Salaries double-digit jump in 2 years: '999'

The UAE job market has been showing clear signs of growth with salaries in some sectors threading double-digit increase compared to two years ago, reveals a report from the August issue of 999 Magazine, the official English monthly of the Ministry of Interior.

The report says the demand side has continuously been showing improvement thanks to the UAE’s growing economy. One of the barometers of how things are going is whether or not the job market is lively. And recruitment agencies and HR experts interviewed by 999 confirm positive changes.

Based on the interview with experts, optimism is high on all fronts in the UAE, but some industries are leading from the front. The sectors that are hiring most are industry, healthcare, financial services, information technology, legal, and human resources. Other sectors are expected to follow suit.

Within the industry sector, those on the hunt are pharmaceuticals, aerospace, alternative energy, and oil and gas. Needed for this sector are global accountancy qualification, language skills particularly Arabic, enterprise resource planning and commercial and business skills.

Within financial services, the institutions hiring are insurers, banks and private banks.  Required in this sector are international experience and risk management skills. For other sectors, the qualifications on demand are control management and e-commerce expertise skills.

Morgan McKinley, a global professional services recruitment consultancy, estimated that job opportunities here will rise a conservative 2-3 per cent this year, further stating that the UAE, with a GDP growth rate of 3 per cent, has been outperforming other regions around the world. As a result, confidence is returning to the business environment and filtering through to the hiring market.

Because the demand has absorbed the supply of talents during the downturn, fresh demand has caused salaries to go higher. In some sectors, salaries are now 15 per cent higher compared with the levels two years ago.

Lt. Colonel Awadh Saleh Al Kindi, Editor-in-Chief of 999, said: “The job market mirrors the economy. And what we’re seeing now is a true reflection of growth. We’re pleased to see that in general, most sectors have been hiring, with some specific sectors leading the way. With economic growth expected to continue, boost by the UAE’s security and stability, we also expect the job market to continue to grow.”

The 2013 report from Mercer, the New York-based global human resource and related financial services consulting firm, found that 70 per cent of UAE companies were expecting to increase offers to expats during this year.

Panos Manolopoulos, Global Vice- Chairman at Stanton Chase International and Managing Partner, Middle East, said:  “The market shows clear signs of growth, which seems to be based on an increased liquidity in the market. Also, there is an increased number of people coming into the country and wishing to invest in real estate or businesses.”

At the same time, the economic uncertainty in Europe has pushed many companies towards this region, while the announcement of big projects in the near future, and the recent development of the UAE being categorised as an emerging market further increase the positive anticipations in the market.

The 999 English Magazine is a part of the strategic plan of the Ministry of Interior to provide media coverage for the activities and efforts of the Ministry and Abu Dhabi Police. It also aims to encourage the public to contribute to the reduction of crime and enhancement of safety in the UAE.

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