Current employment scenario of Saudi Arabia.
Views > Human Resources > Article > Current employment scenario of Saudi Arabia.
Current employment scenario of Saudi Arabia.
Mohammad Nazish Mallick Business Consultant, India
Current employment scenario of Saudi Arabia.
Every country or state has its own share of ups and a down in the job market in Saudi Arabia is a country that has witnessed several rotations in the employment sector. According to a survey, Saudi Arabia offers far more decent jobs for the people globally. The kingdom has the lowest unemployment rate which ultimately draws huge amount of job seekers. The job sector in the country has become resilient to the recession and promises a healthy career in various sectors like real estate, oil reserves, hospitality, information technology, retail and entertainment. One can also step into creative fields like journalism, animation, ticketing, and data entry jobs among few others.
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, skills in order to have an advantage over others. There are several other reasons why job seekers are migrating to Saudi Arabia like people get lucrative job offers, their lifestyle improves for the better, and they get to witness a different atmosphere. The kingdom hosts job seekers from around the world and the numbers of aspiring professionals are certainly increasing every year. The official reports of employment sector say that the % of unemployment was 10 % in the year 2010 and in 2013 it has unquestionably decreased to levels where one can easily hunt for jobs in their respective sectors.
There is plethora of job opportunities in the country if you are eligible in terms of expertise and experience. Large numbers of expats in Saudi Arabia are engaged in engineering jobs, (especially in the oil industry), IT, health care and medicine, banking and financial institutions among others. The recruitment for the managerial positions is done by the private consultants or agents that are hired by the Saudi Arabia employers. Those interested in working in the country can also contact their country’s chamber of commerce.
There are certain labor laws in Saudi Arabia which needs to be strictly followed by the job seekers in order to survive in the kingdom. The labor laws have been customized recently with an intention to give better job prospective to the citizens of Saudi Arabia. The labor laws throw lights on the protecting the rights of the employees and the employers. The law also throws light on the economic stability with an intention to elevate the economy with the help of private and government organizations. Saudi Arabia’s Nitaqat Law is one such labor law that has proven beneficial for the citizens and aims to create more employment opportunities for the aspiring professionals. The law has given more attention to the domestic workers.
What Future Holds?
The Kingdom of Saudi Arabia has pulled up its socks to elevate the job market and create innumerable employment opportunities. The private ad the government sector will be focusing on creating 40 million jobs by 2020 where the private sector will contribute 60 % to completely eradicate the unemployment in the country. If one is planning to build career in Saudi Arabia, then everything must be set right in the very first time.
As of now, the Job market has taken work permits, business culture and financial benefits into limelight. Saudi Arabia is the global leader in the Oil reserves; however the country now aims to be a powerful industrial kingdom beyond Oil reserves. Jobs in sectors like power generation, telecommunications, natural gas exploration, and the petrochemical industry have successfully allured the citizens and the expats and is expected create the maximum jobs in Kingdom of Saudi Arabia.
Building Career in Saudi Arabia: - Saudi Arabia is making noise in the global job market for the right reasons. The country has pulled up its socks to create innumerable employment opportunities for domestic workers and the expats. The following article sheds light on the career in Saudi Arabia and what future holds.
The current employment scenario is stable around the world and job seekers are relieved to hear this. The Asian and the gulf countries are showing good opportunities in the employment sector and are inviting the deserving candidates to work with the renowned organizations. The employment sector is bound to changes and it keeps rotating with the change in the economy. There were times when the recession caused a major downfall in the employment sector; however jobs in various industries have revived themselves whereas some were forced to shut down. Gulf countries have been recognized as one of the leaders in creating the employment opportunities for the deserving candidates and therefore, one can effortlessly notice people migrating from several countries to hunt for an ideal job.
Saudi Arabia is the largest state in the western Asia which draws maximum number of job seekers. The migrants from different countries step into Saudi Arabia with an aim to boost their career and to raise their standard of living. Saudi Arabia, originally known as the Kingdom of Saudi Arabia is primarily known for its Oil reserves and thus creates the maximum employment opportunities in the same. The second largest state in the Arab has the world’s largest Oil reserves though the Arab state has also created a niche in the tourism and the hospitality sector.
So now a day’s Saudi Arabia Market is going on BOOM due to GDP. As per Economy Overview Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 17% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Over 5 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in December 2005 after many years of negotiations. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia's economic development.
Saudi Arabia’s economic freedom score is 60.6, making its economy the 82nd freest in the 2013 Index. Its score is 1.9 points worse than last year due to substantial declines in business freedom, property rights, trade freedom, and freedom from corruption. Saudi Arabia is ranked 8th out of 15 countries in the Middle East/North Africa region, and its overall score remains above the world average.
Saudi Arabia’s real GDP is projected to expand by around 4.2 % in 2013 and growth will be fueled by the non-hydrocarbon sector as the oil GDP is expected to decline due to lower output and prices, according to a local study.
According to a report by Saudi-based Jadwa Investment, the kingdom's budget and external surpluses are expected to reach a new record level in 2013, due to a high level of production and strong oil prices for the year, Arab News has reported. Budget surplus is projected to reach SR91.13bn this year with total revenue of SR2.81trn ($749.34bn), compared with SR2.72trn in 2012, the report said. "The growth would boost GDP per capita to $6,645 from last year's $6,627, even though the country's population is expected to increase by nearly 900,000 to 30.2 million in 2013," it said.
So Work In Saudi Arabia And Save Your Future, Because It Will Bright Due To Market Is BOOMING.
More on the Author | More on this Interest Area
Other Views by this Author: SWOT of Tata nano and why it failed to deliver | SWOT analysis of the Indian organized Retail industry : | What is RECESSION and why its Happen
About 12manage | Advertising | Link to us / Cite us | Privacy | Suggestions | Terms of Service
© 2023 12manage - The Executive Fast Track. V16.3 - Last updated: 27-9-2023. All names ™ of their owners.