Saudi Arabia’s labor market booms as world wakes up to its potential

Saudi Arabia’s labor market booms as world wakes up to its potential
Women are stepping into roles across diverse sectors, contributing to the Kingdom’s broader economic transformation goals. (SPA)
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Updated 09 March 2025
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Saudi Arabia’s labor market booms as world wakes up to its potential

Saudi Arabia’s labor market booms as world wakes up to its potential
  • Kingdom set to achieve its ambitious Vision 2030 objectives and create a dynamic, diversified workforce

RIYADH: From advanced technology to bustling tourism, Saudi Arabia is witnessing a labor market transformation that is reducing its reliance on oil and creating jobs in construction, green energy, and beyond.

Government initiatives such as the Saudi Nationalization Scheme and Nitaqat initiative have played a pivotal role in shaping the labor market landscape.

These policies have encouraged private sector employers to hire more of the Kingdom’s nationals across various industries, leading to a significant reduction in unemployment rates.

The commitment to enhancing workforce participation has also contributed to a more inclusive job market, while a strategic focus on developing a knowledge-based economy has led to increased investments in education and vocational training programs.

These initiatives are equipping the local workforce with the skills required to thrive in sectors such as advanced manufacturing, healthcare, and financial services, further accelerating employment growth.

Construction boom fuels job creation

The construction and infrastructure sector has experienced exponential growth in recent years, underpinning the Kingdom’s economic expansion, with contract awards in 2024 reaching $146.8 billion, a record high as it overtook 2023’s figure of $118.7 billion, according to Kamco Invest’s GCC Projects Market Update.

The report added that Saudi Arabia accounted for over 53.8 percent of total project awards across the Gulf Cooperation Council in 2024.

Sachin Kerur, managing partner of Middle East at Reed Smith, told Arab News that this boom is leading to a rise in the opportunities for project managers, designers, architects and many other construction professionals.

“Anyone studying Vision 2030 or visiting the important cities of the Kingdom will be very aware of the construction of large-scale housing, rail and road networks, new airports, infrastructure for major sporting events and industrial production plants,” Kerur said. Tourism-related construction has also seen a surge, with new hotels and resorts hiring more Saudi nationals. “Anyone visiting the Kingdom’s hotels of late will have noticed the number of Saudi nationals employed,” Kerur added.

Major projects such as the Rua Al-Madinah and Qiddiya are further fueling demand for skilled labor in the sector. 




The Kingdom’s push to attract foreign investment has not only created job opportunities but also fostered knowledge transfer and skill development among the local workforce. (Shutterstock)

Tourism as a booster

The tourism sector continues to play a pivotal role in shaping Saudi Arabia’s labor market, and is only set to grow as the Kingdom pushes ahead with its aim to attract 150 million visitors annually by 2030. As a result, the demand for hospitality, transportation, and cultural service jobs is rapidly increasing.

“With millions of visitors anticipated to visit Saudi each year, tourism has one of the fastest growing and elastic demand for employment,” Kerur said.

From religious tourism initiatives in Makkah and Madinah to entertainment-driven projects such as the Red Sea Project, the sector’s expansion is creating thousands of jobs for Saudis.

Technology and green energy sectors see expansion

On a tech front, Saudi Arabia’s technology sector is experiencing unprecedented growth, driven by the government’s investments and incentives for global tech firms.

“Foreign investments are driving significant job creation in Saudi Arabia’s emerging industries, particularly technology and innovation, aligning with Vision 2030’s goals of economic diversification and private sector growth,” said Faisal Al-Sarraj, Saudi Arabia’s deputy country senior partner at PwC Middle East.

He continued: “PIF’s focus on technology and innovation has bolstered local employment, particularly in AI, digital transformation, and data analytics. Its support for startups and partnerships with global tech firms is strengthening local expertise.” 

Initiatives such as the $100 billion AI and data analytics initiative, known as Project Transcendence, as well as smart city projects including NEOM, are fostering high-skilled employment in advanced fields. 

Foreign investments are driving significant job creation in Saudi Arabia’s emerging industries.

Faisal Al-Sarraj, Saudi Arabia’s deputy country senior partner at PwC Middle East.

Citing media outlets Bloomberg and CIO, Al-Sarraj said: “This $100 billion plan positions Saudi Arabia as a global AI and data analytics hub, creating thousands of high-skilled jobs and rivaling regional tech leaders.”

