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- Hi, I am Joe Robinson, Head of Professional Services at Robert Walters specializing in recruitment for Accounting, Finance, Banking and Financial Services, and Legal recruitment across the Kingdom of Saudi Arabia (KSA).
- We work with a diverse range of clients, including large public sector organizations, Ministries, Giga Projects, Mega Projects, and numerous private sector businesses.
- Helping MNCs to set up in Saudi Arabia and find the right talent to establish their businesses is also our specialty.
- In a nutshell, the job market in Saudi Arabia is thriving, and here is what you should know about the same.
Hiring in 2023
From mid-2021 to 2022, we saw a lot of hiring. Why, you may ask?
As we recovered from the aftermath of COVID-19, we witnessed a remarkable surge in business, recruitment, and overall progress in KSA. Numerous companies approached us with extensive hiring requirements and highly ambitious plans.
In early 2023, we saw a slight market slowdown which lasted until the middle of the year; what we observed was merely a market correction.
Here are some stats:
Consumer Goods Industry: The increased population has notably propelled the Consumer Goods Industry, showing a 23-24% growth rate in the last 12 months.
Service sectors such as Facilities Management, HR, F&P, Entertainment, and Leisure have experienced a notable uptick of around 7-8% in each industry year-on-year.
Technology and software sectors have also grown by around 8% each, due to a major investment by the Saudi government through the Public Investment Fund, which we are proud to support.
Pharma is the only industry that has exhibited a noticeable decline in performance during that period. And it has become a global trend as we progress beyond the COVID-19 era.
Hiring in 2024
From a job seeker’s perspective, the Saudi market and the Middle East, in general, are incredibly buoyant, and filled with opportunities, but are also highly competitive.
Hiring has shifted towards a more strategic and targeted approach, compared to the large-scale and ambitious hiring plans we saw in the past 18 months to 2 years.
Here is an overview:
Tax Professionals
- Taxation in both Saudi and the UAE has gained prominence and this trend is expected to continue.
- Saudi Arabia, with its specific points under the zakat and tax authority, requires a nuanced approach. In Saudi, the penalties for tax-related errors can be severe, emphasizing the importance of getting it right.
- If you possess a background in VAT implementation in another region or have successfully overseen the Corporate Tax team for a specific entity, your skills would be highly sought after and would greatly enhance your prospects in KSA.
Capital Markets Professionals
- Capital investments have been massive in the Kingdom for an extended period, and it has gone from strength to strength.
- With the significant amount of private wealth in the Kingdom, we see new businesses in this space opening regularly.
- We are currently working on various roles with Capital Investment firms and niche skills are in great demand.
- The entire Private Wealth space in Saudi Arabia is growing.
The Banking Industry
- Banking is undergoing a fascinating transformation. We have a substantial number of banking clients.
- Apart from a few major banks, most global multinational banks maintained relatively small operations in Saudi Arabia.
- Some of them are sizable but not on a large scale in terms of offices and headcounts. This scenario is changing and is expected to evolve significantly over the next year or two.
- Candidates with unique skills are in demand in the banking sector.
The Legal Sector
- Countless Law firms are currently opening offices in Riyadh, driven by recent law and policy changes.
- For several years, the UAE has boasted an extensively established legal market and a global network of firms at every level. These firms are now extending their reach into the Kingdom, working on projects remotely.
- Many are familiar with the various laws incentivizing companies to be based in the Kingdom.
- Even at a fundamental level, there are financial penalties for locating elsewhere and channeling money out of the Kingdom. Companies are mindful of this and are keen to factor it in.
Digital Transformation, AI, and ESG
- Digital transformation is a hot topic in the financial services sector, with significant developments in this space.
- Having an understanding of Automation for Finance Transactions, Financial Analytics, Reporting, or Cybersecurity can help you get noticed.
Big 4 and consulting firms
- We collaborate with three of the Big 4 consulting firms and have placed multiple individuals across various divisions this year, including audit, strategy, private, and public partnership roles.
