Recruitment companies have topped a list of the UAE's least trustworthy advisers for the second year running, an annual survey by market research consultancy Insight Discovery found.
Twenty-five per cent of UAE residents perceive recruitment companies as having the worst reputation, said researchers who polled more than 1,016 people in the Emirates.
Meanwhile, 20 per cent of residents said credit card issuers were untrustworthy, 18 per cent flagged call centres, 12 per cent cited property companies and 10 per cent said independent financial advisers had poor reputations, the research found.
“The past 12 months have been exceptionally challenging in lots of ways, especially in relation to job security for many individuals across all types of sectors,” Nigel Sillitoe, chief executive of Insight Discovery, said on Wednesday.
“Recruiters don’t seem to have responded by showing the right professional support or guidance for candidates who need it.”
The jobs market in the UAE, the second-largest Arab economy, has recovered strongly from the pandemic-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, a survey in February by jobs portal Bayt.com and market research company YouGov said.
Sectors in the UAE with the highest recovery in hiring levels include health care, software and information technology, all of which saw recruitment pick up after the immediate onset of the pandemic, a LinkedIn report said.
The retail, recreation and travel industries have also recovered and are above pre-pandemic hiring levels, while sectors such as construction, energy and mining are yet to catch up, the report said.
The lack of trust in recruiters has continued from last year’s Insight Discovery poll, placing them first again in 2022. In the 2020 survey, recruitment companies were placed second, behind credit card issuers, Insight Discovery said.
Recruiters are also the least trusted among the 25 to 44 age group and least respected by people across every income group, the survey found.
“While most people’s criticism of recruiters assumes they mean external recruiters or agencies … the vast majority of recruiters since the rise of LinkedIn are, in fact, internal, focused on talent acquisition. There are, of course, some highly professional recruiters but too many are ineffective,” Mr Sillitoe said.
Recruiters can improve their standing by acting in a transparent way, UAE residents said in the survey.
“They need to be responsive and give clear guidance to individuals who are looking for a new job, or perhaps even a change of career,” Mr Sillitoe said.
Jobseekers who plan to use a recruitment company should only use ones that have good reputations, David Mackenzie, group managing director of recruitment agency Mackenzie Jones, told The National.
“There are lots of very bad recruiters in this region. If you are going to use a recruitment company, always use a reputed one and ask friends for their view.”
Recruiters typically do not respond to candidates who have applied for a job, Mr Mackenzie said.
“The pre- and post-sales after placing a candidate for a client is very bad. A lot of recruiters come here for the lifestyle, work for a year and then move on, rather than focus on their career,” he added.
“There is also a situation unique to the Middle East where most job adverts see between 1,000 to 4,000 candidates applying, most of whom have no relevance to the role. So, it’s not easy for us to find a good candidate.”
Financial advisers must stop cold calling to improve their reputation among people in the Emirates, the research found.
Most job adverts see between 1,000 to 4,000 candidates applying, most of whom have no relevance to the role. So, it’s not easy to find a good candidate
David Mackenzie,
group MD of recruitment agency Mackenzie Jones
“While less prevalent than in the past, this annoying and antiquated practice still goes with one or two IFA firms being guilty parties,” Mr Sillitoe said.
Unregulated companies must also stop making outrageous return claims as “they are misleading investors and tarnishing the good work done by so many IFAs in the region”, he said.
The UAE Insurance Authority’s regulations on life and family takaful insurance, which were implemented in 2020, are aimed at reducing mis-selling of life insurance products and increasing policyholder confidence in the market. As part of the regulations, the IA capped the overall commission payable on a policy over its entire course and increased disclosure requirements for financial advisers.
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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.”
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Sour%20Grapes
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THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
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