New jobs growth in GCC set to rise by up to 5% this year

New jobs growth across the GCC region is expected to increase from 3 per cent to 5 per cent this year after slowing in the second quarter, a new report by recruitment specialist Cooper Fitch has found.

Job creation in the region decreased by 3 per cent in the second quarter, compared with 2 per cent growth in the preceding quarter, in a reflection of the market during the holiday period, Cooper Fitch said in its Gulf Employment Index report on Monday.

“It’s not a negative impact on the Gulf jobs market, as this was anticipated as organisations experienced a slower start to the quarter due to Ramadan and then two Eid holidays coupled with the start of the summer months,” Cooper Fitch said in the report, which monitors new job activity and employment trends in the region.

UAE Salary Guide 2023 – in pictures

Salaries across the GCC region are expected to rise by an average of 5 per cent this year amid a buoyant hiring market driven by strong market confidence and a boost in investments, recruitment specialist Hays Middle East said in its GCC salary report.

Technology remains the GCC’s most active industry sector for hiring, with 77 per cent of organisations increasing their headcount last year, Hays said.

Industries in the GCC that recorded the biggest increase in hiring in the second quarter included the public sector, property, cyber security, digital, data, artificial intelligence, and sales and marketing, the Cooper Fitch employment index report found.

New jobs growth for GCC public sector roles soared 12 per cent compared with the first quarter, while demand increased for highly specialised international subject matter experts, the research found.

The GCC recorded an 8 per cent increase in the number of new positions in the sales and marketing sector, driven by demand for digital marketing, e-commerce and customer relationship specialists, as companies try to boost their online presence by creating engaging content and implementing effective digital marketing strategies, the report said.

Real estate jobs in the GCC registered an increase of 8 per cent in the second quarter, the Cooper Fitch study found.

There has also been a rise in recruitment activity for project delivery and controls roles, along with a continued demand for professionals with asset and facilities management experience.

The consultancy expects an increase in roles from Abu Dhabi government sectors, including power and water utilities.

Similarly, there was a 7 per cent increase in the second quarter for cyber security jobs in the GCC due to the high number of security breaches globally, according to Cooper Fitch.

“Currently there is a lack of professionals with expertise in threat assessment, digital forensics and incident response, making hiring a challenge,” the consultancy said.

“After the global technology layoffs at the end of 2022, other sectors have shown improvements such as digital, data and AI, which saw a rise in quarter two with local governments pushing for the digitisation of services and processes, creating a need for data-driven insights and employment opportunities.”

The demand for HR professionals in the GCC grew by 4 per cent, with significant increase in interest in HR advisory solutions around benchmarking and compensations and benefits, and talent acquisition and talent management professionals who have expertise in diversity, equity and inclusion, Cooper Fitch found.

The Gulf finance market had a positive second quarter, with an increase in vacancies in both senior finance at 7 per cent and finance at 4 per cent.

There has been a notable increase in activity from companies across oil and gas, manufacturing and transport looking for job seekers to fill a range of finance positions, the report said.

“Profiles with traditional finance expertise are more desirable to organisations if they have project finance or investment appraisal experience as they expand their operations,” it added.

Banking and financial services recorded a 3 per cent increase in new jobs in the second quarter.

“There is strong interest from overseas senior bankers to move to the GCC, this includes private, investment and corporate banking,” Cooper Fitch said.

“There has also been an influx of new financial services organisations coming to the region.”

TO%20CATCH%20A%20KILLER

%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDamian%20Szifron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shailene%20Woodley%2C%20Ben%20Mendelsohn%2C%20Ralph%20Ineson%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A

MATCH INFO

Southampton 0
Manchester City 1 (Sterling 16')

Man of the match: Kevin de Bruyne (Manchester City)

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

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.”

Five films to watch

Castle in the Sky (1986)

Grave of the Fireflies (1988)

Only Yesterday (1991)

Pom Poki (1994)

The Tale of Princess Kaguya (2013)

Mohammed bin Zayed Majlis

'We are betting on you - you are the future', Gargash tells young Emiratis

Majlis 2018: Young Emiratis see entrepreneurship and innovation on the horizon

'Pursue what you love - not just a high salary', universities minister tells young Emiratis

The priceless art and artefacts housed inside the Notre-Dame Cathedral – in pictures

From painting with coffee to collages: how this Dubai art space is encouraging art-making in quarantine

In times of crisis, we still need to turn to the arts

More from this package

UAE 'urgently needs crisis helplines' for teenagers struggling with mental health

Culture of acceptance needed to combat teen mental health issues, say experts

Netflix suicide drama 13 Reasons Why prompts young people in UAE to discuss mental health

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

Zayed Sustainability Prize

Clean water and solar homes: Zayed prize finalists present sustainability solutions

What is the Zayed Sustainability Prize?

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative

While you're here

Nasser bin Nasser: Is US-China conflict in West Asia inevitable?

Sholto Byrnes: Time for an uninhibited China to lead Asia

Damien McElroy: BRI has changed the rules of the game

The biog

Marital status: Separated with two young daughters

Education: Master's degree from American Univeristy of Cairo

Favourite book: That Is How They Defeat Despair by Salwa Aladian

Favourite Motto: Their happiness is your happiness

Goal: For Nefsy to become his legacy long after he is gon

Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)

Saudi National Day

Why the UAE has many reasons to celebrate its closest friend and ally

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

Facebook | Our website | Instagram

The biog

Name: Salvador Toriano Jr

Age: 59

From: Laguna, The Philippines

Favourite dish: Seabass or Fish and Chips

Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

New jobs growth in GCC set to rise by up to 5% this year

Industries that recorded biggest increase in hiring in second quarter include public sector, property, cyber security, and sales and marketing, Cooper Fitch report says

UAE Salary Guide 2023 – in pictures

TO%20CATCH%20A%20KILLER

MATCH INFO

Analysis

While you're here

While you're here

Main report

More from David Lepeska

Zayed Sustainability Prize

In numbers: China in Dubai

Five films to watch

Mohammed bin Zayed Majlis

You might also like

More from this package

Who's who in Yemen conflict

Zayed Sustainability Prize

Timeline

The burning issue

While you're here

The biog

Saudi National Day

Tonight's Chat on The National

The biog

What vitamins do we know are beneficial for living in the UAE