Saudi Arabia’s job market growth in the non-oil sector accelerated at its second-fastest rate over the past ten years in February due to a sharp pick-up in business activity, the latest Purchasing Managers’ Index (PMI) survey found. The figures reveal a red-hot labor market as firms accelerate hiring to service increasing demand and economic diversification ambitions as part of Vision 2030.
With confidence in business hitting record highs, companies are not just hiring more staff but also investing in new capabilities to drive momentum. Economists credit the upward trend to a combination of government policy changes, greater foreign investment, and strong domestic consumption, indicative of long-term growth in the non-oil economy of the kingdom.
As Saudi Arabia continues to decrease its dependence on oil revenues, industries like technology, tourism, and manufacturing are experiencing fast growth, drawing foreign investors. Specialists forecast that continuing job creation and business confidence will also increase consumer expenditure and economic stability in the area.
