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Middle East Economic & Hiring Outlook 2014

Middle East economies, predominantly GCC grew at an average 4% in 2013. The worldwide turn around in the last quarter of 2014, signs of revival, rising industrial outputs, record number of jobs created in the United States, cooled down Eurozone crisis, averted Syrian conflict, peace talks with Iran, Dubai winning Expo2020, stable oil price forecast are all signaling better than expected economic growth in the Middle East region. All these factors have boosted investor confidence all around the world and Middle East would witness much larger pie of Foreign Investments. As per revised economic outlook report from IMF, Middle East would grow at a rate of 5.5% - 6% in 2014. This means more number of jobs would be created.

Arab World Careers predicts that Construction & Engineering, Oil & Energy, Tourism and Aviation sectors would drive growth in the GCC markets. 2014 would continue to see nationalization efforts by these economies. We suspect Kuwait to implement a similar law in 2014 as Saudi Arabia’s Nitaqat Law. The number of new jobs created in GCC economies would be between 470,000 – 500,000 and the number of positions to be filled would be upwards 4,000,000. The hiring sources percentage is as below: The currency in the UAE is the UAE Dirham (AED), which is divided into 100 Fils. As of 29 August 2008, the relevant exchange rates were: 1 GBP = 6.7192 AED 1 EUR = 5.4171 AED 1 USD = 3.6732 AED.

Accommodation In the UAE, expats can opt to buy or rent. A variety of accommodation is available, from unfurnished apartments to fully furnished villas. Many apartment blocks come fully furnished and include facilities such as satellite TV, a swimming pool, tennis courts and covered parking. Self-contained compound villas, are common, also with plenty of facilities, and often service and maintenance staff. Rental costs and property prices have increased a lot in recent years, however the percentage increase in rent per year has now been capped to prevent exorbitant raises. You are still likely to find that property costs will be the biggest outlay during your time in the UAE, and proportionally higher than other costs of living in the region. Finding rental accomodation is hard due to a lot of housing developments not being completed, though more are forecast to come online in 2009 to ease this shortfall.

| Modified: September 13, 2018 | Author:

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