UAE’s Banking And Finance Jobs Up Despite Oil Price Drop

The banking and financial services sector in the UAE saw the largest hiring activity in March with the online job listings growing by 38 per cent year-on-year, according to the latest Monster Employment Index.

The index, which is a monthly measure of online job activity, also showed that online job ads for finance and accounting positions were up 43 per cent last month in the UAE. Meanwhile listings for the Middle East region were up 67 per cent for these professionals.

Overall, the hiring activity in the Middle East’s banking and financial services sector was also up with the region recording a 65 per cent growth in online job postings last month.

Hospitality was the second major sector in the region that drove hiring last month with 43 per cent of job listings.

Online job listings in the Middle East rose 14 per cent year-on-year in March, the index showed.

The UAE registered a moderate growth with just 17 per cent rise in online hiring while openings in Saudi Arabia and Egypt were up 30 per cent and 28 per cent respectively.

Kuwait was the only country listed in the index that showed a negative trend in online job postings.

“For those looking for a job in a creative industry, Saudi Arabia might be your best option, as the Kingdom’s advertising, market research, public relations, media and entertainment industry continues to lead with a 55 per cent increase in job postings in March 2015, as compared to the same period last year,” said Sanjay Modi, managing director, Monster.com (India, Middle East, South East Asia and Hong Kong).

“With the positive growth of the economy and Tadawul’s potential opening to foreign investment in 2015, local and international firms operating in Saudi Arabia are excited at the prospect of promoting their products and services, which has led to a significant increase in demand for creative talent.”

Recruitment agencies across the Middle East and the UAE have scaled back their estimations on hiring activity as they factor in the recent bearish trend in the international crude market.

Recently, recruiting firm Morgan Mckinsey revealed that there would be just 10 to 12 per cent growth in new jobs this year after noting a good year for hiring in 2014.

The company also scaled back expectations on salary growth in the UAE in the light of falling oil prices.