Two of the biggest questions many employees ask themselves at the beginning of a new year are: how much can I expect to earn this year and will I get a pay rise?
This year is no different, particularly as the jobs market in the UAE continues to rally on the back of strong market confidence, a boost in foreign direct investment and companies accelerating hiring plans to attract the best talent, recruitment specialists say.
“On a broader level, the UAE’s jobs market has enjoyed its strongest year in a decade, with higher-than-anticipated demand across the public and private sectors,” Trefor Murphy, founder and chief executive of Cooper Fitch, says in the recruitment consultancy’s 2023 UAE salary guide.
Watch: Some of the stats behind the UAE's hiring boom
“This activity has been fuelled in no small part by the healthy position in which the nation’s government finds itself, as well as its success in incentivising local and international funding for large projects.”
The UAE jobs market has made a strong recovery from the coronavirus-induced slowdown, boosted by the government’s fiscal and monetary measures.
The UAE, the Arab world’s second-largest economy, has undertaken a number of economic, legal and social reforms to strengthen its business environment, increase foreign direct investment, attract skilled workers with new visas and provide incentives to companies to set up or expand their operations.
It has also introduced an unemployment insurance programme, which came into effect on January 1.
As the demand for talent in the UAE continues to accelerate, we look at the salary and employment outlook for jobseekers for the remainder of 2023. Read on to find out and check out our guides above for a detailed look at salaries in your industry.
Will salaries increase in 2023?
The outlook for salary increases for employees in the UAE this year is positive, with recruitment experts forecasting an average rise of between 2 per cent and 5 per cent.
However, this depends on an employee's role and sector.
Employees in the financial services and legal sectors can expect the highest salary increases in 2023, with an average rise of 5 per cent and 4.9 per cent, respectively, recruitment consultancy Robert Half says in its 2023 UAE salary report.
This is followed by the technology industry, which is expected to record an average 3 per cent salary increase, while finance and accounting professionals will receive a 2.5 per cent wage rise and the HR sector a 2 per cent increase, it adds.
Meanwhile, a survey by jobs portal Bayt.com and market research agency YouGov this month found that 53 per cent of employees in the UAE expect to receive a salary increase this year.
About 70 per cent of employees in the Emirates believe their salaries will either increase or stay the same in 2023, according to the poll, which surveyed 2,941 people from countries such as the UAE, Saudi Arabia, Kuwait, Lebanon and Jordan, from November 16 to 28.
An increase in opportunities, economic growth, intense competition in attracting and retaining talent and good corporate performance or improved profitability were some of the reasons cited for the expected rise in salaries, the poll found.
“Based on market confidence and therefore more aggressive growth and diversification plans, organisations shifted up a gear and their appetite to invest in attracting top talent increased significantly,” Jon Ede, regional director of Michael Page UAE, says in the company’s 2023 UAE Salary Guide and Hiring Insights report.
“We have also seen a significant return to foreign investments with businesses looking to expand their international footprint into the UAE.”
Are companies planning to pay annual bonuses in 2023?
It’s good news for many employees hoping to receive a bonus in 2023, with almost 75 per cent of business leaders who responded to the Cooper Fitch salary guide survey saying they plan to reward staff for their hard work over the past 12 months.
However, 26 per cent of respondents will not be paying an annual bonus, the majority of which represented the logistics and supply chain sector.
Thirty-six per cent of respondents to the survey say they expect to pay a bonus equal to one month’s gross salary, while 20 per cent plan to pay two months’ gross salary.
Meanwhile, 10 per cent of respondents will pay staff a bonus of up to three months’ salary, 3 per cent will pay four months and 1 per cent will reward employees with a five-month bonus.
“Employees working for 4 per cent of the companies surveyed this year can look forward to annual bonuses amounting to a generous six months’ gross salary,” Cooper Fitch says in the report.
“The sectors represented in this category include banking, financial services, investment management and consulting.”
Top 15 companies to work for in the UAE, according to LinkedIn — in pictures
What benefits can jobseekers expect in 2023?
A competitive benefits package is essential to attract the best talent, according to recruitment experts.
Some companies are thinking outside of the box and offering employees extra bonuses or one-off stipends to help ease a rise in the cost of living as well as enhance employee loyalty and encourage them to stay with the business, recruitment consultancy Robert Half says in its 2023 salary guide.
“Others are making longer-term adjustments to allowances for health care and housing — costs that are, and will likely continue to be, increasing and putting strain on employees’ personal finances,” Gareth El Mettouri, associate director for the Middle East at Robert Page, says in the report.
“To make it possible to offer these increases to employees, business leaders are having to make cuts elsewhere,” Mr El Mettouri adds.
“Many are looking to reduce overheads, and family allowances are one of the casualties. More organisations are offering single-status benefits rather than family benefits, which reduces the costs associated with education and health care.”
