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FINANCIAL NEWS
Saudi Arabia challenged to create 5m jobs by 2030
26 Jan 2011
(MENAFN) Adel Fakieh, Labor Minister of Saudi Arabia, at the 5th Global Competitiveness Forum (GCF), said that in order to accommodate new Saudis entering the job market, the country needs to provide 5 million jobs by 2030, which are expected to be in the private sector, reported Arab News.
Fakieh said that in order to avoid the dramatic increase in unemployment, rapid action needs to be taken. Equally, Saudi salaries would drop off with available labor-force mounting.
Fakieh mentioned that even though the task is very challenging, he is confident that the government’s plans in creating 250,000 jobs a year would succeed and that the unemployment number would soon decrease.
The Labor Minister also expressed the need to offer jobs for Saudi women but no numbers were revealed. The 5-million new jobs are only intended to solve the problem of male unemployment.
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