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The job cuts were deep
10 percent of the GCC’s professional workforce was made redundant between August 2008 and August 2009. The percentage is higher in the UAE.
December 8, 2009 1:04 by Dana El Baltaji
After months of jobs cuts throughout the Gulf region, we’re happy to have a perspective on how severe the cuts were in the GCC. One in 10 professionals working in the GCC was made redundant between August 2008 and August 2009, according to a report by GulfTalent.com. In the UAE, 16 percent of employees lost their jobs, 15 percent of which worked in the real estate sector.
The report also said that 15 percent of companies surveyed are planning job cuts, while 51 percent intend to hire staff in the near future.
Meanwhile, almost two-thirds of professionals claimed they did not receive pay rises during, dragging the regional pay increase average down to 6.2 percent from 11.4 percent. The UAE witnessed the biggest drop in pay increases, from 13.6 percent to 6.2 percent, due mostly to the nation’s property crash.
Saudi Arabia saw the smallest drop in pay increases in the GCC, from 9.8 percent to 6.5 percent. Public spending on infrastructural development has helped keep the kingdom’s economy relatively buoyant.
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