The signs of a slowing job market in the UAE because of falling oil prices have started to appear.
A report from the recruiting company Morgan McKinley yesterday showed that professional hirings fell by 1 per cent in the second quarter to 8,109 compared with 8,213 in the first three months of the year.
“The oil price went back up to $60 per barrel towards the end of the quarter, but it needs to go up by a further $5-$10 a barrel to make new drilling and exploration projects viable,” said Trefor Murphy, the managing director for the Middle East and North Africa at Morgan McKinley, in the report.
Brent oil price closed on Friday 2 per cent lower at US$52.21 per barrel, which is a more than 50 per cent drop since peaking at $115 in June last year. An oil supply glut, weaker demand in Asia and Europe and a strong dollar have pushed oil prices lower this year.
There was also a 6 per cent drop in the number of professional job seekers between the first two quarters. The slow summer months and the start of Ramadan in June also contributed to the slowdown in seekers and new hires over the period.
“The number of job seekers has decreased. This is quite worrying, as there are many other options available for them – if you look at the employment market in the United Kingdom, Ireland, America, Australia and Asia, there is no need to come to the UAE any more and yet two years ago everyone was looking to work in Dubai,” said Mr Murphy.
The professional recruitment market will generate 5 to 10 per cent growth per quarter for the remainder of the year, depending on the oil price level, the company’s report said.
Morgan McKinley is forecasting an increase in investments in the financial field, particularly in the financial free zones of Dubai International Financial Centre and the Abu Dhabi Global Market, which would aid the job market growth in the second half.
“There will also be big infrastructure, property, oil and gas projects as well as alternative energy ones,” said Mr Murphy.
The banking sector is one industry that is expected to grow, given the UAE banks’ international expansion plans into countries such as Egypt, Indonesia and Pakistan.
Fast-moving consumer goods, pharmaceutical, medical device, hospitality, airline and tourism sectors have also been active in terms of hiring.
dalsaadi@thenational.ae
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Jawan
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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SPECS
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BIRD%20BOX%20BARCELONA
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If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor