Over 26,000 Saudi nationals are currently employed in the real estate sector, a considerable increase from the 12,000 who worked in the sector in July 2021. The government’s decision to concentrate on localizing the industry was announced by the Minister of Human Resources and Social Development, Eng. Ahmad Al Rajhi, and is what led to this 116% increase.
Speaking at the Real Estate Future Forum in Riyadh, Al Rajhi emphasized the expansion of the private sector labor force as a whole, which is expected to reach a record 2.3 million workers by 2023 from 1.7 million in 2019. Remarkably, 361,000 of these workers are first-time job applicants.
Al Rajhi attributed the increase to the ministry’s initiatives to promote real estate employment. This includes starting the Waad national training campaign and creating 12 sectoral councils for skill development, particularly in the construction and real estate industries. By the end of 2025, this campaign hopes to provide 1.155 million Saudis with training opportunities in partnership with the private sector.
The minister also listed the 123 programs that make up the government’s vast support and aid efforts. The majority of these serve holders of citizen accounts, people with disabilities, and social security recipients. Funding for these important initiatives surpassed SR86 billion in 2023.
Al Rajhi also highlighted the “housing and empowerment” program, which aims to assist 1,000 families with social security registrations. The program aims to help these families move from being dependent on others to being self-sufficient.
In just ten months, more than 1,100 businesses have joined the National Social Responsibility Platform and contributed more than SR1 billion. Corporate support is particularly noteworthy in the housing sector, where 21 initiatives totaling over SR677 million are implemented to assist the poorest segments of the ministry.
