UAE jobs market still ’less buoyant’ than 5 years ago, say recruitment experts

Laborers at work at a construction site in Dubai. (Shutterstock photo)
Updated 31 May 2018

UAE jobs market still ’less buoyant’ than 5 years ago, say recruitment experts

  • Findings from the Hays 2018 GCC Salary & Employment Report showed more employers were hiring in 2018 than 2017 with 71 percent of organizations planning to hire extra staff in the next 12 months and 66 % expecting market activity to increase year-on-year.

DUBAI: Recruitment experts say expatriate employment in UAE has yet to bounce back after more than three years of weak oil prices that have only recently started to recover — leaving a job market flooded with jobseekers and jobless candidates scrabbling for new positions. 

Chris Greaves, managing director for Hays in the Gulf region, said the jobs market is “certainly less buoyant” than five years ago.

‘The weak energy prices of the past two to three years have not gone unnoticed and employers do still remain cautious with regards to their budget spends on hiring,” he said. 

“As a result, we do not expect the number of available jobs to be as high as in 2015 as employers are likely to invest in additional headcount only when there is an absolutely necessity to do so. Compared to the last two years, we expect hiring activity to pick up, but at the same time, remain more subdued than it was pre-2016.”

The oil and gas sector, in particular, remains challenging, with relatively few roles available in comparison to previous years, said Greaves. 

“Securing a job in the UAE has never been easy,” he added. “The market is flooded with candidates – whether that be as a result of redundancy, relocation or other reason. 

“As such, employers can be very selective as to who they recruit, hiring those with the capabilities that stand out from the crowd and who they can be confident will add value to their organization.

“The most in-demand candidates are those who, in addition to a strong educational background, have proven experience within their respective industry, as well as past experience in both the UAE and broader international markets.”

Still, there is room for optimism. Findings from the Hays 2018 GCC Salary & Employment Report showed more employers were hiring in 2018 than 2017 with 71 percent of organizations planning to hire extra staff in the next 12 months and 66 percent expecting market activity to increase year-on-year. 

 


Russia vows cooperation with OPEC to keep oil market balanced

Updated 21 November 2019

Russia vows cooperation with OPEC to keep oil market balanced

  • Moscow not aiming to be world’s No.1 crude producer, Putin tells annual investment forum

MOSCOW: President Vladimir Putin said on Wednesday that Russia and the Organization of the Petroleum Exporting Countries (OPEC) have “a common goal” of keeping the oil market balanced and predictable, and Moscow will continue cooperation under the global supply curbs deal.

OPEC meets on Dec. 5 in Vienna, followed by talks with a group of other exporters, including Russia, known as OPEC+.

“Our (common with OPEC) goal is for the market to be balanced, acceptable for producers and consumers and the most important — and I want to underline this — predictable,” Putin told a forum on Wednesday.

In October, Russia cut its oil output to 11.23 million barrels per day (bpd) from 11.25 million bpd in September but it was still higher than a 11.17-11.18 million bpd cap set for Moscow under the existing global deal. Putin told the forum that Russia’s oil production was growing slightly despite the supply curbs deal but Moscow was not aiming to be the world’s No. 1 crude producer. Currently, the US is the world’s top oil producer.

“Russia has a serious impact on the global energy market but the most impact we achieve (is) when working along with other key producers,” he said. “There was a moment not that long ago when Russia was the world’s top oil producer — this is not our goal.”

Russia plans to produce between 556 million and 560 million tons of oil this year (11.17-11.25 million bpd), Energy Minister Alexander Novak said separately on Wednesday, depending on the volume of gas condensate produced during cold months.

Russia will aim to stick to its commitments under the deal in November, Novak told reporters.

Russia includes gas condensate — a side product also known as a “light oil” produced when companies extract natural gas — into its overall oil production statistics, which some other oil producing countries do not do.

As Russia is gradually increasing liquefied natural gas production (LNG), the share of gas condensate it is producing is also growing. Gas condensate now accounts for around 6 percent of Russian oil production.

Novak told reporters that in winter, Russia traditionally produces more gas condensate as it is launching new gas fields in the freezing temperatures.

“We believe that gas condensate should not be taken into account (of overall oil production statistics), as this is an absolutely different area related to gas production and gas supplies,” he said.

Three sources told Reuters on Tuesday that Russia is unlikely to agree to deepen cuts in oil output at a meeting with fellow exporters next month, but could commit to extend existing curbs to support Saudi Arabia.

On Wednesday, Novak declined to say that Russia’s position would be at upcoming OPEC+ meeting. Reuters uses a conversion rate of 7.33 barrels per ton of oil.