UAE salaries will largely remain flat this year
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.