Renewed optimism: job opportunities in the UAE increase 21%
A renewed optimism in the job market was evident with number of job seekers in the UAE increasing by 30 percent between the first and second quarter of 2014, global recruitment specialist Morgan McKinley said in its new survey.
The survey showed that professional job opportunities across the UAE has increased by 21 percent between the first and second quarter of 2014.
The number of vacancies increased from 6,653 in the first quarter to 8,057 in the second quarter, representing a 5 percent rise when compared to the second quarter of 2013, the report said.
The survey highlighted that the number of professionals looking for new positions in the second quarter totaled to 45,575, while the first quarter registered 35,138 jobseekers. This represents a 30 percent increase. In comparison, the increase was only 12 percent the second quarter of 2013.
“In our latest UAE Employment Monitor we can reveal that job figures continue to rise, both in terms of those seeking employment and positions available, as the region continues to move away from recession. This is consistent with recent data from the Dubai Statistics Centre,” said Trefor Murphy, Managing Director, Morgan McKinley UAE.
“It revealed that Dubai’s economy grew at a faster rate last year than at any time since 2007. Moreover, Q2 is always a significant time for hiring in the region, especially this year with Ramadan beginning in late June and companies pre-planning for the summer slowdown.”
Murphy added that the construction sector continued to show promise, and no signs of slowing down.
“Last quarter we reported the continuing growth of the construction sector, and in Q2 this shows no sign of slowing, particularly in the light of recent plans to build Dubai’s Mall of the World, a 48 million square feet shopping centre which will be four times as big as Europe’s biggest mall.”
Manufacturing, banking and tourism sectors are also continuing to expand. “There continues to be strong growth in supply chain management, as well as for construction industry professionals specializing in procurement. The consumer goods and FMCG industries are also continuing to expand, leading to demand in the areas of both manufacturing and distribution. Banking recruitment also remains busy, particularly in the regulatory space.
“Last quarter we reported on the floating of Marka, which was the first IPO on Dubai’s main stock exchange in five years. However, while we anticipated that this would lead to more IPOs and a positive impact on operational roles in the banking sector, this is yet to occur due to the fragile markets. However, heading into Q3 we expect this situation to improve, particularly given the appetite for investment.”
While candidates have shown tremendous confidence and experience in taking on new roles, Murphy observed that there are still many who flock to the UAE from the UK and Ireland without a career plan in mind.
“We are noting a trend of supply outweighing demand in many areas, with a large number of people moving to the UAE, particularly from the UK and Ireland, without a real career plan and lacking the appropriate expertise required by companies here.”