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Unemployment Rates of Saudi Nationals Decreased During the Financial Crisis

Saudi Arabia : 23 April 2010

Last Wednesday Saudi Arabian Minister Mr. Al-Homaid spoke to a delegation of Labour Ministers at the G20 conference in Washington. He spoke mainly about Saudi Arabia’s intentions to create more employment for Saudi Arabian citizens and to continue to maintain existing employment through the implementation of many new measures.

It has been stated that during the financial crises there was actually a decrease in Saudi Arabia’s unemployment rates among its national citizens. Mr. Al-Homaid also stated that there was a substantial increase in private sector employment during the crises and that appears there were no mass redundancies similar to those that were apparent in other nations.

The purpose of the G20 meeting which saw 20 World Economies meeting was to discuss the coordination of labour-market policies and how to take the current tentative steps to recovery and nurture new employment potential carefully to help the recovery process. At the summit they agreed to encourage employment wherever possible and to do their utmost to preserve existing employment and to encourage future growth and poverty alleviation.

Al-Homaid also stated that Saudi Arabia weathered the storm well by implementing broad economic policies and many structural reforms and this was all made possible by utilizing the large surplus of reserve funds that they have at their disposal.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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