Dubai is a city that bespeaks the story of an economic upsurge and a lifestyle that has undergone a makeover; probably many a times. By the turn of the 20th century, Dubai was already declared as a city of recuperating economy and developing city for job seekers to grow and flourish.
However, fiscal scenarios are never same all the times and so is the job market. Most of the Arab countries have been making use of their Oil & Gas reserves and this way economy has been monotonously generating revenue for the federation. The United Arab Emirates is the first country to bring in economic diversification. The step has not only offered freedom to the economy from oil reserves’ wealth but has also directed a lot of foreign investments into the country.
Foreign Investments in Dubai
As the foreign direct investments increased so is the progress rate of different industries across the country. Amongst all the cities in the UAE, Dubai is the only one that has caught the eyes of the investors owing to its infrastructural developments and lifestyle. With this, expat rate or the migration rate increased for the purpose of getting a job and settling down in Dubai.
Changing time speaks a story of changing economic indexes. Let us explore the economy of Dubai at the moment and what all it has in store for the expats:
Current Economy Situation in Dubai: The Second Quarter of 2014
Economy of Dubai is expected to be buoyed by the government planned real estate projects, which is worth tens of billions of dollars. A recent report published on a global news portal, Reuters says that the Gulf region’s trade & business hub, Dubai, picked up strongly in the last quarter of 2013, with expected GDP growth to be approximately 4.3 per cent.
The business growth in Dubai, especially in the non-oil sector edged up to a tremendous four-month high in March, 2014 and it is predicted that this success story will be echoed in the coming quarters of 2014.
The highlighted positive point that the report reflects is the economy growth to about 5 per cent in 2014, which is similar to the figures recorded in 2013. An economic data can never be good all the times, so is the case with Dubai. There are sectors that are sluggish in terms of job creation, such as Education, Information Technology; however, these sectors are expected to create jobs for a huge number of expats in the coming times.
Dubai Government Initiatives
There are a number of government initiatives, which is directed towards bringing in economic diversification. The Dubai Economic Council has planned out several initiatives that will focus on boosting the private sector and create jobs for expats as well as the emiratis. The private sector has reported that demand of expats is higher here rather than in public sector. Moreover, the net migration rate recorded in the closing quarter of 2013 is 15.04 migrant(s)/1,000 of population. Considering the data and the hard facts, companies are trying to pull in foreign investors for collaboration and thereby offer the job seekers, a range of jobs in flourishing sectors.
Industrial Sectors Favorable for Expats in 2014
There are several sectors that have shown tremendous growth in the last quarter of 2013 and are still generating jobs; some of which are Service industry, Travel sector. Apart from this, reports being commissioned by various news portals reveal that Retail sector and Real Estate are the ones that have shown good progress and will continue to generate jobs in the upcoming quarters of 2014.
On the other hand, there are sectors that have never shown dip of even a single percentage; Construction and Infrastructure being one of them. Mentioned in the Wealth Report 2014, the Prime International Residential Index (Piri), reflects that Dubai is amongst the top 10 fastest growing property markets in the global real estate domain.
Reason that backs the fact is that expat rate is high and strive to bring in foreign investors is undying; therefore, infrastructural development is bound to occur to house the migrants as well as new businesses.
It’s Going to Rain Jobs in Dubai
If it’s about job opportunities, then Dubai is the place to be. The expats as well as the emiratis both are going to enjoy the scene; wherein, there will be no dearth of jobs in almost any sector and pay will be high as usual. Moreover, the high per capita income and a good cost of living are also some of the important factors that will catalyze expat movement and settlement.
The World Expo Bid 2020 will be hosted by Dubai wherein, a good number of countries will be participating and displaying their growth indexes. The exposition is predicted to generate a good number of jobs in the city of Dubai, for both expats and nationals.
Dubai World Expo Bid: Expo2020
As for the current trends in the job market in Dubai, there are opportunities right now in Construction as well as Real Estate as there are number of projects lined up in these domains.
The Bottom Line
Dubai is counted amongst favorite destination for international as well as Dubai-residing job seekers. The current and foreseen fiscal scenarios are such that jobs will be in good number and the pay scale will also be on a higher side. The initiatives for diversifying economy will also work up; thereby freeing economy of Dubai from Oil & Gas sector completely and generating jobs as well.