RIYADH: When applying for a job these days, Saudis need to think not just about the person reading their CV and cover letter, but the artificial intelligence involved as well.
The nature of employment in Saudi Arabia is in a state of rapid flux. While previous generations might have aspired to a career-long government position, younger jobseekers must be far more alert, nimble and ready for change.
Two distinct trends are emerging in the Kingdom: an overall move to the private sector as the government encourages economic diversification, and a growing focus on technology-related jobs.
A recent survey by the UK’s Open University found that no less than eight of the top ten ‘jobs of the future’ are in the realm of computer science: machine learning consultant (specialized in ‘data mining’), ethical hacker (testing cybersecurity systems), blockchain developer, AI developer, AI analytics engineer, data analyst, data protection officer and digital content strategist.
The clear message is: get with the technology, and keep up with it, or get left behind – and that applies to all sectors, from education to banking. As technology evolves, entirely new job functions are created and others become redundant.
Gone are the days when an employee could settle into a comfortable position and remain there for the rest of his or her working life. Today, a young person will more likely move jobs every two or three years, as he or she gains new skills and as new opportunities arise.
This inevitably means a constant and steep learning curve. Which begs the question as to how to succeed in this fast-paced, kinetic and tech-driven economy – whether you are a fresh graduate or a more seasoned mid-career professional.
Some requirements are obvious: the right qualifications; a short, clear and concize resume; a confident and professional interview manner; and managed expectations (the ideal role often being two or three positions away).
But Ahmed Bondagji, HR Director (KSA) at the French multinational L’Oreal, stresses that “even with all the right attributes, there is still a danger of falling through the net”.
One common mistake of jobseekers is to be too general or generic when applying for a job. Reputable organizations now rely on Human Resource Information Systems (HRIS) to filter job applicants, which will be searching for key words relevant to the job in question, said Bondagji.
So, if you are applying for the position of Machine Learning Consultant, that exact phrase should be included in the brief personal summary (under the name and contact details) – along with any relevant experience and qualifications. If not, a potentially suitable candidate could well be bypassed.
And once an application has been short-listed by the HRIS, a ‘live’ recruiter will be sifting through dozens of resumes. Again, if those pertinent details are missing from the personal summary, he or she might not have the time to study the entire CV before moving onto the next.
Bondagji adds that the first stage of the recruitment screening process is often the employer’s own online job application form. Many jobseekers mistakenly assume that only a cursory filling-in of these forms is necessary – or only the mandatory fields.
The assumption is, “I can just provide basic information about myself because they will go to my attached resume for more details”. But the HRIS will search for keywords from the fields of its own e-resume and if those are missing, the candidate could well be missed out.
Bondagji’s final word of advice is to “be familiarized with your own resume”. That might sound obvious, but he has seen many candidates insert generic phrases such as ‘change management’ into their CV – and then, during the interview, become lost for words as to what that precisely entailed.
The message here is that a candidate should be ready to confidently expand upon, and discuss in detail, anything contained in his or her resume.
It is true that the very nature of work is constantly re-morphing, and that many of tomorrow’s jobs might not even exist today – but a simple requisite always remains in place for jobseekers, regardless of the circumstances: give employers what they are looking for, in terms of both information at the screening phase and readiness during the interview.
That is one way to stay ahead of the present and future employment curve.
How to stay ahead of the future employment curve as AI enters recruitment
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How to stay ahead of the future employment curve as AI enters recruitment
- Some companies rely on Human Resource Information Systems (HRIS) to filter job applicants, which will be searching for key words relevant to the job in question
Saudi Arabia ranks 7th globally in IPO proceeds, leads GCC region
- Kingdom accounted for 42 of the 53 IPOs in the GCC in 2024
- UAE led in terms of proceeds with $6.2 billion
RIYADH: Saudi Arabia led the Gulf Cooperation Council’s initial public offerings market in 2024, earning a global ranking of seventh in total IPO proceeds, according to the latest report from Kamco Invest.
The Kingdom accounted for 42 of the 53 IPOs in the GCC last year, significantly outpacing its regional peers and aligning with expectations to maintain its leadership in the coming year.
The surge in listings highlights Saudi Arabia’s dominant position in the regional capital markets and its role as a key driver of IPO activity across the GCC.
The figure represents a sharp increase from 46 IPOs across the GCC in 2023, underscoring continued investor interest and market dynamism.
GCC issuers collectively raised $12.9 billion in 2024, a 19.8 percent increase from $10.8 billion in 2023, despite global IPO markets experiencing their weakest performance since 2009.
