51.3 billion dollars .. Value of the construction sector in Saudi Arabia in 2022
Mega projects such as NEOM offer huge job opportunities in the construction sector, along with job opportunities in various other fields including advanced technologies such as artificial intelligence.
Shrouq
Saudi Arabia has been relying on its rich oil reserves for decades, and is now on the path of economic diversification.
And with Vision 2030, Saudi Crown Prince Mohammed bin Salman is proving that the kingdom can do well in the non-oil private sectors as well.
With the private sector in Saudi Arabia expanding rapidly, the kingdom is expected to provide more job opportunities for both nationals and foreign talents in the coming years.
Mega projects
Mega projects such as NEOM offer huge job opportunities in the construction sector, along with job opportunities in various other fields including advanced technologies such as artificial intelligence.
The construction sectors
According to Grace Najjar, Project Management Institute Regional Director for the Middle East and North Africa, the construction industry is expected to play an important role in achieving the goals set by Vision 2030, providing huge job opportunities in the future.
She also indicated that the construction sector in Saudi Arabia will witness a high demand for skilled professionals that include project managers, engineers and architects.
More than 5,200 projects are currently being implemented across Saudi Arabia, with a total value of $819 billion, representing 35 percent of all active project values in the GCC. With such a huge number of projects, there will be a huge demand for skilled professionals in the construction industry, including project managers, engineers, architects and skilled labor.
She added, "This demand is expected to continue to rise in the coming years, especially as Saudi Arabia and the entire GCC region are on the path of economic diversification."
$51.3 billion
Earlier in May, a report by the US-Saudi Business Council indicated that the kingdom's construction sector saw an increase in the value of awarded contracts to $51.3 billion in 2022 - a 35 percent increase compared to the previous year.
“The increase in contract awards continues unabated on the back of a growing economy fueled by large oil revenues and the acceleration of mega projects in the wake of the COVID-19 slowdown,” said Albara Al-Wazir, director of economic research at USSBC.
Al-Najjar indicated that local talents in Saudi Arabia will have a great opportunity to explore job opportunities in the construction sector.
“In recent years, there has been a push to develop local talent in Saudi Arabia, including in the construction sector. The government has implemented several initiatives to develop skills and create employment opportunities for Saudis, including the National Transformation Program,” added Najjar.
Advanced technologies in focus
The growth of the construction sector in Saudi Arabia is expected to increase job opportunities at the same time in advanced technologies such as artificial intelligence, especially as construction companies use artificial intelligence to raise efficiency and safety.
Artificial intelligence
“AI-powered construction is taking the industry by storm, and has the potential to improve productivity, safety and quality on construction projects. AI can be used to simplify project management, including scheduling, resource allocation and risk management,” said Najjar.
Future of Jobs
According to the latest Future of Jobs Report by the World Economic Forum, the fastest growing roles in Saudi Arabia will be driven by technology and digitization in the Kingdom. The report indicated that the Kingdom of Saudi Arabia will witness a sharp rise in the demand for artificial intelligence and machine learning specialists, as almost all companies are currently undergoing a digital transformation.
Raneem El-Amin, Head of Government Strategic Partnerships for Saudi Arabia at LinkedIn, also shared similar views and noted that the recruitment-focused social media platform has seen an exponential increase in AI-related jobs in the region.
“It's exciting to think about the transformation that new technologies like AI will bring to the region. We've already seen this change accelerate on LinkedIn since November, with AI starting to change work everywhere for everyone at once. It's only been a few months, but we've seen a number of Jobs on LinkedIn referring to GPT for example increased by 51 percent from 2021 to 2022, Al-Amin said.
