The UAE’s job market is filled with opportunities, according to a new Bayt.com survey
49% of respondents in the UAE claim that there are plenty of jobs available across industries
The latest Bayt.com Middle East and North Africa Consumer Confidence Index survey, conducted by Bayt.com, the Middle East’s number one job site, and leading market research agency, YouGov, has shown that while more than half ofUAE respondents believe that their financial position will improve in the next six months, a majority (74%)are also expecting the cost of living to rise.
Personal Economic Situation
Just 23% of respondents in the UAE consider their personal financial situation to have improved in the last six months. In parallel, 43% claim that it has remained the same, and another 27% believe that it has gotten worse,buta noteworthy 54% of UAE respondents expect their financial position to get better in the next six months.
89% believe that the cost of living will increase or remain the same in the UAE within the same time period. Interestingly, more than half of UAE respondents (52%) revealed that their savings have decreased in comparison to last year.
In terms of purchases, close to one fourth(37%) of UAE respondents are hoping to buy a new car in the coming year, with 49%planning to purchase abrand new vehicle; 43% looking to buy second-hand. 27% of UAE respondentsare planningto invest in property, with apartments (41%) being the investment of choice, followed by villas/townhouses/bungalows (26%), and commercial properties (23%).57% are keen on buying a new property, while 26% intend to buy a pre-owned property.In terms of smaller purchases, UAE respondents are looking to purchase desktop or laptop computers (29%), furniture (22%), and LCD or plasma televisions (14%).
The Country’s Economic Situation
Overall, 38% of respondents believe that the UAE economy has improved in the last six months,while 35% claim that it has remained the same.A notable 56% expect things to get better in the next half a year.
Furthermore, 46% believe that present business conditions are either very good or good; a remarkable 65% expect business conditions to improve in a year’s time.In the UAE, jobs are considered to beplentiful according to 49% of respondents, and 42% expect a surge in the number of job opportunities in the UAE in the next six months.
Current Job Perspective
According to more than one-third (38%) of UAE respondents, their companies have grown in terms of the number of employees in the last six months. Still, 28% state that their companies have fewer people now. Half of the respondents expect the number of employees in their company to increase in the next half year.
For the most part, job satisfaction is at good levelsin the country. UAE professionals are generally happy withtheir career growth opportunities (49%),compensation (40%),non-monetary benefits (48%), and job security (44%).
“Based on the survey’s findings, there is certainly a sense of optimism emerging in the employment landscape across the MENA region,” said Suhail Al-Masri, VP of Sales, Bayt.com. “After all, half of respondents expectbusiness conditions in their countryto improve overthe next year. Moreover, half of GCC respondents (51%) are convinced that their financial position will improve in the next six months. This is, of course, primarily linked to the fact that a slew of megaprojects – such as the UAE’s Expo 2020 and Qatar’s 2022 Fifa World Cup – are set to help boost the GCCeconomiesand bolster the demand for skilled workers. Of course, this is taking place in the midst of risinginflation. Both employers and job seekers must take into account these factors in order to adequately meet their desired outcomes. While jobseekers are encouraged to build their online presence in order to stand out, employers are urged tofight the war for talentby offering competitive packagesthat can keep pace with an ever-increasing cost of living.”
Elissavet Vraka, Research Manager,YouGov, said: “It is important to recognize that more than half of respondents across the MENA region claim that their savings have decreased in comparison to last year. This means that despite their high hopes for the future, soaring levels of confidenceand satisfaction with their current positions, professionals in the MENA region are still feeling financially challenged in today’s complex market environment.”
Data for theYouGov and Bayt.com Middle East and North Africa Consumer Confidence IndexSurvey for January 2015 was collected online from January 19-31, 2015, with the participation of4,263 respondents aged 18 years and above. Respondents were from the UAE, KSA, Kuwait, Oman, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria, and Tunisia.