RIYADH – Businesses in Saudi Arabia are responding positively to Saudi Vision 2030 that aims to diversify the economy and boost sectors not related to oil and gas, according to research carried out in Saudi Arabia by LinkedIn, the world’s largest professional network.
Sectors such as aeronautics, automobile & transport and architecture & engineering are the top two industries that have shown remarkable year-on-year (YoY) growth since last year, the report said.
While oil and gas remains a key industry for the Kingdom, other sectors are witnessing positive growth.
LinkedIn’s research revealed that Saudi Arabia continues to serve as a hub for business innovation - entrepreneurship is on the rise in the Kingdom with a 6.8% growth year-on-year (YoY) in the number of entrepreneurs.
The data pointed to a wider trend that people in Saudi Arabia prefer the autonomy of being their own boss. Small to medium businesses are a major economic growth driver and the increase in the number of such businesses is testament to the fact that it is now more simple to open a company in the Kingdom.
LinkedIn’s data also showed that the aeronautics, automobile & transport sector has grown at the rate of 1.3% and the architecture and engineering sector has shown a growth rate of 0.6% since last year. Media and entertainment is also on the rise with a year-on-year (YoY) growth rate of 1.3% while oil and gas has shown grown at the rate of 0.6% since last year. New developments such as the planned economic cities are driving job creation and growth in industries.
These mega projects require staff to support them and are creating a demand for roles in architecture, transportation, engineering, entertainment…etc. The new economic cities in Hail, Jazan, Madinah, Tabuk, Rabigh and the Eastern Province aim to create over 1 million new jobs which will focus on differing industries.
“It is exciting to see how businesses in Saudi Arabia are embracing Saudi Vision 2030. Our results clearly indicate that the market understands the positive impact of reduction in subsidies coupled with other steps being taken for a balanced and diversified economy. LinkedIn aspires to be a growth engine for the businesses in the Kingdom. We are helping them become more competitive and successful by helping them find, attract, train and retain the best talent. With our research, we endeavor to provide unique labor market insights to the policymakers enabling them to make better informed decisions,” said Rabih Haidar, Head of Saudi Arabia Territory, LinkedIn Talent Solutions.
The research also throws light on the talent migration trends in the Kingdom since last year. India accounts for the largest net migration to Saudi Arabia at the rate of 31.06%, followed by Egypt at 15.34%. The maximum inflow of talent is seen in the sector of architecture and engineering the research also reveals.
“LinkedIn can play a massive role by providing unique insights on skills available versus skills needed in the current job market through the world’s first Economic Graph. The Economic Graph is a digital map of the global economy that connects talent with opportunity on a worldwide scale. We have already been able to help people learn more about skills, learn from their networks about jobs, and evaluate universities according to their career goals. We are also conducting more analysis and research on the Saudi job market, and providing that to local businesses, government and academic institutes,” Haidar added. — SG
