Safaa El-Kogali, the World Bank Director for the GCC Region, delivered remarks at the Global Labor Markets Conference in Riyadh, Saudi Arabia. The event highlighted the ongoing collaboration between the World Bank and Saudi Arabia, marking 50 years since their partnership began with the establishment of an office in Riyadh in 1975.
El-Kogali acknowledged Saudi Arabia's significant transformation following its Vision 2030 initiative, particularly noting labor market reforms that have created more jobs for youth and women. She cited World Bank Group President Ajay Banga's assertion: “Jobs offer a pathway out of poverty, empower women, inspire younger generations, and strengthen communities.”
The conference underscored Saudi Arabia's labor market strategy adopted in 2020, which introduced legal reforms to improve market functionality. These efforts resulted in a notable increase in female labor force participation from 16% to 36% over six years.
The Global Labor Market Conference also included discussions on knowledge exchanges facilitated by MHRSD and Takamol. The event hosted over 55 policymakers worldwide to share insights on effective employment strategies.
A joint GLMC-World Bank report on youth employment is set to be launched at the conference. El-Kogali emphasized the global employment crisis, stating that approximately 400 million people are unemployed despite being willing to work.
She highlighted that over the next decade, emerging economies will see about 1.2 billion young individuals entering the workforce but face a job deficit of around 300 million positions.
In closing her speech, El-Kogali thanked MHRSD, Takamol, and GLMC for their partnership with the World Bank and their contributions to global labor policy dialogue.