Riyadh conference outlines future of the global labor market
The conference brought together policymakers, labor leaders, academics and business pioneers from around the world to discuss key issues related to the future of the labor market.
The conference shed light on several important key points, including but not limited to promoting lifelong learning to meet evolving skills demands, driving equitable transitions to greener economies, bridging gaps between young workers' aspirations and labor market realities, and supporting small businesses for workforce innovation.
The event emphasized the rising demand for future-oriented skills, the emergence of new professions, and the transformative impact of technologies such as artificial intelligence and the Internet of Things.
On the sidelines of the conference the launch of Saudi Arabia's first-ever World Bank Global Labor Market Academy was announced. This initiative, developed in collaboration with Takamol Holding company and the World Bank, brings together policymakers, practitioners, and industry experts to shape the future of the labor workforce, setting a transformative foundation for generations to come.
It is worth noting that coinciding with holding the conference, Riyadh also hosted the international ministerial meeting on Jan. 29, 2025, with the participation of more than 45 labor ministers from countries around the world, including G20 countries, Europe, Asia, the Middle East and Africa, and the Americas.
The ministerial meeting discussed policies and future directions in labor markets, challenges facing youth employment, and innovative initiatives to enhance youth participation in the global economy.
Moreover, the meeting discussed opportunities to unify international efforts in addressing unemployment and youth employment issues and ways to develop policies that meet the needs of labor markets considering the rapid economic and technological transformations.
The conference is the first and only platform that unites all labor market stakeholders, such as policymakers, labor leaders, academics, and business leaders, focused on inspiring innovative global solutions to labor market challenges.
It is becoming the fastest growing international independent platform and think tank devoted to the evolution and growth of the global labor market.
It is also becoming a dynamic platform that drives insights and updates on the global labor market and facilitates an ongoing exchange of labor developments and trends worldwide.
The conference succeeded in emphasizing the growing demand for future-oriented skills in emerging new professions that will have a transformative impact on technologies such as artificial intelligence.
The conference also presented technological developments in the Saudi labor market, which have been harnessed to maximize economic value and create a professional technological work environment.
Saudi Arabia made notable progress in the IMD World Competitiveness Yearbook 2024, achieving significant leaps in key labor market indicators.
On individual indicators, Saudi Arabia emerged as the leading country in the employment-long-term growth factor among the 67 participating countries, reflecting the Kingdom's commitment to enhancing the labor market and attracting global talents in line with Vision 2030.
In a statement to the Saudi Press Agency, Gilbert Houngbo, director-general of the International Labour Organization, commended Saudi Arabia's pivotal role in steering the future of the global labor market.
He emphasized the comprehensive reforms outlined in Saudi Vision 2030, aimed at fostering a decent work environment. He also highlighted the objectives of the Kingdom's vision regarding enhancing market competitiveness and achieving sustainable economic development.
Houngbo underscored Saudi Arabia's success in transforming its labor market through a comprehensive array of qualitative reforms.
• Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
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