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Jobs, salary outlook better for UAE this year

DUBAI, February 27, 2017

The UAE jobs market outlook for 2017 is improving and market sentiment looks reasonably positive, says a report from Cooper Fitch, formerly Morgan McKinley.

With estimates GDP growth of between 4-6 per cent across the UAE, with oil prices predicted at between $55 and $65 per barrel, the study expects to see increases in salary levels and new jobs being made available following a better than expected finish to 2016 and a similar start to 2017.

"We are seeing new hires for the year ahead, with jobs in consultancy, advisory, legal, strategy and tax, along with big infrastructure projects, playing a major part in the recruitment drive for 2017," said the consultancy.

Other areas, such as supply chain and manufacturing have also shown signs of recovery, but to a lesser extent, as have the energy and oil and gas sectors, with reasonable job creation and head count approval predicted for 2017.

2016 was a flat year economically (approximately 1-2 per cent GDP growth) and this was reflected in recruitment activity, with slower job creation and consolidation in some sectors leading to job losses, it said.

"We have seen salaries reduced or remaining flat in certain industries and it has been a particularly tough year for the banking and energy sectors. Banking remains uncertain for 2017 with a significant number of mergers planned for the next 12 months. Overall, the economy was sluggish, due in part to poor consumer confidence and low commodity prices. The number of new jobs coming onto the market was lower than in 2015, resulting in a softening of salaries for the year as a whole," said the study.

The imminent introduction of VAT in the UAE, and across the GCC, is expected to be the biggest contributor for job creation in the year ahead, it said.

"Overall, we predict that salaries will rise by between 4-6 per cent, dependent on the GDP and commodity prices outlined above. However there are significant differences in recruitment forecasts according to sector, directly impacting salary performance," it said.

Cooper Fitch specialises in jobs for the following industries - accounting, sales, marketing, banking, digital, tax, legal, audit, strategy, compliance, supply chain, construction, technical sales, manufacturing, engineering, supply chain and technology. - TradeArabia News Service
 




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