Human Capital Innovation

Overview

The kingdoms most valuable resource is its people. With the ambition to turn todays students into tomorrows leaders and innovators. A strategic pillar of transformation in the kingdoms vision 2030 is building towards A Vibrant Society, with two key metrics: the first being lowering the rate of unemployment to 7% and increasing the SME Contribution to the gross domestic product to 35% from a baseline of 20%.

The first in population growth in the next 5 years amongst the G20. A 6% annual growth for Saudi workforce and 58% of the populations being under the age of 35 years old and most importantly a rising presence of women in the workforce which has witnessed an increase of 29% in the number of Saudi women working in the private sector

Private sector investment in Human Capital and innovation is an unmatched opportunity across the region, with education and entrepreneurship at the heart of Vision 2030. The sector focuses on providing opportunities to participate and be a part of our journey of upskilling citizens by offering lifetime learning opportunities, encouraging a culture of innovation and entrepreneurship, and designing and activating policies and enablers of human capital. To this purpose, the Saudi government has created the Human Capability Development Program, which aims to instil values, develop basic and future skills, and providing citizens with the knowledge needed to compete worldwide by 2030.

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Human Capital Innovation Sector

Eduction Overview

With enormous room for private sector growth, the largest education market in the GCC opened to 100% foreign ownership in 2017. With a vision to turn today’s students into tomorrow’s leaders, private sector investment in education is at the heart of Vision

The Saudi government is committed to developing an educational infrastructure characterized by rigorous standards in literacy, numeracy, skills, and character development. Saudi Arabia is therefore welcoming investors across all education sectors from nurseries, pre-schools, K-12 to universities, technical and vocational education, and training (TVET), executive education, and education support services.

  • $49.5BN
    spending on education
  • 5%
    increase in private education since 2013

Value Proposition

Largest education market in the GCC expected to grow further

Large untapped potential in the Saudi private education market

Government commitment to support the growing education market

Innovation and enterpreneurship Overview

The entrepreneurship and innovation sector is at the heart of Vision 2030, and starting a business in Saudi Arabia has never been easier. In 2017, Saudi Arabia introduced the Entrepreneurship License that allows foreign start-ups to setup their business in Saudi with 100% ownership. The Saudi entrepreneurship ecosystem is rapidly growing, and is positioning itself as a major player in the region. From developing accelerators programs, establishing co-working spaces, introducing new funding programs to transforming regulatory and financing frameworks to support startups and entrepreneurs

 

Despite the outstanding achievements to date, the Kingdom’s journey has just started and the government is determined to support all international & local ecosystem players to increase the participation in the entrepreneurship landscape.

  • 29%
    SME contribution to GDP in 2020 from 20% in 2016
  • 35%
    targeted SME contribution to GDP by 2030

Value Proposition

A rapidly growing ecosystem

Enabling the future of entrepreneurship

Government support and commitment to entrepreneurship

Aerospace and Defense Opportunities

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