Saudi Arabia Unemployment Rate Drops To 12.6% By The End of 2020

Aizbah KhanWeb Editor

01st Apr, 2021. 12:14 am

The Saudi Bureau of Statistics has announced that the kingdom is one of the countries least affected by unemployment due to the global pandemic. By the end of 2020, the unemployment rate is 12.6 per cent.

A statement from the Saudi Statistics Commission said that labour market reforms and economic activity had reduced the unemployment rate among Saudi citizens.

Saudi Crown Prince Mohammed bin Salman announced yesterday that the kingdom would invest more in the next 10 years than in the previous 300 years and spend money on various projects.

Prince Muhammad bin Salman added that when we talk about 27 trillion riyals in the next 10 years, it is a huge ‘figure’. This includes 3 trillion riyals from the public investment fund, 5 trillion riyals from large companies and 4 trillion riyals from the investment strategy, details of which will be announced later.

In addition, an amount of 10 trillion riyals has been allocated for investment in the budget.

Crown Prince Muhammad bin Salman said that 5 trillion riyals would be taken from the private sector in this vast investment. This amount may be increased and steps may be taken to increase this amount.

Regarding the Public Investment Fund, Prince Muhammad bin Salman said that the Public Investment Fund is working on the money that has been invested in Saudi Arabia.

He added, “We are discussing with sovereign funds around the world to set up this fund. The size of this fund can be from half to one trillion riyals which does not include the amount of 27 trillion riyals. In addition, we are working with the Ministry of Energy and Aramco on an exciting program that will add half a trillion riyals over the next 10 years.”

He emphasized in his speech that “the establishment of an active and prosperous private sector is one of the national priorities of Saudi Arabia as the private sector plays an important role in the development and prosperity of the country’s economy.”

Prince Muhammad bin Salman said that the investment in the country will increase by 30 trillion riyals in the coming years. The riyal will be invested. The details will be announced soon.

He told the participants that 120 trillion riyals would be invested in the national economy by 2030. This would create thousands of new jobs in the private sector. Under the new investment, the private sector’s share of Saudi Arabia’s gross domestic product (GDP) will increase to 65%.

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