Saudi Firm to Support Future Business Patterns
Riyadh has announced the establishment of the Future Work Co. to focus on innovative, unconventional and sustainable future business patterns.
The announcement comes as the Saudi Ministry of Labor and Social Development says it works on “enabling and developing human capital with the skills and technological advances related to the retail sector to ease their participation in the labor market.”
Minister of Labor and Social Development Ahmad al-Rajhi said the Kingdom employs more than 2 million people in the retail sector. “They constitute more than 25 percent of the total workforce in the Saudi private sector.”
Speaking at the Retail Leaders Circle (RLC) MENA Summit in Riyadh, he said that “this number of workers has been increasing due to the country’s strong purchasing power and growing consumption rate.”
Rajhi said the retail sector faced many challenges in the form of rapid technological advances, digital transformation, and the trend to optimize consumption and provide convenience to customers through e-commerce and smartphone apps.
He added that the Saudi government had given the retail sector considerable attention through numerous economic reforms aimed at supporting the sector and creating an environment that appealed to investors.
“We have launched apprenticeship programs to bridge the gap between business owners and job seekers.”
The ministry supported the retail sector through a range of initiatives, he said. One example was Qiwa, which had involved the automation and simplification of ministry services provided to the private sector through a unified platform, allowing Qiwa enterprises to issue instant work visas.
He concluded that the ministry recently signed a deal and an MoU with Saudi Arabian General Investment Authority to support investors in economic and logistics zones, a move that would positively affect market indicators.
The ministry signed as well several agreements that aim to support investors, which would create jobs and improve the GDP.