By Shane McGinley
Senior research exec says UAE has seen worst of impact of global crisis on jobs.
The rate of job losses in Dubai has begun to decline and is returning to previous levels, according to a senior research executive at Standard Chartered Bank.
Marios Maratheftis, regional head of research, said that while there had been ‘"significant" job losses in Dubai at the start of the year, they had slowed in the second half of the year although it was difficult to get exact figures.
Some analysts have looked at the number of abandoned cars as a method to determine the level of redundancies; however, Maratheftis has looked at data from within the bank itself and activity on accounts.
“At Standard Chartered we have a big retail operation so we can look at the data and at what is happening,” he said.
“The picture shows a significant loss of jobs in Dubai at the beginning of the year. January, February and March were pretty dismal,” he added.
The second half of the year has seen the pace of job losses decline and Maratheftis said it had now returned to average levels seen in previous years.
“We are slowly seeing an inflow of people. I think the labour market has seen the worst. It is not recovering very rapidly right now, but we are not expecting it to as the labour market is usually the last market to recover in a business cycle,” he said at a Dubai Knowledge Village Breakfast Club panel discussion on Wednesday.
Last month, the IMF’s Middle East director Masood Ahmed said that while economic growth among Gulf oil exporters is forecast to grow by 5.2 per cent next year unemployment levels in the region are expected to continue to rise over the course of next year.
the heading states - "Job losses seen slowing in UAE" while majority of the article talks about Dubai. I wish the article was more clear as to what the unemployment rates are in each Emirate. I am sure the improved rate in Abu Dhabi is making the UAE rates look good. Yes the UAE jobless rates might be improving but what is the truth on Dubai job less rates. How much has that imporved,.. or has it?
Yea, I totally agree...since, they talk about transparency and things like that, they should mention the job less rates and its improvement and the comments; not just the COMMENTS! Personally, I haven't seen it improving...it's still the same...loads of vacancies but no calls... How gradual is the recovery :S