Salaries for the best paid oil workers in the Middle East dropped last year by 12 per cent to an average of £75,920 (Dh464,865).
Salaries fell for 9 per cent of oil and gas employees for most experienced professionals, according to a new report from Rigzone, an energy industry news service.
But it’s good news for the sector’s lower wage workers, 66 per cent of whom saw their remuneration packages increase. Salaries were flat for a further 25 per cent.
Another key trend is that companies are increasingly seeking to place nationals into top jobs.
“Companies … in the Middle East [are building] strong, local oil and gas expertise,” said Dominic Simpson, an executive at Rigzone. “[They are becoming] less dependent on expats, and will create more career opportunities for nationals,” he said.
David Spencer Percival, the chief executive of the energy recruitment firm Spencer Ogden, said: “There’s pressure all across the organisation [to include more nationals]. Some companies will only look at nationals for certain jobs. Local employees are heavily pushed at top of pyramid. It’s constant. These companies are not just paying lip service – expats are becoming the last choice.
He added that a “huge” shortage of nationals was pushing wages for Middle Eastern executives higher.
“Energy companies are taking top nationals, but there’s just not enough of them. And some of these nationals are now expats elsewhere,” he said.
A recent poll from YouGov found that 29 per cent of Emiratis wanted to pursue careers in the oil and gas sector. A majority of respondents thought the energy sector offered the most lucrative salaries, and 44 per cent thought it offered the best career prospects.
Mechanical engineers, electrical engineers, safety officers, operations managers and civil engineers were the roles in most demand, according to the Rigzone survey.
“You always need good drilling people. And commercial staff – project managers, and senior staff [are in high demand]. Sales are picking up, so you need new sales staff. And geologists and petrophysicists have always been in demand,” said Mr Percival.
But the discovery of shale gas in America and Asia is affecting the migratory habits of oil sector expats. “There’s not as many flowing in,” Mr Percival said.
The shortage of nationals is making life difficult for energy companies in the Middle East, as world energy demand increases.
“As the global economy picks up … and as India and China become more technologically advanced and westernised, the consumption of energy will increase,” said Mr Percival. “I can only see the skill shortage increasing.”
abouyamourn@thenational.ae
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The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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Saturday's results
Brighton 1-1 Leicester City
Everton 1-0 Cardiff City
Manchester United 0-0 Crystal Palace
Watford 0-3 Liverpool
West Ham United 0-4 Manchester City
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The%20Letter%20Writer
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The five pillars of Islam
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England XI for second Test
Rory Burns, Keaton Jennings, Ben Stokes, Joe Root (c), Jos Buttler, Moeen Ali, Ben Foakes (wk), Sam Curran, Adil Rashid, Jack Leach, James Anderson
BLACK%20ADAM
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Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
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COMPANY%20PROFILE
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The%20Specs
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MEDIEVIL%20(1998)
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
SPECS
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
COMPANY%20PROFILE
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Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Company%20Profile
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