Launched in Q1 2023, Saudi Arabia’s Human Resources Development Fund has been instrumental in boosting its labor market, particularly within the private sector.

It follows three key objectives: enhancing the development of national human capital to meet the evolving demands of the labor market, improving the relationship between supply and demand in the labor market, and enabling sustainable employment in the private sector.

Nearly 74,000 Saudi nationals recently secured private sector jobs in Q1 2024 through the fund, which provided advisory, training, and empowerment services to over 1.1 million individuals. In the same period, a total of $567.9 million was allocated to support programs.

The fund’s services extended to over 72,000 private sector firms across various industries in the kingdom, with approximately 88% of them being small and medium-sized enterprises (SMEs).

The HADAF fund is committed to growing the skills of Saudi citizens and facilitating their integration into the country’s labor market. It plays a crucial role in nationalization efforts by promoting increased hiring in the private sector. Moreover, the fund aims to enhance partnerships with organizations involved in training and employment initiatives.