The opening up of Saudi economy and increased easing of restrictions related to COVID-19 pandemic are expected to improve job prospects in the local market in the second half of 2020, Jadwa Investment said in a recent report.
The Saudi unemployment rate is projected to see a gradual improvement during the same period, with the extension of Saned scheme, as well as other initiatives by the Human Resources Development Fund, the report said.
The reopening of the Saudi economy and lifting of COVID-19-related restrictions helped decrease the unemployment rates in the third quarter of 2020, the investment company said, adding that the Ministry of Tourism’s initiative of offering seasonal jobs in summer boosted the employment rates.
According to the report, there are several positive indicators that will support the labor market in the fourth quarter, especially as the consumer spending data and the Purchasing Managers' Index (PMI) show that the local economy is witnessing a gradual recovery.
Jadwa forecast the gradual lifting of restrictions on Umrah to offer more job opportunities.
It also expected the seasonal job opportunities to increase in the fourth quarter, backed by the continued entertainment activities, despite at a limited level.
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