Unemployment in Saudi Arabia to decline to 5.4 pct by 2019-end: Report

Saudi Arabia's Ministry of Industry has issued over 124 licenses in October and November. (File photo: Reuters)

Unemployment in Saudi Arabia will decline to reach 5.4 percent by the end of 2019, supported by higher employment of both Saudis and expatriates in the industrial sector, Beltone Financial said on Tuesday.

The Kingdom’s Ministry of Industry has issued about 124 licenses worth more than 2 billion riyals in October and November following a government initiative to cover the additional cost of hiring expats in all licensed industrial firms, the research wing of the Egyptian asset manager noted in a report.

“Consequently, the number of workers in licensed factories increased by 3,850 in October and by 2,770 in November,” it said.

Saudi Arabia’s total unemployment rate fell to 5.5 percent in third quarter, its lowest in 3 years. Unemployment among Saudis edged down to 12 percent, from 12.3 percent in the second quarter.

Last Update: Wednesday, 20 May 2020 KSA 10:01 - GMT 07:01