World Economy

Saudization Rates Fall

Saudization Rates FallSaudization Rates Fall

Saudi Arabia’s labor force grew by 46,000 during 2015, its slowest pace since records began in 1999, according to a new report, Arabian Business reported. Jadwa Investment’s latest update on the labor market in Saudi Arabia also showed that Saudization rates within the private sector fell for the first time since 2011. The report also said the unemployment rate fell slightly from 11.7% in 2014 to 11.5% in 2015. During 2015, total net employment in the Persian Gulf Arab country saw a rise of 417,000, compared with 339,000 in 2014 but of these positions, 368,000 (or 88%) went to non-Saudis, the report said, adding that false Saudization is hurting the economy.