Latest news with #GlobalLaborMarketAcademy
Arab News
08-02-2025
- Business
- Arab News
Riyadh conference outlines future of the global labor market
The Ministry of Human Resources and Social Development recently organized the second Global Labor Market Conference under the theme 'The Future of Work' in Riyadh. 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
Asharq Al-Awsat
30-01-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Launches Global Labor Market Academy in Partnership with the World Bank
Saudi Arabia has launched the Global Labor Market Academy in partnership with the World Bank, reinforcing its commitment to global transformation and addressing labor market gaps. The announcement was made by Minister of Human Resources and Social Development Ahmed Al-Rajhi during the second edition of the International Labor Market Conference, held at the King Abdulaziz International Conference Center in Riyadh. Under the patronage of King Salman bin Abdulaziz, the conference brought together 40 labor ministers from countries including the G20, Europe, Asia, the Middle East, Africa, and the Americas, alongside ILO Director-General Gilbert Houngbo and over 5,000 participants and 200 speakers from more than 100 countries. Al-Rajhi highlighted the global unemployment rate, which reached 11.3% in the third quarter of 2024, calling it a cause for concern, especially as it surged to 24% in some member countries. He emphasized the need for proactive measures to address rapid technological advancements, demographic shifts, and emerging challenges such as climate adaptation. In Saudi Arabia, the private sector workforce has exceeded 12 million employees, with the number of Saudi nationals employed rising from 1.7 million in 2020 to over 2.4 million in 2023, adding 724,000 new jobs for Saudis. Since its establishment last year, the International Labor Market Conference has become a leading platform for shaping the future of global labor markets. Al-Rajhi noted that 67 million young people worldwide are unemployed, and 20% of individuals aged 15–24 are neither working, studying, nor in training. Additionally, 40% of employers struggle to fill positions due to skill mismatches, with youth unemployment exceeding 30% in some regions. Saudi Arabia has introduced several initiatives under Vision 2030 to empower its workforce, including training programs, legislative reforms, and a national youth development strategy. As a result, the country's unemployment rate dropped to 3.7% by the end of 2024, down from 5.7% in 2020, while women's labor force participation increased to 36%, surpassing Vision 2030 targets. Al-Rajhi announced two major initiatives: the launch of the Global Labor Market Academy, headquartered in Riyadh, which will serve as a hub for training and knowledge exchange, and the Future Outlook Report, which will provide data-driven insights and innovative strategies to bridge skill gaps and promote lifelong learning. ILO Director-General Gilbert Houngbo stressed the importance of creating better employment conditions for young people, particularly in fields like technology and artificial intelligence (AI). He urged policymakers to develop strategies that prioritize decent jobs and sustainable employment. Houngbo emphasized that the conference discussions would focus on youth skill development in an era of rapid technological progress and ensuring equal opportunities for young people across all regions. Safaa El-Tayeb El-Kogali, World Bank Director for the GCC, highlighted the significance of the Global Labor Market Academy, stating that it offers a unique opportunity for policymakers to enhance their skills and address shared labor market challenges. She noted that the academy and the Global Labor Market Observatory will play a critical role in fostering international cooperation and sharing best practices between countries with different economic conditions. During the ministerial roundtable, attended by 40 labor ministers, Al-Rajhi announced a comprehensive vision to enhance labor market resilience and inclusivity. The plan focuses on facilitating youth transitions from education to employment, preparing the workforce for AI-driven changes, and increasing investment in human capital development. It also emphasizes enhancing labor market flexibility, including remote and gig work, supporting SME growth to boost job creation, and utilizing technology and skills-matching platforms. Additionally, it promotes the employment of marginalized groups, such as people with disabilities and long-term unemployed individuals, while establishing a comprehensive labor market data system to track employment trends and workforce dynamics. The Global Labor Market Academy and its initiatives mark a significant step in Saudi Arabia's efforts to modernize labor markets, address global employment challenges, and foster sustainable economic growth.