The green energy sector is also taking off in Saudi Arabia, bringing a fresh wave of job opportunities and supporting the Kingdom’s sustainability goals.

Solar and wind farms are being developed across the country, creating thousands of new roles and giving locals the chance to dive into the world of clean energy.

Kerur also cited the life sciences and food industries as other sectors that have seen employment growth.

Saudi welcoming the world

The government’s Saudization initiatives, particularly the Nitaqat program which was established in June 2011, have played a crucial role in increasing the number of nationals in the private sector.

“Many commentators regard Saudization as having been most successful in the retail and tourism and hospitality sectors,” Kerur said.

He continued: “Perhaps less success has been achieved in areas such as life sciences, medicine and design and construction where more skilled resources are needed.  That is certainly an area of development for the next few years.”

Moreover, the drive for greater workforce inclusion is also reflected in the increasing focus on supporting female participation in the labor market.

As more opportunities arise in flexible and remote work arrangements, women are stepping into roles across diverse sectors, contributing to the Kingdom’s broader economic transformation goals.

Figures released by the General Authority for Statistics showed that by the end of the third quarter of 2024 the labor force participation rate of Saudi females reached 36.2 percent — well above the original Vision 2030 target of 30 percent, with that goal now upped to 40 percent by the end of the decade. 

Kerur added: “Saudi Arabia’s labor market reforms and initiatives are successfully reducing unemployment levels and so much credit must go to Vision 2030 as economic diversification develops at pace. However, this is not merely labour economics.”

He went on to say: “As with other GCC countries like the UAE, there are social and cultural norms that have to be assessed to ensure they are maintained whilst at the same time ensuring unemployment is minimised and the national workforce is equipped for the challenges of the next three decades.”

Regional Headquarters Initiative and FDI

One of the biggest wins for Saudi Arabia in 2024 was the success of its regional headquarters initiative, which has drawn in over 540 multinational companies to set up shop in the Kingdom.

This surge in corporate presence is not just about numbers — it is about turning Saudi Arabia into a thriving business hub, buzzing with new ideas and opportunities.

Companies such as Amazon, Google, PwC, and Deloitte have relocated their regional headquarters, leading to job creation in professional services, consulting, and administrative roles. 

“This achievement is having an employment impetus as more and more companies are employing Saudi nationals in line with the Kingdom’s status as a developing business hub,” Kerur said.

The Kingdom’s push to attract foreign investment has not only created job opportunities but also fostered knowledge transfer and skill development among the local workforce.

With multinational firms bringing global best practices and expertise, Saudi nationals are gaining invaluable exposure to international business operations, positioning them competitively in the job market.

Another key initiative was the Golden Visa, which allows foreign nationals to live, work, and own property in the Kingdom without a sponsor,

In order to qualify, applicants must meet specific criteria such as significant investments in real estate or business ventures.

Al-Sarraj said the visa “incentivized” highly skilled professionals and entrepreneurs to relocate to Saudi Arabia, and has expanded employment in sectors such as healthcare, education, and technology, and fostered a knowledge-based economy.

He added: “Reforms like the Labor Reform Initiative improved mobility and flexibility for expatriates, making Saudi Arabia a more attractive job market. This policy also encouraged Saudization, driving the hiring of skilled nationals.”

Challenges and the road ahead

Despite the progress, challenges remain in bridging skill gaps and positioning manual labor or skilled trades as a viable career path for Saudis.

“Education and training will be vital all round for the labor market. Indeed more labor capacity is required to implement Vision 2030 projects and this provides Saudi nationals a significant opportunity to develop blue collar skills,” Kerur said.

He continued: “Of course the private sector, both national and international, will have a key role to play to train, develop and employ nationals. The issue will be the stick or the carrot.”

Kerur further explained that the private sector in Saudi Arabia will require support and assistance, particularly in areas where their capacity to operate or expand is currently limited, and where significant financial investment is needed.

“Saudi Arabia has shown a willingness to enable public private partnership in their labor market and more will be expected in this regard,” he said.

According to Al-Sarraj, one of the key issues is that many workers may not have received the necessary training and or hold the qualifications required by employers.

“Despite significant progress, challenges remain, including skill gaps among the workforce, the need for enhanced educational and vocational training programs, and ensuring sustainable employment opportunities for the growing local population,” he said.

