Saudi Gazette report

RIYADH — A memorandum of cooperation was signed on Wednesday to create 80,000 jobs for young Saudi men and women in the Kingdom’s real estate and contracting sectors within two years.

The pact was inked by the Ministry of Labor and Social Development, Ministry of Housing, Human Resources Development Fund (HADAF), the Council of Saudi Chambers and the Saudi Contractors Authority (SCA), the Saudi Press Agency reported.

The signing ceremony was attended by Minister of Housing Majed Al-Hoqail, Minister of Labor and Social Development Ahmed Al-Rajhi, Deputy Minister of Labor and Social Development Dr. Abdullah bin Nasser Abuthunain, Executive Director of HADAF Omar Bin Miran Malaibari, and Chairman of SCA Eng. Osama Al-Afalq.

The MoC aims at creating 80,000 jobs in these two sectors from Jan. 1, 2019, to Dec. 31, 2020, with the objective of raising the percentage of Saudization as well as to promote growth of these sectors keeping pace with the Kingdom’s National Transformation Program and Vision 2030.

According to the terms of the agreement, HADAF will provide clearing and bridging programs and employment support programs for the targeted professions through joint cooperation with the Saudi Real Estate Institute in order to support Saudization efforts in the real estate market in accordance with the procedures and mechanisms of HADAF.

The Ministry of Housing will support the plan to Saudize the construction sector through housing projects, representing 25 percent of the target of the agreement.