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Emirati professionals are increasingly turning to the private sector for career progression, driven by government efforts to further develop the UAE labour market for citizens, according to a report by recruitment consultancy Michael Page.
Initiatives such as the Emirati HR Development Council, launched by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, in July last year are helping to boost Emirati interest in the private sector, Michael Page's 2022 Emiratisation salary and hiring insights guide found.
Michael Page polled more than 1,400 Emirati professionals last year as it prepared the guide.
In the fourth quarter of 2021, “we saw a huge shift in the market with strong, qualified UAE national candidates receiving multiple offers — this is the busiest the Emiratisation job market has been”, said Samantha Wright, managing consultant for Emiratisation at Michael Page.
“Emiratis are not only looking for attractive salaries and financial benefits when joining a company; they are also looking for learning and career progression and how their work can directly impact business growth.”
The jobs market in the UAE, the second-largest Arab economy, has made a strong recovery from the coronavirus-induced slowdown on the back of the government’s fiscal and monetary measures.
About 76 per cent of UAE employers plan to expand their workforce in 2022, according to a survey in February by jobs portal Bayt.com and market research company YouGov.
What is the salary and employment outlook for Emirati private sector jobseekers this year? Read on to find out.
Are private sector Emirati professionals expecting a salary rise in 2022?
Last month, a survey by recruitment company Hays found that a majority of private sector Emirati employees expect their salaries to increase over the next 12 months (see our slideshow above) as business confidence and hiring activity return to pre-coronavirus levels.
Half of all Emiratis surveyed said they expect an increase in salary, compared with 43 per cent in 2021, while 48 per cent expect their wage to remain the same and 2 per cent expect a decrease, according to the Hays Emiratisation Salary Guide, which polled more than 180 Emiratis in the fourth quarter of 2021.
“This is the first time since running our annual salary survey that we have seen expectations for salary increases outweigh those expecting their salary to remain the same year on year within the Emirati community,” said Grace Eldridge, business manager of Emiratisation at Hays.
“Confidence in the market is at a three-year high, with business activity generally above and beyond pre-pandemic levels in the UAE. As a result, we expect a higher number of salary increases to be awarded this year than in the past two years.”
Will private sector employers increase salaries in 2022?
About 74 per cent of employers in the UAE plan to increase salaries in 2022, compared with 36 per cent in 2021, the Hays report found.
Seventy-nine per cent of UAE employers are positive about the outlook for business in 2022 and 74 per cent expect business activity to increase, up from 54 per cent and 63 per cent last year, respectively, Hays found.
Meanwhile, 32 per cent of Emiratis received a salary increase in 2021. The average increase in pay was between 5 per cent and 10 per cent, according to the Hays salary guide.
Among Emiratis who expect a pay rise this year, the majority expect an increase of 5 per cent to 10 per cent.
“When we refer to pay rises and trends, these are not typically awarded on a companywide basis,” Ms Eldridge said.
We expect a higher number of salary increases to be awarded this year than the past two years
Grace Eldridge,
business manager of the Emiratisation division at Hays
“Instead, pay rises are more commonly offered on an individual basis as a result of a professional either starting a new job with a new company or an individual performance-related pay increase, and we expect the same again this year.”
Benefits packages, salary and career development are the top three factors that attract Emiratis to organisations, according to Hays.
However, 59 per cent of Emiratis said salary was the main reason for switching jobs in 2022.
Work-life balance and time with family are also important to Emiratis, with flexible working options high on their agenda when considering an employer.
Emiratis are likely to stay with the same organisation for more than five years if they receive career development opportunities and a competitive salary, the report said.
What are the most in-demand sectors?
The most sought-after Emirati candidates in the job market are those with industry qualifications and years of experience in both local and international markets, Hays found.
Technology continues to be the most sought-after profession among Emiratis, particularly for roles relating to data science, product development, software development and cyber security, according to Hays.
It is not surprising that we have seen an increase in interest from private sector entities looking to hire or gain knowledge around hiring Emirati talent, the noticeable sectors being IT, technology, HR, finance and investment
Samantha Wright,
managing consultant for Emiratisation at Michael Page
There is also high demand for corporate strategy and leadership roles as organisations look to re-establish and realign their budgets and growth objectives after the pandemic, requiring Emirati candidates with strong commercial and decision-making skills, the consultancy said.
Private sector companies are also looking to hire or gain knowledge about hiring Emirati talent in 2022, Ms Wright of Michael Page said.
“It is not surprising that we have seen an increase in interest from private sector entities looking to hire or gain knowledge around hiring Emirati talent, the noticeable sectors being IT, technology, HR, finance and investment,” she said.
“Emiratisation is one of the key discussions we are having with private sector clients in the UAE, especially within the banking sector, given the increased Emiratisation quota in this sector, initiated early in 2021.”
What are the highest paying jobs for Emiratis in the private sector?
- Human resources: chief human resources officer — Dh70,000-Dh105,000 (Abu Dhabi); Dh60,000-Dh95,000 (Dubai) per month
- Marketing: chief marketing officer — Dh65,000-Dh95,000 (Abu Dhabi); Dh58,000-Dh92,000 (Dubai)
- Procurement: chief procurement officer — Dh105,000-Dh125,000 (Abu Dhabi); Dh90,000-Dh105,000 (Dubai)
- Legal: chief legal counsel — Dh80,000-Dh120,000 (Abu Dhabi); Dh72,000-Dh112,000 (Dubai)
- Office support: office manager — Dh25,000-Dh40,000 (Abu Dhabi); Dh20,000-Dh35,000 (Dubai)
- Technology: chief technology officer — Dh75,000-Dh150,000 (Abu Dhabi); Dh70,000-Dh140,000 (Dubai)
What are the highest paying jobs for Emiratis in the public sector?
- Human resources: chief human resources officer — Dh92,000-Dh170,000 (Abu Dhabi); Dh70,000-Dh105,000 (Dubai) per month
- Marketing: chief marketing officer — Dh95,000-Dh145,000 (Abu Dhabi); Dh70,000-Dh105,000 (Dubai)
- Procurement: chief procurement officer — Dh120,000-Dh140,000 (Abu Dhabi); Dh110,000-Dh120,000 (Dubai)
- Legal: chief legal counsel — Dh85,000-Dh145,000 (Abu Dhabi); Dh75,000-Dh95,000 (Dubai)
- Office support: office manager — Dh30,000-Dh65,000 (Abu Dhabi); Dh27,000-Dh37,000 (Dubai)
- Technology: chief technology officer — Dh75,000-Dh150,000 (Abu Dhabi); Dh70,000-Dh140,000 (Dubai)
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Under 19 World Cup
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
More from Neighbourhood Watch
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.”
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
