One in 10 workers in the Gulf have lost their jobs in the past year, with the UAE hit hardest in the region, a new survey says.
Sixteen per cent of workers in the Emirates were made redundant in the period, data released by gulftalent.com, an online recruitment firm, showed. The property sector was particularly affected.
"There is a bigger supply of candidates, both in the region and globally, and less demand for staff following the slowdown in the economy," a company spokesman said. "Competition for talent has subsided, there are fewer vacancies and employers are no longer under pressure to pay more to attract and retain staff."
The impact was most felt in Dubai because of its higher exposure to credit financing and global markets, the report said. The results are in stark contrast to the boom of the past few years, when companies in the Gulf had difficulty recruiting enough talent.
The UAE had the most layoffs over the 12-month period to August, while Oman showed the fewest with just 6 per cent of professionals being made redundant, the survey of 24,000 professionals across the GCC showed.
"The area you probably feel it most in is the real estate sector," said Robert Ziegler, the vice president of the management consultancy AT Kearney. "Project managers would be job-hopping, happily, in past years with 100 per cent salary increases every time they hop. Those times are over."
Property professionals were the most impacted, with 15 per cent losing their jobs. Audit professionals, however, benefited from the economic downturn, receiving the biggest average pay rise at 7.5 per cent as demand for their skills peaked.
Senior executives and western expatriates were also hard hit, with 13 per cent of both losing their jobs.
Of those still employed in the GCC, 60 per cent did not get a pay raise, a sharp contrast from the same time last year when just one-third did not receive a salary boost. Pay rises in the UAE shrank the most, falling to just 5.5 per cent compared with 13.6 per cent during the same period last year.
Professionals in Saudi Arabia were the least affected, receiving a 6.5 per cent average pay raise compared with 9.8 per cent last year. Employees across the GCC received average salary increases of 6.2 per cent compared with 11.4 per cent last year.
Still, it was the first time in the four years the survey has been conducted in which salary growth in most GCC countries outpaced inflation.
Another side effect of the recent rise in redundancies is the migration of professionals to more bustling hubs in the GCC, such as from Dubai to Abu Dhabi and Doha, the study showed.
"The cities that are still flush with capital and continue to grow and need workers, such as Doha and Abu Dhabi, are the next attractive steps for those who want to stay in the region," said Mr Ziegler.
The number of people who live in Dubai and work in Abu Dhabi tripled to 3 per cent. However, Dubai remains the most popular destination because of its highly developed infrastructure and relative social openness, gulftalent.com said.
Mr Ziegler said that while the trend would likely continue for three to five years, the balance would tip as Abu Dhabi and Doha housing developments were completed.
Looking ahead, the outlook is mixed. The survey shows 20 per cent of companies plan further job cuts in the final quarter of this year while 51 per cent plan to expand their staff to make up for past layoffs. While recruitment is expected to pick up early next year, it is unlikely to reach the peak levels of last year for some time, the report said.
@Email:aligaya@thenational.ae
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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The 24-man squad:
Goalkeepers: Thibaut Courtois (Chelsea), Simon Mignolet (Liverpool), Koen Casteels (VfL Wolfsburg).
Defenders: Toby Alderweireld (Tottenham), Thomas Meunier (Paris Saint-Germain), Thomas Vermaelen (Barcelona), Jan Vertonghen (Tottenham), Dedryck Boyata (Celtic), Vincent Kompany (Manchester City).
Midfielders: Marouane Fellaini (Manchester United), Axel Witsel (Tianjin Quanjian), Kevin De Bruyne (Manchester City), Eden Hazard (Chelsea), Nacer Chadli (West Bromwich Albion), Leander Dendoncker (Anderlecht), Thorgan Hazard (Borussia Moenchengladbach), Youri Tielemans (Monaco), Mousa Dembele (Tottenham Hotspur).
Forwards: Michy Batshuayi (Chelsea/Dortmund), Yannick Carrasco (Dalian Yifang), Adnan Januzaj (Real Sociedad), Romelu Lukaku (Manchester United), Dries Mertens (Napoli).
Standby player: Laurent Ciman (Los Angeles FC).
Donating your hair
• Your hair should be least 30 cms long, as some of the hair is lost during manufacturing of the wigs.
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• Dyed hair must be of a natural colour
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Jawan
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'Champions'
Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
The%20specs
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Klopp at the Kop
Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82
- Eighth place in Premier League in 2015/16
- Runners-up in Europa League in 2016
- Runners-up in League Cup in 2016
- Fourth place in Premier League in 2016/17
RESULTS
Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)
Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)
Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)
Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)
Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)
Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)
Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)
Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)
Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)
Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)
Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)
The five pillars of Islam
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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