UAE Salaries to Increase in 2024: Report
Salaries in the UAE are expected to see a 4.5 percent increase in 2024, according to the latest guide by recruitment agency Cooper Fitch. This increase was determined upon analysis of several figures and trends in the global recruitment market.
According to the guide, the UAE has witnessed several positive shifts in its recruitment market in the past year, driven primarily by non-oil sectors.
54 percent of organisations surveyed made salary increases this year, attributed to the sustained demand for talent in the country. According to the guide, the majority of the companies revealed that they are likely to make salary increases in the coming year.
Headcount
Among the organisations surveyed, 28 percent revealed that headcount reductions were made in their organisations; however, over 59 percent expanded their teams. Looking ahead, more hiring and expansion are expected in the coming year.
Bonus
Most respondents to the survey revealed the intention to issue annual bonuses, with the majority intending to pay one month’s basic salary. However, fields including accounting, consumer goods, chemicals, hospitals, and healthcare are expected to receive up to six months of basic salary.
The financial service sector (29 percent) does not intend to pay bonuses, perhaps influenced by the headwinds faced by international banks in 2023. Following the financial sector, the consulting industry does not intend to pay bonuses this year due to it being a highly competitive market.
“While salaries continue to play a crucial role in talent retention, factors beyond fixed remuneration—such as annual bonuses and the ability to work remotely—are playing an increasingly important role in the UAE’s job market,” said Jack Khabbaz, Managing Partner, CEO, and Public Sector Advisory, Cooper Fitch.
Talent outlook
According to the guide, talent acquisition stands out as a prominent trend. The survey indicates that 27 percent of respondents believe there is a shortage of available talent to meet their hiring needs in the coming year.
Notably, ‘management’ and ‘leadership’ emerged as the most significant talent gaps, making up 16 percent and 14 percent of responses, respectively. ‘Sales’ follows closely as the third-highest deficit at 10 percent.
Addressing this concern, UAE leaders have implemented measures to mitigate the impact of the perceived talent shortage. The Advanced Visa System reforms introduced last year aim to streamline the relocation process for entrepreneurs, skilled workers, and investors.
Looking ahead, the revelation that over a quarter of respondents foresee a talent shortage in 2024 raises concerns for employers, indicating a potential imbalance between demand and supply in the UAE job market.
The prioritisation of ‘management,’ ‘leadership,’ and ‘sales’ in the talent deficit list suggests a lack of qualified individuals with senior and revenue-generating experience. Anticipating fierce competition for top candidates, UAE-based organisations are likely to invest significantly and adopt innovative approaches in their talent acquisition strategies for the upcoming year.
Top 10 skill shortages
- Management
- Leadership
- Analytical Skills
- Project Management
- Artificial Intelligence
- Engineering
- Software Development
- Sales
- Finance
- Data Science
UAE Salary Guide 2024
Real Estate
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Development and Design | Chief Development Officer | 132,000 | 263,000 |
| Executive Director of Development | 88,000 | 165,000 | |
| Executive Director of Design | 79,000 | 127,000 | |
| Director of Development | 55,000 | 94,000 | |
| Director of Design | 55,000 | 94,000 | |
| Director of Urban Planning | 55,000 | 94,000 | |
| Senior Development Manager | 43,000 | 72,000 | |
| Senior Design Manager | 40,000 | 67,000 | |
| Senior Urban Planning Manager | 39,000 | 64,000 | |
| Design Manager | 27,000 | 57,000 | |
| Development Manager | 27,000 | 57,000 | |
| Urban Planning Manager | 27,000 | 48,000 | |
| GIS Manager | 27,000 | 45,000 | |
| Environmental, Social, Corporate, Governance | Head of Sustainability | 73,000 | 110,000 |
| Senior Environmental Manager | 49,000 | 68,000 | |
