With the introduction of value-added tax (VAT) in the UAE looming, the technology, finance and compliance sectors are becoming the most attractive for jobseekers, according to a new report.
The latest jobs forecast from recruitment firm Cooper Fitch said that, despite a slow start to the year, the UAE’s jobs market will see improvements during the second half of 2017. In an interview with Zawya, Cooper Fitch’s CEO, Trefor Murphy, said that, so far, the UAE recruitment market has stayed flat, with less job creation and a greater supply of candidates.
However, he pointed out that, with a growing economy and the need to prepare for VAT, some key industries are on the up from a recruitment perspective. The banking sector is expected to hire more in the second of half of the year, while there’ll be a 7% increase in job opportunities in the compliance industry, the report said.
Elsewhere, finance and IT specialists with specific experience of VAT will find themselves fighting off potential employers as companies race to get their houses in order before VAT is introduced.
“The VAT introduction will prominently mean bringing external international talent into the market. The demand across IT and VAT specialists is very significant as our clients race to get their VAT team set up for 1 of January 2018,” Murphy told Zawya.
In terms of salaries, the Cooper Fitch report said that UAE employees can expect a 2% to 3% raise this year, compared to a relatively flat 1% rate of salary growth last year. However, some industries will see their paypackets increase significantly faster. Cybersecurity professioanls, for example, can expect raises of 10% to 12% as companies and governments continue to deal with cyber-attacks such as the WannaCry ransomware that affected so many systems earlier in the year.
Want to get more out of your salary? Click to compare the UAE’s top savings and deposits accounts and get better returns on your saved cash!