RIYADH: Saudi Arabia’s total number of employees in the private sector reached 10.7 million workers in October, according to the Saudi National Labor Observatory. The NLO revealed that out of 10.7 million workers, 2.3 million were Saudi nationals. This data represents a positive trend in the employment sector as the private sector continues to expand its workforce, creating opportunities for Saudi citizens. In October alone, the net growth in jobs for Saudi nationals was 17,830, indicating a steady increase in employment within the private sector. Additionally, 49,320 Saudi citizens joined the private sector for the first time in October. The observatory, in its report on the Saudi labor market in the private sector for October, clarified that the number of Saudi males in the private sector reached 1.36 million employees, while the number of Saudi females in the private sector reached 936,800 employees. Saudi Arabia’s economic diversification path has turned the Kingdom into a hub for employment opportunities thanks to its bold giga-projects, including NEOM, attracting fresh talent into the construction sector. The massive developments align with the Kingdom’s Vision 2030, which aims to reduce Saudi Arabia’s dependence on oil and enhance the strength of the private sector. According to the General Authority for Statistics, the overall unemployment rate in the Kingdom of Saudi Arabia, for both Saudis and non-Saudis, was 4.9 percent in the second quarter, a 0.2 percentage point dip opposed to the first quarter. It also marked a 0.9 percentage point decrease from the second quarter of 2022. In the second quarter, the Saudi unemployment rate dropped to 8.3 percent. The employment-to-population ratio for Saudi nationals also fell slightly, reaching 47.4 percent compared to the previous quarter. Moreover, the labor force participation rate for Saudis dropped by 0.7 percent points to 51.7 percent. In terms of year-on-year changes in key labor market indicators for Saudis, the unemployment rate decreased by 1.4 percentage points. While the employment-to-population ratio increased by 0.6 percentage points, the labor force participation rate fell by 0.1 percentage points.