No more sector-wide job cuts in UAE: Experts

Real estate and construction to be difficult sectors this year in terms of hiring. (FILE)

Even though jobs in the construction and real estate sectors remain dormant in the country, hiring is on the rise in other sectors as demand returns, pushing up the need for talent in these sectors.

Experts maintain that sector-wide downsizing in UAE may already be a thing of past. “I think the markets have started to stabilise and by now most sectors have proceeded in clearings. Thus, job cuts will be most probably [linked] with companies and not with sectors,” said Konstantina Sakellariou, Partner, Marketing & Operations Director at Stanton Chase, an executive search form focused on hiring at the senior levels.

According to her, most companies in the country are done with downsizing and will probably look at hiring this year. “Hiring will be stronger in specialised positions in the industrial sector, in the financial sector and in technology,” she told this website.

“We are still expecting real estate and construction to be difficult sectors this year; however, there is reason for optimism regarding most other sectors,” Cliff Single, Commercial Manager at BAC Middle East, a recruitment form, told Emirates 24|7.

Agrees Matthew Carter, Managing Director at McArthur Murray, another executive search firm. “We still see a downturn in construction and property but generally see improvement in the demand in other areas.”

“Areas which will [see increased hiring] this year are private banking, risk, audit & compliance, retail & corporate banks, investment banking, finance, legal and senior HR strategy roles. All these areas will see consolidation and growth in 2011,” added Hasnain Qazi, Middle East Business Manager at Huxley Associates.

 “The UAE job market saw steady improvement in 2010 and hiring has broadly picked up across all industries,” said Amer Zureikat, VP Sales at Bayt.com, a jobs search portal.

“Industries that consistently topped our job index in 2010 are banking and finance, telecommunication and construction – which seem to have managed to attract and maintain top talent in the Middle East region this year – as constantly stated by surveyed employers,” he added.

Also see:

Top reasons that prompt UAE employees to quit

Top 10 firms to work for in UAE

Recruitment firms turn flexible on payment terms

 

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