UAE jobs: Half of professionals keen to work for start-ups

About 50 per cent of white-collar professionals in the UAE would consider a start-up for their next career move, according to recruitment company Robert Walters.

Forty-two per cent of professionals in the UAE are employed by SMEs, Robert Walters said in a report on Monday, which surveyed 2,000 white-collar workers between January and February.

The figure is expected to grow to about 60 per cent as the government accelerates its support for start-ups through relaxed visa rules, business reforms that streamline company ownership laws and funding to boost foreign direct investment in the country, it said.

The UAE, the Arab world’s second-largest economy, aims to become home to 20 unicorns, or start-ups valued at more than $1bn, by 2031 under the Entrepreneurial Nation initiative, which it launched in November last year.

“These relatively new 10 to 30-person companies are managing to draw some of the UAE’s top talent away from established firms, which typically offer much higher levels of job security,” Jason Grundy, managing director of Robert Walters Middle East, said.

“Post-pandemic, we have seen a seismic shift in what professionals want from their employer – with purpose, culture and people rated above competitive pay and the well mapped out corporate ladder.”

The jobs market in the UAE has recovered strongly from the pandemic-induced slowdown on the back of the government’s fiscal and monetary measures.

Post-pandemic, we have seen a seismic shift in what professionals want from their employer – with purpose, culture and people rated above competitive pay

Jason Grundy,
managing director of Robert Walters Middle East

Last month, a survey by recruitment company Robert Half found that a majority of white-collar workers in the UAE had held on to jobs in anticipation of New Year bonuses and pay rises and would continue to be “market curious” throughout the year.

The UAE was ranked first across the Middle East and North Africa last year in terms of the number of deals and funding, according to data platform Magnitt. It found that Emirates-based start-ups raised $1.17bn across 155 transactions in 2021.

Almost a third of total funding raised by UAE start-ups went towards FinTech, the Robert Walters report found. Traditional financial institutions could face a mass exodus if they don’t start to “act like a FinTech” sooner, the company said.

Forty-seven per cent of respondents to the Robert Walters survey said an opportunity to be innovative was the main factor that attracted them to a start-up company.

About 34 per cent wanted to work for a start-up because of the ability to undertake interesting work, 30 per cent wanted exposure to open and effective management and 28 per cent highlighted high levels of autonomy, the report said.

Fifty-two per cent of those polled said they would move to a start-up for lower pay if they saw an opportunity to progress much more quickly than would occur within a corporate set-up, the research found.

Meanwhile, 42 per cent of respondents said they want to work in a culture that inspires them to do their best and a further 30 per cent are seeking employers whose social values align with their own, such as equity, mental health or the environment, Robert Walters said.

“By nature, large corporates may be slower to adopt new and emerging values, instead opting to stick with traditional ways that have been a mainstay for over 10 years,” Mr Grundy said.

“Start-ups, on the other hand, are on the front foot, listening to what is important to their employees and then acting swiftly to help ‘do their bit’.”

Separately, 62 per cent of working professionals in the UAE believe that their salaries will either rise or stay the same this year, according to a new survey by jobs portal Bayt.com and market research company YouGov.

Fifty-two per cent of those polled expect to receive a salary increment this year, while 25 per cent received a wage increase of up to 10 per cent last year, according to the survey, which polled 4,771 respondents from countries including the UAE, Saudi Arabia, Lebanon and Egypt, among others, from January 19 to February 2.

About 27 per cent of UAE employees believe an increase in opportunities and economic growth are driving higher salaries, while 25 per cent cited good corporate performance or increased profitability and 22 per cent said inflation was driving the wage rises, Bayt.com said on Monday.

Personal medical insurance is the top benefit for 36 per cent of respondents in the UAE, followed by annual air tickets (31 per cent), gratuities and company-provided accommodation (22 per cent) and a transportation allowance (21 per cent), Bayt.com said.

“While financial rewards are key to attracting talent to organisations, non-financial rewards can be essential differentiators when it comes to retaining talent and developing a more engaged, productive workforce,” Zafar Shah, research director at YouGov, said.

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If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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