Approximately 70 agreements and memoranda of understanding (MoUs) valued at approximately $137 million were announced at the inaugural Global Labor Market Conference (GLMC) in Riyadh.
The deals are designed to bolster labor market resiliency, in Saudi Arabia, the region, and around the world.
The diverse collection of announcements included workforce development programs, educational initiatives, scholarship grants, leadership training agreements, data sharing measures, new initiatives, projects to bolster inclusivity, and many more.
Spanning over the course of 13-14 December, the conference was inaugurated by H.E. Ahmad bin Sulaiman Al-Rajhi, Saudi minister of Human Resources and Social Development, who announced GLMC will reconvene as an annual event.
The event witnessed the participation of over 6,000 attendees and 120 participants, who cumulatively represented over 40 countries.
Read more: Saudi women’s participation in labor market rises to 36 percent
GLMC’s annual journey begins
Addressing the crowd, Al-Rajhi said of the event’s successful inauguration, “I look to the past two days with satisfaction and pride, something I am sure I share with all the 6652 individuals from 40 national delegations who registered and attended this conference.”
Of the importance of the knowledge exchange that occurred during the event , Mr. Al-Rajhi continued, “What is clear to me is that in this future, we should all continue to exchange ideas on how best to prepare our labor markets to be inclusive of all.”
Given this ethos, and with momentum from the successful first iteration, the minister formally announced GLMC would return as an annual event, in addition to announcing the forthcoming publication of the first annual Global Labor Market report.
Training 150,000 individuals by 2025
For his part, H.E. Dr. Abdullah Nasser Abuthnain, Saudi vice minister of the Saudi Ministry of Human Resources and Social Development said, “The Kingdom has prioritized skill development to support economic diversification toward a more productive and knowledge-based economy,” said the Vice Minister. He pointed to Saudi Vision 2030 programs such as the Human Capability and Development Program, and the Labor Market Strategy, which have been established to drive skill development and address skill mismatches.
Additionally, Abuthnain noted “We in the ministry have adopted a demand driven approach to skill development by forming partnerships with private sector and other stakeholders.” Successes he highlighted include the establishment of 12 sectoral councils with over 150 participating members and the creation of an overarching skill framework that has resulted in a complete standard definition for 300 occupations covering 2,000 skills.
H.E. the Vice Minister also highlighted the success of the National Private Sector Training Pledge Program, ‘Waad’ under which the private sector has committed to training 150,000 individuals by 2025, a target already 50 percent achieved.
Prominent entities
Among the prominent entities taking part in the GLMC Announcement Stage included Takamol, Ministry of Human Resources and Social Development, Human Resources Development Fund, Ministry of Health, Riyadh Air, NEOM, Riyadh Airports Company, Saudi Investment Bank, National Council for Safety and Health, BAE Systems Saudi Arabia, Oracle, Authority for the Care of Persons with Disabilities, Indian Ministry of Skills and Entrepreneurship, , Mudad, Al-Rajhi Bank, Bank Albilad, Riyad Bank, Almarai Company, Transport General Authority, Bank Aljazira, Saudi Commission for Health Specialties, Al-Rabie Saudi Foods Co, and many others.
Major announcements
Announcements also included a MoU between the Saudi Human Resources Development Fund (HRDF), a GLMC Strategic Partner, and Riyadh Air to train and support female members of their workforce.
Elsewhere in the airlines sector Riyadh Airports Company and the ROI Institute announced an MoU that provides for ROI’s operation of training programs and consultations that will aid Riyadh Airports in evaluating the success of various projects and programs.
The announcement also highlighted GLMC’s ‘Work for All’ track, through an MoU between the Saudi Ministry of Human Resources and Social Development and Riyad Bank, a GLMC Platinum Partner. The MoU prioritizes the enactment of efforts to improve services for persons with disabilities by identifying and removing obstacles to their access and participation in the banking sector.
For more news on the economy, click here.
