RIYADH, Oct 26 (Arab News): Saudi Arabia's private sector witnessed a rise in the nationalization rate during the third quarter of the current fiscal, according to a report.
The report, issued by the National Labour Observatory (NLO), an affiliate of the Human Resources Development Fund, shows a 21.54 per cent increase in the nationalisation rate compared to 20.4 per cent during the same period in 2019.
There has been a steady rise in the nationalisation rate in the Saudi private sector. According to NLO statistics, the number of Saudis who work in the private sector and are registered with the General Organisation for Social Insurance (GOSI) has risen to 1,758,558 in Q3 2020, compared to 81,430 in Q2 2020. Of the total workforce registered with GOSI, 66.74 per cent are males and 33.26 per cent females.
Meanwhile, the Eastern Province topped the list of the regions with the highest nationalization at 25.16 per cent, followed by the Riyadh region (21.89 per cent), the Makkah region (21.47 per cent), the Madinah region (19.27 per cent) and Asir (17.85 per cent).
NLO's strategic objectives include the provision of accurate and reliable data to all stakeholders, offering analytics and feedback for labor partners, and building a network of experts and specialists to overcome labor challenges.
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