The Middle East is expected to undergo a population surge in the coming decades, particularly in the UAE and Saudi Arabia.
The Dubai government is successfully campaigning to attract working professionals to the emirate, with its current population at 3.5 million and expected to surge to about six million in 20 years.
With a positive outlook for the economy and job opportunities increasing, how can foreign professionals looking to move to the Emirates secure the right job?
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Watch: some stats behind the UAE's hiring boom
With many leading multinational companies in the region, many people will have the opportunity to transfer — within the same company — from their home country to this part of the world.
If that is not possible and someone is looking to make the move, there are many practical steps that jobseekers can take to give themselves the best chance of securing a good opportunity.
Doing your research is an obvious but very important start when moving to a new country — and not simply about the job market but also when it comes to questions such where to live, which schools to look at and so on.
A reputable recruiter who knows the region will be able to offer sound advice on relocating. The chances are they will have done so themselves at some stage — and will want to ensure that you are settled when you move to your new location.
Understanding the costs of living in a new country is essential. It may take three to six months to find and start your new role, so for those looking to make the bold move of relocating without a job, they must ensure they budget appropriately.
It is a great idea to visit the region first, meet some property agents and schools (if required) and network with industry peers before making your final decision to move.
It is also important to understand what paperwork you will need — it is worth ensuring that documents such as marriage, birth and degree certificates are notarised before applying for jobs, as these are often needed in the application process at or before the offer stage.
If you are looking to work in a government and/or security field, then you must go through a security clearance procedure. It is worth applying for a recent criminal record check from a police station in your home country.
Focusing on the right organisation is a must. There are some huge, well-known companies in the UAE such as Emirates airline, which has currently advertised more than 100 roles (not including cabin crew) in information technology, finance, human resources and engineering.
Neom, a $500 billion giga project set to house nine million residents in Saudi Arabia, is another employer with a huge supply of job opportunities — and there are many others.
There are also a number of huge regional organisations that are less visible, but which offer an array of good job roles.
The key is to widen your network within your given sector.
A good way to do this is to apply for a LinkedIn premium account (it’s free for the first month), then you can connect and speak with relevant people in your industry. This is where doing your homework is vital.
Rather than connecting with someone to ask them if they have a job opportunity, do a bit of research on them and/or the company.
Then approach them with something like: “Hi, I read your recent post about your Q3 results and expansion plans. I see a lot of synergies with my current company. I’m moving to the region soon and it would be great to connect.”
Another important aspect to remember is to manage expectations.
You cannot expect to land an opportunity by applying for more than 100 jobs that may not fit your skill set.
Focus on what you are good at, find out which organisations have strong leaders in that field, then follow them closely.
If you see the perfect role online, then try to connect with the right person and introduce yourself, rather than clicking apply as most others will do.
Be aware that you may not always land a dream job as your first role in the region without local experience.
John Armstrong,
founder and managing director of JCA Associates
Furthermore, try to build a good working relationship with one or two recruiters that specialise in your field — and maybe check in with a message once or twice a month to keep you front of mind.
Finally, be aware that you may not always land a dream job as your first role in the region without local experience.
If you are a project manager, you may want to also consider a senior engineer's position. If you are a chief financial officer, then applying for a vice-president of finance may be a good option.
From the employer’s point of view, there is always a preference for regional experience.
So, if you are willing to show flexibility to secure your first role, this offers you a slight advantage that may mean the difference between securing a move to the Middle East or not.
John Armstrong is founder and managing director of recruitment agency JCA Associates.
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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
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
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
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Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
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.”
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
HAJJAN
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year