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Middle East job market bounces back with 18% increase after pandemic slump
The banking and financial services industry witnessed a 54% increase in growth, while the technology sector experienced a 20% surge, and the human resources sector saw a 10% rise.
While hiring activity has slowed down worldwide, job opportunities in the Middle East surged by 18% during the first quarter of this year, says a new report. This growth was fueled by the fiscal and monetary policies implemented by the government, resulting in a robust post-pandemic recovery of the job market in the UAE.
The banking and financial services sector experienced the most substantial increase, with a 54% surge in job openings compared to the previous year. The technology industry followed with a 20% rise, and the human resources sector grew by 10%.
Jason Grundy, managing director of Robert Walters Middle East & Africa, said, “The economic stability and strength of the Middle East has meant that investment into the region continued unabated. Dubai, in particular, has continued to surge economically.”
“All these positive market factors are having an equally positive impact on professionals — with an increase in relaxing laws and visa requirements, as well as attractive compensation packages all acting as positive drivers to expat talent.”
The UAE’s rebound from the economic slowdown has been aided by implementing a new unemployment insurance scheme set to take effect on January 1 and reforms aimed at fortifying the business climate. These measures have also increased foreign direct investment and provided companies with incentives and new visa options for skilled workers.
In November of last year, Michael Page, a leading recruitment specialist in the UAE, projected that the job market in the country would expand in 2023. Likewise, in October, a report by Bayt.com and YouGov revealed that 86% of workers were optimistic about their career opportunities.
“Risk and compliance is the leading area being recruited for, with vacancies up 27.6% on the 2022 average. However, the largest increase has been for investment management roles, with vacancies up 30%,” the report said.