Al-Sarraj added: “Employers often cite skill gaps and higher wage expectations as reasons for not hiring Saudis, highlighting the need for enhanced educational and vocational training programs.”

As Saudi Arabia’s labor market continues to evolve, the combined impact of strategic government initiatives, foreign investment, and workforce development efforts will be key to sustaining momentum.

With significant achievements in 2023 paving the way, the Kingdom is well-positioned to achieve its ambitious Vision 2030 objectives and create a dynamic, diversified workforce that meets future economic demands.


ACWA Power secures $119m loan facility from Alinma Bank for new headquarters

ACWA Power secures $119m loan facility from Alinma Bank for new headquarters
Updated 10 sec ago
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ACWA Power secures $119m loan facility from Alinma Bank for new headquarters

ACWA Power secures $119m loan facility from Alinma Bank for new headquarters

RIYADH: Saudi utility giant ACWA Power has secured an SR750 million ($119 million) Shariah-compliant term loan facility from Alinma Bank to fund its new headquarters in Riyadh.

The seven-year agreement reflects the bank’s confidence in the world’s largest private water desalination company, recognizing its strong financial position and strategic role in supporting the Kingdom’s Vision 2030 and energy transition goals, according to a statement.

This also aligns with the Ministry of Environment, Water, and Agriculture’s goal to meet 90 percent of Saudi Arabia’s water needs through desalination and the remaining 10 percent from ground and surface water by 2030.

In the statement, Abdulhameed Al-Muhaidib, chief financial officer of ACWA Power, said: “This financing from ALINMA Bank highlights our strong financial position and the confidence the market has in our vision.”

He added: “Our new headquarters will be more than just a building; it will be a symbol of our commitment to innovation, sustainability, and the Kingdom’s ambitious goals for a cleaner, more prosperous future.”

Chief Corporate Banking Officer of Alinma Bank Jameel Al-Hamdan said his firm was proud to announce its role as the sole financier of the new office.

Al-Hamdan added: “This landmark project aligns with both organizations’ commitment to driving sustainability and innovation in the corporate sector and with the Kingdom’s net-zero strategy.” 

The statement added that ACWA Power’s new headquarters in Riyadh reflects its role as a national leader in the energy transition, offering a cutting-edge space designed to centralize operations and foster teamwork and innovation.

It is also set to offer an eco-conscious workspace that supports employees in fulfilling their roles while fostering sustainability.

ACWA Power reported a net profit of SR1.75 billion in 2024, representing an annual increase of 5.74 percent, according to a Tadawul statement released in February.

This growth in profit was driven by increased revenue from operations and maintenance, as well as higher earnings from electricity sales. 

The company revealed the rise was attributed to a higher share in net results of equity-accounted investees, gains from capital recycling, and increased net finance income.

The firm’s overall revenue for 2024 was SR6.29 billion, marking a 3.32 percent increase compared to the previous year, according to the statement at the time.

During the same month, ACWA Power signed two agreements with Aramco to accelerate the deployment of renewable energy projects and evaluate the performance of vanadium flow batteries in the Kingdom’s climate.


Saudi crude output hits 8.95m bpd: JODI data 

Saudi crude output hits 8.95m bpd: JODI data 
Updated 31 min 1 sec ago
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Saudi crude output hits 8.95m bpd: JODI data 

Saudi crude output hits 8.95m bpd: JODI data 

RIYADH: Saudi Arabia’s crude oil production rose to 8.95 million barrels per day in February, marking a 0.34 percent monthly increase, according to the latest release from the Joint Organizations Data Initiative. 

Crude exports also climbed during the same period, rising 7.81 percent to reach 6.55 million bpd, the report showed.  

Refinery crude exports rose by 5.39 percent month on month in February to 1.41 million bpd, reflecting a 1.29 percent increase compared to the same period last year. The uptick was driven primarily by diesel shipments, which jumped 24.4 percent from the previous month to 668,000 bpd. 

Key refined products included diesel, motor gasoline, aviation gasoline, and fuel oil. Diesel accounted for the largest share of refined product exports at 47 percent, followed by motor and aviation gasoline at 18 percent, and fuel oil at 14 percent. 

Total refinery output reached 2.62 million bpd in February, a 6.6 percent monthly increase, with diesel comprising 40 percent of refined products, motor and aviation gasoline 24 percent, and fuel oil 14 percent. 

