The UAE job market is expected to remain strong through 2024, according to a new report by recruitment experts Cooper Fitch.
In their latest salary report, the agency predicts salaries will increase 4.5 percent on average next year as organisations compete for a limited supply of qualified candidates.
More than half of the companies surveyed by Cooper Fitch said they plan to recruit additional UAE staff in 2024.
Demand for top talent in UAE picks up
“A larger proportion of UAE-based organisations grew their headcount in 2023 than in 2022, and more than half of this year’s respondents intend to increase remuneration in 2024. This is positive news for job seekers in the Emirates as greater demand for talent typically results in higher salaries,” Cooper Fitch CEO Trefor Murphy said.
Only 20 percent expect to decrease headcounts next year. This is a positive sign for job seekers as greater competition typically leads to higher wages.
However, respondents also flagged major shortages in key skillsets that could undermine recruitment plans if not addressed.
Skills shortfalls emerge
When asked to identify their biggest skills gaps, management and leadership topped the list according to the report. Sales roles were also in short supply.
“While salaries continue to play a crucial role in talent retention, factors beyond fixed remuneration – such as annual bonuses and the ability to work remotely – are playing an increasingly important role in the UAE’s job market,” Jack Khabbaz, Managing Partner – CEO & Public Sector Advisory, Cooper Fitch said.
Roles involving project oversight, client relationships and revenue generation appear to lack suitable candidates locally.
This mirrors trends seen globally as many leaders reevaluate careers after the pandemic. Filling these roles will require innovative strategies like training programs and international hiring.
These are the top 10 skill shortages:
- Management
- Leadership
- Analytical Skills
- Project Management
- Artificial Intelligence
- Engineering
- Software Development
- Sales
- Finance
- Data Science
Tech sector thriving
Technology continues gaining ground as AI/ML Engineers, Cloud Architects and Data Scientists remain sought-after.
Government targets of 25 percent non-oil GDP by 2030 rely on digital transformation led by this talent.
Starting points range from AED24,000 for UX/UI Designers to AED44,000+ for Chief Digital Officers.
Top vendors pay as much as AED 120,000 for commercial heads. Consultancies offer AED91,000-117,000+ to Partners with cybersecurity also thriving.
Other high-paying jobs
Many traditional high-payers held their own. Investment banking roles command over AED150,000.
Strategy consulting partners averaged AED164,000+. Real estate project managers start at AED22,000 while developers earn six figures.
Healthcare sees doctors take home upwards of AED80,000. Public sector economists start at AED27,500.
Even professional roles provide well – legal partners received as much as AED275,000 monthly from major international firms.
Bonuses and beyond
A majority of respondents expect to pay annual bonuses equaling one to six months’ salary depending on performance.
Non-cash benefits are also growing in importance. Remote working capabilities and training opportunities can offset lower fixed pay at some firms according to Murphy.
With sustained growth projected, the UAE’s jobs market looks set to offer expanded opportunities for years to come.
Ongoing investment in strategic sectors should maintain the supply of well-paying positions. However, addressing skills gaps will be crucial to realising economic targets.
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