UAE companies looking to hire in 2011
As a survey finds more than a third of UAE companies intend on hiring staff in 2011, Kipp wonders whether the doomsday predictions for UAE’s expat exodus have come to an end.
October 31, 2010 1:41 by Eva Fernandes
And it appears government-related redundancies are most prevalent in Europe; something that can be easily observed by the onset of protests in Spain and Brussels last month as people took to the streets, protesting against austerity measures and from the months-long protests in Greece. Similar unease can be observed in Ireland, which was hit particularly hard by the financial crisis, and in France, where protesters took to the streets to protest against plans to raise the retirement age.
Yet it isn’t only Europe that is facing problems with unemployment given the current economic conditions. The National reports more than 25 percent of Arabs under 29 are unemployed and the situation does not look like it is going to improve anytime soon. Jordan-based Soraya Salti, who is the regional director of educational charity INJAZ, told The National, “Over the next 10 years, 100 million young people will enter the job market. Most of them will be ill-equipped to compete for jobs, and the economies are not creating them anyway.”
As more and more civil servants in Europe deal with unemployment, some say Gulf labour markets are likely to become a more attractive destination. Tim Fox, Emirates NBD chief economist told The National, ‘Anecdotally I have heard that some of the people who left Dubai in 2009 are now returning, although I have no data to support this. The pressure on labour markets in developed countries means that many workers will be looking for an escape valve with some probably looking to the Gulf, among other fast-growing regions, as a possible destination.’
The memory of the dusty cars rumored to be left at the airport during the exodus of expats at the onset of the financial crisis is still fresh in our minds, but Kipp can’t help but wonder if current findings mark the turn of the tide.
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