Salaries for those in the business sector are set to rise by up to six percent this year, almost double the projected GDP growth for the UAE, with senior investment bankers in Dubai set to earn up to AED150,000 ($40,839) per month, according a new report by a leading recruitment consultancy.
The UAE Salary Guide 2013, compiled annually by the Dubai-based office of global recruitment firm Morgan McKinley, estimated that despite the ongoing global economic issues, job opportunities across the main business sectors are set to grow by two to three percent, with average salaries projected to rise by five to six percent. This is nearly double the three percent GDP growth projected for the UAE this year.
“In the face of continued global economic pressures, the region continues to outperform most others. While reverberations from the eurozone crisis led to a subdued recruitment drive among UAE-based multinationals in 2012, confidence is returning as we tentatively tread away from global recession,” said Trefor Murphy, managing director of Morgan McKinley UAE.
“Staffing levels are steadily increasing and look set to continue in an upward trend. Growth sectors include financial services & banking, despite Moody’s downgrade of the three largest banks in the region. The manufacturing and retail sectors are also growing as consumer confidence in the region continues to build.”
The study looked at a number of sectors and outlined the average salary levels for those in a number of positions, from banking and financial services to accounting sales and marketing.
At the top end of the investment banking sector, senior managers working in the mergers and acquisitions arena are earning up to AED150,000 per month.
The levels were the same for senior chief investment officers and portfolio managers in the asset management area, while those in the retail and corporate banking side generally earned around less 30 to 40 percent less.
Accountants are also now in demand, with senior chief financial officers earning around AED65,000 per month and chief accountants earning up to AED40,000 in the same period.
The oil and gas sector is a major contributor to the UAE economy, with project managers earning up to AED50,000 per month and drilling engineers bringing home AED64,000 a month.
Construction is back booming again, with dozens of new projects announced in the last year. As a result, construction directors can earn up to AED90,000 a month and architects around AED45,000.