www.arabworldcareers.com Follow Us on Twitter
Like us on Facebook
Follow Us on LinkedIn
Saudi Arabia – How job Market is looking like in 2014. Saudi Economy is likely to grow by 4.5 percent in 2014 by IMF predictions.US fed tapering moved to 2016, an averted Syria war and stable growth in the Middle East region are all contributing to the stability and positive outlook of Saudi Arabian Job Market in 2014. The key job market drivers till October 2013 were construction, crude oil production, petroleum and petrochemical exports, education, retail and travel industries. Arab World Careers captured a whole lot of vacancies in these industries with hundreds of job postings live on the website. Saudi’s Council of Ministers approved a huge $218 billion budget for 2013 and the expected budget for 2014 is forecasted between $240 - $260 billion. Roughly 75% of budget revenues and 90% of export earnings come from the oil industry. Saudi Arabia is expected to lead the Middle East Jobs and Gulf jobs market rally in 2014 too. Government public spending would be the key trigger for growth in 2014. Education, including building new schools, vocational training, scholarships abroad, roads, transport, water, agriculture, industry and construction would be the key sectors that would enjoy a major share of the budget. The financial stability of the kingdom oozes positive outlook on the economy and the country as a whole. Kingdom's budget surplus in 2012 hit 386 billion Saudi Riyals ($102.93 billion) as oil-dominated revenues continued to rise. The vibrant non-oil economical activities are expected to reduce the kingdom’s dependency on oil-exports. For jobs in Dubai, jobs in Saudi Arabia, jobs in Qatar, jobs in Oman, jobs in Kuwait, jobs in Bahrain & jobs in Egypt, visit www.arabworldcareers.com – The most preferred job portal in Middle East & Gulf . Non-oil exports and privatization are countering the challenges such as weak US oil demand (due to migration to shale gas), slower growth in china and more oil production from Iraq and Libya. The current Saudi Arabia five-year plan (2010-2014) aims at developing and improving infrastructure and investing in human capital through education and training.These industries generate thousands of jobs in Saudi Arabia every year. The government is spending heavily on housing and job creation following the events of Arab Spring 2011 and this trend would continue strong in 2014 too. The recent report by International Monetary Fund - ‘Saudi Arabia’s Strong Growth Offers Chance to Tackle Jobs Challenge’ is recognition and confidence by international community on the kingdom. IMF observes that the growth outlook remains positive, Saudi Arabia will continue to play key stabilizing role in global oil market and
government is pushing reforms to focus on growth and employment while maintaining stability. A large number of young people will enter the labor market in this decade and creating a sufficient number of rewarding jobs for them in the private sector will be a challenge. The authorities are thus giving priority to labor market policies aimed at improving skills and raising private sector employment of Saudi workers. The continued work on six "economic cities" (including King Abdullah Economic City) which are planned to be completed by 2020 would add more jobs in 2014. These six new industrialized cities are intended to diversify the economy of Saudi Arabia. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Overall 2014 promises and predicts to create 1000s of new jobs in Saudi Arabia in all the key and supporting industries. For jobs in Saudi Arabia, visit www.arabworldcareers.com
www.arabworldcareers.com Follow Us on Twitter
Like us on Facebook
Follow Us on LinkedIn
Š 2010-2017 www.arabworldcareers.com, Inc. All Rights Reserved. Reproduction of the above material without written permission is allowed provided due credits are given to Arab World Careers, Inc and www.arabworldcareers.com