The oil based economy has diversified into various other sectors and these sectors today create maximum job opportunities for expatriates as well as local Emeriti’s. Let’s explore which sectors are creating maximum jobs in the UAE job market.
The oil based economy has worked rigorously towards changing its scenario and today the major contributors towards the GDP of the country are tourism, hospitality, banking, finance, real estate, construction and other sectors. The non-oil sectors contribute about 71% to the total economy of the country. The economy of the emirates has seen the highest growth in the year 2013 when compared to the statistics of past five years. The diversification in economy has brought many sectors to the emirate and these sectors vigorously create job opportunities in the UAE. If you are looking for a job in the UAE, then there are some sectors which will open all gates for you.
Below, I outline some of the government’s initiatives towards the diversification of the economy and then I explain what are the major sectors responsible for generating employment in the UAE.
The Diversification and Development of the UAE’s Economy
Diversification is important to create job opportunities, promote economic growth, to reduce the risk of high economic concentration and to improve the economy’s performance when compared to the world. Diversification has helped the UAE to become the third strongest Asian economy in 2012. Out of all the seven Emirates that the UAE comprises of, Dubai has the most viable diversified economy. Dubai’s population today has three quarters of expatriates and a quarter of local Emeriti’s.
In the last decade, Dubai has established as a major business center with a lot of private companies setting up their offices in the emirate. The set up free trade zones gave Dubai an edge over the other cities of the world.
The UAE 2021 mission has innovations and knowledge as the key drivers of the economy. The main target of the UAE according to the mission statement is to compete with the global markets and become a more skill-intensive and diversified knowledge based economy.
Talking about job opportunities and job creation, let’s identify the sectors that have created the most vacancies till the first quarter of 2014.
Top 5 Sectors That Have Created the Most Vacancies
1. The Banking and Insurance Sector
The UAE has emerged as the regional financial sector of the Middle East since mid-2000. The UAE has 23 locally incorporated commercial banks and 28 foreign banks with number of branches spread over the entire country.
Role of DIFC (Dubai International Financial Center): DIFC is a platform for business and financial institutions that offers a legal system which is mostly consistent with the Common English Law. After DIFC’s establishment in 2004, more than 900 companies have set up their businesses in Dubai generating employment for more than 14,000 people.
The banking, insurance and financial services sector has seen a remarkable growth in the last decade and has listed the maximum job openings in the last quarter of 2013 and first quarter of 2014.
2. Engineering Sector
Engineering sector is said to be a key industry in the knowledge based economy and hence UAE has always welcomed skilled engineers in their country. Organizations based in the UAE look out for engineers that are well versed with the economy and know the local markets. But due to unavailability of skilled engineers within the locals, the UAE welcomes the expats and hire engineers in huge numbers.
The UAE market offer a number of job opportunities to expat engineers who can design, innovate and create goods for the market of the Middle East. Engineering jobs in the UAE have always been in demand and the UAE has always invited engineers in to their economy.
3. Construction and Real Estate
According to a report by Jones Lang LaSalle where he talks about the top trends of 2014, the real estate sector in the UAE is going to see developments and improvements. The Expo 2020 win demands the UAE to build a lot of new infrastructure, resulting in more jobs in the UAE. The real estate and construction sectors have a marginal increase in the number of job openings. These sectors require skilled labor and hence the UAE market looks out for work force across borders.
4. Hospitality Sector
The development in the emirates of the UAE especially Dubai and Abu Dhabi has created a huge impact on the tourism and hospitality sector of the UAE. The hospitality sector plays an important role towards the socio-economic progress in the country. The industry is expected to contribute a lot towards the GDP of the country and is responsible to generate a lot of employment.
5. Purchase/Logistics/Supply Chain Management
The UAE is the premier logistics hub in the Middle East and is an integral part of UAE’s economy. There has been recent growth in these sectors due to increase in demand of more educational and skilled staff. The UAE also welcomes skilled professionals in these sectors from around the world.
Now when you know which sectors in the UAE generate the maximum employment, it is also to understand what are the working conditions and what is it like to live in the UAE.
Working Conditions and Living in the UAE
The everyday life in the UAE is majorly affected by the tradition and the religion. To get settled in the UAE, you need to know the lifestyle and culture of the emirate you choose to work in. Although the basic working manners and business etiquettes remain same throughout the UAE, it is advisable to get in touch with the expats already working there and understand the scenario of living in the country on a personal level.
The UAE welcomes a lot of expats and gives them an opportunity to build their career in the direction they want to.