Human Resources Development Fund: Ambitious Initiatives Focused on Empowering Individuals and Bolstering National Capabilities

Investing In Human Capital

Investing in human capital is the cornerstone to attaining sustainable national development in any country. Recognizing this, the Kingdom’s government has made capital development its top priority through Saudi Vision 2030. This ambitious plan aims to build prosperous communities underpinned by a robust, diversified economy. Aligned with this strategic objective, the Human Resources Development Fund (HRDF) was established in 2000 to enhance Saudi citizens’ contribution in the labor market and equip them with new, in-demand skills. This is achieved through specialized training programs and tailored workforce development initiatives. The National Development Fund Board of Directors approved the Human Resources Development Fund’s new strategy in response to the labor market's challenges and shifts. The strategy aims to increase labor market efficiency and keep pace with the latest trends while considering the priorities and needs of different sectors. In keeping with the objectives of Saudi Vision 2030 and the labor market strategy, this strategy also aims to provide training, employment, and empowerment support programs for national cadres in a way that supports those objectives.

Aljawini: SAR 1.5 billion to increase training in sectors with significant growth in 2023

In an exclusive interview with the “Khuta” newsletter, the Director General of the Human Resources Development Fund, Mr. Turki bin Abdullah Aljawini, highlighted the strategic role the Fund plays in supporting the Kingdom’s workforce. Mr. Aljawini emphasized the Fund’s efforts in providing grants to train, employ, and rehabilitate Saudi nationals in the private sector. He added that the Human Resources Development Fund made significant contributions in 2023, benefiting nearly 1.9 million Saudi citizens through its training, enablement, and guidance services. He pointed out that in 2023, the HRDF conducted significant partnerships with prominent national projects and companies. The collective value of these collaborations exceeded SAR 1.5 billion and produced around 24 active training support agreements in high-growth industries. He stressed the Fund's commitment to keeping pace with current developments, Saudi Vision 2030 projects, and business sector demands.

Rawabet Real Estate: Leading the Way in Real Estate Development

One success story, “Rawabet Real Estate,” was born in the heart of Jeddah city and is truly remarkable. This company has emerged as a model for corporate business excellence, demonstrating the effectiveness of the support, training, and empowerment initiatives provided by the Kingdom’s development financing ecosystem.

“Rawabet Real Estate,” under the direction of its founder and CEO, Mr. Saad Al Maghribi, has had great success. It has benefited from the programs offered by the Human Resources Development Fund, namely; “Employment Support,” “Graduate Development” (“Tamheer"), and “Working Woman Transportation” (“Wusul”). These programs equipped the business with the knowledge and skills necessary to manage real estate projects effectively.

From the beginning, “Rawabet Real Estate” has made it a priority to attract a team of Saudi professionals with various backgrounds. This team has been successful in offering luxurious homes that meet the highest standards of quality, complement families’ goals, and help improve their quality of life.

“eSports World Cup”: Strengthening the Kingdom’s International Presence

The world is currently witnessing an exceptional event that is redefining the landscape of eSports competitions. This event marks the launch of the first edition of the World eSports Cup by Saudi Arabia, as part of the Kingdom’s efforts to build a digital space that combines entertainment, economy, and sports. This tournament has drawn over 2500 participating players competing for a staggering $60 million valued prize pool. The competition has the potential to position the Kingdom as a major hub for this rapidly expanding sector.

The eSports World Cup is more than just a sporting competition; it is a grand festival that helps the Kingdom achieve the objectives of the National Gaming and eSports Strategy and promotes international innovation. In addition to these advantages, it advances Saudi Vision 2030 by supporting the growth of promising industries, diversifying the economy, and increasing tourism.

The development ecosystem provides funding options to enable entrepreneurs in the Kingdom’s eSports and gaming sector. This initiative aims to strengthen the Kingdom’s standing as a global hub for this industry by developing domestic talent, encouraging the growth of eSports clubs, increasing the industry’s GDP contribution, and providing high-caliber employment opportunities that draw in Saudi Arabia’s gifted youth.

Saudi Vision 2030: Eight Years of Proud Achievements

Since the launch of Saudi Vision 2030 in 2016, the Kingdom has undergone revolutionary changes that are consistent with the goals of the Vision and have helped improve the quality of life.

As it approaches its eighth year, Saudi Vision 2030 continues to move forward, accelerating the pace at which it achieves its objectives.? The Saudi Vision 2030 Annual Report for the fiscal year 2023 revealed outstanding accomplishments in implementing the Vision’s programs all year long. Remarkably, 87% of the 1,064 initiative’s targets for the year had either been achieved or were in the process of being achieved. In addition, 105 of the Key Performance Indicators (KPIs) for the vision exceeded their projected values for 2024 and 2025, while 243 KPIs for the vision met their goals for 2023. Two other noteworthy accomplishments were celebrated in the report: the Kingdom’s inflation rate has decreased to one of the lowest among the G20, and in 2023, non-oil activities contributed an unprecedented 50% of real GDP.

Subsequently to the Vision launch, the National Development Fund was established to enhance the performance of development funds and banks by coordinating and integrating them with economic requirements and development priorities. The number of development funds and banks under the NDF’s supervision has doubled to 12 since its founding. This provides the Kingdom with access to a well-balanced ecosystem of government financing that facilitates investment in all of the Kingdom’s regions.

SDB Empowers Culinary Sector Projects

The Social Development Bank signed a cooperation agreement with Almarai Company to initiate the “Almarai Chefs Program” to help empower very small cooking enterprises in Riyadh, improve their production capabilities, and enable them to compete in the local market. This agreement is an extension of the SDF’s efforts to assist and empower SMEs through the initiatives and financial and non-financial services it provides.

HRDF Announces Free Online Training Courses

The Human Resources Development Fund has released free online training courses via Microsoft Office programs, including Word processing programs, Outlook, PowerPoint presentations, and Excel spreadsheets.

ADF Approves Financing Loans worth SAR 1.7 Billion

During its second meeting of the current fiscal year, the Board of Directors of the Agricultural Development Fund authorized several financing loans and credit facilities totaling SAR 1.7 billion for projects in different parts of the Kingdom. The loans support various agricultural initiatives, including financing loans for farmers, greenhouse vegetable production, poultry breeding and production, fish farming in inland waters, and cold storage facilities for agricultural products.

REDF Announces Launching “Your Support Equals Your Installment” Financing Solution

The Real Estate Development Fund launched the “Your Support Equals Your Installment” financing solution to help recipients purchase under-construction housing units. This program, which is a part of the strategic partnership between the REDF and Al Bilad Bank, is aligned with the goals of the Housing Program, which is a crucial element of Saudi Vision 2030. The program’s goal is to lessen beneficiaries’ financial strain and rental expenses while their housing units are being built and until they are executed.

Saudi EXIM Bank Signs MoU with OPEC Fund for International Development

The Saudi Export-Import Bank and the OPEC Fund for International Development signed a Memorandum of Understanding to strengthen cooperation, support development projects, and expand Saudi non-oil exports in markets of mutual interest. The MoU is part of the bank’s commitment to enhancing global partnerships and supporting sustainable development initiatives in collaboration with the worldwide community.