SAUDI JOB MARKET MAY SHRINK THIS YEAR 2018, AS MORE EXPATS ARE LEAVING THAN SAUDIS BEING HIRED
According to a study conducted by Gulf Talent job site, Job market in Saudi Arabia is expected to shrink this year (2018), due to the ongoing drive of replacing expatriate workers with Saudi citizens. New : Saudi ATM cards to enable for online purchases from April 2018
Gulf Talent said, its survey with more than 1,117 company Chief Executive Officers (CEOs) and executive managers in the GCC (Gulf Cooperation Council), the survey revealed that as the oil prices rose from 30 to 50 US dollars to above 60 US dollars in the last 6 months, which will let the business to upturn and shows a confidence. Most Viewed : 50% of car rentals closed on first day of Saudization to avoid penalties
- Not all the Gulf nations were see it to be a positive impact on the employment despite expectations the overall job market will grow at an average rate of 9% in this year 2018. Saudi job market is shrinking this year, as most of the companies reporting a reduction in employees due to the government strict policies on Saudization or 'Saudis First' policy.
- Saudization policy has boosted employment opportunities in the Kingdom for Saudi nationals, However some companies are reducing their foreigner employees in order to reach or achieve the Saudization policy without hiring any new Saudis, You can also say it as 'more expatriates are leaving jobs than the hired Saudis'. Recommend : I am not Gandhi or Mandela - Saudi Crown Prince
- In the recent Saudization policy, Ministry of Labor banned 12 sectors for expatriate workers and opened the jobs only for Saudi citizens. Bank of America in its recent released report revealed that thousands of expats lose their jobs by this September 2018.
- Similar shrink of jobs can be seen in Oman, However other gulf countries are providing promising jobs to the expatriate employees, 18% of the companies in Kuwait increased their expat employees, 13% of firms in United Arab Emirates (UAE) also increased their jobs to foreigner employees. Read : Man tries to sell fake Kaaba kiswah for 8 million riyals
- In order to recover the oil prices, Kuwait and Abu Dhbai are creating more jobs and the Expo 2020 is a hint that the opportunities in Dubai is also increasing. After a 3 years of downfall in employees in oil and gas sector, This year oil sector may witness drastic increase in job employments.
- About 39% of oil and gas companies said they are going to increase their workforce compared to weak growth in the construction sector and fast moving consumer goods' industries linked to payment delays and the introduction of VAT. Their is more demand of professional jobs in Human resource sand marketing staff sector. See Also : Penalties for Umrah visa violations