RIYADH: Saudi Arabia’s human resources sector is worth just 0.4 percent of the international market despite the Kingdom being ranked third globally for attracting foreign labor.
Figures released by the Federation of Saudi Chambers show the HR market stands at just over SR6 billion ($1.6 billion).
The global HR market is estimated at about SR1.5 trillion.
The relatively small size of the sector has led the FSC to repeat its demand for financing institutions to provide help to the labor leasing arena by reviewing the components, market size and opportunities available.
The call came as the National Committee for Human Resources Companies revealed its own initiative to finance and install labor leasing services in the Saudi market for both the business sector and individuals.
The initiative aims to push banks and various financial institutions to provide financing products and installment services for leasing labor in the Saudi market.
Human resources companies reviewed studies that prove the clients’ need to finance labor leasing and installment services, and investment opportunities in light of the large size of the labor market in the Kingdom, Saudi Press Agency reported.
They pointed out that human resources companies have a good share of the labor market and provide various advanced services and products, including hourly rental.
They are present in all regions of the Kingdom, and have invested millions of riyals in advanced technologies and systems to manage their various operations, the human resources companies said.