Jun 28 2011 |
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Saudi jobs outlook highest in 2 years
JEDDAH: Saudi Arabia's recruitment outlook for the third quarter is at its highest in two years as a result of government move to limit the number of work permits given to foreigners to boost employment, the Banque Saudi Fransi 's Business Index revealed Monday.
Around 82.4 percent of business executives in the world's leading oil exporter said they expect to be hiring in the next six months compared to 58.9 percent in the second quarter of the year, the report noted.
"The Q3 survey witnessed a huge change in companies' recruitment plans coinciding with the government's announcement of the Nitaqat Saudization scheme," said the report.
"Emphasis on recruitment is not exclusive to the private sector; the state pledged to create tens of thousands of public sector jobs this year for teachers, health diploma holders and those working in security forces and market supervision." Banque Saudi Fransi 's Business Index, which measures perspectives from business managers across a range of sectors, reached 101.9 points in the third quarter of 2011, up from 101.7 the previous quarter buoyed by the new recruitment plans, increasing oil prices and an improved economic outlook.
Around 88.3 percent of respondents expect revenue growth to increase in the next quarter compared to 81 percent in the second quarter as private consumption picks up and oil prices buoy the economy's expansion.
Some 88.6 percent of those surveyed said they expect their companies to report improved bottom-line performance in the next six months up from 88.2 percent in the second quarter. The majority of respondents, 51.4 percent, said they expected oil prices to range between $100 and $120 a barrel.
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