Riyadh, Saudi Arabia – The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial increase from 12,000 to over 26,000 citizens working in the industry since July 2021.
The significant 116% leap comes in the wake of the government’s decision to prioritize the localization of the sector, as announced by Eng. Ahmad Al Rajhi, Minister of Human Resources and Social Development.
Speaking at the Real Estate Future Forum in Riyadh, Minister Al Rajhi underscored the overall growth in the private sector workforce, revealing that the numbers have risen from 1.7 million in 2019 to a record-breaking 2.3 million in 2023. Notably, 361,000 of these workers are entering the job market for the first time.
Minister Al Rajhi attributed this substantial increase to the ministry’s efforts in promoting employment in the real estate sector. Initiatives include the establishment of 12 sectoral councils focused on skill development, particularly in construction and real estate, along with the initiation of the Waad national training campaign. The collaborative campaign with the private sector aims to provide 1.155 million training opportunities to Saudis by the end of 2025.
Highlighting the government’s commitment, the minister outlined 123 support and aid programs, with a focus on social security beneficiaries, individuals with disabilities, and citizen’s account holders. In 2023, funding for these key programs surpassed SR86 billion.
Minister Al Rajhi also emphasized the “housing and empowerment” initiative, targeting 1,000 social security-registered families. The program aims to transition these families from dependency to self-sufficiency.
Over 1,100 companies have joined the National Social Responsibility Platform, contributing more than SR1 billion in just 10 months. The housing sector, in particular, benefits from substantial corporate support, with 21 initiatives worth over SR677 million ($181 million), significantly aiding the ministry’s most underprivileged segments.