New jobs in UAE surge 8% in 3 months
According to a recently released report that revealed an 8 per cent increase in the number of new jobs compared to the fourth quarter of 2023, the UAE was the leader in terms of job creation among Gulf countries in the first quarter of this year.
As the results of Cooper Fitch Gulf’s employment rankings show, this growth in new jobs is driven by strong growth in key sectors of the national economy such as real estate, digital technology, data processing and artificial intelligence (AI).
The UAE’s real estate sector witnessed a significant growth of 11 per cent in new jobs due to the growth boom in this sector of the country’s economy.
Meanwhile, this trend is also seen in areas such as construction, design and real estate services, which also saw an 11 per cent increase in new jobs.
While the UAE led the way in terms of new job growth, other GCC countries also contributed to the overall employment growth across the region, which reached 6 per cent.
Saudi Arabia recorded new job growth of 5 per cent, Qatar 3 per cent, Bahrain 1 per cent and Kuwait 4 per cent. Notably, Oman saw no change in the level of job growth over the same period.
The public sector in the UAE and Saudi Arabia saw an 8 per cent increase in jobs.
In the Gulf Cooperation Council countries, demand for digital, data and AI professionals surged, with vacancies up 10 per cent quarter-on-quarter.
In the legal and investment management sector, jobs in the GCC increased by 9%, highlighting the region’s growing popularity as a global financial and legal centre.
Such a trend is particularly notable in the UAE, where a 103% increase in new investor accounts in the first quarter of 2024 further strengthens the country’s position as an attractive investment destination.
The UAE’s economic outlook remains promising, with projected growth in GDP levels of 4.2% for 2024 and 5.2% for 2025. In addition, growth in the non-oil sector’s share of GDP is expected to reach 4.7 per cent in both 2024 and 2025.
As economic diversification, digital transformation and sustainable development continue in the GCC region, the strong labour market performance in the first quarter of 2024 sets the stage for further growth and investment opportunities in various sectors of the region’s economy.
Source: ARABIAN BUSINESS
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