UAE job market slowdown sees education, oil and gas hardest hit
The education sector was followed by the oil and gas industry as the hardest hit sectors fro growth in the UAE. (UAE Interact)
The jobs market in the United Arab Emirates has seen a slowdown in year-on-year growth, the latest figures from the Monster Employment Index in the Middle East revealed.
The index, which is a monthly measure of online job activity, found the education sector to be the hardest hit with its employment growth falling by 22 per cent year-on-year in October 2015. Meanwhile, the oil and gas industry saw a 19 per cent drop from October 2014.
However, the banking, financial services and insurance industry, information technology and telecom sectors saw strong growth of around 30 per cent.
According to recruitment agency Robert Half demand for talent in these areas outstrips supply and many firms fear losing talent to positions overseas.
Meanwhile jobs within the UAE's hospitality industry grew by 22 per cent in October, despite a fall in the numbers of tourists travelling from China and Russia.
Healthcare employment also grew by 19 per cent and is expected to continue rising as the country sees a growing demand for medical tourism.
The UAE is expected to build more than 20 new hospitals and medical revenues are predicted to hit $300m by 2016.
Geographically, Kuwait led the Middle East on the Monster index charting year-on-year growth of 23 percent followed by the UAE and Egypt.
Online recruitment has dipped in Saudi Arabia and Qatar by 2 per cent and 1 per cent respectively, with both countries recording the first negative year-on-year growth since January 2015.
Monster.com India, Middle East, South East Asia and Hong Kong managing director Sanjay Modi said: “We continue to see a slowdown in the job market in the region, as evidenced by the MEI index which has almost halved from 24 per cent year-on-year growth in September 2015 to 14 per cent in October 2015.”
“This slowdown is reflected throughout the region, including the UAE market. This slowdown in online job demand is in line with industry reports about the economic slowdown in the country, triggered by the weak oil prices which are impacting the non-oil sector as well; the gradual fiscal tightening and the softening of real estate prices in Dubai."
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