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Skills shortage threatens construction boom
A serious shortage of skilled professionals is threatening to stunt growth of the Gulf’s booming real estate market, according to a study by the University of Wollongong in Dubai (UOWD).
The study found developers were struggling to recruit enough qualified professionals despite offering high salaries and attractive benefit packages.
Salaries in the real estate sector rose as much as 22% last year, according to a survey by recruitment consultancy Macdonald & Company.
And more than 90% of employees receive additional peaks, including health insurance, annual travel expenses and flights, and performance-related bonus, UOWD said.
“Our study showed that most developers find it tough to find trained professionals to take up challenging positions.” Lejla Vrazalic, chairman of UOWD’s College of Undergraduate Studies, said in a statement.
“In such a scenario, there is need for trained and focused professionals who will direct and execute projects to global standards.”
More than 16.35 million square metres of Gross Leasable Area (GLA) is expected be added in the GCC by 2010, according to a study by Colliers International.
The UAE and Saudi Arabia will see the highest increase, contributing 44% and 30% respectively of the total GLA coming online by the end of the decade, Colliers said.
Kuwait will be the third largest provider, making up 10% of the supply, followed by Qatar (8%), Bahrain (7%) and Oman (1%).
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