Candidates around the world are affected by their political and economic environment. That is especially the case in places that are ruled by single families or parties. The Kingdom of Saudi Arabia has been governed by the same family for decades. The family had a nominal king but governed through consensus by the various factions. It appears that the era of careful consensus among the various stakeholders may be coming to an end. In its place is the rule by Crown Prince Mohammed Bin Salman, a 32-year old that has recently taken moves to consolidate power under his own control. The last few weeks were by far the most dramatic, when many family members and businessmen have been arrested on charges of corruption.
Changing Market and Economy
Salman has begun an ambitious plan to remake the country and economy. Underlying his drive is the nearly decade long slide in oil prices which are only around $60 per barrel now in contrast to over $100 in 2007. As the Kingdom relies on oil for 80% or more of export revenue, this has had a major impact on the economy. To start to address the problem, in 2016 he floated the idea that the national oil company Aramco would file for an IPO at a $1 to $2 trillion valuation. The country will be able to get needed international investment and turn the company into a more efficient, market oriented organization.
At the same time, the economy will shift much more towards services rather than just exporting petroleum. That means there will be a much greater need for lawyers, consultants, investment professionals and most of all, technologists. Computer programmers, robotics experts and engineers of all types will be in huge demand.
Salman announced market reforms that would allow more competition. He has also announced the creation of a new $500 billion city called Neom in that would be Saudi Arabia’s version of Dubai. This will require a vast array of architects, project managers, engineers, financiers, lawyers, real estate professionals, robotics teams, infrastructure specialists and every other manner of industry to build the city.
Finally, he is slowly but surely opening up freedoms for women and announced that they would be permitted to drive starting in 2019. These reforms mean that women’s role in society will gradually increase. There will e more job opportunities in the areas mentioned above. Women will find many opportunities to work as doctors, nurses, home health workers, child care and even medical facility administrators. Not only that, more women will gain access to high positions in the bureaucracy, the petroleum industry and other key sectors over time.
These objectives primarily seem to include continued investment in the economy and infrastructure while creating a more dynamic and open environment for businesses to thrive. Additionally, Salman wants to continue to confront Iran in various places around the region including wars in Yemen, Lebanon and Syria which are extremely expensive.
Job candidates must be aware of this changing political dynamic. While there will still be many opportunities in Saudi Arabia in the future, they will have to align with the goals of the regime. It is a much more concentrated government now with less factions.
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