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GCC job creation surges 7.7% in first quarter of 2022


Deepthi Nair
  • English
  • Arabic

RELATED: Why the Emirates has one of the world's 'strongest hiring booms'

The GCC recorded a 7.7 per cent increase in job creation in the first quarter of 2022, up from 2 per cent in the previous quarter, driven by hiring in the public, legal, banking, advisory, real estate and cloud sectors, according to a new report.

The 2 per cent increase in job creation in the fourth quarter of 2021 was a reflection of the market during the holiday period, recruitment specialist Cooper Fitch said in its Gulf Employment Index report, which monitors new job activity and employment trends.

“The GCC looks set for a very positive employment year in 2022, with each country focused on delivering against their medium- and long-term strategies around job creation,” Trefor Murphy, founder and chief executive of Cooper Fitch, said in the report on Monday.

“We are forecasting high single-digit growth across each of the Gulf countries for the year ahead.”

The jobs market in the UAE, the second-largest Arab economy, has made a strong recovery from the coronavirus-induced slowdown as a result of the government’s fiscal and monetary measures.

About 76 per cent of employers in the UAE plan to expand their workforce in 2022, a February survey by jobs portal Bayt.com and market research company YouGov found.

About two thirds of professionals in the UAE will look for new jobs in the first half of this year as business confidence and hiring activity return to pre-pandemic levels, recruitment company Robert Walters said.

Industries in the GCC that recorded the biggest increase in hiring in the first quarter of 2022 included advisory, the public sector, real estate, legal, banking, software development, cyber security and digital marketing, the Cooper Fitch report found.

“Advisory firms were busier this quarter, with a 14 per cent increase in jobs on the last quarter due to it being the start of the year and a higher amount of spending coming from the public sector across advisory, consulting and strategy,” it said.

“The public sector increased its investment across multiple industries, which has led to an all-time high in hiring across government entities with a 9 per cent increase in jobs in the first quarter of 2022 compared with the fourth quarter of 2021.”

Meanwhile, the GCC also recorded growth in the number of jobs related to environment, social and governance (ESG), digital transformation and real estate in the three months to the end of March, the report found.

There was a 17 per cent increase in the number of cloud-related jobs across the Gulf region in the first quarter, the recruitment consultancy said.

The GCC also reported a 9 per cent increase in cyber security jobs in the first quarter, “which will continue due to the upcoming football World Cup in Qatar and the rapid development of smart cities in Saudi Arabia”, according to Cooper Fitch.

“There is a big push for software engineers for in-house teams as many businesses are reaching the next stage of their tech maturity model, where they are no longer relying on external companies for their development needs but instead on in-house teams,” Mr Murphy said.

The GCC banking sector recorded a 14 per cent increase in job activity in the first quarter compared with the fourth quarter of 2021, the report found.

“We expect this to continue this year as a number of banks in the region have made announcements regarding a huge increase in hiring,” Mr Murphy said.

The increase in mergers and acquisitions activity in the GCC is leading to an increase in demand for lawyers who specialise in those activities, Cooper Fitch said.

“Due to salary increases at the end of Q4 2021, newly qualified associates are now being paid higher than before. This will be the biggest cost increase for companies as they look to ensure they can retain the best junior talent.”

There is a big push for software engineers for in-house teams as many businesses are reaching the next stage of their tech maturity model
Trefor Murphy,
founder and chief executive of Cooper Fitch

Legal jobs in the private sector increased by 18 per cent in the first quarter, while in-house legal jobs were up by 13 per cent, Cooper Fitch said.

Meanwhile, a high number of initial public offerings in the region resulted in 3 per cent growth in job creation for investment managers in the first quarter.

High growth sectors in the GCC for jobs in 2022

  • Advisory
  • Public sector
  • Real estate
  • Legal
  • Banking
  • Software development
  • Cyber security
  • Digital marketing
  • Cloud computing
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Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
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  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
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Results

5pm: Al Falah – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Bshara, Richard Mullen (jockey), Salem Al Ketbi (trainer)

5.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m; Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel

6pm: Al Dhafra – Maiden (PA) Dh80,000 (T) 1,600m; Winner: AF Mualami, Antonio Fresu, Abubakar Daud

6.30pm: Al Khaleej Al Arabi – Handicap (PA) Dh80,000 (T) 1,600m; Winner: Hawafez, Adrie de Vries, Abubakar Daud

7pm: Al Mafraq – Handicap (PA) Dh80,000 (T) 1,600m; Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi

7.30pm: Al Samha – Handicap (TB) Dh80,000 (T) 1,600m; Winner: Celestial Spheres, Patrick Cosgrave, Ismail Mohammed

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars

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$1,000 award for 1,000 days on madrasa portal

Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.

School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.

“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.  

“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
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SPECS
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Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape

The biog

Name: Greg Heinricks

From: Alberta, western Canada

Record fish: 56kg sailfish

Member of: International Game Fish Association

Company: Arabian Divers and Sportfishing Charters

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

Gorillaz 
The Now Now 

COMPANY%20PROFILE
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'Munich: The Edge of War'

Director: Christian Schwochow

Starring: George MacKay, Jannis Niewohner, Jeremy Irons

Rating: 3/5

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

The specs

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Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now

Gully Boy

Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
Rating: 4/5 stars

WWE Super ShowDown results

Seth Rollins beat Baron Corbin to retain his WWE Universal title

Finn Balor defeated Andrade to stay WWE Intercontinental Championship

Shane McMahon defeated Roman Reigns

Lars Sullivan won by disqualification against Lucha House Party

Randy Orton beats Triple H

Braun Strowman beats Bobby Lashley

Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship

Mansoor Al Shehail won the 50-man Battle Royal

The Undertaker beat Goldberg

 

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

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.”

Updated: April 11, 2022, 10:30 AM