Global Labor Market Conference Convenes in Riyadh, Addressing Future of Work

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The Minister of Human Resources and Social Development of Saudi Arabia, Ahmad bin Sulaiman Al-Rajhi, inaugurated the first Global Labor Market Conference (GLMC) at the King Abdulaziz International Convention Centre in Riyadh on Wednesday. The opening ceremony, presided over by Al-Rajhi, saw over 6,000 participants and attendees from over 40 countries, including ministers of Saudi Arabia, policymakers, leaders of multinational organizations, heads of business, academics, and representatives of labor.

Addressing Changing Labor Market Dynamics

In his opening address, Al-Rajhi highlighted Saudi Arabia's role in pioneering efforts that bolster international labor markets, allowing them to keep pace with frequent changes. He emphasized that the dynamics of the labor market today are vastly different from those in the past, with an increased demand for skills required by future jobs, new professions, and the changing nature of the global workforce.

Emerging Trends and Challenges

Al-Rajhi shared statistics on the ongoing labor market dynamics, both related to emerging technology and changing worker preferences. He noted that artificial intelligence technologies are expected to create 133 million jobs by 2030, while approximately 22 million people in the US now work full-time from their homes. Citing these factors, Al-Rajhi called for efforts to ensure new technologies are implemented to maximize value for the global economy, build work environments free of exploitation, and avoid widespread sudden job loss.

Saudi Arabia's Diverse Labor Market

Al-Rajhi highlighted Saudi Arabia's local labor market as one of the world's most diverse, attracting some of the global community's brightest minds and top talents. He emphasized the importance of local talent, particularly young Saudis who have achieved high levels of education.

Cooperation for Resilience

Al-Rajhi emphasized Saudi Arabia's keenness to cooperate with international partners to strengthen resilience in light of past international crises that demonstrated the need for a unified approach. The opening ceremony paved the way for the start of the two-day conference, where about 150 experts will participate and discuss a wide range of issues, including sessions focused on the current challenges and future changes facing the labor markets.