Tuesday, June 6, 2023

Dubai & Saudi Arabia Records Boom in Job Market as Thousands of Employment Vacancies Open

The job market in the Middle East, particularly in Saudi Arabia and Dubai, is experiencing a surge in growth, bucking the global trend. The region has seen an 18% increase in available positions in head offices, with the banking & financial services industry. It has shown the highest growth of up to 54% compared to the same period in 2022. The technology and HR industries also saw a 20% and 10% rise in job vacancies, respectively.

Jason Grundy, Managing Director of Robert Walters Middle East & Africa, credits the region’s economic stability to continued investment. Dubai’s economy is expected to double over the next ten years. According to Grundy: Saudi Arabia is also stepping up efforts to attract foreign professionals and businesses to the country. Moreover, Saudi’s free zone policy to stimulate investment, accelerating its post-oil economy transformation.

Investment in MENA region

The combination of relaxed laws, attractive compensation packages, and favorable visa requirements is making the region a popular destination for expat talent. This influx of skilled professionals is likely to further contribute to the positive growth seen in the job market. The technology industry is experiencing a bounce back, with vacancies increasing by 12% driven by greater investments in new projects. Demand for IT project management professionals has risen by over 60% across the Middle East. It includes software development roles accounting for 9% of all tech vacancies.

Technological and Entrepreneurial Energy in MENA region

The MENA region is experiencing a new entrepreneurial energy, with sovereign wealth funds as major investors. It is mostly driven by growing smartphone penetration, government mandates to grow tech ecosystems, and intense competition to attract entrepreneurs. These factors create a perfect formula for robust growth over the coming years.

The job market in Saudi Arabia and Dubai is showing positive growth, driven by increased investment, economic diversification, and government initiatives to attract foreign investment and talent.

The banking & financial services industry is leading the way, with the technology industry experiencing a robust rebound. Professionals in the region are benefiting from more relaxed laws and visa requirements and attractive compensation packages, leading to an influx of expat talent. The MENA region’s entrepreneurial energy is creating a fertile ground for innovation and growth, with the rise of sovereign wealth funds and growing smartphone penetration as major contributors.

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