The majority of the Arabian Peninsula is made up of Saudi Arabia, which is situated in Western Asia. With a total land size of over 830,000 square miles, it is the fifth largest sovereign state in Asia and the largest in the Middle East. Only Saudi Arabia is the country that has access to both the Persian and Red Seas; it is between Egypt and Israel across the Arabian Gulf. The majority of the nation is thought to be an arid desert.
There are 33.5 million people living there, half of whom are under 25. Saudi Arabia is the only Arab nation included in the G-20 Largest Economies and is considered a high-income country by the World Bank. Work for foreigners is constantly relevant since thousands of immigrants come here in search of a better life.
Largest economies
Gas and Oil Sector
Saudi Arabia is the world’s second-largest producer of oil and has the second-largest reserves. An estimated 260 billion barrels, or 25% of global oil reserves, have been proven. Saudi Arabia has an abundance of oil, but it’s also at the surface of the planet, which lowers the cost of drilling and exploration. Additionally, Saudi Arabia is the top oil exporter in the world.
The nation possesses the world’s fifth-largest natural gas reserves. Approximately 90% of export revenue and 87% of budget revenue come from the oil industry. Additionally, the sector contributes roughly 45% of the country’s nominal GDP. China, Japan, India, the US, Korea, and Singapore are the primary export partners.
The majority of the nation’s oil reserves are owned by the state and operated by Saudi Aramco. OPEC includes Saudi Arabia as a member. Based on confirmed reserves, this has reduced oil production in every EU member state. Use job search websites like Layboard if you’re trying to find employment in this industry.
Mining
Saudi Arabia possesses the second-largest natural resource value in the world, encompassing both ferrous and non-ferrous minerals, in addition to gas and oil resources. The nation is home to bauxite, phosphate, limestone, potash, glass gypsum, perlite, and sand, among other industrial minerals. Among the others are gold and silver minerals found in the nation.
Gold ore may be found in about 53 places throughout the nation, with Mahd adh Dhaha being the most popular place for gold mining. Northeastern areas are typical places to find silver, especially in the vicinity of Samra, Umm al-Hadid, Nughra, and Umm al-Qusour. Iron ore is located in the Suwin region, while copper and zinc are found in the Central Region. These minerals have been extremely helpful in the construction of quarries, factories, and labs.
Property
Despite the economic slump, real estate is one of the fastest expanding sectors of the Saudi Arabian economy. Establishing a trust for real estate investments has helped the industry flourish. In the non-oil economy, real estate is important. In 2016, transaction volumes in this sector were over US$75 billion. It is anticipated that the residential sector, which has expanded at a 5.7% annual rate since 2004, would keep rising.
Some of the biggest real estate consultancies in the nation, Jones Lang LaSalle and Knight Frank are among them, have opened offices as a result of this industry’s growth. The industry is anticipated to be very important to the Saudi Vision 2030 initiative. As part of the Vision 2030 program, which intends to assist in building 1.5 million homes, REITs were introduced. In the upcoming years, there will likely be a 50% increase in the nation’s demand for housing.
Farming
Despite Saudi Arabia being mostly a desert nation, the country’s agricultural situation has improved recently. Certain regions of the country have climates that are ideal for farming. The primary goal of agriculture in the nation is to export goods to neighboring markets, such as dairy products, dates, chicken, eggs, fruits, vegetables, and flowers, as the nation is self-sufficient in these areas.
The Saudi government significantly restructured agriculture in the 1980s with the goal of raising rural incomes and ensuring food security. Produce was kept in rural settlements back then, and agricultural activity was confined to extremely small areas. Nonetheless, the quantity of agricultural land has greatly expanded in tandem with the growing significance of agriculture in the national economy.
The poor level of agricultural productivity has always been a result of a lack of water, which has also affected the site of farming. Consequently, the government has acquired farmland in nations including Argentina, Thailand, Indonesia, and the United States.
Car
Several automakers have reported successful years over the years, demonstrating the Saudi Arabian car industry’s resilience to economic downturns. Businesses like Suzuki Motors are still seeing increases in sales and volume. One of the largest Middle Eastern markets for cars is found in Saudi Arabia. With sales of engine components, lubricants, tires, batteries, and other vehicle parts valued at more than US$7 billion, it is also the biggest auto parts market in the Gulf. There are numerous aircraft and commercial repair facilities in Saudi Arabia.
Five Motives for Hiring in Saudi Arabia
- Tax-free personal salary and affordable living expenses in Saudi Arabia! Professionals who are thinking about relocating to Saudi Arabia will find that the country offers tax-free income in addition to a lower cost of living than many other nations. Your profits are fully yours when there is no personal income tax, which greatly raises your compensation. Furthermore, compared to many other nations, housing, electricity, and food costs are often lower in Saudi Arabia.
- Pay packages that are competitive. The potential for greater spare money is one of the key draws for professionals visiting Saudi Arabia. Many firms offer complete benefits packages, including housing allowances, support for children’s education, healthcare, and transportation costs, in addition to competitive compensation, due to the need for certain abilities.
- Distinctive Cultural Encounters. Immersion in the rich traditions and culture of Saudi Arabia is possible for those who choose to live and work there. It’s likely that you’ll be invited to partake in traditional Saudi cuisine or festivities, as the nation is renowned for its gracious hospitality. Furthermore, six UNESCO World Heritage Sites can be found in Saudi Arabia: the Hima Cultural Zone in Najran, the Rock Art of Ha’il, the Al-Ahsa Oasis, the At-Turaif area of Ad Diriyah, the Al-Hijr Archaeological Site, and Historic Jeddah. These locations give light on the Arabian Peninsula’s prehistoric civilization.
- Quicker Advancement in Your Career. There are always new jobs and career opportunities being created in Saudi Arabia due to its dynamic and expanding economy. Professionals may learn, adapt, and develop more quickly when they work in such a fast-paced atmosphere. Your ability to distinguish out in the increasingly competitive global job market can be greatly enhanced by this experience.
- Language Proficiency. In the corporate world of Saudi Arabia, English is extensively spoken. Nonetheless, residing and employed in the nation presents a distinctive prospect for acquiring proficiency in Arabic, the fifth most extensively spoken language globally. In the modern, international economy, being bilingual or multilingual is advantageous and may lead to future career prospects.