Learning to embrace a hybrid work model proves to be key in attracting and safeguarding employees
Michael Page,
2023 Salary Guides and Hiring Insights
In today’s knowledge economy, employees and jobseekers are focused on acquiring new skills to succeed in their careers, Michael Page says in its salary guide.
Training and career development are among the most wanted employment benefits, followed by private health care for employees and their families, it adds.
“Other benefits that make a difference include financial advantages, life insurance and company-issued tech devices,” the Michael Page report says.
Flexible working — a legacy of the Covid-19 pandemic — remains a top priority for employees in 2023, with the most popular arrangement for workers being three days in the office and two days at home.
“Learning to embrace a hybrid work model proves to be key in attracting and safeguarding employees,” Michael Page says.
What are the most in-demand jobs in the UAE in 2023?
The UAE’s economy is growing rapidly, driven by “impressive recovery rates” of key segments that underpin it, Mr Murphy of Cooper Fitch says.
“Our team sees 2023 as a year in which this momentum will continue to build,” he says.
“The consulting sector, for example, has established itself as a high economic performer for the UAE, and Dubai remains the GCC hub for this market.”
Consultants specialising in tax, law, strategy and technology are likely to be in high demand in 2023, Mr Murphy says.
In the banking and financial services sector, there is also growing demand for venture capital professionals, employees with start-up portfolio experience and compliance experts, according to the Michael Page salary guide.
“Compliance remains one of the key in-demand skill sets across the region, driven by sustained high volumes of newly established entities across the DIFC and ADGM, as well as the constant evolution of compliance frameworks, controls and processes,” the report says.
Other in-demand roles include nurses, doctors and medical scientists, driven by the UAE’s growing focus on biotechnology, digital health care and research and innovation, according to Michael Page.
“Their aim is to develop the smart healthcare sector and drive it to become the world’s international destination for health innovation,” it says.
HR professionals are also in demand as the jobs market continues to accelerate in the UAE, with companies seeking specialists who can help to set up policies and processes as well as drive recruitment campaigns.
Meanwhile, the technology sector will also dominate hiring in the UAE this year, as companies continue their post-coronavirus pandemic digital transformations, LinkedIn said last week.
Employers are seeking advanced skills such as programming languages and cyber security in response to a growing emphasis on data and automation in the region, according to data compiled by the world’s largest professional network.
What are the highest paid jobs in the UAE in 2023?
- Banking: head of consumer banking — Dh95,000-Dh200,000 (per month)
- Legal: partner (5+ years) — Dh105,000-Dh231,000
- Public sector: undersecretary — Dh131,800-Dh183,000
- Strategy: chief strategy officer — Dh92,000-Dh131,000
- Senior finance: group chief financial officer — Dh102,000-Dh153,000
- Sales and marketing: chief marketing officer — Dh70,000-Dh120,000
- Manufacturing: managing director — Dh99,000-Dh136,000
- Supply chain: general manager — Dh61,000-Dh95,000
- Investment management: chief investment officer — Dh84,000-Dh158,000+
- Technology: chief digital officer — Dh95,000-Dh126,000
- Human resources: chief shared services officer — Dh104,000-Dh147,000
- Accounting and finance: chief financial officer — Dh75,000-Dh170,000
- Property and construction: general manager — Dh65,000-Dh100,000; executive director of sales Dh78,000-Dh115,000
- Secretarial and office support: personal assistant — Dh20,000-35,000
Sources: Cooper Fitch and Michael Page
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
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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If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
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MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Avatar%20(2009)
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m
Winner Bella Fever, Dane O’Neill (jockey), Mike de Kock (trainer).
7.05pm Handicap $135,000 (T) 1,400m
Winner Woven, Harry Bentley, David Simcock.
7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m
Winner Fore Left, William Buick, Doug O’Neill.
8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m
Winner Rusumaat, Dane O’Neill, Musabah Al Muhairi.
8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m
Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.
9.25pm Handicap $135,000 (T) 1,800m
Winner Art Du Val, William Buick, Charlie Appleby.
10pm Handicap $135,000 (T) 1,400m
Winner Beyond Reason, William Buick, Charlie Appleby.
Afghanistan Premier League - at a glance
Venue: Sharjah Cricket Stadium
Fixtures:
Tue, Oct 16, 8pm: Kandahar Knights v Kabul Zwanan; Wed, Oct 17, 4pm: Balkh Legends v Nangarhar Leopards; 8pm: Kandahar Knights v Paktia Panthers; Thu, Oct 18, 4pm: Balkh Legends v Kandahar Knights; 8pm: Kabul Zwanan v Paktia Panthers; Fri, Oct 19, 8pm: First semi-final; Sat, Oct 20, 8pm: Second semi-final; Sun, Oct 21, 8pm: final
Table:
1. Balkh Legends 6 5 1 10
2. Paktia Panthers 6 4 2 8
3. Kabul Zwanan 6 3 3 6
4. Nagarhar Leopards 7 2 5 4
5. Kandahar Knights 5 1 4 2
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