Within the GCC, Saudi companies contributed $4.1 billion, amounting to 31.6 percent of total regional proceeds.
While the UAE led in terms of proceeds with $6.2 billion, its share of GCC IPO proceeds dropped from 56.3 percent in 2023 to 47.8 percent in 2024.
Oman ranked third, with state-backed privatizations raising $2.5 billion, or 19.3 percent of total GCC proceeds.
The majority of Saudi IPOs occurred on the Nomu–Parallel Market, which hosted 28 of the Kingdom’s listings.
The main market recorded 14 IPOs, including standout listings such as Dr. Soliman Abdel Kader Fakeeh Hospital, which was oversubscribed 119 times and garnered orders worth $91 billion.
Other notable listings included Almoosa Health, Miahona Utilities, and Nice One Beauty Digital Marketing.
The strong demand was driven by a local investor base and underscored the resilience of Saudi capital markets despite challenges such as declining oil prices and geopolitical tensions.
The report said that sectors such as health care, materials, and professional services were among the most active in Saudi IPOs, reflecting strong fundamentals and investor confidence in these industries.
Globally, the GCC ranked fourth in IPO proceeds, trailing China, the US, and Japan, demonstrating its growing importance as a financial hub.
Looking ahead to 2025, Saudi Arabia is expected to further dominate, with 31 IPOs in the pipeline, according to Kuwait-based asset management company Kamco Invest.
The Kingdom’s Public Investment Fund is set to play a pivotal role with upcoming listings of Saudi Global Ports, Nupco, and Tabreed District Cooling, among others. Several private companies, including flynas, Tabby, and Ejada Systems, are also preparing IPOs.
Oman plans to privatize up to 30 assets in the coming years, with Asyad Group and Oman Electricity Transmission Co. expected to go public in 2025.
In the UAE, major listings are anticipated from hotel operator FIVE and real estate companies under Dubai Holding, alongside Dubizzle Group and Alpha Data.
Despite external headwinds like geopolitical tensions and rising economic pressures, the GCC IPO market has proven resilient, with a robust pipeline of offerings across various sectors.
Oman’s import price index up 1.1% in Q3 2024
- Largest price hike was recorded in miscellaneous manufactured goods category, which rose by 11%
- Mineral fuels and related materials saw a significant decrease of 22.2%
RIYADH: Oman’s general index of import prices saw an increase of 1.1 percent in the third quarter of 2024 compared to the same period in 2023, according to data from the National Center for Statistics and Information.
The largest price hike was observed in the miscellaneous manufactured goods category, which rose by 11 percent. This was followed by beverages and tobacco (up 6.7 percent), and food and live animals (up 5.7 percent).
Other notable increases included machinery and transport equipment (5.3 percent), chemicals and related materials (4.3 percent), raw materials (4.3 percent), manufactured goods primarily categorized by material (1.6 percent), and vegetable and animal oils, fats, and waxes (0.9 percent).
In contrast, the category of mineral fuels and related materials saw a significant decrease of 22.2 percent.
This increase in import prices aligns with Oman’s overall rise in imports, which grew by 10.8 percent, reaching 8 billion Omani rials ($20.8 billion) by June 2024, up from 7.2 billion rials in the same period of 2023.
Additionally, the general index of import prices declined by 4.8 percent when compared to the second quarter of 2024. This drop was largely due to decreases in the prices of beverages and tobacco (-22.4 percent), mineral fuels and related materials (-11.6 percent), and chemicals and related materials (-10.8 percent).
The miscellaneous manufactured goods category also saw a reduction of 10.2 percent, while machinery and transport equipment dropped by 3.9 percent. However, the raw materials category saw a 32 percent increase, vegetable and animal oils, fats, and waxes rose by 9.2 percent, and food and live animals increased by 3.5 percent.
Lending trend
Oman’s banking sector experienced a 4.2 percent year-on-year growth in the total balance of credit granted by the end of November 2024, reaching 32.2 billion rials.
According to the Central Bank of Oman, credit to the private sector grew by 5.1 percent, totaling 26.8 billion rials during the same period. This growth reflects the central role of the banking sector in providing credit within the Omani economy, especially given the limited access the private sector has to debt capital markets. In 2022, private sector credit represented 55.4 percent of the country’s gross domestic product, a trend consistent with data from the International Monetary Fund.
Further breakdowns of the credit data revealed that the largest share (45.3 percent) of the private sector credit went to individuals, followed closely by non-financial companies at 45.1 percent. The remaining 9.6 percent was divided between financial firms (6.1 percent) and other sectors (3.5 percent).
