RIYADH: The private sector will have to employ 4.1 million Saudis by the year 2030 under the Kingdom’s vision plan, which aims to diversify the production base and support employment plans, a study has revealed.
Oxford Strategic Consulting, which conducted the study, said that Saudi Arabia faces the huge challenge of providing 8 million jobs to locals in 15 years in the public and private sectors.
The jobs suggestion is based on the high number of graduates, that is 300,000 per year, with a maximum of 30 percent to 40 percent joining the market.
The Saudi labor force is currently estimated at around 6.4 million, including 4.2 million in the public sector and 1.6 million in the private sector, the report said.
The report stressed the need for human resources departments to help Saudis join the labor market, particularly in industrial sector, pointing to the existence of 190,000 workers in the military industrial sector, only 4,000 of whom are Saudi nationals.
The report predicted domestic spending on the military industry to reach $28.5 billion.
The industry will likely employ 95,000 citizens.
Saudis currently represent 16 percent of the total employees in the private sector, the report said.
