KSA This Week: Accounting roles hit 50% Saudisation, IMF sees 7.9% growth, $4bn in energy deals
This week from the Kingdom: accounting roles reach 50% Saudisation on 27 October; the IMF forecast 7.9% Saudi growth in 2027; SPARK and Dalipal signed a $2.1 billion energy-manufacturing deal; Elsewedy and Sinohydro won a $2.2 billion contract to expand the Rabigh 2 power plant; the Kingdom is upgrading half its power grid for industry and AI; the Riyadh Economic Forum put talent and investment in focus; S&P said the non-oil economy is gaining resilience; two Saudi startups reached a London Business School final; and the Energy Ministry is using AI to predict disruptions. Here is what it means for employers and businesses in Saudi Arabia.
Labour & Saudisation
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50% Saudisation rate for accounting roles at firms with 5+ accountants, from 27 October |
From 27 October, private firms with five or more accountants must fill at least 50% of those roles with Saudis — phase two of the Ministry of Human Resources plan, up from 40%, on the way to 70%.
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The TASC Take If you employ accountants, check your Qiwa numbers now. A Saudi only counts if their registered salary meets the floor — SR6,000 for a degree, SR4,500 for a diploma — and they hold SOCPA accreditation. Miss the rate and electronic services for those roles can be suspended. Plan hires early: qualified Saudi accountants are in short supply and your competitors are chasing the same people. |
Source: Saudi Gazette
Economy & Policy
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7.9% IMF’s 2027 Saudi growth forecast, vs 3.4% globally |
The IMF’s October outlook forecasts 7.9% Saudi growth in 2027 — more than double the 3.4% global rate — after an expected 3.3% contraction in 2026 caused by regional disruption. Inflation stays low at about 2%.
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The TASC Take A sharp 2027 rebound means hiring will pick up across projects, logistics and services. Employers who keep skilled teams through the softer 2026 — rather than cutting and rehiring — will be ready when demand returns. Flexible contract staffing helps bridge the dip without losing capability. |
Source: Arab News
Projects & Industry
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$2.1bn SPARK–Dalipal deal to build an energy-equipment plant, with a $600m first phase |
King Salman Energy Park and China’s Dalipal signed a 25-year lease for a $2.1 billion plant making seamless steel pipes for oil, gas and hydrogen. Phase one is about $600 million across 1.03 million sq m.
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The TASC Take A plant this size needs welders, machinists, engineers and logistics staff — first to build it, then to run it. With localisation tied to industrial licences, manufacturers must plan Saudi hiring and training early. A staffing partner can mobilise skilled crews fast while keeping local-content records clean. |
Source: Arab News
Energy & Projects
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2.3GW capacity added at Rabigh 2 under the $2.2bn construction contract, online May 2029 |
A consortium of Egypt’s Elsewedy Electric and China’s Sinohydro won a $2.2 billion contract to add 2.3GW at the Rabigh 2 gas plant, due online by May 2029. Work is already more than 39% complete.
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The TASC Take Big construction jobs mean three years of peak demand for civil, mechanical and electrical crews, then long-term operations staff. Contractors need to mobilise skilled workers quickly while meeting Saudisation and local-content rules on site — exactly where a specialist staffing partner adds value. |
Source: Arab News
Energy & Infrastructure
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50% of the national power grid being upgraded for industry and AI demand |
Saudi Power Procurement Co. says half the national grid is being scaled up to meet demand from industry and AI data centres, as the Kingdom builds a reliable, low-cost energy mix for 2030. Government ICT spending reached about SR32 billion.
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The TASC Take Grid and data-centre build-out creates steady demand for electrical engineers, technicians and project staff — plus the skills to run AI-ready infrastructure. Employers competing for this talent should build Saudi pipelines now rather than scramble when projects break ground. |
Source: Arab News
Investment
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12th edition of the Riyadh Economic Forum, opened 12 October |
The 12th Riyadh Economic Forum, which opened on 12 October, pressed for Saudi Arabia to develop local talent, deepen investment and push regulatory reform — with property now open to non-Saudis and opportunities flagged across real estate, mining, logistics and digital infrastructure.
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The TASC Take The recurring message — “maximise returns on national achievements” — is really about people: building and keeping local capability. For employers that means investing in training and clear career paths, and matching the right Saudi talent to roles, not just filling seats. |
Source: Arab News
Finance & Economy
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$494bn Saudi foreign-exchange reserves in June 2026, as the non-oil economy gains resilience |
S&P says Saudi Arabia’s shift to non-oil revenue is strengthening resilience even as the first-half deficit hit SR160 billion ($42.7bn). Non-oil activity grew 0.9% in Q2 and foreign reserves stood at $494 billion, with data-centre investment rising fast.
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The TASC Take Non-oil growth is where most private-sector hiring happens — services, logistics, tech and finance. As Vision 2030 projects are re-paced, employers should plan headcount carefully and keep flexibility through contract staffing, scaling teams up as funding and projects firm up. |
Source: Arab News
Startups & Entrepreneurship
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$45,000 prize pool two Saudi startups are competing for at the LBS MENA final |
Health-tech SDM and fintech NSBH are among 10 finalists at the London Business School MENA Startup Competition, competing for a share of $45,000. SDM’s AI tool reads a retinal image in under a minute with over 90% sensitivity; NSBH offers trade credit for small firms.
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The TASC Take A deepening startup scene creates skilled jobs in health tech, AI and fintech — and demand for specialised talent that is hard to find. Fast-scaling founders often need flexible hiring and payroll support to grow without building large HR teams too early. |
Source: Arab News
Technology & AI
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AI now used across the energy value chain to predict disruptions before they hit |
Saudi Arabia’s Energy Ministry is using AI and live data to anticipate disruptions before they occur, an official told Arab News at the WPC Energy Congress in Riyadh. It has partnered with Humain and SDAIA and signed an MoU with the International Energy Forum.
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The TASC Take AI is moving into core operations — but the model is AI plus skilled people, not AI alone. Demand is growing for data, AI and systems specialists who understand energy. Employers should map which roles to automate and which need skilled, Saudisation-compliant teams, and hire for both. |
Source: Arab News
TASC in Saudi Arabia
Saudization in 2026: key hiring rules for employers
Saudisation targets, Qiwa contract documentation and job-title rules have all tightened this year — and enforcement on illegal hiring is stepping up. Our guide sets out what changed, what it means for your Nitaqat band, and how to stay compliant while you hire.
TASC Outsourcing — People for Tomorrow. Contract staffing, permanent hiring, payroll and EOR across Saudi Arabia.
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