Saudi Arabia to witness job creation many years beyond 2030
Saudi Arabia's efforts
to diversify its economy and reduce its reliance on oil have transformed the
Kingdom into a hotbed of employment opportunities, primarily driven by
ambitious giga-projects like NEOM. These large-scale developments align with
Saudi Arabia's Vision 2030, which aims to bolster the private sector and propel
economic growth beyond the oil industry.
Despite the surge in
job creation over the past few years, some skeptics have expressed concerns
that this trend will diminish once the giga-projects reach completion. However,
there is a growing belief that the Kingdom's job market will continue to thrive
even after Vision 2030 is fully implemented.
Grace Najjar, the
Regional Director for the Middle East and North Africa at the US-based Project
Management Institute, is optimistic about Saudi Arabia's economic future. She
foresees ongoing investments in infrastructure, tourism, transportation megaprojects,
and other sectors, leading to the creation of new jobs in the coming years.
Najjar also predicts
an increasing demand for project management-oriented roles in various sectors,
including manufacturing, construction, finance, insurance, information technology,
and professional services. The growth of project management jobs in projectized
industries is expected to outpace overall employment growth in these sectors,
indicating a higher demand for qualified professionals in project management.
While some industries,
such as oil and gas, may experience a slightly lower growth rate in
project-focused jobs, Najjar believes that the overall labor force in Saudi
Arabia will remain healthy. The country's move away from oil dependency is
expected to open up new job opportunities across various sectors.
Recent data from the
Ministry of Economy and Planning demonstrates Saudi Arabia's progress in job
creation. The unemployment rate for Saudis declined to 8.5% in the first
quarter of 2023, down from 10.1% in the same period last year. Among Saudi
males, the unemployment rate fell to 4.6% in the first quarter of 2023.
Artificial
intelligence (AI) is rapidly transforming various industries, but Najjar and
other experts do not foresee it negatively impacting job creation. AI cannot
replicate emotional intelligence, which is considered a critical power skill.
Thus, roles that rely on human consciousness are likely to remain unaffected by
AI's advances.
Ali Matar, Head of
Europe, the Middle East, and Africa Growth Markets at LinkedIn, shares a
similar view. He emphasizes that AI is meant to assist and augment human
performance, not replace humans. Employers should identify future job roles and
invest in developing the necessary skills to ensure a smooth transition into an
AI-driven work environment.
With the Kingdom's
commitment to innovation and its young, educated population, Saudi Arabia is
well-positioned to leverage AI for its economic benefit. By establishing the
right policies, environment, and skills, the country can harness the potential
of AI and drive further economic growth.
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