Domestic demand for refined petroleum products fell by 69,000 bpd in February compared to the previous month, reaching 1.71 million bpd. On an annual basis, demand dropped by 22.09 percent, equivalent to a decline of 485,000 bpd.  

On April 3, eight OPEC+ countries — including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — reaffirmed their commitment to supporting oil market stability amid a positive demand outlook. 

In a virtual meeting, the group agreed to implement a production increase of 411,000 bpd in May 2025, representing a front-loaded adjustment equivalent to three months of scheduled increments. The move marks the beginning of a phased and flexible reversal of the 2.2 million bpd in voluntary cuts introduced in 2023, in line with the decision reaffirmed in March. 

OPEC+ emphasized that the pace of future increases may be paused or reversed depending on market conditions, with monthly meetings scheduled to assess conformity and decide on subsequent production levels. According to the latest schedule, Saudi Arabia’s required production for May is set at 9.2 million bpd. 

Direct crude usage 

Saudi Arabia’s direct crude oil burn rose to 283,000 bpd in February, reflecting a 2.9 percent increase from January, but showing a 21 percent decline compared to the same month last year. 

The reduction in direct crude oil use for power generation is influenced by multiple strategic and economic factors. 

According to the US Energy Information Administration’s 2024 report, 62 percent of Saudi Arabia’s electricity was generated from natural gas in 2023, up from previous years — a shift that has significantly reduced the country’s reliance on crude oil for power generation. The expansion of gas-fired capacity has played a central role in this transition. 

The International Energy Agency’s 2024 Oil Market Report also highlighted that Saudi Arabia is actively expanding its electricity generation capacity through both natural gas and renewable energy sources, in alignment with Vision 2030. 

Supporting this trend, the Saudi Power Procurement Co. awarded bids in 2023 for four gas-fired power plants, each with a capacity of 1.8 gigawatts, and began accepting bids for four additional projects in early 2024. As of mid-2024, the Kingdom has more than 21 GW of planned renewable energy projects, the majority of which are focused on solar power. 


Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 
Updated 51 min 29 sec ago
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Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

RIYADH: Saudi Arabia has overtaken Singapore as the premier destination for venture capital funds across emerging markets after it secured $391 million in the first quarter of 2025.

The 53 percent year-on-year rise helped propel the Kingdom to becoming the highest-performing country across the Middle East, Africa, Pakistan, Turkiye, and Southeast Asia in terms of total funding during the three-month period, as revealed in the latest analysis by venture data platform MAGNiTT. 

While the standout $160 million series E round by fintech unicorn Tabby contributed significantly to the overall figure, the broader investment ecosystem showed resilience with non-MEGA deal funding, which are transactions below $100 million, rising 9 percent quarter-on-quarter. 

“This consistency signals a strengthening pipeline backed by sovereign LPs (limited partners) like SVC (Saudi Venture Capital), a growing cohort of accelerators, and successful exits like Rasan’s IPO (initial public offering),” according to MAGNiTT’s report. 

Saudi Arabia leads MENA funding and deal activity 

Saudi Arabia led the EVMs and continued its dominance in the Middle East and North Africa region. 

The Kingdom captured 58 percent of all MENA venture funding and accounted for 41 percent of transactions, far outpacing regional peers. 

According to MAGNiTT, the Kingdom achieved an 87 percent year-on-year increase in non-mega deal funding and a 437 percent rise in series A and B rounds, supported by sizable transactions such as those by Ula.me and Merit Incentives, each raising $28 million. 

The rise in Saudi venture capital investment comes amid a broader rebound in the MENA region. 

Total funding across MENA reached $678 million in the first quarter of 2025, a 58 percent increase year on year, despite a 21 percent decline in deal count to 133 transactions. 

The surge was supported by improved investor sentiment following late 2024 interest rate cuts across the Gulf, along with sustained sovereign fund activity and flagship ecosystem initiatives such as LEAP 2025. 

In terms of historical share, Saudi Arabia’s ascent has been significant. It expanded its share of MENA venture funding to 58 percent in the first quarter of the year, up from 39 percent in 2024 and 51 percent in 2023. 

This upward trajectory has positioned the Kingdom as the central engine of regional VC activity, reversing a period during which the UAE held the lead. 

