DUBAI: While business activity in the UAE is going well, the job market is in one of its best positions in the past five years thanks to new hires across industries.
While airlines have been among the biggest recruiters over the past two years, it’s now the turn of hoteliers to go on a hiring spree. Several new hotels and resorts opening in the UAE are driving this trend. Job search sources confirm that many initial hires have already begun, with more on the way. (As for actual hotel openings, many are planned for later this year and in the first quarter of 2024.)
Vijay Gandhi, Regional Director, Korn Ferry, said: “Many workers (across sectors) are taking advantage of the current opportunity to move to secure a raise, a promotion or a better working environment that they would not have been able to get with their current employer.” consultant.
no major layoffs
At the start of the year, amid signs that the job market may be slowing, organizations focused on managing rising operating costs from successive rate hikes. rather than new employees.
Market sources said there was some consolidation in the banks’ retail divisions amid subdued mortgage and other lending activity. But fears that rate hikes would overwhelm did not materialize.
If anything, businesses in the UAE have taken it in stride and have been aggressively hiring new staff since early April.
“This is evident in hiring in the tourism sector, as forecasts suggest that tourist arrivals in the UAE will grow by 10% in 2023 after surging 55% in 2022,” said Bal Krishen, chairman and chief executive of Centuty Financial, an investment firm. “This will translate into growth in recruitment in sectors such as accommodation and food services.”
Real estate action creates new opportunities
Another sector that creates jobs and new business is real estate. “At least five new brokerage licenses are issued on any given day,” said an industry consultant. “These jobs are being created because they’re chasing money – the real estate market in the UAE is doing its best job in 10 years.”
One such start-up is Dubai-based Asette, which has 25 employees and plans to add more. Rather than being an ordinary brokerage, Asette positions itself as a proptech company and uses AI to make buying property in the UAE smoother and easier. from anywhere in the world.
“This digital transformation provides an efficient off-the-plan investment experience in the UAE, accessible globally within 60 seconds,” said CEO Leena Vesterinen. “Asette’s platform integrates everything from new property listings to visa requirements and mortgages Select all content of the message.”
Other boutique real estate firms that rely heavily on AI deployments are beginning to emerge in the UAE. What this does is create jobs for two types of activities – the actual buying and selling of property. Second, having candidates with the right technical skills — and candidates with AI skills.
Remember, artificial intelligence is becoming the hottest job credential. This trend will have a full impact on the employment space by the second half of 2023.
Traditional skills are also required
Construction and project management is another field that is creating jobs. But the industry hasn’t seen any big pay rises or other incentives. “There is an oversupply of people that contracting companies can choose from,” said the head of a large project management firm. “The surplus is because a small number of key contractors have had problems in the past, meaning they can no longer keep hiring them.
“But after the summer, demand for skilled labor is likely to increase as new projects start up. 2023-24 could be a good time to build in the UAE.”
The same sentiment was expressed across industries. It all comes up in the employment arena as well.