| Sustainability Manager | 33,000 | 49,000 | |
| Environmental Manager | 33,000 | 47,000 | |
| Sales and Post Construction | Chief Commercial Officer | 99,000 | 152,000 |
| Executive Director of Sales | 82,000 | 120,000 | |
| Executive Director of Asset Management | 82,000 | 110,000 | |
| Executive Director Facilities Management | 64,000 | 101,000 | |
| Director of Asset Management | 66,000 | 88,000 | |
| Director of Sales | 61,000 | 82,000 | |
| Director of Leasing | 49,000 | 76,000 | |
| Senior Asset Manager | 55,000 | 71,000 | |
| Director of Facilities | 39,000 | 61,000 | |
| Asset Manager | 27,000 | 44,000 | |
| Property Manager | 22,000 | 44,000 | |
| Facilities Manager | 22,000 | 44,000 | |
| Leasing Manager | 22,000 | 39,000 | |
| Sales Manager | 22,000 | 39,000 |
Advisory
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Audit | Partner (5+ years) | 94,000 | 132,000 |
| Partner (1-4 years) | 66,000 | 88,000 | |
| Director | 44,000 | 55,000 | |
| Senior Manager | 36,000 | 41,000 | |
| Manager | 24,000 | 33,000 | |
| Assistant Manager | 20,000 | 24,000 | |
| Senior Associate | 14,000 | 19,000 | |
| Associate | 8,000 | 13,000 | |
| Risk Consulting | Partner (5+ years) | 110,000 | 165,000 |
| Partner (1-4 years) | 82,000 | 110,000 | |
| Director | 55,000 | 71,000 | |
| Senior Manager | 40,000 | 49,000 | |
| Manager | 31,000 | 39,000 | |
| Assistant Manager | 25,000 | 30,000 | |
| Senior Associate | 17,000 | 24,000 | |
| Associate | 13,000 | 16,000 | |
| Deal Advisory and Transaction Services | Partner (5+ years) | 120,000 | 181,000 |
| Partner (1-4 years) | 88,000 | 110,000 | |
| Director | 57,000 | 76,000 | |
| Senior Manager | 40,000 | 49,000 | |
| Manager | 31,000 | 39,000 | |
| Assistant Manager | 26,000 | 31,000 | |
| Senior Associate | 18,000 | 24,000 | |
| Associate | 14,000 | 17,000 |
Banking
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Private Banking and Wealth Management | Head of Private Banking / Wealth Management (16+ years) | 149,000 | 186,000 |
| Market Head / Managing Director (15 years) | 132,000 | 154,000 | |
| Executive Director / Unit Head (10 – 12 years) | 85,000 | 110,000 | |
| Associate Director (5 – 8 years) | 71,000 | 88,000 | |
| Senior Wealth Manager | 71,000 | 88,000 | |
| Wealth Manager | 51,000 | 69,000 | |
| Relationship Manager – Key Clients (5 – 7 years) | 49,000 | 66,000 | |
| Wealth Management Specialist | 38,000 | 50,000 | |
| Assistant Relationship Manager – Support (5 – 7 years) | 27,000 | 44,000 | |
| Corporate Banking | Head of Corporate Banking | 96,000 | 146,000 |
| Head of SME Banking | 74,000 | 112,000 | |
| Team Leader – Corporate Banking | 88,000 | 99,000 | |
| Senior Director – Relationship Management | 71,000 | 82,000 | |
| Director – Relationship Management | 53,000 | 69,000 | |
| Relationship Manager | 38,000 | 49,000 |
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Compliance and Regulation | Chief Compliance Officer (CCO) | 102,000 | 125,000 |
| Head of Enforcement | 78,000 | 97,000 | |
| Head of Compliance | 70,000 | 88,000 | |
| Head of Financial Crime | 61,000 | 73,000 | |
| Head of Fraud | 56,000 | 69,000 | |
| Compliance Licensed MLRO (DIFC) | 45,000 | 59,000 | |
| Senior Manager, Banking Supervisor | 50,000 | 57,000 | |
| Manager, Banking Supervision | 45,000 | 49,000 | |
| Financial Crime Manager | 42,000 | 48,000 | |
| Fraud Manager | 39,000 | 45,000 | |
| Compliance (FATCA specialists) | 32,000 | 40,000 | |
| Compliance Manager | 33,000 | 40,000 | |
| Sanctions and AML Manager | 33,000 | 39,000 | |
| Compliance Consultant | 28,000 | 39,000 | |
| Compliance Officer-Private Banking, Wealth, Invest. products | 23,000 | 29,000 | |
| Compliance Officer (KYC, On boarding, CDD) | 16,000 | 23,000 | |
| Risk | Chief Risk Officer | 82,000 | 105,000 |
| Head of Credit Risk | 60,000 | 75,000 | |
| Head of Collections and Recovery | 60,000 | 70,000 | |
| Market Risk Head | 59,000 | 65,000 | |
| Head of Risk Analytics | 56,000 | 65,000 | |
| Credit Risk Policies Head | 57,000 | 64,000 | |
| Operational Risk Head | 59,000 | 64,000 | |
| Credit Risk Policies VP | 53,000 | 58,000 | |
| Credit Risk Manager | 34,000 | 53,000 | |
| Operational Risk Manager | 38,000 | 46,000 | |
