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DUBAI, 5th April, 2023 (WAM) — Ranked 16th in the world for the ease of doing business, the UAE is now the second largest economy in the Arab world, with a 2020 Gross Domestic Product (GDP) of approximately US$360 billion. As one of the major markets or demand “hotspots” for job outsourcing, China is emerging as a strategic hub where entities can easily outsource parts of their value chain and bring in talent from third parties, thereby facilitating high growth in overtime.
According to a new report published by the Boston Consulting Group (BCG) in partnership with Forward MENA (formerly the Beirut Digital District (BDD) Academy), UAE organizations spent an estimated total of over US$4.8 on outsourcing services from local and offshore suppliers in 2018 will reach $6.8 billion and is expected to reach $6.8 billion by 2023, at a compound annual growth rate (CAGR) of approximately 7%.
The report, ‘Middle East and North Africa Talent Map’ found that the UAE is one of the largest suppliers of talent in the Gulf Cooperation Council (GCC). Customer support, finance and accounting, human resources and KPO are the main jobs and job clusters offered in the UAE.
In terms of the country’s future economic prospects, three job clusters are highlighted to help drive long-term strategies, which in turn bode well for strong growth potential in job outsourcing. These are infrastructure management services, such as cloud engineers and cybersecurity analysts; software and application development, including software engineers and application developers; and finally, data and artificial intelligence (AI), for data scientists and blockchain developers .
“The UAE is striving to diversify its economy, with national and emirate-level agendas revolving around emerging themes such as sustainable economic development, cutting-edge innovation, digital transformation, safety and security, and advanced science, technology, and artificial intelligence.” BCG Managing Director and Senior Partner Dr Leila Hoteit said: “As the country adjusts to future initiatives, we expect the country’s diversification prospects to exceed expectations and establish the country as a well-rounded multi-industry hub. “
In addition, in terms of job outsourcing services and talent introduction, some key industries have sprung up like mushrooms after rain. As outlined in the study, by far the most prominent are financial services, public sector, hospitality, leisure and telecommunications.
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