Companies in the UAE showed some reluctance to hire in recent months, partly due to falling oil prices. As a result, the number of jobs created decreased by 1% in Q2 2015 compared with Q1 2015, according to the latest UAE Employment Monitor report from Morgan McKinley, reports gulfnews.com.

There were also fewer people looking for jobs in the UAE, as more employment opportunities open up in other markets like the UK, Ireland, the US, Australia, and Asia.

The latest survey showed that the decline in oil prices has slowed down the recruitment market in the country. Companies in the oil and gas sector have been trimming their workforce as they seek to reduce operational costs amid weak fuel prices.

The impact has been felt not just in the UAE, but across the globe, with companies in the industry, including oilfield services firms, parts manufacturers and steel pipe makers, shedding at least 75,000 workers worldwide as of March this year, according to a Forbes report.

However, despite the decline in hiring activity, more jobs will become available in the UAE during the rest of 2015, with new investments expected to come into the market and new real estate and infrastructure projects being launched before the end of 2015.

Trefor Murphy, Managing Director for Middle East and North Africa at Morgan McKinley, said he expects the hiring market to post a 5% to 10% growth rate every quarter for the rest of 2015. However, the overall employment scenario will still depend on the “stability of oil prices.”

Mr Murphy said there will be “further investment” in important industries, including the financial services and banking sectors.

“There will also be big infrastructure, property, oil and gas projects, as well as alternative energy ones,” he added.