The number of job opportunities available to professionals in UAE increased by 8 percent between February and March 2014, a new survey estimates. Compared to the same period last year, there is also a rise in vacancies, which shows a slow, but steady growth in the employment market.
According to the latest survey from global professional services recruiter Morgan McKinley, the jobs market across the United Arab Emirates is showing a positive momentum. Vacancies rose by 8 percent between February and March, following an even greater growth of 12 percent in the previous period. March’s Employment Monitor reveals that in from 2,238 in February, available positions jumped to 2,417. There is a also a rise on a year-to-year basis – vacancies are up from 2,280 recorded in March 2013.
However, the number of candidates actively seeking employment increased by 16 percent. From 11,366 in February, jobseekers became 13,152 in March 2014. Year-on-year statistics also show an increase from the same period in 2013, when 12,268 professionals were actively seeking job opportunities.
The country’s growing economy has influenced the positive numbers this month. The latest purchasing managers’ index from HSBC and Markit also shows that the non-oil private sector in the country saw a rapid growth in March, with increased number of new orders, which resulted in hiring.
There are several key factors driving the rise in employment market. The construction sector continues to expand with new projects as part of the preparation for Expo 2020 in Dubai. As a result, architects, project managers and quantity surveyors are in great demand, a trend expected to maintain stable for several years at least.
The property market, boosted by the World Expo 2020 win, is influencing the entire economy; consequently, it is a factor in the employment market’s rise, as well.
The growth in the banking sector is also having an effect on the jobs market. The Dubai Financial Market General Index jumped 32 percent in Q1, 2014, which will continue to influence hiring at least until the end of May when the business traditionally slows down due to the summer heat and the upcoming of Ramadan.
The other highlight from the March’s Employment Monitor is the strong demand of skill and talent in Dubai. While the number of jobseekers has increased between February and March, employers still have difficulties finding well-educated, skilled and experienced candidates for certain positions. This could be due to the growth in neighboring countries such as Qatar, Oman and Saudi Arabia, which are luring more and more talent from Dubai. Many jobseekers are also looking for career growth and better salaries rather than simply finding a job.