By Staff writer
New research says top-tier wages have risen over past year in region, particularly in booming construction sector
Senior executives working in the Gulf's construction industry can rake in basic pay of up to $1.2 million a year as top-tier salaries have risen over the past year, according to new research.
With the GCC's economic growth once again on an upswing, pay packages are now seeing a return to form, following a dip in 2014, said a new report by Rasd, a regional executive search firm.
It said average income across the region, and across different sectors, has registered a 7 percent surge in the past year, while top-tier executive salaries rose by up to 39 percent in some sectors.
Rasd said CEOs in the construction sector were the highest paid in the region with $1.2 million per annum salaries being earned.
Rasd also said that UAE-based tier-one executives ranked the third highest-paid in the region behind Saudi Arabia and Qatar, with salaries of $34,900 per month on average across sectors.
Mohamad El Turk, a partner at Rasd, said: "The construction industry and the real estate industry have experienced exponential growth in the last year, especially in Dubai, Saudi Arabia and Qatar, with multiple new projects hitting the ground.
"Top-level executives within these sectors are now in a position to reap the benefits of this momentum. Companies too stand to benefit as these talented executives are capable of adding value in terms of leading organisational development and augmenting income and profits," he said in a statement.
Lagging slightly behind the construction sector in top-level executive pay scales is the commercial banking sector, Rasd said, with CEOs earning take home basic incomes of anywhere between $600,000 and $1 million.
Meanwhile, executives within the real estate, consumer goods retail and automotive sectors are now drawing anywhere between $350,000 and $550,000 per annum.
"Another trend we're seeing is a premium associated with Arabic language skills in high-level, client-facing leadership roles. Multinational companies, especially, are particular about their requirements, and are willing to pay the price for the most talentedcandidate, best suited to their needs," added El Turk.
The research showed that Saudi Arabia and Qatar remain the highest paying regions within the GCC, especially for professionals in CEO-level roles.
The UAE, meanwhile, continues to see an increasing influx of international candidates in these positions, Rasd added.
Nadim El Said, managing partner at Rasd, said: "The cultural component plays a big role when hiring in GCC countries. Multinationals are willing to pay high amounts for highly skilled, culturally-compatible candidates in this region. The UAE, and in particular Dubai, on the other hand, is alluring for international candidates, given the cosmopolitan nature of the region."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.