Recruiters in the region are tentatively optimistic that the Dubai job market has finally turned its much anticipated corner. According to Emirates Business, leading regional recruiter, Pathway Resourcing reported a 21% upturn in the number of jobs registered in Dubai in the first three months of the year, as compared to Q1, 2009.
And whilst other members of the GCC, most notably Saudi Arabia, Qatar and to a lesser degree Abu Dhabi were almost immune, if not much less affected by the global meltdown, it may come as some surprise to note that Pathway also reported a greater proportion of vacancies in Dubai than Abu Dhabi for the first time since Ramadan.
So can Dubai really be as resilient as these figures suggest?
One expert suggested that now that the economy is starting to look better, employers in Dubai are now much less risk-averse than they were last year, and are now much more willing to hire or in fact, re-hire staff.
With ex-pats comprising of over 70% of the popultation, the emirate will always remain a fantastic place for expatriates to live and and is still considered to be a regional hub for businesses looking to trade in the Gulf.
The dramatic fall from grace of the Construction, Real estate and Financial services sector in Dubai and the GCC, signalled the end of the 2004 – 2008 boom years and its unlikely that the region will ever experience such growth ever again. What is positive, however, is the wide spectrum of industries in Dubai that are seeing large increases of vacancies – from Engineering, IT, Banking, Finance and and Legal services – which indicates a wider economic recovery.
Only time will tell, but the indications are there, and many remain stoically optimistic that the GCC and most notably Dubai will remain one of the most economically important regions in the world.Paul Holdsworth, Staff Writer, Gulf Jobs Market News