# Saudi Arabia economic and labor diversification > Live situation record from CLSTR: https://clstr.news/situations/saudi-arabia-economic-and-labor-diversification > Updated: 2026-10-12T20:55:13.000Z. Sources: 10. Developments: 2. Saudi Arabia is advancing several economic and labor initiatives as part of its Vision 2030 diversification goals. In September 2026, the Saudi Arabian Cabinet approved the National Entrepreneurship and Small and Medium Enterprises Strategy. This plan aims to increase the SME contribution to the Kingdom’s GDP to 35% by 2030 and create over 500,000 jobs by helping existing entrepreneurs scale their operations. By October 2026, officials reported significant progress in broader labor market objectives. The Minister of Human Resources and Social Development announced that 97% of the national labor market strategy launched in 2020 has been implemented. Key achievements include the growth of the Saudi workforce from 1.7 million to 2.7 million over five years and an increase in female workforce participation from 17% to 37%. Ongoing efforts to support these targets include knowledge localization, automation, and large-scale training campaigns. ## Timeline ### 2026-10-12: Saudi Arabia labor market strategy reaches 97% implementation Saudi Minister Ahmed Al-Rajhi announced 97% implementation of the labor market strategy, noting female participation has reached 37% as the nation works toward Vision 2030 goals. 8 sources. https://clstr.news/cluster/saudi-human-resources-minister-promotes-knowledge-localization ### 2026-09-15: Saudi Arabia approves SME strategy to create 500,000 jobs Saudi Arabia has approved a new national SME strategy aiming to create 500,000 jobs and increase small business contribution to GDP to 35% by 2030 through enhanced scaling and global competitiveness. 2 sources. https://clstr.news/cluster/saudi-arabia-approves-sme-strategy-to-create-500000-jobs --- Cite as: Saudi Arabia economic and labor diversification. CLSTR, https://clstr.news/situations/saudi-arabia-economic-and-labor-diversification