iPhone | iPad
Android
Huawei
Making the Dubai-based company one of the top five overseas investors in this period
KT APPDOWNLOAD
Davos 2023: Saudi Arabia taps unconventional sectors for jobs
Saudi Arabia launched “Vision 2030” in 2016, an economic agenda to cut oil dependence and build new industries while investing in existing ones including energy and petrochemicals
A worker stands on a mobile lift in a hall at Davos Congress Centre, the venue of the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland. — Reuters
Saudi Arabia’s economy minister said on Wednesday the kingdom would continue to tap into non-traditional sectors like entertainment and esports to create jobs, boost the quality of life and lure talent.
Saudi Arabia launched “Vision 2030” in 2016, an economic agenda to cut oil dependence and build new industries while investing in existing ones including energy and petrochemicals.
Saudi Crown Prince Mohammed bin Salman, has pushed social reforms alongside the economic agenda to help modernise the kingdom, in recent years allowing women to drive, music concerts and cinemas for the first time.
“In the past, these were seen as hopeful byproducts of an economic transformation. Today, they are seen as master ingredients for an optimum economic transformation,” the minister, Faisal Al Ibrahim, told Reuters on the sidelines of the World Economic Forum in Davos.
Saudi Arabia and fellow Opec member and close ally the United Arab Emirates also compete for foreign capital and talent.
Saudi female participation in the labour force had reached 37 per cent, Al Ibrahim said, beating a government target of 30 per cent by 2030. The Saudi male unemployment rate reached 4.8 per cent, its lowest ever, he added.
“We reached 2.2 million private sector jobs this year, which is a record high,” Al Ibrahim said.
“Moving forward, we expect the new sectors that did not exist in the past - we have sports, entertainment, culture and tourism - to play a big role,” he said, adding the government aimed to create high-quality jobs faster than the rate at which people enter the labour market. — Reuters
More news from Business
The reported valuation is less than half of the $44 billion that the CEO paid to acquire the social media platform
Gordon E. Moore could be credited for bringing laptop computers to hundreds of millions of people
The economy based on low interest rates could not cope with sudden spike
High yield will ensure strong participation in the company's share sale
Top deal was a Dh500m plot in Palm Jumeirah
The appointment is another step by ADX to boost liquidity
Country participates in G20 sustainable finance working group meeting