RIYADH, 6 August 2007 — Real estate and property professionals working in the Kingdom are earning 10 percent more than their counterparts in the rest of the Middle East, according to the findings of a survey by William Buck, International Director, Macdonald & Company, a leading recruitment consultancy focusing solely on the property industry.
The firm said that the latest statistics taken from the salary levels as well as other pertinent figures would be revealed in the company’s upcoming Middle East Salary Survey. The figures will be collated from an online survey that can be accessed by industry professionals at www.macdonaldandcompany.ae. Macdonald & Company will launch the Salary Survey at Cityscape Dubai 2007, the world’s largest and most important international business-to-business property investment and development event.
He said the difference in compensation packages of industry professionals in Saudi Arabia is primarily driven by the high demand and the competition for highly skilled talent in the country’s booming construction industry. Current active projects in the Kingdom have crossed $200 billion in value or 20 percent of the GCC regional value of $1 trillion. Further, the number of development projects in the country doubled in the past 12 months, and this year, the total value of new ventures is expected to reach $80 billion.
“Professionals in the real estate and property industry in Saudi Arabia enjoy an edge over regional counterparts in terms of salaries mainly due to the unprecedented boom of the country’s real estate and construction industry. Companies are competing for highly skilled talent to fill key positions, as investment pours in for massive development or expansion projects. Foreign firms are also keen on investing in the country’s enormous market with foreign domestic investments reaching $3.65 billion in 2006,” Buck said.
He added: “Based on our research, the GCC region currently has the world’s biggest projects market per capita basis, and Saudi Arabia definitely has a significant share in the tremendous boom with developments covering residential and commercial properties as well as civil, infrastructure and logistics projects. In 2006, joint and exclusively foreign ventures reached an overall value of $67.5 billion based on the 1,389 licenses issued by the Saudi Arabian General Investment Authority (SAGIA).”
A robust economy, high oil revenues, excess liquidity, and the liberalization of property laws, it is pointed out, fuel the rapid growth of the Saudi real estate industry. The government’s thrust toward the diversification of its oil-based economy has also led to high capital spending, which, combined with the availability of credit facilities and real estate funds investing, have further spurred high-stakes construction ventures, and consequently, the demand for highly skilled industry professionals.
“We have consistently provided the best career options to industry professionals as well as valuable recruitment insights to companies that have enabled them to attract and retain an efficient team. Our ongoing survey is a manifestation of our commitment, and we are glad that it is garnering a very positive response in the industry. The Salary Survey will provide employees and employers with comparative figures as well as broaden their industry insights,” said Matthew Taylor, International Director, Macdonald & Company.
Aimed at providing valuable information to real estate and property professionals and companies, the Salary Survey will have statistics on current salaries, recent salary increases, benefits, bonuses, and job satisfaction levels among others. The launch of the Salary Survey during Cityscape Dubai 2007 will follow the conclusion of a survey being conducted by Macdonald & Company in collaboration with the Royal Institution of Chartered Surveyors (RICS) and Cityscape Dubai.
According to Taylor, Macdonald & Company expanded into Dubai last year and has leveraged the thriving property market in the Middle East by providing exceptional property and construction professionals to a variety of clients including property developers, consultancies, banks and financial institutions among others. “With its demonstrated professionalism, standards and confidential services, the company is the only recruitment firm to have attained the approval of the Royal Institution of Chartered Surveyors,” he claimed.