, particularly in the construction sector, which is experiencing a significant boom in light of the progress of the Tabari projects launched by Saudi Vision 2030.

Labor market data is consistent with population estimates in the Kingdom for 2024. Estimates issued by the General Authority for Statistics indicate that the Kingdom will receive 1,208,220 foreigners by mid-2024, compared to mid-2023. This will bring the number of foreign residents in the Kingdom to 15,665,022, a growth rate of 8.4%. This indicates the strength of the momentum witnessed by the Saudi economy and the creation of jobs that require attracting foreign labor due to the nature of these jobs during the construction phases. In contrast, the General Authority for Statistics estimates the Saudi population will grow by 2% in 2024, based on the growth rate adopted in the latest population survey. The number of Saudis reached 19,635,258 by the end of 2024, an increase of 389,329 people during the year.

The General Authority for Statistics had previously estimated the Kingdom’s population by mid-2024 at 35,300,280 people, an increase of 1,597,549 people compared to mid-2023, representing a growth rate of 4.7%. This is due to the significant momentum witnessed by the Saudi economy and the progress of major projects that are attracting increasing numbers of foreign workers during the construction phase. The unemployment rate for the Saudi economy by the end of 2024 reflects the economy’s ability to absorb the increasing numbers entering the labor market, whether Saudis or those recruited from foreign labor to meet local needs. The unemployment rate in the Saudi economy reached approximately 3.5% by the end of 2024, while unemployment among Saudis declined to 7%, compared to 7.8% at the end of 2023. Consequently, the increase in the number of foreign residents in the Kingdom coincided with a decline in unemployment rates among Saudis.