The UAE’s oil and gas recruitment market is set to have its most difficult year for more than a decade in 2016 as low oil prices continue to depress the market, according to Morgan McKinley.
The global professional services recruiter made the prediction in its latest UAE Salary Guide, adding that salaries are likely to remain flat during the year across most sectors.
It added that nationalisation targets will mean that locals with relevant experience, or professionals with local experience will be highly attractive to employers across all sectors in the region.
The report said government efforts to diversify the UAE economy will lead to employers driving hiring in 2016 in manufacturing companies that produce aviation supplies, fast-moving consumer goods, medical devices and pharmaceuticals.
The report added: “Whilst we were all expecting the financial services to have a buoyant year in 2016, as the Abu Dhabi Global Market becomes fully operational in 2016 forecasted to spark further growth in asset management, private banking and wealth management, this now looks unlikely as we look at the year ahead.”
Although salaries are expected to remain broadly flat this year, there will be some significant increases for certain roles compared with the previous year, Morgan McKinley said.
Courtesy: Arabian Business