The ecosystem shift also reflects a structural change in capital allocation. The first quarter saw non-mega deals rise for the fourth consecutive quarter, and early-stage investments in series A and B rounds increased by 50 percent quarter-on-quarter. 

In contrast, Southeast Asia reported its weakest early-stage quarter in seven years, with Singapore’s funding falling by 61 percent year on year to $377 million. 

The gap signals a shift in global investor preference as capital increasingly flows toward markets like Saudi Arabia, where macroeconomic stability, proactive policy, and institutional backing provide a conducive environment for venture growth. 

With 54 deals completed, the Kingdom reported the smallest year-on-year decline in deal count among the region’s top three markets, supported by a robust early-stage pipeline. 

Fintech dominates sector activity 

Fintech remained the most active and well-funded sector across MENA, particularly in Saudi Arabia, contributing 30 percent of all deals and capturing 57 percent of total regional funding. 

The sector saw a 362 percent year-on-year increase in funding, totaling $384 million, driven by Tabby’s $160 million MEGA round and strong underlying demand for digital finance solutions. 

Notably, 35 percent of all fintech deals in the first quarter of 2025 were in the $5 million to $20 million range, up 24 percentage points from the same period last year, demonstrating increasing maturity and scalability across the sector. 

Enterprise Software was the second most transacted and funded vertical, propelled by activity in Saudi Arabia and the UAE, accounting for 75 percent of all sector deals. 

Within this segment, the productivity apps sub-sector achieved record performance with six deals, including Merit Incentives’ $28 million and Qeen.ai’s $10 million rounds. The enterprise category posted a 112 percent annual growth in funding to reach $61 million. 

Saudi Arabia drives top-tier transactions and investor participation 

While deal volume across MENA dropped 21 percent year on year to just 133 transactions — one of the lowest quarterly figures in five years — Saudi Arabia defied the trend, maintaining strong early-stage momentum.

MAGNiTT noted that deal activity in the up to $1 million bracket declined 8 percentage points year on year to just 31 percent, while deals in the $5 million to $20 million and over $20 million brackets saw increases of 4 percentage points and 3 percentage points, respectively. 

This reallocation of capital reflects investors’ growing appetite for scale-ready startups in more advanced funding stages. 

Pre-seed to pre-series A activity in the Kingdom saw a 14 percent increase, highlighting the nation’s strengthening foundation for long-term growth. 

The shift in capital allocation patterns also reinforced Saudi Arabia’s strategic focus. 

The share of deals in the $1 million to $5 million range rose to 46 percent, the highest proportion in five years, mirroring a broader pivot across MENA toward larger, more scalable investment opportunities. 

Simultaneously, the lowest-value ticket size, $0 to $1 million, fell to 31 percent of deals, down 8 percentage points from the previous year. 

Five of the region’s 10 largest deals originated from the Kingdom, including Tabby’s round, the sole mega deal of the quarter, alongside significant rounds by Zension, with $30 million and Merit Incentives. 

According to MAGNiTT, this concentration of large-ticket transactions underscores the depth of investor confidence in the Saudi startup ecosystem.

Investor engagement in the Kingdom was also evident in the breakdown of top deals. The nation hosted more top-10 deals than any other MENA country, with fintech leading as the most represented industry. 

Blue Pool Capital and Hassana Investment Co. emerged as the most prominent backers, jointly deploying an estimated $53.3 million across key transactions, with fintech accounting for four of the top 10 deals. 

Exit environment strengthens on record M&A activity 

Saudi Arabia’s momentum was further underscored by a robust exit environment, with the MENA region recording 21 exits, up 163 percent year on year, marking the strongest quarter for mergers and acquisitions since MAGNiTT began tracking. 

The Kingdom’s IPO pipeline also improved, adding another layer of attractiveness to its startup ecosystem. 

While the regional rebound was attributed to easing inflation, improved liquidity, and pre-US tariff optimism, MAGNiTT emphasized that: “Saudi Arabia’s IPO and M&A momentum are now integral to the region’s exit environment.” 

Despite this surge, the median time to exit via M&A lengthened to six years, up from five in 2024, reflecting continued challenges for early-stage startup liquidity. 

Geopolitical risks introduce uncertainty to venture outlook 

Despite strong regional performance, MAGNiTT highlighted emerging risks that could disrupt momentum. 