| Market Risk Manager | 34,000 | 45,000 | |
| Risk Analytics Manager | 28,000 | 41,000 | |
| Enterprise Risk Manager | 30,000 | 38,000 | |
| Credit Risk Analyst | 19,000 | 25,000 | |
| Risk Analytics Officer | 17,000 | 25,000 | |
| Market Risk Analyst | 20,000 | 24,000 | |
| Credit Risk Portfolio Analyst | 17,000 | 23,000 | |
| Operational Risk Analyst | 17,000 | 21,000 |
Human Resources
| ROLES | MINIMUM | MAXIMUM |
|---|---|---|
| Chief Shared Services Officer (CSSO) | 109,600 | 154,000 |
| Chief Human Resources Officer (CHRO) | 95,000 | 142,000 |
| Vice President Human Resources | 87,300 | 120,000 |
| Executive Director Support Services | 81,900 | 105,000 |
| Executive Director Human Resources | 78,400 | 102,000 |
| Director Support Services | 65,900 | 94,000 |
| HR Director | 58,000 | 88,000 |
| Director / Head of Talent Mgt | 43,700 | 61,000 |
| Head of / Director Organisational Development | 43,700 | 59,000 |
| Director / Head of Talent Acquisition | 43,700 | 55,000 |
| Director / Head of Learning and Development | 43,700 | 55,000 |
| Human Resources Business Partner | 33,000 | 54,000 |
| Organisational Development Manager | 32,000 | 48,000 |
| HR Manager | 33,000 | 44,000 |
| Compensation and Benefits / Total Rewards Manager | 27,700 | 39,000 |
| Learning and Development Manager | 27,700 | 39,000 |
| Talent Acquisition Manager | 22,400 | 37,000 |
| Training Manager | 22,400 | 36,000 |
| Recruitment Manager | 20,300 | 29,000 |
| Employee Relations Manager | 20,300 | 29,000 |
| Organisational Development Specialist | 19,100 | 26,000 |
| Learning and Development Specialist | 16,000 | 23,000 |
| Talent Acquisition Specialist | 16,000 | 21,000 |
| HR Generalist | 16,000 | 20,000 |
Investment Management
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Private Sector | Chief Investment Officer | 88,000 | 165,000+ |
| Head of Investments / Investment Director | 82,000 | 120,000+ | |
| Vice President | 66,000 | 88,000 | |
| Investment Manager | 47,000 | 71,000 | |
| Investment Senior Associate | 42,000 | 59,000 | |
| Investment Associate | 25,000 | 39,000 | |
| Investment Analyst | 13,000 | 25,000 | |
| Public Sector | Chief Investment Officer | 137,000 | 208,000+ |
| Head of Investments / Investment Director | 88,000 | 155,000+ | |
| Vice President | 82,000 | 115,000 | |
| Investment Manager | 66,000 | 94,000 | |
| Investment Senior Associate | 55,000 | 76,000 | |
| Investment Associate | 44,000 | 61,000 | |
| Investment Analyst | 33,000 | 44,000 | |
| Asset Management | Head of Equities | 82,000 | 120,000 |
| Head of Fixed Income | 73,000 | 120,000 | |
| Head of Business Development | 76,000 | 105,000 | |
| Head of Real Estate | 66,000 | 99,000 | |
| Senior Fund/Portfolio Manager | 53,000 | 74,000 | |
| Business Development Senior Manager | 49,000 | 71,000 | |
| Business Development Manager | 37,000 | 51,000 | |
| Fund/Portfolio Manager | 36,000 | 55,000 | |
| Investment Associate | 27,000 | 37,000 | |
| Investment Analyst | 13,000 | 22,000 | |
| Investment Banking | Managing Director | 99,000 | 157,000+ |
| Senior Director | 82,000 | 131,000+ | |
| Director | 68,000 | 89,000 | |
| Vice President | 44,000 | 73,000 | |
| Associate | 25,000 | 43,000 | |
| Analyst | 16,000 | 27,000 |
Legal
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Private Practice | Partner 5+ | 110,000 | 241,000 |
| Regional Firms | Partner 1-4 | 82,000 | 110,000 |
| Counsel | 66,000 | 94,000 | |
| Senior Associate | 49,000 | 76,000 | |
| Associate | 33,000 | 55,000 | |
| Newly Qualified | 22,000 | 39,000 | |
| Paralegal | 16,000 | 27,000 | |
| Legal Secretary | 14,000 | 22,000 | |
| Private Practice | Partner 5+ | 132,000 | 275,000 |
| US and UK Firms | Partner 1-4 | 88,000 | 132,000 |
| Counsel | 82,000 | 110,000 | |
| Senior Associate | 55,000 | 82,000 | |
| Associate | 44,000 | 66,000 | |
| Newly Qualified | 27,000 | 44,000 | |
| Paralegal | 19,000 | 33,000 | |
| Legal Secretary | 16,000 | 27,000 | |
| In-house | Chief Legal Officer | 88,000 | 132,000 |
| Director/Head | 66,000 | 99,000 | |
| General Counsel | 66,000 | 99,000 | |
| Senior Legal Counsel | 44,000 | 66,000 | |
| Legal Counsel | 39,000 | 49,000 | |
| Junior Legal Counsel | 27,000 | 39,000 |
