GCC healthcare job demand soars; UAE finance, accounting slips

Dubai - Job opportunities in GCC healthcare sector are soaring and at the same time UAE's finance and accounting professionals are facing less demand, according to the November 2015 Monster Employment Index - monthly gauge of online job posting activity in Middle-East based on a real-time review of tens of thousands of employer job opportunities.

"Looking closer at the UAE data for November 2015, online job demand is looking gloomy for finance and accounting professionals, with a negative year-on-year growth of minus two per cent. Risk appetite is low as market liquidity and financial institutions are adopting cost cutting policies, while reducing exposure to riskier assets and avoiding bad debts," said Sanjay Modi, managing director, Monster.com, India, Middle East, South East Asia and Hong Kong.
"GCC economy growth has slowed down due to the low oil price environment, which has adversely affected growth in the non-oil sectors as well. The job market has not been spared either, as revealed by the Monster Employment Index.
The year-on-year growth this month has eased considerably as compared to Q2 and Q3 2015, with the oil and gas sector continuing to exhibit the steepest decline in job demand. We expect the slowdown in job demand to continue, in line with the International Monetary Fund's (IMF) regional economic outlook for the Middle East and Central Asia, which has projected further slowdown in GCC economic growth for the short-term."
The report further states that inspite of the general slowdown in the job market, the Middle East is witnessing a rising need in serving the GCC healthcare sector. Looking at the November 2015 data for professionals working in this field, job opportunities continue to soar reaching 36 per cent year-on-year growth, in addition to the industry itself recording a 20 per cent year-on-year growth in terms of job posting. "This trend is reflected particularly in the UAE, with the healthcare sector leading the year-on-year top growth charts with a 60 per cent increase. According to a Dubai Health Authority official, Dubai anticipates to welcome more than 500,000 medical tourists by 2020 and generate Dh2.6 billion in revenue, marking a 20 per cent growth over 2015.
- business@khaleejtimes.com