Recruitment specialists Cooper Fitch said that workers in the UAE are likely to take home higher pay cheques this year, as corporations are expected to grant salary increases of around 4.5% in 2024.
The rise in salary will be caused by the strong performance of the country’s non-oil sectors. Cooper Fitch said it is correlated with an increase in the UAE’s OPEC+ oil output quota and the need for employers to retain top talent.
53% of UAE Companies to Raise Salaries
Across the Gulf region, the talent specialists surveyed representatives from over 1,000 companies. Among the UAE respondents, 53% expect to increase their employees’ salaries this year.
Most planning salary increases (39%) expect staff salaries to jump by up to 5%, while 9% of employers plan an increase of between 6% and 9%, and around 5% are preparing for an increase of 10% or more.
It said that the Employees working in accounting, chemicals, consumer goods, and hospital and healthcare could look forward to bonuses amounting to a great six months’ basic salary.
Cooper Fitch CEO’s Insights on Positive Hiring Trends
Founder and CEO of Cooper Fitch, Trefor Murphy, said, “More than half of this year’s respondents plan to increase pay in 2024. It is positive news for job seekers in the emirates as greater demand for talent typically results in higher salaries,”
Hiring outlook
This year’s hiring outlook also looks positive. Many businesses are looking to increase their workers over the next 12 months.
More than half (56%) of respondents expect to hire more people in 2024. Although 20% plan to reduce their numbers.
The country continued with its economic efforts and technological innovations. Cooper Fitch noted that there had been several positive changes in the hiring landscape in the UAE over the past 12 months.
According to the Swiss Re Institute, the UAE’s economy is expected to increase by 3% in 2023. It is because of various sectors, mainly real estate and technology.
Property marketing in Dubai and Abu Dhabi was strong in 2023, with strong demand from domestic and overseas investors. In Dubai alone, buyers were snapping up multi-million dollar homes. It makes the emirate a top goal for luxury real estate.
