In 2024, salaries in Saudi Arabia are expected to rise by around 6%. This increase reflects the country’s efforts to diversify its economy and build a more skilled workforce.
Saudi Arabia has been working on projects like Vision 2030 to reduce its reliance on oil. Big projects such as The Neom and the Red Sea Project are creating more jobs and pushing salaries higher.
The country created over a million jobs in the private sector in just one year, aiming to complete projects worth over a trillion dollars. This growth is boosted by more women joining the workforce.
Saudi Arabia has introduced five different visas to attract skilled workers and investors, leading to more job opportunities and knowledge sharing.
Many companies are planning to increase salaries in 2024, with about 60% looking to expand their workforce. Industries like electric vehicles are driving recruitment and better pay.
Companies are likely to give annual bonuses based on their 2023 performance, ranging from one to three months’ salary. However, some sectors may not offer bonuses, such as construction and consulting.
Employee benefits are becoming more important, including health insurance, paid leave, and education allowances. Many employees are attracted to jobs with better benefits.
In-demand sectors include healthcare, information technology, and real estate consultancy, where there are significant growth and job opportunities.