Job Market Trends in Saudi Arabia

Anyone seeking employment in Saudi Arabia is well aware that the announcement of the kingdom’s Vision 2030 plan outlines some dramatic shifts in its economy. Designed to help the country wean itself from oil, it means that the job market in Saudi Arabia is going to shift, as well.

How? According to one expert, “Jobs are going to be created for Saudi nationals going forward, [and] they are going to be increasingly in the private sector.” This is in line with what another business consultant has written of the job market in Saudi Arabia, explaining that it has “witnessed several rotations”.

Growing resilient to recession, it promises workers access to employment in areas such as hospitality, real estate, information technology, retail, and entertainment as well as more creative industries such as journalism, graphic design and even data entry.

As a recent report noted, “The competition in the Saudi Arabia market has given birth to several private sector organizations that are constantly on the hunt for people who can serve them with a right attitude, and skills in order to have an advantage over others.”

Like many other countries in the GCC, though, Saudi Arabia is in a bit of a bind as its population is lacking in the college training suited to many of these new or emerging fields. Fortunately, the kingdom has committed itself to the creation of 40 million new jobs by the year 2020, and expects roughly 60% of them to be private sector positions. Though a global leader in the oil industry, the aim of this area is also shifting with Saudi expansion into natural gas exploration, petrochemicals and power generation.

Another report from Hays also agrees with this, indicating that GCC hiring is going to see an uplift throughout 2017, with earnings positioned to experience the same five to ten percent increase as in previous years.

One area of particular interest on the global scene is the ability for startups to emerge in the current economy. Difficulty in finding funding seems to be diminishing as specialized venture capital firms appear. Though Saudi investors are still a bit risk averse, it is these venture groups that seem to be filling the gap and helping smaller businesses enter the Saudi job market. Additionally, the Saudi government is increasing support in the venture capital sector, demonstrating its commitment to the growth of the job market in the coming years.

 

 

 

 

 

 

 

 

 

 

Alkhalisi, Z. (2017). Saudi economy will barely grow this year, IMF says. [online] CNNMoney. Available at:http://money.cnn.com/2017/01/17/news/economy/imf-slashes-saudi-growth/index.html [Accessed 15 Aug. 2017].

B.V., ©. (2017). Current employment scenario of Saudi Arabia.. [online] 12manage.com. Available at:https://www.12manage.com/myview.asp?KN=3374 [Accessed 15 Aug. 2017].

Anon, (2017). [online] Available at:http://www.hays.ae/cs/groups/hays_common/@ae/@content/documents/digitalasset/hays_1834965.pdf[Accessed 15 Aug. 2017].

Wamda. (2017). This is what this Saudi VC firm seeks in an entrepreneur. [online] Available at:https://www.wamda.com/2017/07/saudi-vc-firm-seeks-entrepreneur [Accessed 15 Aug. 2017].