Saudi Arabia Sees Major Surge in Graduate Employment as Human Capability Development Program Delivers Vision 2030 Results

Riyadh, The Gulf Observer: The percentage of Saudi higher education graduates entering the workforce within six months of graduation surged to 44.43% in 2024, a significant increase from just 13.3% in 2016, according to the newly released annual report of the Human Capability Development Program (HCDP).

The report also revealed a marked improvement in youth employment, with the employment rate among Saudis aged 15–24 rising to 36.2%, up from 18% in 2020.

Launched in 2021 by Crown Prince and Prime Minister Mohammed bin Salman, the HCDP is one of the core pillars of Saudi Vision 2030, aimed at equipping citizens with essential skills and capabilities at every stage of life to support a competitive, knowledge-based economy.

A cornerstone of the program is aligning education outcomes with labor market needs, while fostering national talent to boost Saudi Arabia’s global competitiveness.

In the technical and vocational education sector, the employment rate within six months of graduation climbed to 47.81%. The HCDP has established six new strategic academies and activated four local technical colleges, focusing on high-demand fields such as tourism and hospitality.

Meanwhile, five international academies trained more than 150,000 individuals, and enrollment in vocational education rose to 30.54%, exceeding the program’s 2024 target.

To enhance training quality, over 130 technical colleges were upgraded with state-of-the-art equipment, while digital platforms were expanded to ensure broader access to training opportunities across the Kingdom.

The HCDP has also made significant strides in entrepreneurship development, supporting 40 Saudi startups through advanced innovation programs in collaboration with Stanford University and UC Berkeley. These startups received executive coaching, engaged in 220 sessions with global experts, and gained entry to Silicon Valley’s innovation ecosystem.

The supported startups collectively attracted SR42 million (US$11.2 million) in venture capital funding and created 120 new jobs. Additionally, 40 Saudi founders were accepted into leading international business incubators, showcasing the Kingdom’s growing role in the global innovation landscape.

The program facilitated momentum-building activities in Silicon Valley, including 29 entrepreneurial and investment events and four investor days, connecting Saudi startups with global financiers. Further achievements included support for 120 university-based startups, training of over 11,000 students in entrepreneurship, the launch of 60 new companies via regional accelerators, and the establishment of three new university-based incubators.

The latest figures underscore the HCDP’s central role in achieving Vision 2030 goals by investing in human capital, fostering innovation, and building a sustainable, inclusive, and dynamic economy for the future of Saudi Arabia.