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.
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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.”
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Name: Thndr
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Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
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Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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Director: Yeon Sang-ho
Rating: 2/5
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Engine: four-litre V6 and 3.5-litre V6 twin-turbo
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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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.”
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Lexus LX700h specs
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Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
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Ms Yang's top tips for parents new to the UAE
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- Keep an open mind
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