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Denis PopovContent:
Every person strives to search for the best place to live and to earn money, so more and more people from countries from different parts of the world decide to move abroad in search of better wages, more favorable working conditions, and social protection. The popularity of such migration is due to many factors - rising inflation, devaluation of money, and inability to find a vacancy with a decent salary. Numerous individuals are dissatisfied with the infrastructure and economic development of their home country, leading an increasing number to opt for neighboring foreign countries. Most labor migrants choose to work in Saudi Arabia. This is an option where career growth and comfortable living conditions are assured.
Saudi Arabia's economy is one of the most stable in the world, and this is not just because of oil and gas, contrary to popular belief.
In 2023, Saudi Arabia's economy was ranked 32nd in the world rankings in terms of nominal GDP, totaling approximately $509 billion. If you think that's not that impressive - you're wrong. Considering the relatively small size of Saudi Arabia in terms of geography and population, this is an outstanding achievement.
The list of non-oil sectors that contributed significantly to Saudi Arabia's GDP in 2023 is quite large and broad. Wholesale and retail trade in Saudi Arabia stands out as a major trading hub, with its wholesale and retail sector adding approximately AED 206 billion to the GDP. This represents 12.7% of the country's total economic output, highlighting its key role in the region's trade. In 2023, Saudi Arabia's industrial sector made a significant contribution of around AED 197 billion ($53.6 billion) to the economy. The sector's success is based on 4 pillars: creating a supportive business environment, enhancing local value, fostering technological advancements, and promoting sustainable practices. Yet, without the provision of products, none of the sectors can continue to operate. Every citizen must be provided with fresh and healthy food. For this reason, the state has implemented comprehensive development of agricultural industries.
Agriculture is remarkably resilient in the arid landscape of Saudi Arabia. Thanks to advanced irrigation techniques, water from underground aquifers, and desalination, vast tracts of land are farmed. The massive development of industries has led to increasing imports and exports. In 2021, Saudi Arabia ranked 15th among all countries in the world in terms of exports ($425.2 billion) and trade turnover reached a record $772.7 billion. Consequently, the high growth potential of each industry attracts many expats to start a career. The country has many available jobs in different industries. There is a need for highly skilled professionals here.
One essential example is the growth of the medical and health sector. The country currently spends about 3.5% of its GDP on this sector. Currently, Saudi Arabia is the leading center of medical tourism. According to international data, Saudi Arabia has established itself as the leading medical tourism destination among all the countries in the Persian region has become the first Arab destination and ranked sixth among the world cities for medical tourism.
The government offers free medical services to its citizens in 40 public hospitals located throughout the country. Locals make up only less than 15% of the SA population, and over 85% of the country's population are expats.
This clearly emphasizes the scale of private business opportunities in SA. With approximately 200 nationalities represented in the expatriate population, the establishment of a quality medical facility, whether a large modern hospital or a small clinic, is an opportunity to effectively serve the diverse needs of patients and generate revenue.
In Saudi Arabia, health insurance is compulsory, which provides a great opportunity for private sector growth. There are no taxes and duties on medical business in the private sector and yet businessmen can take profits abroad without any restrictions. When opening a medical center outside the free zones, 51% of the company must be owned by a local sponsor - a Saudi Arabian citizen. However, the investor will be able to conduct his business and open hospitals and clinics throughout Saudi Arabia.
Saudi Arabia has special free zones for medical businesses. In this case, the sponsor will be able to manage it only within these free zones, and each of them has its statutes.
Engineering professionals from all over the world are coming to work in Riyadh - and for good reason.
Saudi Arabia's investment in the sector is growing at an average annual rate of 8% from 2019 to 2024, which will lead to a total IT spending of $23 billion. Working in Riyadh offers professional and personal benefits for development in this field. So what is included in this concept of engineering and what are the requirements for professionals?
Transportation engineering in Saudi Arabia is a field of study aimed at optimizing and improving transportation engineering of any kind: aerospace, aviation, highway, passenger, water, port, and ocean. A master's degree in transportation engineering deals with the planning, design, and operation of transportation engineering and transportation management.
Transport engineers collect and analyze information on transport load, and design and develop machines and equipment taking into account technological, economic, aesthetic parameters, etc.
Saudi Arabia is emerging as a global center of innovation and technology, offering a huge range of opportunities for businesses in the information technology sector. Therefore, here are the key advantages of entering this market:
Infrastructure and resources
Saudi Arabia has invested heavily in the development of technology infrastructure, including high-speed internet, innovation centers, technology parks, and research laboratories. This creates a favorable environment for the development of IT projects.
Financial support
The Saudi Arabian government offers various financial support programs for tech startups and innovative companies. This can include grants, investment funds, and other tools to help grow a business.
Variety of professional events
Saudi Arabia is the site of numerous conferences, exhibitions, and events in the field of technology. This provides an opportunity for IT companies to present their products and services, and find new customers and partners.
Industries of the future
Saudi Arabia is actively investing in areas such as artificial intelligence, blockchain, cybersecurity, and renewable energy. This opens up additional opportunities for IT companies specializing in these industries.
The Gulf state's rise as a financial and tourism hub depended on expatriates. They constitute most of the permanent population and over 90% of the workforce. Foreign workers are usually on visas that are renewable and are valid for a number of years and are tied to employment. Low-income workers also play a main role in building the economy by providing labor for the construction, hospitality, retail, and travel spheres, with their income always helping them to support their families. Foreign professionals contribute to the development of the country and in return receive comfortable living conditions, high salaries, and professional development.
Education is a very interesting topic for young professionals and future students. An education in Riyadh is not only a chance to acquire quality knowledge and a globally recognized diploma, but also an introduction to the incredible culture and beauty of this country. There are many universities in Saudi Arabia, three of which are state-owned, more than thirty are branches of foreign universities in Saudi Arabia, and all the rest are private universities in Riyadh and other cities.
People can get an education at Saudi Arabian universities on a paid full-time basis. Upon graduation, students will receive a bachelor's degree, doctoral, and master's degrees in full compliance with the educational system. The most popular among most foreign applicants are tourism and hospitality specialties, as well as oil production, construction and architecture, and finance (banking).
Saudi Arabia has become a top-notch tourist destination due to aggressive marketing campaigns. These campaigns have made Riyadh and Saudi Arabia unique places to visit, attracting tourists with its futuristic cityscape, competitively priced luxury shopping, and diverse attractions.
One thing is clear, the United Arab Emirates is a contrasting country with a fascinating history, culture, wonderful beaches, and other attractions. And thanks to the strongest government support, and numerous winter and summer campaigns aimed at attracting a mass flow of tourists to Saudi Arabia, not only the hotel business but also the entire tourism industry of the region will achieve good development indicators.
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