Saturday, April 14, 2012

Analysis of Saudi Arabian Job Market


Analysis of Saudi Arabian Job Market
Kingdom of Saudi Arabia (KSA) is known for its fortune and religious inheritance to all over the world. It is an oil enriched region and the major economic activity is the trading of oil to all over the world. Roughly 75% of budget revenues and 90% of export earnings come from the oil industry. Saudi Arabia officially has about 260 billion barrels (4.1×1010 m3) of oil reserves, comprising about one-fifth of the world's proven total petroleum reserves.

This huge amount of oil reserve and its trading creates opportunities for hundreds and thousands of people to involve in its economic activities. The huge amount of oil reserve has created a positive increment on the Saudi Arabian economy. The economy is similar to most other developed economy and the buying power of its citizens is greater than even some developed countries. 
 If we are looking in the Saudi Arabia then we would found the buying pattern of its nationals is changing and now similar to Western people. Saudi Arabian market is considered as a market of most luxurious apparatuses so lots of recognized traders of luxurious goods are establishing their businesses in the country so the number of human resources necessity is increasing on daily basis. 

The effect of industrialization has also created a positive force on demand for newer work forces. Industries like crude oil production, petroleum refining, basic petrochemicals, ammonia, industrial gases, sodium hydroxide (caustic soda), cement, fertilizer, plastics, metals, commercial ship repair, commercial aircraft repair and construction are growing to pacify the local and international market demands.  Lots of multinational manufacturers and mining exploration companies are working in the locality. 
As per the demand on the market the work force for Engineering, Information Technology, Laboratory Technology, Mining and Geology, Customer Care, Banking, Jewelry, Sales & Marketing and Casual Laborer positions are in high demand. Professionals are coming from North America, Europe, Australasia, Africa and South-East Asia. The job market has got international recognition for the reason of relatively higher salary, employee benefit initiatives and tax free salary.  

Currently the job market is increasing and lots of Saudi Arabian citizens are also joining workforce where a decade ago not many citizens were involved, so the job market now comprises with an equal blend of local and international employees. On the changing needs of globalization the job market is also changing and the demand for more skilled professionals are increasing. It should be considered that the barrier for entry of international employees is also moderate compare to most Western countries with wage similar to west. But here foreign employees should strictly follow Islamic religious obligations and local laws. 

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