Why 2019 will be the year of the em­ployee

Pay rises, pos­i­tive eco­nomic cli­mate and lower rents are all tak­ing shape

Arabian Business English - - FRONT PAGE -

Salaries to go up

Ex­perts pre­dict that a ma­jor­ity of UAE or­gan­i­sa­tions will in­crease salaries in the com­ing year. A re­cent re­port from Korn Ferry, for ex­am­ple, found that 65 per­cent of com­pa­nies will have in­creases. These in­creases, the re­port noted, will range be­tween 2.5 per­cent and 4.5 per­cent, depend­ing on a va­ri­ety on regional and global eco­nomic fac­tors. Work­ers in some sec­tors such as F&B may see salaries go up by as much as 12 per­cent.

Eco­nomic re­forms be­gin to take hold

New rules an­nounced by the UAE in 2018, in­clud­ing 100 per­cent for­eign own­er­ship and 10-year res­i­dency visas, have be­gun to be im­ple­mented and are ex­pected to at­tract a sig­nif­i­cant num­ber of new busi­nesses to come to the coun­try, in turn pro­vid­ing new em­ploy­ment op­por­tu­ni­ties. This will lead to an in­crease in job open­ings for work­ers in the UAE and will be more at­trac­tive for ex­pats to live and work here.

An at­trac­tive real es­tate mar­ket

Rents and sales prices are ex­pected to con­tinue to soften in 2019 in both Abu Dhabi and Dubai, as a re­sul­tant of sig­nif­i­cant amounts of new sup­ply com­ing onto the mar­ket. With salaries increasing and rents go­ing down, the cost of liv­ing is likely to go down for some UAE res­i­dents. Gen­er­ally low rents are also ex­pected to help many UAE res­i­dents

‘move up’ in terms of size, qual­ity and lo­ca­tion.

The surge in busi­ness con­fi­dence is due to the UAE’s eco­nomic di­ver­si­fi­ca­tion plans com­ing to fruition

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