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Robust & booming labor market in KSA in 2023 - proven-hxm.com
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Robust & booming labor market in KSA in 2023

Job markets in the Middle East – particularly Saudi Arabia – have witnessed growth in the first quarter of 2023, with an 18% rise in available positions across head offices – bucking a global trend.

According to international recruitment agency, Robert Walters, the banking and financial services industry has seen the highest growth with a 54% increase in job vacancies compared to the same period in 2022. This was followed by the technology and HR industries, which have seen a 20% and 10% increase in job vacancies, respectively.

“With all the new projects and initiatives planned, the forecast is that Saudi Arabia will see the size of its economy double over the next 10 years – with the private sector growing ever larger. Saudi for example, has increasingly been stepping up efforts to attract foreign professionals and business to the country,” said the report.

“Looking at other countries, Saudi has announced a free zone policy of its own to stimulate investment. This is already accelerating the transformation of Saudi Arabia post oil economy. All these positive market factors is having an equally positive impact on professionals – with an increase in relaxing laws and visa requirements, as well as attractive compensation packages all acting as positive drivers to expat talent.”

According to the report, while hiring has slowed down for the first quarter, there has been some bounce back with vacancies increasing by 12%, a lot of which has been as a result of the activity in Saudi Arabia. Demand for IT project management professionals has increased by over 60% across the Middle East because of greater investments in new projects. Software development roles have also been in demand, making up 9% of all tech vacancies.

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