Saudi Arabia, located in Western Asia, makes up the majority of the Arabian Peninsula. It is the largest sovereign state in the Middle East and the sixth largest in Asia, with a total land area of more than 830,000 square miles. Saudi Arabia is the only nation with both the Persian and Red Seas, and it is divided from Egypt and Israel by the Gulf of Aqaba.
A large portion of the nation is regarded as an arid desert. Of the 33.5 million people living there, 50% are under 25. The only Arab country to be featured is Saudi Arabia among the G-20 Major Economies and is regarded by the World Bank as a high-income nation.
The Oil and Gas Sector
Saudi Arabia is the world’s second-largest producer and possesses the second-largest oil reserves. About 260 billion barrels, or 25% of the world’s total oil reserves, are thought to be proven reserves. Besides having a lot of oil, Saudi Arabia is also near the earth’s surface, which lowers the cost of exploration and drilling. The largest oil exporter in the world is Saudi Arabia.
The nation’s natural gas reserves rank fifth globally. The oil business accounts for over 90% of export revenue and 87% of budget revenue. Furthermore, the industry accounts for about 45% of the country’s nominal GDP. CThe main export partners are Korea, Singapore, Japan, India, the United States, and Japan.
It is a profitable industry, and it needs qualified specialists. That is why foreigners usually try to find a good job in the oil sector. If you use job search sites like Layboard and are serious about your job hunt, you have a high chance of finding a position in this industry.
Exploiting
Saudi Arabia possesses the second most valuable natural resources in the world, encompassing not just gas and oil but also ferrous and non-ferrous minerals. Bauxite, phosphate, limestone, potash, glass sand, gypsum, and perlite are among the industrial minerals that can be found in the nation. Gold and silver are among the other minerals that have been investigated in the nation. There is gold ore in about 53 locations across the nation, with Mahd adh Dhah being the most popular location for gold mining.
Real estate
Some of the biggest real estate consulting firms, like Knight Frank and Jones Lang LaSalle, have opened offices in the nation as a result of this sector’s growth. It is anticipated that the sector will be crucial to the Saudi Vision 2030 initiative. In order to facilitate the construction of 1.5 million homes, the Vision 2030 program included the creation of REITs. In the upcoming years, it is anticipated that the nation’s housing demand will rise by almost 50%. Theoretically, you can use https://layboard.in/vacancies/jobs-in-saudi-arabia/speciality/cleaner to get a job if you work in the construction and cleaning sectors.
Farming
Even though Saudi Arabia is primarily a desert, the country’s agriculture has improved recently. Certain parts of the nation possess climates that make farming possible. Since the nation is self-sufficient in producing these goods, its agriculture is mostly concentrated on exporting goods to neighboring markets, including dairy products, dates, eggs, poultry, vegetables, fruits, and flowers. To increase rural incomes and food sufficiency, the Saudi government restructured agriculture significantly in the 1980s.
In the past, produce was kept in rural communities and agricultural operations were focused in extremely small areas. However, the agricultural land area has grown dramatically as agriculture’s role in the national economy has grown. Low agricultural production has always been a result of a lack of water, which also determined where to cultivate. Consequently, the government purchased farmland in nations including Thailand, Argentina, Indonesia, and the United States.
Vehicle
With several automotive businesses demonstrating successful outcomes throughout the years, the Saudi Arabian automotive sector continues to be comparatively resilient to economic downturns. Sales and volume are still rising for companies like Suzuki Motors. Saudi Arabia is one of the largest automotive markets in the Middle East.
With annual sales of over $7 billion for batteries, tires, lubricants, and engine parts, it is also the largest market for auto parts in the Gulf. Additionally, Saudi Arabia is home to several commercial maintenance facilities and aircraft.
Interesting information
Saudi Arabia’s labor economy is becoming better for both men and women.
The unemployment rate among Saudi men decreased to 4.7%, from 1.4… in Q2 of last year to 0.3… in Q1 of 2023. This quarter’s decrease in the Saudi male unemployment rate was accompanied by higher employment growth and labor market involvement, with the employment-to-population ratio rising by 1.6… to 64.3% and the participation rate rising by 1.5… to 67.5%. In Q2 2023, all three of the major labor market indices for Saudi women also showed improvement.
The unemployment rate dropped 3.0… from a year ago to 0.9… from Q1 2022. In Q2 2022, employment and labor force participation both increased in tandem with the unemployment rate’s fall. The employment-to-population ratio rose by 1.9… to 28.7%, and the economic activity rate rose by 1.9… to 35.6%.
The state of the labor market is getting better for workers in their prime (ages 25 to 54).
In Q2 2023, the labor market circumstances for Saudi women and men of prime working age (25–54 years) improved. In this group, the employment-to-population ratio rose by 1.5… to 61.6%, the participation rate rose by 0.9… to 67.7%, and the unemployment rate dropped to 1.0… to 9.0% from the previous quarter.
In Q2 2022, the unemployment rate among Saudi youth aged 15 to 24 increased; however, this was due to a notable surge in labor force participation, which exceeded the growth in employment. The employment-to-population ratio grew by 2.3… to 24.1%, the unemployment rate increased to 2.5… to 17.6%, and the economic activity rate increased by 3.5… to 29.2%. Comparing Q2 2022 to Q1 2022, labor market rates for Saudis 55 and over did not significantly alter.
