Industrialists Career Exhibition marks its third edition since launching in October 2023
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The UAE offers the highest job opportunities among the GCC countries with 8 per cent growth in the third quarter followed by Saudi Arabia at 7 per cent, according to Cooper Fitch’s latest study on the Gulf employment market.
Recruiters suggest that this hiring trend is expected to continue in 2025 as well on the back of strong performance by oil and non-oil sectors.
The study noted that the GCC experienced an overall increase in job creation of 6.5 per cent in the third quarter. “This figure represents an uptick in job opportunities across the GCC as we go into the final quarter of 2024,” the leading recruitment agency said.
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“Overall hiring activity is gaining momentum after a challenging start to the year, and this trend is expected to continue into early next year,” Cooper Fitch analysts said.
Qatar also saw 3 per cent growth in job creation while Kuwait, Bahrain and Oman recorded decline in new jobs.
“The GCC demonstrated a strong rebound in the third quarter after a weaker-than-expected performance in the second quarter. Overall the jobs market looks promising with a 6.5 per cent increase in the number of new jobs in the third quarter of 2024 when compared with the same period in 2023. The increase contributes to an anticipated 5 per cent growth in new jobs for the remainder of the year,” it said in the Gulf Employment Index.
Most of the job opportunities across the Gulf region were in strategy, banking, real estate, legal, investment, data and AI, software development, supply chain and other sectors.
The UAE and other regional GCC economies have been performing exceptionally well in the post-pandemic period, driven by high oil prices as well as the growth of non-oil sectors. Companies operating in travel and tourism, real estate, aviation, banking and finance, retail, logistics and others in the UAE and other GCC countries have expanded their operations in the past three years, creating a large of new jobs. While many new companies also entered the market, boosting employment opportunities.
This has resulted in the UAE’s population growing exponentially, especially in Abu Dhabi and Dubai, as many professionals came to the UAE in search of greener pastures whilea many investors relocated their offices to the Emirates to cash in on the booming economy. As a result, the International Monetary Fund (IMF) increased the UAE’s growth forecast for 2024 and 2025 this year.
According to Cooper Fitch, the strategy consulting sector rebounded with a 14 per cent increase in new job opportunities, especially in the TMT (technology, media and telecommunications), transportation, energy and retail sectors.
The real estate industry is seeing growth in new job opportunities of 9 per cent with some firms now executing their 2024 hiring strategies.
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