Saudi Arabia’s Vision 2030: What holds for the job market?

Saudi Arabia’s Vision 2030: What holds for the job market?

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For many years, it has been believed that finding work in Saudi Arabia is not easy, especially in non-oil sectors. Unemployment is a matter of great worry, even though there has been a slight improvement in this area.The economy has always been heavily dependent on the oil industry, thus creating more scope for engineers in the job market. But it is all going to change now and for better.

The Kingdom of Saudi Arabia has shared its vision for the year 2030 with the public. The country has laid down a concrete plan of action for its glorious future. In addition to its decision of privatization, the country will now also work towards injecting new dynamism into its economy.The plan is to introduce a productivity and investment-led transformation that will result in economic growth, prosperity and creation of more jobsin Saudi Arabia’s non-oil sectors.

TurningSaudi Aramco into a holding company

To enable this transformation, the kingdom’s first step will be to sell less than 5% Aramco stake by 2018.The state-owned oil giant’s worth is believed to be in trillions of dollars. Hence, selling off even a 5% stake will create a huge sovereign wealth fund.This fund will be utilized for investment in different non-oil sectors and a number of projects such as encouraging Saudi’s major corporations to expand their operations outside countries, and setting up of manufacturing units for the production of latest machinery and equipment for the military, etc., thereby creating more job opportunities for the public.

Setting-up of a banking hub

As per the Vision 2030 plan, the country will also work towards setting up the King Abdullah Financial District, which is expected to be a specialist banking hub as big in its size and scope as the Dubai International Financial Centre (DIFC). This will reflect a direct increase in the number of job opportunities in the banking sector of the kingdom.

Encouraging trade and tourism

Additionally, there are plans for the development of a special zone. Not only will this zone be directly connected to the King Khaled International Airport, but will alsooffer competitive regulations and procedures, with visa exemptions making it easier for the people to trade.The Saudi Arabia government also plans to build other specialist zones in the country in areas such as tourism and logistics to createmore possibilities for investment. This will help governmentdiversify its revenues as well as generate employment opportunities in the tourism and logistics sector.

Instilling the spirit of entrepreneurship

A part of the country’s vision towards 2030 is also to encourage the spirit of entrepreneurship. Towards this end, the Ministry of Commerce and Investment has reduced the minimum capital requirement for establishing an organization from SR 2 million to SR 500,000. This will certainly boost investment from local and expat entrepreneurs which will also lead to the creation of more and more jobs in the country.

Measures for monitoring the progress

To ensure that the desired results are achieved, a number of bodies will be established for the sole purpose of launching, monitoring, and evaluating various programs that are scheduled for the immediate future.Some of thesebodies include the Delivery Unit, the National Center for Performance Measurement, and the Project Management Office of the Council of Economic and Development Affairs. These bodies will not only provide support to various initiatives but also keep coming up with new programs and improved plans of action.

 

About Megha Raizada –
Megha Raizada is a professional writer working with the premium job portal Naukrigulf.com. She has a keen interest in the global job market, but also loves to keep a track of everything interesting happening around the globe. You can reach her at Twitter and Google+.