The UAE stands at the cusp of making an international breakthrough in the global economy. With talent from all around the world flocking in huge numbers, the country is nothing less than an efficient platform for people to utilize and hone their skills in different fields.
However, the commonest of perceptions would bend you towards the school of thought considering the UAE to be nothing more than an oil-reliant economy. If so, you might want to ponder over, again!
With private sector businesses and sentiments proliferating all across the seven emirates, the country has left no stone unturned to achieve milestones in all aspects of its economy. Right from the settlement and growth of numerous SMEs, to a smartly-managed banking sector, the likes of each imperative constraint seem nowhere close to be missing, hence vouching for a non-oil reliant growth.
As suggested by reputable websites, the non-oil sector pertaining to the private domain has been booming with a ‘robust growth’, in spite of the country’s headline index dropping down to 56.4, since April 2015.
The Sectors Making Growth
Although the private sector seems booming in every aspect, but there are certain sectors which have gained immense limelight during the last two years. SMEs for that matter of fact have served as a major push, propelling the economic growth in the country. Contributing 60% to the country’s GDP, it also accounts for 86% of the employment in private sector. The next one in line is the tourism industry, which has shed a major chunk to contribute towards 10.4% of the UAE’s economic growth. Moreover, with the Dubai EXPO to happen in the year 2020, it is all set to touch the notch of Dh 80 billion by 2024. Aviation sector on the other hand is all set to make an amount as high as USD 44.5 billion, to be contributed to Dubai’s GDP, along with creating 372,900 jobs.
The Non-Oil Industries Going on a Hiring Spree
While the crowd and those having stakes in the UAE oil industry might be going berserk over the slumping oil prices in the country, the recruiters in the non-oil sector seem to think otherwise, and are hiring people heavily, nevertheless. A vast number of career avenues present in the software, hardware, IT, telecom and other related industries also vouch for the huge 23% YoY growth these have witnessed during 2015.
Sources have estimated this steep ascent in hiring trends majorly to be happening due to a positive growth in talent requirements for every multinational corporation working in the country. Industries like banking and finance have seen an increase of nearly 22% in recruitment, with healthcare being next in the queue (21%).
However, the interesting thing to note over here is that in spite of demand for professionals having skills pertaining to a specific sector, diversity has found space in every sphere of the UAE’s economy. Sectors like healthcare not only require medical specialists, but IT professionals, accountants and marketing and communication specialists as well. This has not only given a major push to people to go for cross-vertical roles, but has woven an interdependent network promoting collaboration at every operational step, as well. Although, some engineering firms might have been going for recruitment cut-down, but the UAE corporate arena, more or less, has been going through a re-consolidation phase. With increased turnover being witnessed in most of the companies’ reports, nearly 68% of the employers are looking forward to making numerous picks amongst desirable candidates, during the long lying year ahead.
There’s no denying the fact that the UAE today is completely different to what it was, a decade back. It has plenty in store for those who hold the right skills and expertise. All you need is to get down with the numbers and get going with a focused approach in head. The chances of making it big are self-assured!
Written by: Anshuman Kukreti