In terms of deposits, the total balance in Omani banks grew by 10.8 percent, reaching 31.5 billion rials by the end of November. Of this, private sector deposits increased by 9.2 percent, amounting to 20.6 billion rials.
The breakdown of private sector deposits revealed that the individual sector held the largest share at 49.7 percent, followed by the non-financial corporate sector at 30.6 percent, and the financial corporate sector at 17.1 percent. Other sectors accounted for 2.6 percent.
Saudi entertainment authority launches 3rd startup accelerator to drive innovation
- Program offers consulting, mentorship, and international exposure to participating startups
- Initiative runs for 10 months and is designed to foster entrepreneurship
RIYADH: Saudi Arabia’s entertainment sector is set for further growth as part of major initiatives aimed at supporting 32 startups and driving innovation in the industry.
The General Entertainment Authority has launched the third edition of its accelerator program, offering consulting, mentorship, and international exposure to participating startups, the Saudi Press Agency reported.
The initiative, which runs for 10 months, is designed to foster entrepreneurship and align with Vision 2030’s goal of economic diversification.
The accelerator will support startups through two cohorts, each comprising 16 businesses. Participants will receive 192 hours of expert guidance, co-working spaces, and two international trips to explore global markets and trends.
With the entertainment sector expected to generate 450,000 jobs and contribute 4.2 percent to Saudi Arabia’s gross domestic product by 2030, the initiative seeks to strengthen the ecosystem, enhance innovation, and attract investment.
Building on the success of previous editions, the first accelerator program, launched in 2023, approved 14 projects following a rigorous selection process. Entrepreneurs benefited from workshops, mentorship, and access to investors.
The second edition, launched in mid-2023, continued these efforts, helping startups overcome challenges and grow in a rapidly expanding market.
The second edition, launched in mid-2023, continued these efforts, helping startups navigate challenges and achieve growth in a rapidly expanding market.
Tailored programs will assist startups in navigating the entertainment industry’s unique challenges and improve their chances of success.
The GEA emphasized that this initiative also supports its broader goal of positioning Saudi Arabia as a regional entertainment hub.
Scheduled to run for 10 months, the initiative is expected to significantly impact the entertainment sector, aligning with Vision 2030’s objectives.
In March 2023, GEA approved 14 projects for its inaugural Entertainment Activities Business Accelerator, aimed at providing a stimulating environment with guidance, training, and connections to industry experts and investors.
The selection process for the first cohort began with 260 project registrations, with 60 advancing to initial interviews. A jury ultimately shortlisted 22 initiatives, approving 14 projects.
Participants engaged in an intensive training program, including weekly workshops, individual consulting sessions with specialists, and interactions with successful business owners.
The program also included mentorship, setting weekly goals to monitor progress and prepare participants for pitching their ideas to investors.
In June 2023, GEA organized sessions with speakers and consultants to guide entrepreneurs. The event featured 56 hours of counseling, with eight speakers and three consultants from prominent Kingdom-based entrepreneurs.
Building on the first accelerator’s success, GEA opened registration for the second Entertainment Business Accelerator in July 2023. The program ran from July 24 through the end of October, continuing GEA’s efforts to support startups and foster a conducive environment for entrepreneurs in the entertainment sector.
Saudi SME job growth hits 10-month high amid expansion plans
- SMEs doubled over past seven years, with 45% led by women entrepreneurs, says finance minister
- Riyad Bank Saudi Arabia SME Purchasing Managers’ Index stood at 56.9 in December
RIYADH: Saudi Arabia’s small and medium enterprises recorded their strongest employment growth in 10 months during December, fueled by long-term expansion plans and robust domestic demand, according to a new report.
The Riyad Bank Saudi Arabia SME Purchasing Managers’ Index stood at 56.9 in December, slightly lower than November’s 57.1 but well above the neutral 50 mark, indicating sustained growth in the sector.
Strengthening the SME segment is a cornerstone of the Kingdom’s economic diversification strategy under Vision 2030, aimed at reducing dependence on oil revenues.
Finance Minister Mohammed Al-Jadaan highlighted the sector’s rapid growth in October, noting that the number of SMEs in Saudi Arabia had doubled over the past seven years, with 45 percent now led by women entrepreneurs.
“The Riyad Bank Saudi Arabia SME PMI concluded the year on a high note, reflecting a robust performance of the SME sector. The fourth quarter of the year showcased a marked improvement over the third quarter, with the average PMI hitting 56.8, the highest quarterly reading since the end of 2023,” said Naif Al-Ghaith, chief economist at Riyad Bank.
