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Aug152016

It’s getting hot in here

Dubai Sunrise July saw temperatures in Kuwait soar to a sizzling 54 degrees, making it the world’s hottest day ever recorded! We all know it’s no secret that the wonderful UAE is a tough place to be in the blazing summer sun, and expats flock to cooler climates whilst the rest of us hide indoors with our air conditioning on overdrive.

You are probably sat questioning how this is relevant to the current job market and why a recruiter is telling me about the weather, but bear with me; there is method in my madness.

Job markets worldwide often dip during the summer holiday season, and the Gulf is no exception. Jobseekers get few responses, job boards look bleak and recruiters get the dreaded ‘out of office’ automated email reply. The global oil glut has also weighed heavily on job markets throughout the region, with crude bordering on a bear market after slipping nearly 20 percent from its recent peak in early June.

Despite the shadow of uncertainty, we must avoid thinking that this means we are rapidly descending towards another ‘D-DAY Recession’. Fundamentally, oil prices have recovered from the 12-year lows seen in February, and the worst is seen to be over as markets slowly inch towards a rebalance.

The hiring freezes and job cuts rife earlier this year are easing, and Ramadan actually saw Cobalt have a record month. Intensifying investment ahead of Expo 2020 and growing trade with Iran following the lifting of international sanctions are giving public and private sector activity a much needed boost in the UAE. Despite a tough year, glimmers of a gradual rebound are now in sight.

As a recruitment agency, we are seeing an increase in job numbers and a greater willingness to recruit. The positions are there. However, the unfortunate reality in the Summer months is that the decision makers are not. Summer in the Gulf is never easy, but slap on the sun screen, sweat out the heat and sit tight, because September is just around the corner.

Article written by Abby Weetman, Senior Finance & Accounting Recruiter

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This entry was posted on Monday, August 15th 2016 and is filed under Banking & Financial Services. You can subscribe to our RSS 2.0 news feed here.

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