- As 2023 came to an end, Saudi Arabia and the UAE job markets surged, propelling a 6% GCC-wide increase in new opportunities.
- Cooper Fitch’s Viacheslav Shakhov, in a discussion with Brandy Scott on Dubai Eye 103.8, now reveals the 2024 job market outlook for KSA and the UAE.
- Here is the summary and to all finance folks, good news!
Saudi Arabia’s economic rebound
Saudi Arabia experienced a robust 6% increase in new jobs during Q4, marking a significant rebound from a flat performance in the previous quarter.
This surge is a reflection of the country’s buoyant economy, with various sectors implementing new strategies contributing to this positive trend.
Tech sector dominates in KSA
The technology sector, including artificial intelligence (AI), digital, and software development, witnessed substantial growth in Saudi Arabia during the last quarter of 2023.
This surge indicates a notable shift towards technology-centric roles, aligning with the Kingdom’s ambitious economic diversification plans.
CEO roles flourish in Saudi Arabia
CEO roles saw a remarkable 7% uptick, with a staggering 80% of these new roles emerging in Saudi Arabia.
This increase is tied to Vision 2030 initiatives, the establishment of new organizations, and the development of fresh sectors. This emphasizes the Kingdom’s commitment to economic transformation.
Newly created companies drive job growth
Approximately 60-70% of the new jobs in Saudi Arabia were associated with newly established companies and startups.
This underscores the country’s economic growth and its mandate for developing new sectors, indicating a dynamic and evolving business landscape.
Steady growth in the UAE
In contrast, the UAE reported a 3% growth in new jobs during Q4, aligning with an average performance throughout 2023.
The steady growth suggests a consistent and healthy job market in the UAE, where businesses might be taking time to calibrate, reflect, and plan for the upcoming year.
Outlook for 2024: positive prospects in both nations
Looking ahead to 2024, the job market outlook remains optimistic in both Saudi Arabia and the UAE.
The report anticipates continued growth, especially in the finance, investment, and legal sectors.
Wage growth is also predicted, with a forecasted 4.5% increase in the UAE and a substantial 6% in Saudi Arabia.
As these trends unfold, Saudi Arabia and the UAE showcase resilience and dynamism in their job markets, positioning them as key players in the evolving economic landscape of the GCC.
This content was initially published on Dubai Eye 103.8’s LinkedIn page.
