Saudi Arabia’s international tourism revenue soars by 148%, leading G20 nations 

RIYADH: Egypt’s unemployment rate declined to 6.6 percent in 2024, down 0.4 percent from the previous year, driven by lower joblessness across both urban and rural areas and by growth in sectors such as agriculture, retail, and construction, official data shows. 

The Central Agency for Public Mobilization and Statistics reported that manufacturing also experienced strong employment growth, further contributing to the overall decrease. 

The number of unemployed individuals fell by 77,000 to 2.11 million, marking a 3.5 percent decrease from 2023, while the total labor force expanded by 2.9 percent to 32.041 million. 

CAPMAS’s annual labor force survey indicated that youth unemployment among those aged 15 to 29 dropped to 14.9 percent, a decline of 1 percentage point from the previous year. Within this age group, male unemployment stood at 9.8 percent, while the rate for females remained significantly higher at 37.1 percent. 

Among teenagers aged 15 to 19, unemployment fell slightly to 12.2 percent from 12.4 percent in 2023. For young people with intermediate, higher, and university-level education, the rate dropped to 18.7 percent, compared to 20.3 percent the previous year. 

“The number of entrepreneurs managing their own businesses reached 1.34 million, representing 4.2 percent of the total workforce,” the report stated.  

Labor force participation remained higher in rural areas, with 17.96 million individuals compared to 14.07 million in urban centers. Gender disparities persisted, with males accounting for 26.08 million of the labor force and females 5.96 million. 

Urban unemployment declined to 9.6 percent from 9.9 percent, while rural unemployment dropped to 4.2 percent from 4.8 percent.  

Among males, the urban joblessness rate stood at 6.3 percent, compared to 2.6 percent in rural areas. For females, the figures were notably higher, at 21.8 percent in urban regions and 12.4 percent in rural zones, where greater engagement in agriculture helped boost employment. 

The share of unemployed individuals who had previously worked also fell, reaching 42.3 percent in 2024, down from 45.3 percent the year before, suggesting improvements in job retention. 

The number of employed individuals rose to 29.92 million, a 3.3 percent increase from 28.95 million in 2023. Of these, 24.98 million were men and 4.93 million were women. 

Employment remained more concentrated in rural areas, with 17.20 million workers compared to 12.72 million in urban settings. 

Agriculture and fishing continued to dominate as the largest employment sectors, accounting for 5.59 million workers, or 18.7 percent of the total workforce. Wholesale and retail trade employed 4.63 million individuals, or 15.5 percent of the workforce, while the construction sector accounted for 4.04 million workers, or 13.5 percent.  

The manufacturing sector saw a 5.4 percent rise in employment, reaching 3.94 million workers, or 13.2 percent of total employment. 

Overall economic activity among those aged 15 and older rose to 44.2 percent in 2024, up from 43.4 percent the previous year. Male participation remained substantially higher at 70.3 percent, while female participation increased modestly to 16.9 percent. 

Urban participation in economic activity grew to 44 percent from 42.7 percent, and rural participation edged up to 44.4 percent from 44 percent.

RIYADH: Saudi Arabia’s Public Investment Fund has recorded a 390 percent surge in assets under management since the launch of Vision 2030, according to the initiative’s latest annual report.

PIF’s assets have soared from $160 billion in 2016 to $941.3 billion in 2024, surpassing its annual target of $880 billion and underscoring the fund’s rapid growth trajectory under the Kingdom’s transformative agenda.

Building on this momentum, the wealth fund has revised its 2030 goal, raising its asset management target from $1.87 trillion to $2.67 trillion. The updated ambition reflects the fund’s strengthened position and growing influence in shaping Saudi Arabia’s future economy.

Between 2016 and 2024, PIF posted a compound annual growth rate of 22 percent, highlighting its consistent ability to generate strong returns while advancing national development priorities.

Driving forces behind PIF’s expansion

Following its restructuring under Vision 2030, PIF has transformed from a traditional sovereign wealth fund into a globally recognized driver of economic diversification and innovation.

The fund’s growth has been propelled by a proactive, diversified investment approach, with 40 percent of its portfolio allocated to Saudi companies and giga-projects. Simultaneously, it has made strategic international investments across high-potential sectors.

This balanced strategy has contributed to the expansion of priority industries within the Kingdom, including tourism, mining, culture, logistics, and technology, supporting efforts to build a resilient, diversified economy.

Economic impact and sectoral growth

PIF’s strategic investments have not only boosted economic growth but also stimulated private sector participation, created employment opportunities, and attracted foreign direct investment.

