The Middle Eastern job market is known to offer ample opportunities to expatriates. Earlier, limited only to the oil and gas sectors, today the region’s economy has diversified and several sectors like banking and finance, hospitality and tourism, private sector jobs, and even the Information Technology (IT) are best areas to look for jobs. Read the following post to know more.
The economic boom in UAE and its policy for economic diversification has completely changed the job market in the country. Today, emirates like Dubai and Abu Dhabi are benefiting from the investments made in a variety of sectors and these are also resulting in thousands of jobs across different industrial niches.
Changing Scenario of the UAE Job Market
Supported by increased government investments across different industrial niches and continued high oil prices, the middle eastern economies including UAE are growing at a fast pace. The region is exceedingly gaining international prominence, as UAE is all set to host a large-scale international event in the coming decade. All these activities and developments have largely impacted the job market of the country and numerous job opportunities have been generated in a wide array of industries. Companies that struggle to find apt amount of talent in UAE often turn to expatriates to fill in the most critical roles and designations for niche specialists possessing the requisite skills and industrial experience required to ensure continuous growth.
Many professionals also choose to be an imperative part of these organizations, as UAE apart from offering a high standard of living also ensure a conducive workplace conditions. Moreover, UAE in the current day and age is like a melting pot to interact with highly talented professionals from across the world.
Dubai and Abu Dhabi– Rising Job Market
Dubai is one of the most favourable cities in the UAE. Rightly tagged as the “City of Gold”, the lucrative business environment of the Emirate has propelled its growth and economy like none other. As per reports, about 20 international companies are all set to establish their branches in Dubai. Apart from giving an incredible job opportunity, these companies also offer highly rewarding remunerations to attract skilled professionals from across the world. Thanks to its tax free salary policy, by working in Dubai, you by default enhance your income by about 20 – 25% which you would have otherwise paid as tax.
Abu Dhabi, being the wealthiest and second largest Emirate boasts the highest per capital income. With the increasing trend of industrialization in UAE, Abu Dhabi is also offering several lucrative job opportunities apart from Dubai.
UAE Employment Market Statistics
The professional job opportunities in the job market of UAE rose by about 2% within the first quarter of 2013, and this trend continues all through the year giving 2014 Q1 a booming start. Also, in the first 6 months of 2013, a considerable rise of 6% was observed in new job designations and roles.
The recruitment activity in UAE’s professional hiring market witnessed an increase right from Q1 to Q4 in 2013, and if we compare Q2 of 2013 to a year before it, a significant increase in the job requirements and new roles can be witnessed.
The Experts’ Opinion
Two industries in UAE that are witnessing very high demand for skilled professionals are construction and banking. As per Trefor Murphy, Morgan McKinley Managing Director UAE, the financial services market of UAE has recently seen a dramatic upswing, and strong growth has been projected in the banking sector across the board. With the passage of time, the banking sector has also adopted an international model for banking and is following online marketing method considerably.
On the other hand, the construction and real estate industry has also taken up considerably in the region. Rapid expansion and construction of a multitude of properties and structures across the region offer ample scope for job seekers.
Salary Growth and Job Outlook in 2014/2015
According to Gulf Talent, 2014 will prove itself a year of stronger employment growth and high rises in salaries across various industries. Salaries for expatriates working in Arab countries, especially UAE have witnessed an increase compared to the last year’s per month salary of $10,556. The salary increments in 2014 are quite higher than that of 2013, and are expected to grow much more in the years to come.
More international companies across the GCC region including UAE are expected to augment their headcounts in the year 2014 as compared to the last year. In 2014’s Q1, UAE strengthened its position as one of the prime expatriate destinations in the entire GCC.
The stability of regions like Dubai and Abu Dhabi is valued asset for expats coming here to look for a steady and stable career, and they can expect astounding growth in the future. So, if you are planning to shift base to the Middle East for a job opportunities, then it is one of the best decisions made by you.