Thanks to a deal between two ministries, economics will now be taught in Saudi schools, bringing education in line with workforce demands.
Faisal Al-Ibrahim, Minister of Economy and Planning, and Yousef Al-Benyan, Minister of Education, signed a Memorandum of Understanding (MoU) that will ensure that students are taught the value of the public policy and economics specialisations to prepare them for the demands of the labour market.
The two ministries collaborated on scholarship programs
The MoU also intends to provide educational materials that support the objectives of the Kingdom and draw scholarship recipients and graduates per the requirements and guidelines of the Ministry of Economy and Planning. The two ministries collaborated on scholarship programs encompassing public policy, public administration, economics, and various other disciplines.
Technology adoptions and expansion are poised to transform 70% of business practices worldwide
On a technology note, Al-Benyan stated during the Human Capability Initiative in February that global estimates suggest technology adoptions and expansion are poised to transform 70% of business practices worldwide. “As economists continue to navigate this dynamic labor market landscape, it is more critical than ever to work inclusively to promote positive human capability outcomes.” He also underlined the importance of collaboration between the government, private sector, and non-profit organisations to ensure success and prosperity for all. “To make these efforts a reality, Saudi Arabia will come working with all partners to explore opportunities and promote innovative policy design and solutions advancing human capability,” he said.
Following the issuance of a ministerial decree by Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi in January, requiring private sector companies with 50 or more employees to offer cooperative training for students, there is a renewed emphasis on matching education with employment.