By 2024, the fund’s initiatives had contributed to the creation of 1.1 million jobs, a significant leap from 77,700 direct and indirect jobs recorded in 2021. Over the same period, the number of companies established with PIF’s support more than doubled, rising from 45 to 93 across 13 strategic sectors.

The fund achieved 48 percent local content across its projects by 2024, highlighting its strong commitment to driving domestic economic growth.

Between 2021 and the third quarter of 2024, PIF attracted more than $37.33 billion in private investments across a range of initiatives, according to the report.

Through its Private Sector Hub initiative, it published over 200 opportunities during this period, representing a total investment value of $10.67 billion.

In addition, more than 300 contractors have been pre-qualified, and over 200 small and medium-sized enterprises have been trained to collaborate with companies across PIF’s portfolio.

PIF’s role in strengthening Saudi Arabia’s non-oil economy has been pivotal.

According to the report, non-oil sectors accounted for 51 percent of the Kingdom’s real gross domestic product by 2024, a key milestone in achieving Vision 2030 goals.

The fund’s influence is evident in the launch of several megaprojects aimed at redefining the Kingdom’s economic landscape, ranging from world-class tourism destinations to advanced industrial zones.

PIF also played a crucial role in advancing financial sector reforms. The number of licensed asset managers in Saudi Arabia rose sharply from just five in 2019 to 36 in 2024, reflecting the Kingdom’s growing investment landscape and financial market sophistication.

Strengthening financial resilience

The fund has reinforced its financial base to support its ambitious investment strategy, highlighted by the transfer of 8 percent of Aramco shares. This move reduced the government’s direct ownership in the oil giant to 82.186 percent, enhancing PIF’s asset strength and investment capacity.

In addition, PIF secured $15 billion in syndicated credit facilities from 23 global financial institutions, significantly boosting its liquidity and financial flexibility. These initiatives align with PIF’s strategic objectives of developing new sectors, localizing knowledge and technology, and generating sustainable, high-quality employment opportunities across the Kingdom.

Global recognition

PIF’s transformation has not gone unnoticed on the international stage. The fund was named the world’s No.1 sovereign wealth fund brand by Brand Finance, with its brand value estimated at $1.1 billion.

Adding to its accolades, PIF swept four awards at the 2024 Middle East Bonds, Loans & Sukuk Conference, including Best Sukuk Deal, Best Landmark Deal, Best Semi-Sovereign Treasury and Funding Team, and Best Deal in Islamic Capital Markets.

Capital markets expansion

Saudi Arabia’s capital markets have grown in tandem with PIF’s rise, playing a critical role in broadening the nation’s economic base since the launch of Vision 2030.

Regulatory reforms—such as updates to the Companies Law and Government Tenders and Procurement Law—have enhanced transparency, strengthened investor confidence, and paved the way for a surge in initial public offerings.

The Saudi Exchange has seen remarkable expansion, with the number of listed companies increasing from 205 in 2019 to 353 in 2024. Foreign investor ownership more than doubled, reaching $112.8 billion in 2024 compared to $52.8 billion in 2019, while non-Saudi portfolio ownership grew from $29.3 billion in 2016 to $131.5 billion.

The number of individual portfolios on the Saudi Exchange also rose sharply, climbing from 9.2 million in 2016 to 13 million by 2024.

Meanwhile, Tadawul’s market capitalization (excluding Aramco) grew from 66.5 percent of GDP in 2019 to 86.7 percent in 2024, indicating the increasing maturity and depth of Saudi Arabia’s capital markets. The banking sector mirrored this growth, with total assets rising from $693.3 billion in 2019 to $1.12 trillion by the second quarter of 2024.

These developments have positioned Saudi Arabia’s financial sector as one of the most dynamic and accessible in the region, offering expanded opportunities for both local and global investors.

Reflecting this confidence, international credit rating agencies reaffirmed Saudi Arabia’s strong economic outlook in 2024. Moody’s assigned an AA3 rating, Fitch rated the Kingdom at “A+,” and S&P Global Ratings gave it an “A/A-1” rating, all with stable outlooks.

Beyond Vision 2030

As the Kingdom prepares to enter the final phase of Vision 2030 delivery in 2026, the focus will increasingly shift toward building a sustainable and resilient private sector. Key priorities include reducing reliance on government support while fostering growth through regulatory enhancements, infrastructure development, and targeted investments.

Saudi Arabia envisions the private sector playing a leading role in advancing the economy, particularly in high-impact fields such as advanced manufacturing, artificial intelligence, and the digital economy.

By empowering private enterprises, the Kingdom aims to achieve its target of generating 65 percent of GDP from private sector activities, positioning it as a critical driver of sustainable growth in the decades beyond Vision 2030.