The unemployment rate in Saudi Arabia slid in the third quarter on an annual basis due to a higher employment rate among women, the latest data shows.
The overall unemployment rate in the kingdom – including Saudi nationals and foreign residents – declined to 5.1 per cent in the third quarter, compared to 5.8 per cent for the same period last year, according to a report from the kingdom’s General Authority for Statistics (Gastat).
The unemployment rate among women for the period fell to 13.7 per cent, from 16.6 per cent in the third quarter of last year, data shows.
For Saudi women, the rate stood at 8.6 per cent, compared to 9.9 per cent for the same period last year.
Among female foreign residents it was 1.5 per cent – down from 1.6 per cent in the second quarter of 2022.
However, the overall unemployment rate on a quarter-on-quarter basis rose 0.2 percentage points, amid a higher unemployment rate among women, the latest data shows.
Saudi Arabia aims to diversify its economy away from oil and has launched several new projects to boost employment in the kingdom.
Its Vision 2030 agenda plans to lower the Saudi unemployment rate to 7 per cent and increase the participation of women in the workforce.
The unemployment rate among Saudis stood at 8 per cent last year, and this is projected to fall further to 7.8 per cent by the end of 2023, Jadwa Investment said in an April report.
The overall labour market participation rate for Saudi nationals decreased slightly to 51.6 per cent, down from 52.5 per cent in the third quarter of 2022, according to the Gastat data. It also declined for non-Saudi nationals during the period.
The World Bank in a recent report said the Saudi private sector workforce has grown steadily, reaching 2.6 million in early 2023, with women’s participation in the labour market more than doubling in six years, from 17.4 per cent in early 2017 to 36 per cent in the first quarter of 2023.
“This positive development was a result of an effective reform drive, started by the kingdom’s Vision 2030, that made it significantly easier for more women to join the workforce,” the lender said last month.
Saudi Arabia’s gross domestic product is expected to contract by 0.5 per cent this year before rebounding to 4.1 per cent in 2024. The oil sector is expected to contract by 8.4 per cent this year amid production cuts by Opec+, while the non-oil sector is expected to grow at 4.3 per cent, according to the World Bank.
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UAE finals day
Friday, April 13
Rugby Park, Dubai Sports City
3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins
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Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
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Our legal consultant
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MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score):
Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE
Match is on BeIN Sports
Al Jazira's foreign quartet for 2017/18
Romarinho, Brazil
Lassana Diarra, France
Sardor Rashidov, Uzbekistan
Mbark Boussoufa, Morocco
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
