Riyadh – King Salman and Crown Prince Mohammed bin Salman presided over the Saudi Cabinet’s regular meeting on Tuesday, where they discussed various important matters concerning the Kingdom. The meeting focused on reviewing the outcomes of recent high-level discussions between Saudi officials and their foreign counterparts. Additionally, the Cabinet examined the proposed budget for the fiscal year 2024.
One of the key highlights of the meeting was the analysis of labor market indicators for the second quarter of the current year. The data revealed a significant decrease in the unemployment rate compared to the same period last year. In particular, the rate dropped from 9.7 percent to 8.3 percent, indicating a positive trend in the Saudi job market.
The decline in the number of unemployed Saudis can be attributed to the successful implementation of initiatives and programs associated with Vision 2030. This ambitious national development plan, spearheaded by Crown Prince Mohammed bin Salman, aims to diversify the Saudi economy, reduce reliance on oil revenues, and create more job opportunities for Saudi citizens. The positive impact of Vision 2030 on the labor market is evident in the decreasing unemployment rate.
The Cabinet members expressed their satisfaction with the progress made in tackling unemployment and emphasized the importance of sustaining these positive trends. They highlighted the need for continuous efforts to enhance job creation, skill development, and entrepreneurship, ensuring that Saudi citizens are equipped with the necessary tools and opportunities to contribute to the country’s economic growth.
King Salman and Crown Prince Mohammed bin Salman reiterated their commitment to Vision 2030 and their determination to realize its objectives. They emphasized that the government will continue to prioritize the welfare and prosperity of its citizens, striving to create a vibrant and diversified economy that provides sustainable employment opportunities for all Saudis.
The Saudi Cabinet’s meeting showcased the leadership’s dedication to the Kingdom’s development and its unwavering commitment to improving the lives of its people. As Saudi Arabia progresses further into the fiscal year 2024, the government’s focus on economic diversification and job creation will undoubtedly play a crucial role in shaping the nation’s future.
