Unemployment among Saudi Arabians dropped to 12.6 pct in Q4 of 2020: Authority
March 31, 2021, 9:38 am

Unemployment among Saudi Arabians dropped to 12.6 pct in Q4 of 2020: Authority

Employees work at the Saudi National Health Emergency Operations Center in Riyadh. (File photo: AFP)

The rate of unemployment among citizens in Saudi Arabia dropped to 12.6 percent from 14.9 percent in the fourth quarter of 2020, the Kingdom’s General Authority for Statistics (GASTAT) announced on Wednesday.

The unemployment rate among male Saudi Arabian citizens decreased to 7.1 percent in the fourth quarter of last year, compared to 7.9 percent in the previous quarter, according to the GASTAT.

For female Saudi Arabian citizens, the rate of employment dropped from 30.2 percent to 24.4 percent in the last quarter of 2020, the authority said.

The labor force participation of all Saudi Arabian citizens increased to 51.2 percent in quarter four. In the previous quarter, that percentage stood at 49 percent.

The labor force participation rate among Saudi Arabian males increased to 68.5 percent, while the rate among Saudi Arabian females increased to 33.2 percent, the GASTAT said.

Citizens and non-citizens

Meanwhile, the unemployment rate of the total population, which includes citizens and non-citizens, decreased to 7.4 percent in the fourth quarter of 2020, compared to 8.5 percent during the third quarter of the same year.

The unemployment rate of the total male population in Saudi Arabia decreased in the final quarter of 2020 to 4 percent compared to 4.4 percent in the third quarter of the same year.

For the total female population, the unemployment rate also decreased from 24.6 percent in the third quarter of 2020 to 20.2 percent in the fourth quarter.

Women join the workforce

In August 2020, the GASTAT published a report indicating Saudi Arabia’s youth unemployment rate dropped significantly over the past four years as more women between the ages of 15 and 34 joined the workforce.

The female unemployment rate in the Kingdom decreased by 13.9 percent in the last four years, largely due to more jobs becoming readily available for women as well as the rise of literacy rates.

The Kingdom aims to provide more job opportunities for both its male and female citizens and reduce unemployment to 7 percent as part of its Vision 2030 reform plan.

“Our economy will provide opportunities for everyone – men and women, young and old – so they may contribute to the best of their abilities,” the government said on its Vision 2030 website.

source: Tamara Abueish

Image source: AFP

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.