Saudi Arabia's Construction & Real Estate Market Showing Signs of Growth
Positive signs of growth have been showing in Saudi Arabia since the start of 2021. Statistics from Reuters showed that the economy grew by 1.5% year-on-year as of Q3, with the non-oil revenue sector returning to pre-Covid-19 levels, growing by 10.1%. These figures, together with the high vaccine ro
Published -
Nov 29, 2021 5:53 PM
Positive signs of growth have been showing in Saudi Arabia since the start of 2021. Statistics from Reuters showed that the economy grew by 1.5% year-on-year as of Q3, with the non-oil revenue sector returning to pre-Covid-19 levels, growing by 10.1%. These figures, together with the high vaccine rollout and easing travel restrictions, have provoked much optimism in the kingdom. Specific to the Construction & Real Estate market and in line with Saudi Vision 2030, much of the demand for talent to date has come from government giga-projects, with the Red Sea Development, Amaala, NEOM, and Qiddiya creating multiple new job opportunities in region. Beyond these projects, there are a number of others that have launched this year and consequently, the job market is looking very prosperous for Construction & Real Estate professionals. With the launching of so many construction and real estate projects, demand for Design / Pre-Construction professionals is significant and, unfortunately for employers, there is a shortage of experienced candidates within this space. In terms of seniority, demand is highest at the top-end; Director, Executive Director / C-suite level, with individuals who have years of professional experience, as well as strong commercial leadership skills to ensure that projects will be driven forward on time and to budget. For those projects that are beyond the Design / Pre-Construction phases - including the giga-projects - demand for project delivery teams is high. Organisations here are eager to continue momentum of their projects and deliver the early construction phases as planned. As such, roles most in-demand include Project Directors, Project Design Directors, and Commercial Directors. Within the Real Estate sector, there is an increasing demand for professionals with PropTech expertise. This includes knowledge of Apps and Web Portals that help companies to better engage with and enhance the lifestyles of their communities. While PropTech is an established phenomenon in many other developed countries, it is only in its infancy in Saudi but in a phase of rapid expansion and therefore a hot skills area for professionals working in this space. Demand for talent within the Construction & Real Estate market in Saudi Arabia is highly competitive due to the limited supply of professionals with extensive, large-scale project experience. Saudi’s ambitious 2030 vision is reflected in the region’s hiring trends, with highly driven, highly skilled professionals being highest in demand. Employers look for candidates who have worked on major, multi-billion US$ projects which are similar in nature and end-use to those they will be working on. Candidates must also have experience of working with innovative technology, a track record of delivering projects / phases from inception to completion, and a proven track record of success in senior leadership positions.
Tags : design INTERNATIONAL construction Saudi Arabia technology proptech growth Employers Giga-Projects