“While Q1 2025 was a positive start to the year … that momentum is now under threat,” said Philip Bahoshy, CEO of MAGNiTT. 

He added that the new US tariff policies have created uncertainty in both the public and private markets over the last couple of weeks, which can create a challenge for decision-makers who are likely to be in a risk-off mindset.

“In venture capital, this uncertainty is likely to impact three areas: the deployment of capital from LPs to VCs, VCs’ willingness to make decisions in uncertain times, and finally, startups’ ability to raise funds,” said Bahoshy.

He noted that while global volatility persists, long-term fundamentals in EVMs remain strong. 

“Despite global headwinds, emerging venture markets continue to present compelling long-term opportunities. MENA, in particular, is uniquely positioned for sustained growth thanks to deep pools of local capital, pro-entrepreneurship policy, and active sovereign support,” Bahoshy added. 

“As global investors diversify beyond traditional markets, regions like MENA and Southeast Asia are poised to attract fresh capital — particularly in tech-led sectors that are strategically positioned and less exposed to tariff volatility,” the CEO said.


Real estate demand in Saudi Arabia’s two holy cities hits $2bn

Real estate demand in Saudi Arabia’s two holy cities hits $2bn
Updated 22 April 2025
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Real estate demand in Saudi Arabia’s two holy cities hits $2bn

Real estate demand in Saudi Arabia’s two holy cities hits $2bn
  • High-net-worth individuals eye real estate in Makkah and Madinah as Saudi property sector gains momentum

RIYADH: Saudi Arabia’s real estate sector continues to draw international attention, with high-net-worth individuals from nine Muslim-majority countries preparing to commit $2 billion toward property purchases in Makkah and Madinah, according to a new survey. 

The findings, part of Knight Frank’s latest Private Capital Report, show that 84 percent of global HNWIs surveyed expressed interest in acquiring property in Saudi Arabia — with a clear preference for its two holy cities. 

Nearly half, or 48 percent, of those respondents said they plan to use homes in Makkah as their main residence, pointing to a shift toward long-term occupancy rather than seasonal or purely investment-driven holdings. 

The trend comes as Saudi Arabia overhauls its property sector to position itself as a global tourism and business hub by the decade’s end, in line with its Vision 2030 diversification strategy. 

Faisal Durrani, partner and head of research for the Middle East and North Africa at Knight Frank, said: “The region’s sustained economic growth, underpinned by ambitious national visions and strategic policy reforms, has reinforced its position as a global investment hub.” 

Durrani added that real estate remains a preferred investment vehicle for ultra-high-net-worth individuals seeking to preserve wealth. “Across the MENA region, demand for prime and super-prime homes has reached unprecedented levels, fueled by both local and international buyers seeking security, stability and long-term growth,” he said. 

Earlier this month, S&P Global said the outlook for Saudi Arabia’s property sector remains positive in the near term, driven by population growth, rising tourism, and Vision 2030-led initiatives. The Real Estate General Authority projects the market to reach $101.62 billion by 2029, with a compound annual growth rate of 8 percent starting in 2024. 

UAE draws global wealth 

Regionally, the UAE continues to attract high-net-worth migration. Knight Frank noted that 7,200 millionaires relocated to the country in 2024, boosting its total resident population of affluent individuals to 134,000. 

The report also found the number of dollar millionaires in the UAE stood at 130,500 as of December 2024, ranking it the 14th largest wealth market globally. The emirates also host 325 centi-millionaires — those with liquid wealth exceeding $100 million — and 28 billionaires. 

According to Knight Frank, 31 percent of the millionaires who moved to the UAE over the past decade came from India, followed by 20 percent from the Middle East and 14 percent from Russia and the Commonwealth of Independent States. 

“With a record-breaking 142,000 millionaires forecast to change their domicile globally in 2025, the UAE stands poised to capture a significant share of this wealth migration wave, strengthening its status as a wealth hub that has successfully transitioned from regional player to global force,” said Dominic Volek, group head of private clients at Henley & Partners, in a statement.  

Luxury sales surge in Dubai 

Wealth migration is translating into a property boom in Dubai, now the world’s most active market for $10 million-plus home sales for two consecutive years, ahead of London and New York. 

In 2024, the city recorded 435 ultra-luxury home transactions, compared to 434 the previous year. A record 153 such deals were closed in the fourth quarter of 2024 alone, while the first quarter of 2025 saw another 111, up 5.7 percent from the same period last year. 

