Dubai - Dubai's non-oil sector growth, Expo 2020 spending lift job sentiment
Prospects for the UAE jobseekers look bright and strong as companies increase their headcount amid growth in oil and non-oil sectors. While 80 per cent of jobseekers also expect the business conditions to improve helping them to land a decent job in the coming months.
According to a survey released on Sunday by GulfTalent, the UAE is the second fastest growing country, after Kuwait, with a net 13 per cent of firms looking to expand personnel.
The bright prospects is due to rise in oil prices, which have been averaging $60 per barrel over the last six month, as well as growth in Dubai's non-oil sector and impact of infrastructure spending for Expo 2020.
The survey results showed that the jobs related to finance, human resources and marketing will be in demand. While technology-related jobs are also coming up fast as companies across various sectors look to upgrade their systems. The survey revealed that introduction of VAT will drive demand for finance professionals while HR executives are also in strong demand as they were drastically reduced over the last year and now firms intend to expand their operations. With competition heating up in the UAE, companies are also expanding their marketing teams in order to grow their market share.
The survey by GulfTalent revealed that following substantial downsizing over the last 3 years, the oil and gas sector is now witnessing the region's fastest headcount expansion, with a net 39 per cent of firms expanding their workforce to take advantage of new projects and business opportunities.
Among others, healthcare sector is also witnessing increase in headcount as the domestic population grows. Banking is another sector witnessing a healthy growth, as the improving macroeconomic environment translates to increased demand for credit and higher lending appetites of financial institutions.
Construction and FMCG continues to underperform, with very few firms growing headcount.
Abbas Ali, senior vice-president, Tasc Outsourcing, said there has been 12-13 per cent increase in demand for new jobs in the UAE in the first quarter of this year as compared to last year.
He pointed out that most of the jobs are related to technology from logistics, banking, e-commerce, pharmaceutical and other industries.
"Hiring is taking place in aviation, banking and telecom sectors as there has been a lot of upgrade in the technologies due to automation and blockchain," Ali said.
A survey by Bayt.com and YouGov revealed, that 80 per cent of UAE jobseekers in expect market conditions to improve in a year's time while 75 per cent of see improvement in the next six months period. Even at the personal level, 87.6 per cent of UAE jobseekers expect their personal financial position to improve or at least 'remain the same' in the next six months, said the survey results.
Similarly, 91 per cent of jobseekers expect their career growth opportunities to either improve or maintain the same level in the next six months. Currently, only 33 per cent percent of UAE respondents are dissatisfied with their career growth opportunities.
"Jobseeker confidence is a measure of the economic wellbeing of a country, and a reflection of job satisfaction levels and expectations based on a variety of key economic factors. Therefore, by conducting this survey, we gain insights into the influences that could help forecast economic trends across the region," said Nehal Jibouri, head of Custom Research - Mena, YouGov.
In the GCC region, the job market is set to grow at an average rate of nine per cent this year. In terms of age groups, professionals in their thirties are highest in demand, compared to their available supply, followed by those in their forties. Younger professionals in their twenties face the biggest competition in the job market, with more candidates available than job opportunities for their age and experience. The survey is based on responses of 1,117 senior executives, including CEOs and senior managers of companies across the GCC region.
The survey results showed that on average one women is hired for every three men employed with most of the jobs are filled by women in the healthcare and education sectors.
In Saudi Arabia, some employers even preferred female workers, citing higher efficiency and lower salary expectations as compared to their male peers.