UAE salaries will largely re­main flat this year

The Pak Banker - - 6BUSINESS -

DUBAI: Global un­cer­tainty, an oil price slump, and gen­eral lack of con­fi­dence in the UAE econ­omy is af­fect­ing em­ploy­ment such that salaries will largely re­main flat in 2016, pre­dicts the Mor­gan McKin­ley 2016 UAE Salary Guide. Al­though salaries are ex­pected to re­main broadly flat this year, there are some sig­nif­i­cant in­creases for cer­tain roles com­pared with the pre­vi­ous year. Na­tion­al­i­sa­tion tar­gets mean that lo­cals with rel­e­vant ex­pe­ri­ence, or pro­fes­sion­als with lo­cal ex­pe­ri­ence, will be highly at­trac­tive to em­ploy­ers across all sec­tors in the re­gion.

Govern­ment ef­forts to di­ver­sify the UAE econ­omy will lead to em­ploy­ers driv­ing hir­ing in 2016 in man­u­fac­tur­ing com­pa­nies that pro­duce avi­a­tion sup­plies, fast-mov­ing con­sumer goods, med­i­cal devices and phar­ma­ceu­ti­cals. FMCG and phar­ma­ceu­ti­cal em­ploy­ers will hire pro­fes­sion­als with ex­pe­ri­ence in ac­count­ing and fi­nance; man­u­fac­tur­ing and en­gi­neer­ing and sup­ply chain and pro­cure­ment to grow their busi­ness.

The oil and gas re­cruit­ment mar­ket is set to have its most dif­fi­cult year for more than a decade in 2016, and while fi­nan­cial ser­vices were ex­pected to have a buoy­ant year in 2016, this now looks un­likely. Grad­u­ates with a fi­nance-re­lated de­gree con­tinue to be par­tic­u­larly sought af­ter by both lo­cal and in­ter­na­tional em­ploy­ers in the re­gion; while se­nior risk and com­pli­ance of­fi­cers, with sev­eral years' ex­pe­ri­ence, are also in high de­mand as banks look to com­ply with strin­gent rules set by reg­u­la­tors.

Tre­for Mur­phy, man­ag­ing di­rec­tor of Mor­gan McKin­ley UAE, noted: "Since the out­look for 2016 is highly un­cer­tain, some doom and gloom is start­ing to creep into mar­ket sen­ti­ment. Whilst the UAE econ­omy is highly di­ver­si­fied and com­plex, it is still heav­ily re­liant on nat­u­ral re­sources, which af­fects all in­dus­tries and pro­fes­sional dis­ci­plines.

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