If you’re hoping to grab a new job in Dubai anytime soon, you may be a little disappointed.
According to Emirates NBD’s latest Dubai Economy Tracker, job creation remained muted in June 2018, as businesses continue to focus on cutting costs. Indeed, the hiring rate only increased fractionally on May, when businesses reported that cost-cutting was restricting employment growth.
Emirates NBD’s Purchasing Managers’ Index for May 2018 also noted that there had been little growth in wages, meaning that, if you’re hoping for a raise in Dubai, you may have to wait a while longer. Indeed, the latest Dubai Economy Tracker said that there had been largely no change on that front since May.
However, things could start looking better later on this year. Emirates NBD said that the non-oil private sector in Dubai improved at a “marked rate” in June. business confidence accelerated to a survey-record high in June amid a strong pipeline of new projects and work outstanding.
And despite the headline figure of the tracker falling from a record high in May, it remained at a level indicative of a marked expansion that was above the historical average, Emirates NBD said.
“New work and output both increased at a sharp rate, reflecting strong demand. The wholesale and retail trade sector performed particularly well last month, which may have been partly due to the Eid holidays,” said Khatija Haque, Head of MENA Research at Emirates NBD.
“The sharp improvement in business conditions in the construction sector supports our view that infrastructure investment will be an important driver of economic growth this year.”
In terms of business (and therefore your job prospects), this is good news. Emirates NBD said that, although business activity growth softened from May’s 40-month high, the pace of expansion remained sharp overall.
And some firms even hired additional staff in anticipation of new project starts.