RIYADH: More than 61,000 Saudis have received support from government empowerment programs offering job opportunities, training, and backing for ventures designed to enhance their economic and living conditions. The Ministry of Human Resources and Social Development has reported that this figure includes over 51,130 beneficiaries in the employment track and 10,600 beneficiaries in the economic category, all as of the end of the third quarter of 2023. This coincided with Saudi Arabia’s overall unemployment rate decreasing to 4.9 percent in the second quarter of this year. This dip of 0.2 percentage points in comparison to the preceding three months was disclosed in a report released by the General Authority for Statistics earlier in October. The ministry highlighted that the number of beneficiaries in the economic track has surpassed the set target of 48,510 beneficiaries for the third quarter. These empowerment initiatives are part of a broader effort by the government and are categorized into three tracks: employment, economic, and rehabilitation. Initiatives in the employment section include job training programs and opportunities to participate in job forums across the country. The economic track provides financial and non-financial support for entrepreneurial work and productive projects. The third section focuses on improving living and economic conditions for beneficiaries and offers health, psychological, and social rehabilitation. The GASTAT data for the second quarter revealed that the unemployment rate among Saudi nationals dropped to 8.3 percent, a decrease of 0.2 percentage points compared to the first quarter. The unemployment rate among Saudi females decreased to 15.7 percent, down by 0.4 percentage points from the previous quarter, while the rate among Saudi males remained unchanged at 4.6 percent in the second quarter. The report also highlighted that 95.3 percent of unemployed Saudis are open to job opportunities in the private sector. Saudi Arabia’s Vision 2030 aims to reduce the unemployment rate to 7 percent by the end of the decade, with a projected women’s workforce participation rate of 30 percent. In another significant development aimed at bolstering workforce development within the private sector, the ministry last month issued a resolution mandating that establishments with 50 or more employees annually disclose their training data via Qiwa platform. The resolution is designed to improve the training programs within private sector companies, with a focus on enhancing employee skills and overall efficiency. The goal is to provide clear national training data, boost workforce performance, and encourage private sector investment in employee training to meet labor market demands.