“Dubai’s luxury residential market continues to defy gravity. Demand, particularly from international buyers, remains unrivaled on the global stage,” said Durrani. “In 2024 alone, Dubai not only led the world in the number of $10 million-plus home sales, but also topped total transaction value, with 435 deals worth $7.1 billion.” 

“Dubai has firmly established itself as the global epicenter for ultra-luxury real estate – surpassing legacy markets like New York, London and Hong Kong. It’s a staggering achievement for a market that, until recently, was considered relatively young,” he added. 

Palm Jumeirah retained its position as Dubai’s premier ultra-prime location, recording 34 transactions worth more than $10 million in the first quarter of 2025, with a combined value of $562.8 million. 

Emirates Hills followed, with 15 deals totaling $356.7 million. 

“Dubai has cemented its position as a premier destination for HNWI seeking real estate for personal use or for investment purposes, with a distinct focus by the global elite on making the city a permanent base or a second home,” said Nicholas Spencer, Knight Frank’s partner- Private Capital and Family Enterprises, MENA.  

Broader MENA trends  

In the wider region, Knight Frank said Qatar’s residential market is also drawing interest from GCC nationals and GCC-based expatriates. 

The firm identified $537.5 million in private capital globally that is actively seeking residential real estate in Qatar. 

Meanwhile, Egypt’s real estate market remains a key area of interest for GCC investors. 

“GCC investors’ interest in Egypt’s second homes market underscores the country’s appeal as a prime real estate destination. The combination of lifestyle benefits, potential for high rental yields, affordability and strong strategic ties to the GCC all add to the country’s allure,” added Knight Frank. 


Key tourism roles to be localized in Saudi Arabia as part of national employment push 

Key tourism roles to be localized in Saudi Arabia as part of national employment push 
Updated 22 April 2025
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Key tourism roles to be localized in Saudi Arabia as part of national employment push 

Key tourism roles to be localized in Saudi Arabia as part of national employment push 

JEDDAH: Hotel managers, travel agency directors, and tour guides are among 41 tourism roles set to be reserved for Saudi nationals under plans to boost local employment and reduce reliance on foreign labor. 

In coordination with the Ministry of Tourism, the Ministry of Human Resources and Social Development announced the decision, highlighting that the move targets leadership and specialist jobs in the private sector. 

Other roles earmarked for this localization designation include planning and development supervisors, tourism development specialists, procurement and sales professionals, and hotel receptionists.

The initiative is part of a broader labor market strategy to boost Saudization, a program launched in 2011 to increase domestic employment in the private sector through industry-specific quotas. 

It has helped reduce Saudi unemployment from 12.8 percent in 2018 to 7.1 percent by mid-2024, surpassing the Vision 2030 goal of 8 percent. The Kingdom has set a new target of 5 percent unemployment by 2030.

In a post on his X account, Tourism Minister Ahmed Al-Khateeb reaffirmed his ministry’s commitment to job localization in partnership with the private sector. He also emphasized ongoing efforts to train and equip national talent through top local and international institutions to ensure a world-class tourism experience.

He said: “We are proud that our young men and women have become the frontlines of the tourism sector, conveying our culture and embodying the values of warmth, generosity, and authentic Saudi hospitality in their interactions with the Kingdom’s guests.”

This program will launch in three phases, starting on April 22, 2026 with the full Saudization of four tourism roles, 70 percent localization for 12 positions, and 50 percent for another 12. 

The second stage, set to begin on Jan. 3, 2027, will implement a 30 percent localization rate for one specific role.

Starting Jan. 2, 2028, the final step will focus on localizing 50 percent of leadership positions within the sector. 

In a post on his X account, Human Resources and Social Development Minister Ahmed Al-Rajhi said: “This move comes as part of the continued efforts by the Ministry of Human Resources and Social Development to support national talent and enhance their participation in the labor market, in line with the objectives of Saudi Vision 2030.”

The most recent localization push came in January, when the Ministry of Human Resources and Social Development, in coordination with the Ministry of Health, announced new Saudization targets for the pharmaceutical sector. 

Starting July 27, community pharmacies and medical complexes must reach a 35 percent Saudization rate, hospitals 65 percent, and other pharmacy-related businesses 55 percent. The regulations will apply to companies with five or more pharmacy professionals.