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Less job opportunities for finance and accounting professionals in the UAE

IT and Telecom/ISP lead all industry groups by the way of long-term growth in the Middle East followed by HealthCare

The Monster Employment Index is a monthly gauge of online job posting activity in Middle-East based on a real-time review of tens of thousands of employer job opportunities culled from a large representative selection of career Web sites and online job listings.

The Index does not reflect the trend of any one advertiser or source, but is an aggregate measure of the change in job listings across the industry.

“GCC economy growth has slowed down due to the low oil price environment, which has adversely affected growth in the non-oil sectors as well. The job market has not been spared either, as revealed by the Monster Employment Index. The year-on-year growth this month has eased considerably as compared to Q2 and Q3 2015, with the Oil and Gas sector continuing to exhibit the steepest decline in job demand. We expect the slowdown in job demand to continue, in line with the International Monetary Fund’s (IMF) regional economic outlook for the Middle East and Central Asia, which has projected further slowdown in GCC economic growth for the short-term,” said Sanjay Modi, Managing Director, (India, Middle East, South East Asia and Hong Kong).

“In spite of the general slowdown in the job market, the Middle East is witnessing a rising need in serving the GCC Healthcare sector. Looking at the November 2015 data for professionals working in this field, job opportunities continue to soar reaching 36 percent year-on-year growth, in addition to the industry itself recording a 20 percent year-on-year growth in terms of job posting,” he added.

This trend is reflected particularly in the UAE, with the Healthcare sector leading the year-on-year top growth charts with a 60 percent increase. According to a Dubai Health Authority official, Dubai anticipates to welcome more than 500,000 medical tourists by 2020 and generate Dh2.6 billion in revenue, marking a 20 per cent growth over 2015. In addition, Dubai Health Care City (DHCC), the world’s largest healthcare free zone, is expanding to include the Nashami project, which will feature 3.3 million square feet of rehabilitation facilities, retail stores, as well as hospitality and leisure facilities. It is expected to receive 20,000 people,” continued Modi.

“Looking closer at the UAE data for November 2015, online job demand is looking gloomy for Finance and Accounting professionals, with a negative year-on-year growth of -2%. Being the first negative growth recorded since January 2015, these findings indicate the UAE economy faces an additional liquidity crunch amid growing financial turmoil.. Given this climate, we are not surprised to see a decline in job demand for finance and accounting professionals; both global and local lenders such as Standard Chartered, HSBC Middle East and First Gulf Bank have announced job cuts for the region. Risk appetite is as low as market liquidity and financial institutions are adopting cost cutting policies, while reducing exposure to riskier assets and avoiding bad debts,” added Modi.

Industry Year-over-Year Trends: Of the 12 monitored industry sectors by the Index eight recorded improved hiring levels between November 2014 and 2015.
•Although IT and Telecom/ISP (up 31 percent) led all industry groups by the way of long-term growth, the growth momentum has not exhibited significant variation. The rate of growth year-on-year has been hovering around the same range since August 2015. The group has, however, registered significant growth in short-term; up by 12 percent (three-month growth rate) between August and November 2015.

•Health Care (up 20 percent) recorded the second highest growth in online hiring among all industry sectors. Retail/Trade and Logistics jumped to the third position with a robust 17 percent growth in online recruitment activity, year-on-year; five percentage points higher than the annual growth rate in October 2015 (12 percent).

•Hospitality industry exhibited a negative annual growth rate of marginal one percent for the first time since February 2014. Both three-month (down 5 percent) and six-month (down 17 percent) growth rates are negative indicating a slowdown in hiring in the recent months. The sector also recorded the steepest decline on a month-on-month basis.

•Online recruitment activity matched the year-ago level in Advertising, Market Research, Public Relations, Media and Entertainment; and Chemicals/ Plastic/ Rubber, Paints, Fertilizer/ Pesticides.

•Oil and Gas sector continues to chart negative growth; records a 20 percent plunge from the year-ago.

Occupation Year-over-Year Trends: Online demand exceeded the year-ago level for seven of the 11 occupation groups monitored by the Index.
•Online demand for Customer Service (up 54 percent) professionals has rebounded. The group led all other job roles charting the steepest growth year-on-year. At the same time the Index reading for the series crossed the baseline for the first time since January 2013. The group has recorded a growth of 46 percent in the past three months between August and November 2015.

•Online demand for Health Care professionals continues to soar. The group recorded the second highest growth in demand year-on-year at 36 percent; an improvement of eight percentage points from 28 percent in October 2015.

•Hospitality and Travel (down three percent) witnessed fewer opportunities on the year for the second month in succession. Online hiring for Finance and Account (down eight percent) and Purchase / Logistics / Supply Chain (down two percent) has also slowed. Finance and Account personnel registered the steepest year-on-year decline among all job roles.

Geographic Year-over-year Trends: Online hiring surpassed the year-ago level in four countries out of the seven monitored by the Index
•Kuwait led all countries charting the highest growth year-on-year even this month. The long-term growth momentum improved nine percentage points from 23 percent in October to 32 percent in November 2015.

•The long-term growth momentum improved in UAE (up 18 percent) as well vis-à-vis October 2015 (18 percent). KSA (up one percent) registered a positive annual growth following low level in October (down two percent).

•Online recruitment in Oman and Bahrain slowed. Recruitment level matched the year-ago level in Oman while recruitment in Bahrain slipped four percent below the year-ago level. Qatar (down seven percent) recorded the steepest decline year-on-year

Country-Wise Trends
UAE Highlights
•Monster Employment Index UAE registers a 24 percent growth year-on-year
•Health Care industry registers the steepest growth year-on-year
•Oil and Gas sector continues to exhibit steep decline
•Online demand rises the most for Sales and BD professionals

KSA Highlights
•Monster Employment Index KSA exceeds year-ago level by a marginal one percent
•Consumer Goods/ FMCG, Food & Packaged Food , Home Appliance, Garments/ Textiles/ Leather, Gems & Jewellery leads industry sectors by the way of long-term growth
•Engineering, Construction and Real Estate records the steepest fall yet again
•Online demand for Health Care rises the most on a year-on-year basis