Growth and investment opportunities in the lead up to Expo 2020 are expected to result in large-scale job creation in the United Arab Emirates, a senior analyst has said.
“We have started to see an upswing from the middle of last year and this growth will gather momentum as we come closer to Expo 2020. The real momentum will kick in around 2017 onwards,” recruitment site Monster.com’s regional managing director Sanjay Modi told Gulf Business.
Dubai is expected to spend up to $18bn in preparation for the six-month long expo. The government has committed to $8bn in capital spending for the building of roads, rail lines, airports and an exhibition centre.
Modi explained: “These infrastructure projects are a long drawn out process. By the time the investments are announced and they take shape, there is a long lead cycle. But the important thing to note is that the government made the investment at the right time when the market needed the support.”
According to Monster.com’s index, online job postings in the UAE grew 35 per cent in July. This was the highest year-on-year growth in the region.
“The key is how Expo 2020 will finally benefit the country. If it leads to increased investments by the companies setting up their factories, businesses and organisations then these are lifelines that you are going to leverage for years to come,” he said.
In terms of attracting and retaining top talent, the UAE remains a hub for international jobseekers.
“Overall jobseekers will be looking at quality of life, security and the tax structure. Secondly, they will be driven by the global phenomenon in light of the tough situation in Europe.
“Jobseekers will look to opportunities in countries where they can get an equal or parallel quality of life and be able to save some money,” added Modi.