RIYADH — The percentage of Saudi higher education graduates entering the workforce within six months of graduation surged to 44.43% in 2024, up from just 13.3% in 2016, according to the newly released annual report of the Human Capability Development Program (HCDP). Youth employment for Saudis aged 15–24 also climbed to 36.2%, compared to 18% in 2020. Launched by Crown Prince and Prime Minister Mohammed bin Salman in 2021, the HCDP is a key Vision 2030 program aimed at equipping citizens with the skills and capabilities needed across all life stages. The program focuses on aligning education outcomes with labor market demands, while investing in national talent to enhance Saudi Arabia's global competitiveness. In technical and vocational education, the employment rate within six months of graduation rose to 47.81%. The program launched six new strategic academies and activated four local technical colleges, focusing on fields such as tourism and hospitality. Five international academies trained more than 150,000 individuals, while overall enrollment in vocational education increased to 30.54%, surpassing the program's 2024 targets. To support quality training, more than 130 technical colleges were upgraded with training equipment, and digital platforms were enhanced to expand access across the Kingdom. On the entrepreneurship front, HCDP empowered 40 startups through advanced programs in collaboration with Stanford and UC Berkeley. These startups received executive leadership coaching, participated in 220 sessions with global experts, and gained access to Silicon Valley's innovation ecosystem. As a result, the supported startups attracted SR42 million ($11.2 million) in venture capital and created 120 new jobs. Forty founders were admitted to top-tier international business incubators, reinforcing Saudi Arabia's progress in global innovation indices. The program also helped drive momentum in Silicon Valley with 29 entrepreneurial and investment events and four investor days that connected Saudi startups with international financiers. Additionally, 120 university-based startups were supported, over 11,000 students trained in entrepreneurship, and 60 new companies launched via regional accelerators. Three new university-based incubators were also established.
