Saudi Arabia, the Arab region's largest economy, has been affected during the Covid-19 pandemic - but not to the extent of many parts of the world.
The year 2020 was marked by challenging business conditions as companies grappled with global movement restrictions and, particularly important for the kingdom, plunging oil prices.
However, 2021 has brought renewed optimism, with vaccines being rolled out across the Middle East, including in Saudi which has been inoculating residents since January.
Hiring and pay rises
A study by HR and recruitment specialist Cooper Fitch at the end of last year found that more than three-quarters (79 per cent) of the 200 businesses polled in the Kingdom made no redundancies during 2020.
This was "a phenomenally high percentage given the macroeconomic context, and perhaps an indicator of the value that Saudi firms place on human capital", the report said.
On the salary front, more than 60 per cent had not revised salary ranges for existing employees for 2021.
"Our data shows that there are as many firms opting to reduce salaries amid a challenging context, as there are those needing to increase salaries based on their demand for talent," the Cooper Fitch report stated.
Technology, advisory and financial services sectors performed the strongest in terms of respondents indicating that they would implement a merit pay rise for staff in 2021.
See the full salary list in the slideshow at the top of the page.
Highest paying jobs in Saudi Arabia in key sectors
Advisory
- Deal and transaction services: 100,000-165,000 (riyals per month)
- Risk consulting: 95,000-150,000
Banking
- Head of private banking (retail): 160,000-170,000
- Head of financial institutions (wholesale institutional): 120,000-135,000
Human Resources
- CHRO: 100,000-155,000
- HR VP: 80,000-125,000
Investment management
- Chief investment officer (public sector): 125,000-170,000
- Managing director (investment banking): 90,000-125,000
Legal
- Partner 5+ (private practice US & UK firms): 115,000-200,000
- Partner 5+ (private practice regional firms): 100,000-150,000
Manufacturing and supply chain
- Managing director (manufacturing): 95,000-130,000
- General manager (supply chain): 60,000-90,000
Public sector
- Secretariat general: 200,000+
- Governor: 150,000-225,000
Sales and marketing
- Regional commercial director (healthcare): 61,000-70,000
- Sales director (retail): 45,000-70,000
Senior finance and tax
- Group chief financial officer: 100,000-150,000
- Big4 partner (mid to senior): 75,000+
Strategy
- Partner (5+ years, management consulting): 150,000+
- Partner (tier 1 & 2 firms): 125,000+
Technology and telecommunications
- Partner (5+ years consultancy): 110,000-162,000
- Chief digital officer: 90,000-135,000
Saudi economic outlook
The International Monetary Fund estimated in its most recent World Economic Outlook update that the Saudi economy contracted 3.9 per cent in 2020, but is set to grow 2.6 per cent in 2021 and 4 per cent in 2022.
This compares to an estimated 5.4 per cent fall in 2020 for Germany, 10 per cent for the United Kingdom and 5.1 per cent for Japan.
The Institute of International Finance said this week that the kingdom is poised for a "modest" recovery this year, led by the non-oil sector.
The impact of Covid-19 was limited due to a relatively young population and a "strong policy response" from the government. It unveiled 142 economic stimulus initiatives worth 214 billion riyals ($57bn) last year.
In the non-oil private sector, business activity continued to tick up in January, reaching its highest reading since November 2019, according to the IHS Markit Saudi Arabia Purchasing Managers' Index.
Despite strong growth in both output and new work, hiring remained subdued.
"While client demand has soared in recent months, this has not fed through into rising employment numbers," David Owen, an economist at IHS Markit, said, adding that firms have indicated that excess staff capacity was sufficient to deal with rising incoming work.
Saudi's PMI reading fell as low as 42.4 in March 2020 amid stringent measures to tackle the onset of the pandemic. A reading below 50 marks an economic contraction. It has, however, been above 50 since September.
What else is happening in Saudi which could impact the jobs market?
A "megacity of the future" called Neom is being built in the north west of the country.
It is the kingdom's flagship business and tourism development on the Red Sea coast amid plans to diversify the economy away from oil.
Other big projects include the huge Red Sea tourism scheme covering 90 offshore islands, the Qiddiya entertainment city near Riyadh and the $20bn Diriyah Gate and Al Ula heritage sites.
Meanwhile, earlier this month, Saudi announced that it will stop giving contracts to any company that has its regional headquarters outside of the country from 2024.
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UAE salary guide
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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RACE CARD
6.30pm: Maiden (TB) Dh82,500 (Dirt) 1,200m
7.05pm: Maiden (TB) Dh82,500 (D) 1,900m
7.40pm: Handicap (TB) Dh102,500 (D) 2,000m
8.15pm: Conditions (TB) Dh120,000 (D) 1,600m
8.50pm: Handicap (TB) Dh95,000 (D) 1,600m
9.25pm: Handicap (TB) Dh87,500 (D) 1,400m
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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Wins: 28
Wins by KO: 26
Losses: 4
UAE currency: the story behind the money in your pockets
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
