Nationalization rate in Saudi private sector increases

Nationalization rate in Saudi private sector increases

RIYADH (RAHNUMA): Saudi Arabia’s private sector witnessed a rise in the nationalization rate during the third quarter of the current fiscal, according to a report.

The report, issued by the National Labor Observatory (NLO), an affiliate of the Human Resources Development Fund, shows a 21.54 percent increase in the nationalization rate compared to 20.4 percent during the same period in 2019.

There has been a steady rise in the nationalization rate in the Saudi private sector. According to NLO statistics, the number of Saudis who work in the private sector and are registered with the General Organization for Social Insurance (GOSI) has risen to 1,758,558 in Q3 2020, compared to 81,430 in Q2 2020. Of the total workforce registered with GOSI, 66.74 percent are males and 33.26 percent females.

Meanwhile, the Eastern Province topped the list of the regions with the highest nationalization at 25.16 percent, followed by the Riyadh region (21.89 percent), the Makkah region (21.47 percent), the Madinah region (19.27 percent) and Asir (17.85 percent).

NLO’s strategic objectives include the provision of accurate and reliable data to all stakeholders, offering analytics and feedback for labor partners, and building a network of experts and specialists to overcome labor challenges.

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