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The increasing number of unemployment among Saudis is one of the current concerns of the government. As observed by Gardner who cited Dr. Abdul Hafeez Shaikh, an officer from the World’s Bank in Riyadh, the first challenge ahead is to find productive employment for Saudi Arabia’s growing population. Despite its growing population, the government is still, somehow, depending on foreign labour both in the country and economic development. The practice in Saudi Arabia is obviously against what Hofstede suggested that a country’s development should be struggled by its own population. This has resulted in eternal problem of unemployment among Saudis. The unemployment challenge has turned into major concern when the public sector can no longer absorb new job seekers. The government is moving to counter the unemployment crisis among Saudis by initiating “Saudization” policy to encourage employment of Saudi nationals in the private sector. Besides that, the government is also investing heavily in education sector; there are more returning graduates from universities all over the world every year who are demanding for secured and better job positions. However, despite the educated Saudis, the rapid development in the kingdom requires many skilled and semi-skilled labour forces that have made “Saudization” a challenge. With the current happenings in the kingdom, this would just add to unemployment problems. Therefore, providing aids and allocations to encourage entrepreneurship among Saudis could be one of the solutions to the crisis.
Entrepreneurial culture is not new in Saudi Arabia. And recent years saw a major breakthrough of entrepreneurial development in the Kingdom. Today, entrepreneurship is viewed as a tool to overcome a number of occurring crises in the country such as the high rate of unemployment. Entrepreneurship involves growth oriented innovation that could generate employment in a community, either self-employment with less employment growth, or employment for others when the entrepreneurs start hiring to expand their business.
It was reported that entrepreneurship is not only highly regarded in Islam, but the religion also provide incentives and conducive framework for economic and entrepreneurship development. There is a verse in Qur’an that reads, “and when prayer is over, disperse in the world and search for the bounty of Allah”. In the past, it is recorded that most men from the Islamic history were merchandisers or entrepreneurs. Even the most important figure in Islam, the Prophet Muhammad (peace be upon him) was from an entrepreneurial family background. He and his close companions were responsible and successful entrepreneurs. Kayed and Hassan also reported that the Prophet (peace be upon him) explicitly highlighted the importance of entrepreneurship. Muslims are encouraged to actively participate in business activities, as narrated by Nu’aym Ibn Abd Al-Rahman, as Prophet (peace be upon him) once said, “nine-tenths of the sustenance (rizq) is derived from trade (business ventures)”. online payday loan

This post was written by , posted on April 18, 2014 Friday at 11:31 am