- August 16, 2022
- Posted by: axiom_admin
- Categories:
A recent Cooper Fitch report indicates that compared to the first quarter of this year, Q2 2022 has witnessed a 10% job increase in the UAE.
The UAE also experienced the biggest hike in job opportunities among other GCC nations, with Bahrain at 9%, Oman at 6%, Qatar at 4% and the region’s largest market Saudi Arabia at 3%. Kuwait’s job market was the least fortunate as it contracted by 2% in the same quarter.
The UAE has launched several initiatives to attract top talent including the introduction of Golden Visas, which has allowed various highly qualified professionals and freelances to seek the country for better returns on investments and improved lifestyle that offers a safe environment for families. The UAE is also well-known for how effectively it has dealt with the pandemic, making it an even more attractive business destination.
With the UAE’s increased oil production combined with its set plans to double the size of manufacturing by 2031, GDP is expected to increase by 5.4% this year. The region’s popular tourist destination’s economy has been growing strongly and steadily whilst record high oil prices, expanding by an estimated 8.2% in the first quarter.
Furthermore, UAE’s month-to-month Buying Managers Index (PMI), a crucial indication of the economic sector’s efficiency, has additionally shown a favorable pattern in task production in the nation.
Sales & marketing, cloud-based businesses, the public sector, IT & software development, cybersecurity, and finance are the main job markets to experience a boom in employment.
The UAE is also estimating thousands of jobs to be created in new-age sectors including 40,000 in the metaverse alone. This is in addition to opportunities for over 100,000 coders.
The latest UAE Central Bank report reveals the shift local banks are making to digital banking, led to an increase in employee numbers by a massive 845 professionals in Q1 of this year to 33,882 compared to Q1 in 2021 while the variety of branches diminished by 22 to 585. This is indicating that banks are hiring IT, sales, and marketing professionals to increase growth, paving the way for a bright future for UAE nationals and expats alike.
