RIYADH: Saudi Arabia has collaborated with the University of Chicago to advance research and implement effective public policies, focusing on nurturing local talent and enhancing economic opportunities within the Kingdom.
The Ministry of Economy and Planning has signed a three-year research agreement with the university’s Division of Social Sciences to conduct economic research contributing to the development of social and economic policies.
The agreement, signed by Saudi Arabia’s Vice Minister of Economy and Planning Ammar Nagadi, encompasses the research and study of various policy areas, including macroeconomics, international organizations, social development, as well as labor market dynamics, according to the Saudi Press Agency.
The collaboration with the University of Chicago aligns with the ministry’s directives to formulate policies based on scientific and empirical evidence, establish partnerships with local and international entities, and promote growth and innovation in the private sector.
Saudi Arabia has been strengthening research and investment opportunities in the private sector as the Kingdom steadily diversifies its economy away from oil, in line with the goals outlined in Vision 2030.
In November 2023, MEPX, a composite index released by the Ministry of Economy and Planning, revealed that corporate stability has helped Saudi Arabia’s private sector maintain its continued expansion in the third quarter of this year.
The robust expansion of the private sector in the third quarter of 2023 signifies economic growth and contributes significantly to addressing employment needs in Saudi Arabia, added the ministry in the report.
Furthermore, an October report from Saudi Arabia’s National Labor Observatory revealed a 10.5 percent increase in the number of Saudis in the private sector during the second quarter, reaching 2.2 million. This surge is attributed to a resilient economic rebound that expanded the workforce.
This data reflects a positive trend in the employment sector, as the private sector continues to expand its workforce, creating opportunities for Saudi citizens.