Oct. 2, 2012
-- Macdonald & Company, the leading property recruitment specialist, has revealed the release of a ‘Middle East Salary Guide’ today (October 02, 2012) at the opening of ‘Cityscape Global 2012,’ the Middle East region’s largest and most influential international real estate event, at the Dubai International Convention and Exhibition Centre (DICEC). The guide is a forerunner of the main annual ‘Middle East Salary Survey,’ which is scheduled to be launched in February 2013, along with the other regional Macdonald and Company surveys covering the UK, Europe, Asia and Africa. The survey, which is identified as the most comprehensive annual survey undertaken for the real estate sector, will be completed in collaboration with the Royal Institution of Chartered Surveyors (RICS) and Cityscape Connect.
According to Macdonald & Company, the Middle East region has witnessed an increase in hiring activity over the last few weeks, following a relatively busy summer and everyone has returned to work with renewed optimism and confidence that the region is faring better compared to Europe, the UK and the US. Several large Dubai developers and government institutions have been searching for senior individuals, and it seems that there is a real willingness to look forward, plan and budget for new staff appointments. Critically, employers in the region are now being very selective about their new hires and are keen to bring in new expertise from outside the region again.
Selective Abu Dhabi developers are also active in hiring, although the employment market in the capital remains steady ahead of the proposed Sorouh and Aldar merger and clarity on the role of the newly formed company. Industry experts are also looking into the impact of the decree requesting Abu Dhabi government employees to reside in Abu Dhabi and how this will affect rents, salaries and lifestyles. The residential sales and leasing market in Dubai continues to improve for well finished and well located properties delivered by well known and respected developers. In fact, the recent Emaar off plan launches sold out very quickly.
The other main generators of hiring activity are KSA and Qatar. KSA is by far the largest market but still proves very challenging to recruit into due to strict nationalisation policies. Qatar has an air of expectancy surrounding the World Cup but has yet to really move forward. Other regions in the Arab World that used to be active have remained off limits (Syria, Yemen, Egypt and Libya) as the Arab Spring plays out. The fundamental shift to democracy will take many years to really infiltrate every level of society. Professionals remain very attracted to the region for financial, career and family reasons, particularly when compared to current available opportunities in the UK, Europe and the US.
Ben Waddilove, Director, Macdonald & Company, said, “The current situation is definitely improving and we expect that the Gulf States will continue to achieve significant GDP growth compared to other Western economies as the year progresses.”
Copies of the Salary Guide will be distributed at Cityscape and are also available at the Macdonald and Company Offices, Office 403, Code Business Tower, Al Barsha 1, Dubai. The survey can also be downloaded from www.macdonaldandcompany.com