The number of companies in Dubai, indulging in job cuts, have reduced now, compared to the layoffs that happened earlier this year, but, hiring would continue to remain slow, until employers gain confidence that the worst of economic recession is over, revealed recruitment executives in Dubai.
Several thousands of expatriates lost their jobs in the Gulf trade and tourism hub of Dubai, ever-since the financial crisis hit the region, and triggered a real estate crash, which put an end to the six year economic boom.
Job layoffs will bear a direct impact on the world’s third-biggest oil-exporter, as 80 percent of its population comprises expatriates, who can continue to survive here, only if employed.
Ahmed Waarie, the General Manager at Watson Wyatt Dubai, an HR consulting firm, said that although job cuts still exist, they are not as much as in December or January. Jobs pertaining to the real estate development sector were hit hard.
With scores of projects being shelved, the sales dropped, developers cut staff and few property sales support divisions were virtually eliminated. The UAE does not release regular job data.
Professionals in Dubai are of the opinion that the worst is yet to come, says Rabea Ataya, the Chief Executive of Bayt.com, the recruitment portal.
Bayt.com receives 5000 to 6000 new applications from jobseekers each day, an increase of upto 40 percent from last year.
Three out of four UAE-based professionals are concerned about the job security, with 57 percent of them agreeing that their company had slashed jobs, reveals a joint-survey by Bayt.com and YouGov last month.
Few employers in the UAE are still hiring, but, are demanding better skills for the same pay. During the boom years, employees did job-hopping for better pay scales in a country that levies no income taxes. Six months ago it was a candidates market, but now, it is an employers’ market, says Cliff Single, Commercial Manager, BAC Middle East.
The jobs that are available currently are now “ultra, ultra competitive” said Christo Daniels of IQ Selection, and added that companies in Abu Dhabi are hiring more than those in Dubai. Posted on 6/5/2009
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