The UAE job market is upbeat with moderate hikes in salary levels across all sectors this year, according to a recruitment agency report.
According to the Morgan McKinley UAE Salary Guide, salaries are predicted to rise by an average of five to six per cent.
Despite a fall in oil prices, the oil and gas sector continues to have a positive outlook in 2013 with salaries set to grow by 5.1 per cent in 2013 within the energy sector. This trend is driven by a sector-wide effort to retain and attract talent, the report found.
Morgan McKinley also noted significant pay increases across the disciplines of engineering, procurement and construction contractors in the oil and gas sector, while mid to senior level pay rates held steady.
Talent retention and attraction continued to be a major challenge in the oil and gas industry as regions including the US, Canada and CIS remained competitive in offering substantial employee remuneration, the report said.
Financial services and banking is expected to see a moderate salary growth of five per cent, with the industry on lookout for experienced professionals who are capable of bringing in business.
The regional banks and sovereign wealth funds have continued to benefit from progressive growth strategies by able bankers. Despite Moody’s downgrade of three major banks in the region, the banking industry is set to grow in 2013, the report states.
According to the report, the UAE construction industry is showing signs of recovery with increased competition. This trend has subsequently led to salary packages and entry-level thresholds being renegotiated.
Unemployment, especially among Middle East youth, is rife the world over with a recently released ILO report estimating the global jobless figure to be around 12.6 per cent in 2013.