Is It Getting Harder to Find Jobs in Dubai?

As news spreads about growing rates of redundancies in certain companies in Dubai, it begs the question, is it getting harder to find jobs in Dubai?  Banks and construction companies are shedding staff, and there is a feeling of unease in certain employment market sectors that does indeed suggest that vacant positions are drying up…

However, that’s only part of the story.  Dubai is in it for the long haul, it’s a society, an emirate, a physical geographic location rather than the flash in the pan some people are trying to make it out to be!  Yes it is a place that has boomed and burned bright in a very short period of time, but it is also a destination doing everything it can to remain a player for the long-term.

What’s more, Dubai’s economy is built upon excellent and solid fundamentals, and it is largely dependent on the realists in government and business who are not shying away from the global financial turmoil, but standing up and facing the challenges that are headed Dubai’s way.  Therefore, even if it is harder to get a job in Dubai now than it was just one year ago, there are still jobs to be found and there will continue to be strong employment prospects in the emirate.

The headlines in Dubai are being dominated by tales of redundancies hitting the likes of Nakheel, Morgan Stanley and Credit Suisse.  These companies are tightening their belts in readiness for the bumpy ride that everyone now accepts Dubai is just embarking upon. 

Briefly it seemed as though the UAE was immune to the otherwise global effects of the ‘credit crisis’ – the term now used to neatly sum up years of excessive and unsustainable consumerism built from immature banking practices – however reality has finally hit Dubai.  Lenders are now refusing to offer credit lines in Dubai, and international buyers from the likes of the UK are put off a market where a 28% decline in the value of the pound against the local currency makes everything suddenly seem very overpriced.

This has led to developers revaluating their position, revising their projects and reining in spending – which has also resulted in job losses.  The tourism industry in Dubai is suffering which is having a knock on effect on employment.  Dubai’s fledgling financial industry is suffering as many of the global players in it are being forced to scale down their ventures in the region…and therefore it is unsurprising that looking at the situation as an overview, it looks grim.

But, the truth of the matter is, Dubai is not in a recession nor does the Institute of International Finance predict that it will fall into one, Dubai’s economy is still advancing in fact.  What’s more, Dubai has set up an advisory council to tackle the effects of the global financial crisis head on, and whilst certain sectors of the economy are definitely suffering, there are new companies opening in the emirate every month.  There is also a relatively high turn over of international staff as many see the emirate as a short-term contract location, this naturally paves the way for expats wanting to move in and take their place.

And if anyone were still in any doubt about the jobs market in Dubai, they need only attend the Dubai and UAE employment expo at Olympia in March to see just how many employers there are still actively seeking well qualified and keem employees.