Kingdom of Saudi Arabia Salary Guide 2023
Welcome to the 2023 edition of the Cooper Fitch Salary Guide for the Kingdom of Saudi Arabia (KSA).
This year the Kingdom of Saudi Arabia has had its highest-performing economic year since 2011 with real GDP growth of 7.6%. This correspondingly had a positive effect on the employment and jobs market in the Kingdom.
Our Salary Guide survey will be based on six questions regarding recruitment activity, salary trends and bonuses to enable us to be able to create the most comprehensive guide for 2023. We are aiming to speak to over 1,000 organisations allowing us to be able to deliver the most accurate prediction for the year ahead.
Over the course of last year, Saudi Arabia managed to significantly move forward with their ambitious giga and mega projects within destination development, tourism, culture, investments and manufacturing particularly. We saw a dramatic improvement in the traditional Saudi markets such as oil and gas, public sector, chemicals and real estate, which are now all performing well above pre-pandemic volumes. We have seen a significant recovery in all sectors with positive growth in job activity numbers for the country based on the Cooper Fitch Gulf Employment Index. The data showed a growth of 16% in quarter one, 3% in quarter two, and 14% in quarter three. In quarter four we see no signs of a decline in the number of new jobs.
According to the IMF in 2023, Saudi Arabia’s economy is projected to grow by 3.7%, these numbers appear to be light and are certainly not reflective of the job and employment activities in the country. The IMF accounts for this lower growth projection based on its understanding of the Saudi government policies outlined in the 2022 budget and export revenues based on WEO projections.
The UAE is the most complex and highly developed market in the Gulf with a broad range of industry sectors and a central tourism hub for the world, which has had a significant effect on the economy and the overall employment and jobs market. The country continues to be a powerhouse for the region, in consulting, legal, technology, and fintech markets.
We are currently conducting our analysis of salary increases for 2023 and aim to produce our guides by January 2023. For an early release of the KSA Salary Guide for 2023 please complete the form on the website homepage.