- Hi, I am Manish Bansal, a seasoned Indirect Tax Professional.
- Imagine my surprise in 2019 when Deloitte India presented me with a secondment opportunity to Riyadh, Saudi Arabia.
- Initially hesitant, I carefully analyzed the opportunity and recognized its potential for tremendous learning and growth.
- Taking the leap turned out to be the best decision I’ve made.
Back story
In 2010, I qualified as a Chartered Accountant (CA) and officially began my career with EY India in Indirect Taxation.
I spent around 6 years at the Big Four firms EY and KPMG.
In 2015, I took a career break to fully focus on preparing for the Union Public Service Commission (UPSC) exam, with becoming a civil servant being a significant goal of mine. Unfortunately, I couldn’t cut it.
When I was contemplating returning to the consulting industry, coincidentally Goods and Services Tax (GST) was rolling out in India. This led to numerous job offers from consulting firms, as Indirect Tax professionals were in high demand.
In November 2016, I returned to the corporate world with Deloitte India.
From India to Saudi Arabia: Embracing new career horizons
Fast forward to 2018, the implementation of Value Added Tax (VAT) took place in Saudi Arabia and the United Arab Emirates (UAE), resulting in several job prospects in those countries.
Deloitte Middle East was looking for a senior Indirect Tax professional with sufficient experience to lead the Jeddah market in Saudi.
At that time, Deloitte’s headcount was minimal, and there was reluctance among senior professionals to relocate to Saudi Arabia.
Deloitte India acknowledged my skills and presented me with a one-year secondment opportunity in Saudi Arabia.
I was reluctant at first but it seemed like a once-in-a-lifetime opportunity given the economic advancements in the country.
I said to myself, ‘One year would pass by in a heartbeat. Why not give it a try?’
And yes I accepted the offer and in June 2019 landed in Saudi.
Initially, I had some reservations about Saudi Arabia being overly conservative. However, on my first day in the country, half of my concerns seemed to disappear.
The great working environment, the people, and the opportunity took me by surprise. I noticed a huge untapped market in Saudi, growing by the day.
I slowly started to enjoy my work, and Deloitte eventually offered me a permanent role there.
It has been a fulfilling journey, culminating in my promotion to Director this year.
Looking back, I believe everything fell into place for the best.
Also read: Saudi Arabia’s Job Market 2024: Insights from Robert Walters’ Head of Financial Services
But what exactly is happening in Saudi Arabia?
Saudi Arabia is undergoing a significant transformation, both economically and socially, with its ambitious Vision 2030 capturing global attention.
Trillions of dollars are being invested in various giga projects, such as NEOM, which aim to redefine the country’s economic landscape.
Let’s take a closer look at some of those projects.
Red Sea: Resembling a smaller version of the Maldives, the Red Sea region is poised to become a luxurious tourist destination, equipped with high-end hotels and resorts.
NEOM: Saudi Arabia’s most ambitious project, NEOM, spans a vast region in the northwest. Described as a country within a country, with various smaller projects being developed within it, NEOM is envisioned as a self-sustaining and futuristic city, offering a diverse range of opportunities and amenities. Some of the key projects within the NEOM are:
The Line: Saudi Arabia is constructing The Line, a futuristic residential and commercial hub. This innovative city will offer a blend of living and working spaces, showcasing cutting-edge designs and technologies. Once completed, it is projected to accommodate 9 million people.
Oxagon: Another significant development is Oxagon, which aims to become a prominent trade and logistics hub of Saudi Arabia. Situated strategically along the coast of the Red Sea, Oxagon serves as a vital intersection for global trade routes, connecting three continents – Asia, Africa, and Europe.
Trojena: Nestled among the mountains, Trojena is set to host the 2029 Winter Asian Games. This city will feature ski resorts and snowy landscapes.
Qiddiya: Located in Riyadh, Qiddiya is a proposed city dedicated to entertainment, sports, and the arts. Once completed, it is expected to become the largest entertainment city in the world.
Hiring in the Big Four and the industry
Saudi Arabia’s trillions of dollars in investments in giga projects are expected to generate a plethora of job opportunities for expats.
There is a surge in demand for diverse talent, ranging from laborers and engineers to consultants, accountants, and lawyers.
Almost all of our clients are either already associated with these giga projects or actively seeking connections to them, regardless of whether they have a presence in Saudi Arabia.
Big Four
The Big Four firms in Saudi Arabia are actively seeking top-tier talent to support their expansion efforts.
At Deloitte, we have already achieved significant growth, especially within our Indirect tax team.
Are expats welcome? 100% yes however currently, the preference of Big Four firms is to tap into local talent instead of hiring from overseas, given the ample expertise available in the market. This holds not only in Saudi Arabia but also across the Gulf Cooperation Council (GCC) nations.
Industry
Multinational corporations are establishing their presence in Saudi Arabia, attracted by the government’s several investments and initiatives.
Notably, the announcement of the Regional Headquarters (RHQ) program by the Saudi government has further fueled this trend.
In simple words, if a company does not have an RHQ in Saudi Arabia, it will not be permitted to enter into contracts with any government authority in the country.
Additionally, establishing a local entity provides them with more certainty in terms of tax treatment.
To quote some statistics as per National News: In October 2021 approximately 44 companies received government licenses to set up headquarters in the country.
Notable companies like PepsiCo, DiDi, Unilever, Siemens, KPMG, Novartis, and others had already relocated their regional headquarters. Additionally, several companies, including GE Healthcare, Bechtel, Huawei, ABB, and Schneider Electric, announced plans to relocate as part of their regional expansion strategies.
Saudi Investment Minister Khalid Al-Falih estimated that relocating these headquarters could generate up to 50,000 new jobs in the first year.
Law firms
The legal landscape in Saudi Arabia has expanded multifold, with a significant increase in the presence of foreign law firms.
These firms are granted the license to operate independently without the need for Saudi partners, which I believe has led to this development.
Saying yes to opportunities
Previously, I received opportunities in Dubai, UAE, also for the implementation of VAT. But why is Saudi Arabia my first pick?
In my opinion, the current market in Saudi Arabia and its growth trajectory make it the ideal place for professionals like us.
To all of you seeking opportunities in Saudi Arabia, I encourage you to give it a try.
Don’t hesitate, because Saudi Arabia has evolved into something much more than its past perceptions.
Reach out to people who are already working there, whether through LinkedIn or personal connections. Most people in Saudi Arabia are always willing and eager to help newcomers.
If you’re keen on staying in Bahrain while working in Saudi, Dammam or Al Khobar might suit you best. Riyadh, being the capital, boasts the lion’s share of opportunities, particularly in finance and real estate, given its centralization of headquarters.
So, if maximizing opportunities is your goal, Riyadh would top the list. Following closely, Al Khobar ranks second, while Jeddah takes the third spot in terms of preference and opportunities.
It is also important to note that the cost of living in Saudi Arabia is increasing, so make sure to do your research and find what works best for you.