He added: “This upturn in the SME sector is a testament to the thriving economic environment, characterized by increasing output levels and a surge in incoming new work.”
The report attributed December’s employment surge to sharp increases in output and incoming new work, supported by stronger business and consumer spending.
The analysis said that SMEs widely reported strong demand conditions, fueled by increased business and consumer spending, alongside a supportive economic environment.
S&P Global said job creation rose in December, with staffing levels and growth rates accelerating at their fastest pace since February.
“This surge in employment is fueled by long-term business expansion plans and upcoming new projects, reflecting a positive outlook among SMEs,” said Al-Ghaith.
Despite higher input costs, including salary increases and rising raw material prices, inflation pressures eased slightly in December compared to the previous month.
Business confidence among SMEs reached its highest level since March, marking three consecutive months of improved expectations.
He added: “This optimistic trajectory aligns with Saudi Arabia’s Vision 2030.” “The strong performance of SMEs, as evidenced by the Riyad Bank Saudi Arabia SME PMI, underscores the ongoing efforts to bolster economic diversification and support the growth of this sector.”
He said that SMEs’ resilience and expansion are pivotal for achieving Vision 2030’s goals of creating sustainable employment and promoting inclusive economic growth.
The positive SME performance aligns with broader economic trends. A separate S&P Global report showed that Saudi Arabia’s overall PMI for December reached 58.4, signaling robust growth in the non-oil economy.
“By fostering a vibrant SME sector, Saudi Arabia can enhance its economic resilience, create sustainable employment opportunities, and promote inclusive growth, all key components of a diversified and dynamic economy,” concluded Al-Ghaith.
The employment growth reflects the Kingdom’s ongoing commitment to transforming its economy into a global hub for innovation, entrepreneurship, and investment.
Saudi Arabia de-risks investments to attract foreign SMEs: Al-Falih
- Initiative seeks to empower industrial investments and foster sustainable development
- Program also aims to build value chains by encouraging international SMEs to collaborate with local Saudi firms
RIYADH: Saudi Arabia is de-risking investments for foreign small and medium-sized enterprises to encourage their entry into the Kingdom, according to a senior official.
In an interview with Arab News on the sidelines of the Standard Incentives for the Industrial Sector program, Saudi Minister of Investment Khalid Al-Falih said the initiative aims to attract international SMEs that have for decades been integral to supply chains in their home countries.
The announcement follows a joint effort by the ministries of industry and mineral resources and investment to allocate SR10 billion ($2.66 billion) to activate standardized incentives for the industrial sector.
This initiative, approved by the Cabinet last month, seeks to empower industrial investments, foster sustainable development, and enhance Saudi Arabia’s global industrial competitiveness.
“De-risking is a key component. Come to Saudi Arabia. We will de-risk the investment for you,” Al-Falih said, emphasizing the government’s commitment to creating a business-friendly environment.
He added: “We will do matchmaking with the Saudi investors, and then they can, hopefully, recreate, and maybe we innovate with them to do something bigger for what they are doing in their home country.”
The program also aims to build value chains by encouraging international SMEs to collaborate with local Saudi firms, fostering innovation and shared growth.
“I think the Kingdom has been doing well in attracting large multinationals. However, when we go to Germany, we find out 70 to 80 percent of the German GDP is by SMEs, who may only operate in Germany and Europe. They don’t know the Middle East. They don’t know Saudi Arabia,” Al-Falih said.
“As we build these value chains, we need to help our SMEs in Saudi Arabia by bringing with them some international SMEs that have been doing some of this production and manufacturing, feeding the large OEMs (original equipment manufacturers) for decades in their own home country.”
While Saudi Arabia has successfully attracted large-scale investments in multibillion-dollar projects like the green hydrogen initiative, Lucid, and Ceer, Al-Falih noted that mid-sized companies face unique challenges. These include a lack of credit history, limited local ecosystems, and rising costs of funding and production.
“By us having this tool available to us, if it’s a new product, differentiated product, that will plug a missing component or a link in a value chain, we can do it quickly, and these companies will be able to bridge that gap and move quickly, so that’s the intention,” he said.
The initiative aligns with the Kingdom’s collaborative government approach, with policies shaped by the Localization and Balance of Payments Committee chaired by Crown Prince Mohammed bin Salman.
The program also takes advantage of Saudi Arabia’s geographic location — connecting three continents — its open market, and low customs tariffs to attract international and local investors.
Al-Falih described the incentives as a significant step toward achieving Vision 2030’s goals and the National Investment Strategy, which aim to attract and develop industrial investments while elevating the Kingdom’s industrial competitiveness.