- All three firms are expanding and investing in the Kingdom, a trend expected to continue.
- The demand for consultancy services, whether in management consulting, or recruitment, far exceeds what is currently available in the Kingdom, leading to continuous growth in these businesses.
Senior roles for women candidates
- I would request people to “abandon” any preconceived notions they hold about KSA not being a market worth considering for female professionals.
- We get a lot of mandates now where people specifically ask for female candidates because they recognize the value of a truly balanced and equitable team across all levels of the organization.
Insights into the compensation structure
When it comes to salary, it’s tricky to give a broad answer because of its nuanced nature.
In the past, salaries and benefits packages in KSA were significantly higher compared to the UAE market. This was mainly because Saudi Arabia was a challenging destination for candidates, and fewer individuals actively considered relocating to the Kingdom.
However, this has all changed in the last 5 years due to the significant investment, redevelopment, and worldwide attention the Kingdom has received.
Today employers are now aware that they no longer have to pay excessively high salaries as they used to.
On average, salaries in KSA are 9 to 10% higher in standardized currency compared to the UAE, for equivalent roles.
To illustrate that point, here is the information I have acquired from our Data Insights team:
Salaries for junior-level roles in service industries are broadly similar to the UAE.
When you look at the upper mid or senior-level finance roles, that gap becomes closer to 30%.
When considering senior positions in white-collar professions the difference becomes more significant.
I highly recommend that you visit Robert Walters’ LinkedIn page and check out our recently published salary survey. Or Check out this 2023 Saudi Arabia Salary Survey pdf.
Understanding the KSA Geography
Since Saudi Arabia is a vast country, it is not simply a matter of randomly selecting any city without any consequences.
Candidates should take into account the location, as each of these various places has its advantages and disadvantages.
Riyadh
The overwhelming majority of the financial services market and similar fields, (technology, insurance, legal practices, etc.), are all based in Riyadh.
Eastern Region
The vast majority of the more heavily industrial and manufacturing industries tend to be based in the Eastern region.
The largest towns include Dammam, Al-Hasa, Al-Jubail, Ras Tanura, Dhahran, Al-Khobar, and Al-Qatif. Dammam and Al Khobar are close to Bahrain.
Jeddah
This city also has a strong presence in heavy industries and manufacturing. Due to its location on the coast and access to the Suez Canal, Jeddah serves as a massive hub for logistics, shipping, and multinational trading businesses.
Wrapping up
From a job seeker’s perspective, the Saudi market and the Middle East, are incredibly buoyant and filled with opportunities, but they are also highly competitive.
Here is how you can navigate the same:
Connect on LinkedIn: If you’re passionate about a certain business or industry, identify the organizations that you want to join, then use LinkedIn to connect with the relevant people who could help you.
Stand out from the crowd!
If you’re an Accountant or an Auditor, that’s fantastic! But here’s the thing, there are millions of Auditors and Accountants out there.
So, simply being in this profession and doing your job isn’t sufficient. It’s important to showcase what sets you apart and why you’re exceptional.
Network network network
Call it cringe-worthy if you want, but it’s a fact that your network is your net worth. It’s not just about what you know, but also about who you know.
In the Kingdom, you do need to invest time in attending events, socializing with colleagues, and contributing to nurturing your network either online, in-person, or in writing.
Arabic can help
In Saudi Arabia, the use of Arabic for business is significantly higher than in the UAE market, especially in the public sector and government-related activities. This means that language requirements can often be a notable factor.
This also holds for multinational enterprises that are venturing into the Kingdom.
While I don’t propose that all members should rush to learn Arabic for job opportunities, this kind of added value can truly distinguish someone in what remains an intensely competitive market.
Ask for help
The last thing I would like to add is that it’s perfectly acceptable to seek help and confidently express your skills and qualifications.
But you need to remember that the individuals you approach for job opportunities or assistance in your search are human beings with their own set of challenges and responsibilities. Kindly be tactful and considerate in your approach.
