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Saudi firms are scaling back generous salary premiums that once lured top foreign talent into sectors such as construction and manufacturing as the kingdom reins in spending and reorders economic priorities, four recruiters told Reuters.
Saudi Arabia, the world's top oil exporter, is more than halfway through its economic transformation blueprint, known as Vision 2030, aimed at reducing dependence on hydrocarbon income, creating jobs, and expanding industries such as tourism, real estate, mining and financial services.
As part of the long-term plan, the kingdom has invested massively in multi-billion-dollar megaprojects, vastly increasing demand for high-skilled foreign workers, but has struggled with execution and delays.
Foreign recruits should no longer expect to negotiate premiums of 40% or more, to sometimes even double their existing salaries, which were common earlier this decade, two of the sources said, with offers far more restrained now.
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