Jobs in Saudi Arabia: Growing or declining?
* Jobs in Saudi oil and gas sector are on a rise: survey
* Advertising, media and entertainment, retail and logistics saw negative growth of 17 per cent
* Maximum vacancies reported in purchase, logistics and supply chain
Despite weaker investments stemming from low crude prices, employment opportunities in Saudi Arabia’s oil and gas sector are on a rise, according to the figures in a new job survey.
The latest statistics from New York-listed Monster Worldwide, the parent firm of popular career portal Monster.com, show that job openings in the Kingdom’s oil industry have increased by 29 per cent in October compared to the same month last year.
Healthcare, engineering, construction and real estate sectors also witnessed positive growth in job creation, according to Monster Employment Index.
Advertising, media and entertainment, retail, and logistics sectors saw a negative growth of 17 per cent in the month. Hospitality was the worst hit sector with a 52 per cent drop in the number of openings.
“The country is rapidly expanding its service sectors including healthcare, real estate, businesses and construction as part of the country’s Vision 2030”, says Sanjay Modi, Managing Director – APAC and Middle East at Monster.com.
Maximum vacancies were reported in purchase, logistics and supply chain.
“The increased demand in online purchase, logistics, [and] supply chain professional job postings suggests that with the constant flow of imports and exports in the country, a positive economic outlook for the coming year may be possible. Similarly, the consistent increase of engineering and construction jobs reflects the country’s continuous growth as we head towards 2030”, adds Modi.
Job creation stagnant
Meanwhile, on the contrary, Saudi Arabia Purchasing Managers’ Index, released earlier this month by Emirates NBD showed that jobs growth neared stagnation in October.
It said that the rate of hiring moderated to a six-month low with vast majority of surveyed companies (97 per cent) reporting no change since September.
“Those firms that took on extra staff did so in an effort to expand operating capacity,” the kingdom’s PMI stated. (Read more on this here)
Unemployment Vision 2030?
Similarly, Bank of America Merrill Lynch said last week that youth unemployment in Saudi Arabia was expected to increase from 33.50 per cent in 2015 to 42.40 per cent in 2030. This is despite 55 per cent of employers in the country feel that domestic graduates are prepared for the job market, amongst the highest in the world.