Related — UAE salary guide 2021: How much should you be earning?
The jobs market in the UAE has made a strong recovery and salaries will remain stable in 2022, driven by Expo 2020 Dubai and the government’s positive handling of the Covid-19 pandemic, according to a new report.
The most resilient sectors next year will include technology, human resources, health care and life sciences, while there will be accelerated demand for skilled workers in the areas of digital and data, and project management, recruitment specialist Michael Page said in its UAE Salary Guide & Hiring Insights 2022 report.
“With the very successful launch of the long-awaited Expo 2020, coupled with the UAE’s overall positive handling of the pandemic and other government initiatives, a significant return in market confidence has led to a strong recovery in the UAE job market,” Jon Ede, regional director for the Middle East at the PageGroup, said on Monday.
“We are certainly seeing more stability or predictability in terms of salary budgets within the UAE. We are also seeing increased flexibility by employers willing to pay more in order to secure the best talent and, in response to that, counter offers to retain key talent are on the rise.”
Since the Covid-19 pandemic began in March last year, the UAE has spent billions of dirhams in economic stimulus measures to support businesses.
Business activity in the non-oil private sectors of the Arab world’s second-biggest economy continued to improve in October, boosted by the easing of Covid-19 restrictions, a rise in tourism and increased spending amid the economic recovery.
The UAE's headline PMI reading climbed to 55.7 in October, from 53.3 in September, underpinning a marked increase in new business during the month, driven by rising spending amid the opening of Expo 2020 Dubai. A reading above 50 indicates economic expansion while anything below points to a contraction.
Last week, a report by Mercer found that employers in the UAE will go on a hiring spree in 2022 and raise salaries by an average 3.6 per cent as demand for jobs picks up amid the UAE's post-coronavirus economic recovery.
“Signs of growth abound and are evident in the increased hiring activity that we have seen in 2021 and the positive forecast for 2022,” Andrew El Zein, a career department associate for the Mena region at Mercer, said at the time.
“Employers are prioritising hires for in-demand skill sets that will support future business growth. However, the talent pool is still developing, causing somewhat of a talent war.”
The pandemic has been a catalyst for long-term change in the workforce, with a hybrid working model becoming more common, Mr Ede said.
“Never has it been more important to understand what attracts, motivates and helps to retain talent – understanding these aspects should influence any organisation's hiring management strategy moving forward,” he said.
Project management skills are critical in today’s job market, with organisations seeking professionals to help to define strategic plans for their business recovery after Covid-19, Mr Ede said.
“They are also looking for individuals with hands-on implementation experience to help deliver the projects. Adaptable project management professionals are also needed to facilitate the ongoing digital transformation and product development happening across industries.
“Post the pandemic, healthcare companies [such as] hospitals and laboratories are also looking for talent with project management experience.”
Meanwhile, 85 per cent of respondents to the Michael Page survey believe they can fulfil their tasks or responsibilities remotely.
Employers are also becoming increasingly comfortable working with dispersed teams, with 50 per cent of respondents reporting an increase in the number of roles advertised with remote work as part of the package, the research found.
Earlier this month, a survey by professional network service LinkedIn found that remote job postings have more than doubled in the UAE as companies adapt to changing preferences in the workforce caused by the pandemic.
Asked if remote work would affect salaries and benefits, 41 per cent of respondents to the Michael Page study said they did not see a connection between benefits, salaries and remote work, while 32 per cent predicted that home workers would receive more specific benefits such as internet supplier and electricity subsidies.
However, 27 per cent “saw the glass as half empty” and highlighted the perks and benefits home workers would lose, such as lunch allowances and company cars, the report said.
Ninety-eight per cent of respondents also believe they have the skills needed for the current job market, while 52 per cent have participated in webinars, 57 per cent have taken a training course since the start of the pandemic and 84 per cent of respondents said they identified their skills gap through self-reflection.
“It shows that candidates today are capable and happy to judge themselves against the market and that they feel they have the skills they need to be successful,” the report said.
Meanwhile, 47 per cent of respondents said they are considering relocating to work and live in a more “economically dynamic area”.
About 43 per cent said they wanted to move to reduce their living costs, 37 per cent would relocate to improve their quality of life, such as improved access to health care and community spaces, while 30 per cent want to be closer to family and loved ones.
When asked how relocation would change their employment conditions, 43 per cent said they would look for a job in a different industry, 30 per cent said they would relocate and look for a job in the same industry and 29 per cent said they would only relocate for an equivalent role.
However, about 61 per cent of respondents said a relocation would boost their salaries.
“Others were not looking for a promotion or even a new job, including 20 per cent who said they would start their own company and 18 per cent who would be prepared to re-enter education or long-term training,” Michael Page said.
“In the coming years, we should have a better idea of whether relocation aspirations are a short-term reaction to the stresses of Covid or a long-term consequence of the remote-working boom.”
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
SPEC%20SHEET
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UAE%20v%20West%20Indies
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Results
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
More on Palestine-Israeli relations
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
The Equaliser 2
Director Antoine Fuqua
Starring: Denzel Washington, Bill Pullman, Melissa Leo, Ashton Sanders
Three stars
'Ashkal'
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
MATCH INFO
Uefa Champions League semi-final, second leg
Real Madrid (2) v Bayern Munich (1)
Where: Santiago Bernabeu, Madrid
When: 10.45pm, Tuesday
Watch Live: beIN Sports HD
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
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