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UK-based recruitment firm Reed has released its Middle East Salary Guide for 2013, outlining a detailed analysis of salary expectations in a number of sectors. The guide highlights emerging employment trends in the region and indicates that the Gulf is on its way to full economic recovery after feeling the pinch over the past few years.
One industry to show a considerable recovery in salaries is the banking sector where pay has stagnated since the financial crisis, but now the sector heads the list of earners.
“The banking sector has recovered considerably since the financial crisis of a few years’ ago,” said Matt Foster, Reed’s regional director of Europe, Middle East and Africa. “Salaries have regained to internationally attractive levels, although opportunities are expected to be limited over the next 12 months.”
The research found that a combination of rental inflation, manufacturing growth and continuing Middle Eastern tension is pushing up wages in the region. “This year, we’re seeing housing rents go up further in Dubai, as well as continued economic growth and a feeling of optimism,” Mr Foster said. “As a result, experienced professionals are seeking new opportunities and getting more aggressive in their salary negotiations."
Political tension in the Middle East has also driven pay, especially in the UAE which is considered a stable country. Mr Foster said this has caused a degree of unease among people from Western Europe, Australian and North America thinking of locating to the country. “As a result they are demanding bigger compensation packages,” said Mr Foster.
In Qatar, the manufacturing sector is also among the sectors seeing strong wage growth, fuelled by the expansion of companies and the resulting migration of experienced professionals to fill new vacancies. Reed said that 2013 will bring a dramatic increase in blue collar workers hired for construction jobs, in addition to white collar hires to add value to the projects.