The Middle East’s job market, particularly in Saudi Arabia and Dubai, is witnessing a growth surge, defying the global trend. There has been an 18% increase in head office positions in the region, with the banking and financial services sector experiencing the highest growth of up to 54% compared to the same period in 2022. Additionally, the technology and HR sectors have seen a rise of 20% and 10% in job vacancies, respectively.
Jason Grundy, Managing Director of Robert Walters Middle East & Africa, attributes the region’s economic stability to continued investment, with Dubai’s economy expected to double in the next decade. According to Grundy, Saudi Arabia is also making efforts to attract foreign businesses and professionals to the country. Furthermore, Saudi’s free zone policy has stimulated investment, accelerating its post-oil economy transformation.
The MENA region’s combination of relaxed laws, favorable visa requirements, and attractive compensation packages has made it an attractive destination for expat talent, contributing to the positive job market growth. The technology industry is bouncing back, with job vacancies increasing by 12% due to greater investment in new projects. The demand for IT project management professionals has also risen by over 60% across the Middle East, including software development roles accounting for 9% of all tech vacancies.
The MENA region is experiencing a new entrepreneurial energy, with sovereign wealth funds as major investors. It is driven by growing smartphone penetration, government mandates to grow tech ecosystems, and intense competition to attract entrepreneurs, creating a perfect formula for robust growth over the coming years.
Overall, the job market in Saudi Arabia and Dubai is experiencing positive growth, supported by increased investment, economic diversification, and government initiatives to attract foreign investment and talent. The banking and financial services industry is leading the way, with the technology industry experiencing a robust rebound. The MENA region’s entrepreneurial energy is also creating a fertile ground for innovation and growth, with the rise of sovereign wealth funds and growing smartphone penetration as significant contributors.