GCC’s USD 2.1 trillion worth of projects set to create new job opportunities for Arab youth
The GCC is expected to generate numerous jobs over the coming few years as development projects continue to take place, creating opportunities for qualified young Arab jobseekers and foreign workers in the region. Combined value of projects planned or being carried out in the GCC has totalled around USD 2.1 trillion at the end of the second quarter of 2009, according to a study by Kuwait National Bank (KNB). The value of the current projects is more than four times the estimated value of projects in June 2005, representing an annual growth of nearly 50 per cent.
Complementing these findings, a recent study by human resources consulting firm Mercer revealed that about 73 per cent of companies across the GCC aim to achieve higher or similar growth this year compared to 2008, prompting up to 60 per cent of companies to increase their headcount by 2010.
TalentRepublic.NET, an emerging leader in the employment service market, has accordingly launched its online recruitment services in the Middle East, aiming to further stimulate the region's recruitment sector by offering a cost-effective, reliable and fast-acting platform that satisfies the diverse requirements of jobseekers and employers. TalentRepublic.net further revealed that it is focusing on delivering top-quality staffing solutions, as regional companies are increasingly looking for high-competent talent to remain competitive and enhance long-term sustainability.
In KSA alone, around 10.8 million workers will be required by 2014 to complete and sustain existing and future projects, a recent study by the Riyadh Chamber of Commerce and Industry (RCCI) revealed. The study pointed out that only 5.45 million Saudi Nationals will be ready to take up the new jobs, opening huge employment opportunities for expatriate workers, including young Arab jobseekers.
TalentRepublic.NET pointed out that it remains imperative for companies to optimise their recruitment program as a key to business survival and growth. Recent research in fact indicates that the global financial crisis has further enhanced the Gulf’s already favourable status as an employment option and has even enriched the region's job market as top-calibre expatriate workers from the US and Europe, especially those in the financial services sector, are now seeking better opportunities in high-potential areas such as the GCC.
According to TalentRepublic.NET, the GCC remains an attractive destination because of a tax-free environment, exceptional living standards, a rich cultural and geographical landscape and numerous career opportunities. Industry experts have likewise pointed out that growth sectors such as construction, retail and leisure are expanding demand for workers with specialised skill sets, while the Gulf’s thrust towards economic diversification is expected to further drive the region's demand for top-calibre talent.
TalentRepublic.NET also pointed out that the current economic situation is largely a transition period, providing companies an opportunity to refocus their objectives and realign their strategies, particularly in terms of optimising their human resources. In this regard, TalentRepublic.NET has consolidated its portfolio of recruitment, outsourcing and consulting services catering to all business organisations in the region, while strengthening its presence in the Middle East's job market. The company’s continuing thrust is to address the evolving challenges of its clients across the Middle East in terms of high-level professional and managerial recruitment and HR services as well as large-scale project requirements.
© 2009 Al Bawaba (www.albawaba.com)
- Government-led entrepreneurship and career-development programs vital to offset increasing unemployment rate in GCC
- Booming food sector creates new opportunities in GCC's job market
- USD 1 trillion in legacy Arab businesses require more Organizational Development strategies
- Riyadh job fair creates thousands of opportunities
- League of Arab States, GCEL sign strategic partnership to increase trade by USD 389 billion and create 40 million jobs