New Jobs in UAE Surge 8% in 3 Months as Gulf Employment Booms
The United Arab Emirates led the charge in job creation across the Gulf region, according to a new report, which revealed an 8 percent increase in new jobs compared to Q4 2023.
This surge was driven by robust growth in key sectors, including real estate, digital, data, and AI, the latest Cooper Fitch Gulf Employment Index found.
The UAE’s real estate sector witnessed a remarkable 11 percent uptick in new job opportunities, reflecting the sector’s success as the country’s property market continues to experience a boom.
This trend aligns with the broader regional picture, where real estate development, design, and sales jobs saw 11 percent growth.
While the UAE led the pack with an 8 percent increase in job opportunities, other GCC countries also contributed to the overall 6 percent rise in employment across the region.
Saudi Arabia saw a 5 percent increase, Qatar experienced a 3 percent uptick, Bahrain recorded a 1 percent rise, and Kuwait witnessed a 4 percent increase. Notably, Oman remained flat in job creation during the same period.
The public sector in the UAE and Saudi Arabia experienced an 8 percent growth in job opportunities.
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, reported assets under management reaching a staggering $940.26 billion.
Qatar’s tourism industry continued its post-pandemic recovery, welcoming 596,000 international visitors in February 2024. This resurgence bodes well for the country’s efforts to establish itself as a premier tourism destination in the region.
Across the Gulf Cooperation Council (GCC) countries, the demand for digital, data, and AI talents soared, with a 10 percent increase in job opportunities quarter-on-quarter.
The legal and investment management sectors experienced a 9 percent rise in job opportunities throughout the GCC, highlighting the region’s growing prominence as a global financial and legal hub.
This trend is particularly significant in the UAE, where a 103 percent increase in new investor accounts opened on the Dubai Financial Market in Q1 2024 further solidifies the country’s position as an attractive investment destination.
Beyond the standout performers, the Gulf region witnessed job growth across various sectors, including:
- Human resources (6 percent increase)
- Finance and senior finance (3 and 7 percent increases, respectively)
- Banking (7 percent increase)
- Sales and marketing (5 percent increase)
- Manufacturing (5 percent increase)
- Supply chain (7 percent increase)
The UAE’s economic prospects remain promising, with a projected GDP growth of 4.2 percent in 2024 and 5.2 percent in 2025. Additionally, non-oil GDP growth is expected to reach 4.7 percent in both 2024 and 2025.
As the Gulf region continues to embrace economic diversification, digital transformation, and sustainable development, the job market’s robust performance in Q1 2024 sets the stage for further growth and investment opportunities across various sectors.
