Nationalization rate in Saudi private sector increases

There has been a steady rise in the nationalization rate in the Saudi private sector over the years, according to the National Labor Observatory. (Reuters/File)
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Updated 25 October 2020

Nationalization rate in Saudi private sector increases

  • Of the total workforce registered with GOSI, 66.74 percent are males and 33.26 percent females

RIYADH: Saudi Arabia’s private sector witnessed a rise in the nationalization rate during the third quarter of the current fiscal, according to a report.

The report, issued by the National Labor Observatory (NLO), an affiliate of the Human Resources Development Fund, shows a 21.54 percent increase in the nationalization rate compared to 20.4 percent during the same period in 2019.

There has been a steady rise in the nationalization rate in the Saudi private sector. According to NLO statistics, the number of Saudis who work in the private sector and are registered with the General Organization for Social Insurance (GOSI) has risen to 1,758,558 in Q3 2020, compared to 81,430 in Q2 2020. Of the total workforce registered with GOSI, 66.74 percent are males and 33.26 percent females.

Meanwhile, the Eastern Province topped the list of the regions with the highest nationalization at 25.16 percent, followed by the Riyadh region (21.89 percent), the Makkah region (21.47 percent), the Madinah region (19.27 percent) and Asir (17.85 percent).

NLO’s strategic objectives include the provision of accurate and reliable data to all stakeholders, offering analytics and feedback for labor partners, and building a network of experts and specialists to overcome labor challenges.


Egypt expects economic growth between 2.8 and 4% in 2021

Updated 29 November 2020

Egypt expects economic growth between 2.8 and 4% in 2021

  • Unemployment indicators also reflected the economy's development

CAIRO: Egyptian Finance Minister Mohamed Maait said the country was reaching positive growth rates, calling it a great achievement in light of the global conditions brought on by the coronavirus pandemic.

Maait said the estimated rate of economic growth in the fiscal year 2021-2022 would reach between 2.8 and 4 percent.

He said the percentage varied according to how each person perceived it sectorally, and that industries such as tourism and aviation were significantly affected by the spread of the disease.

“We have a priority to make room for the private sector’s participation in development projects,” the minister added.

He explained that there would be strengthened cooperation with the Transport Ministry in implementing its projects in partnership with the private sector.

Egypt had been hoping for growth between 6 and 6.5 percent before the coronavirus crisis broke out.

The country topped the emerging market economies in containing the rate of inflation during the current year, according to data from the Egyptian cabinet, despite the global repercussions of the health emergency.

The International Monetary Fund (IMF) said that Egypt achieved the largest annual decline in the inflation rate in emerging markets in 2020, compared to 2019, with a decline of 8.2 percentage points.

Among the effects of the economic reform plan were inflation rates falling to 5.7 percent during 2019-2020, compared to 13.9 percent in 2018-2019.

Unemployment indicators also reflected the economy's development. 

Recent data from the Egyptian Central Agency for Public Mobilization and Statistics showed the unemployment rate declining to 7.3 percent in the third quarter of this year, compared to 7.8 percent a year ago.

Egypt's monetary reserves rose to $39.22 billion by the end of last October, according to the country's central bank.

The IMF said the performance of the Egyptian economy exceeded expectations.