Our guide unveils expected salary ranges for new hires in the Kingdom of Saudi Arabia across the following industries and core functions for 2020:
- Accounting and finance
- Human resources
- Investment Management
- Manufacturing and supply chain
- Public sector
- Sales and marketing
Our data is based on several sources; successful assignments our firm have competed in 2019, undergoing appointments, daily interaction with hiring managers and mid to senior-level executives across the region. Our unique position enables Cooper Fitch to track the latest insights and trends in salary ranges.
Bonuses and other forms of remuneration, such as pension scheme and long-term incentives, are not taken into account, which varies significantly.
Foreign direct investment inflows increased by 24% in Q1 2019. Major investor deals and giga-projects continue to move ahead. Investors all over the world are bringing their businesses to the kingdom, with significant new investors in the last quarter.
In H1 2019, new foreign investor licenses rose by 85% Saudi launched VENTURE, a new initiative aimed at attracting global venture capital (VC) firms. The platform will provide streamlined licensing processes for VC portfolio companies.
It has been a busy 12 months, and 2020 is set to be no different. The Vision 2030 economic diversification roadmap is now well underway, with GDP growth for 2020 expected at a healthy rate of 2.2% bringing benefits to the employment market as new jobs are created across multiple industries.
State entities are being privatised, reforms are being implemented to make it easier to set up new businesses and attract foreign capital, and a swathe of multibillion-dollar ‘giga-projects’ have kicked off in the country to rejuvenate commerce and culture.
The introduction of the Saudi tourist visa this year goes hand in hand with the development of significant tourism developments such as the Red Sea project, to tempt business and leisure visitors to the kingdom and kickstart the nascent tourism industry.
Technology is another emerging sector that is receiving a boost from widespread reforms. Start-up incubators and entrepreneurship hubs are popping up across the kingdom to tackle new solutions to old problems.
The country’s female workforce is expanding as women become culturally empowered, and oil prices stabilised at $68 per barrel, boosting public sentiment. The profound changes underway in the kingdom are keeping salaries stable or rising across most industries. While the competition for top-tier Saudi national talent is applying pressure on market-rate salary ranges.
As all industries are growing and expanding, we predict a rise in market-rate salary ranges on average of 3%. Of all the industries we analysed, we predict the most significant market-range salary increase for 2020 is within the strategy sector at 6%. Investment management and sales and marketing are to follow with the expected rate of 5%, and accounting and finance with 4%. Advisory, banking & financial services, legal and investment management and public sector roles are expected to increase market-rate salaries by 3%.