Shopping, nightlife, a rich, diverse culture, coupled with one of the world’s most stunning skylines…Dubai offers all this and more. Here’s why the Emirate is back in the reckoning as a very attractive destination for the discerning international jobseeker:
A global city and business hub, Dubai is one of the seven emirates of the United Arab Emirates (UAE). Back in the day, the city’s economy was built on the oil industry; today, however, real estate, trade, retail, IT and financial services are the largest contributors to the economy.
A world-class city that sprang from an arid desert, this glittering metropolis has attracted world attention through many innovative projects. You have the Burj Khalifa, the tallest freestanding, man-made structure in the world, the Dubai Mall - the world’s biggest shopping mall, the Burj Al Arab, a 7-star hotel with the highest atrium in the world, the Jumeirah Palm Island, the world’s largest man-made island, and many more such. In many ways, Dubai is a city of wonders, a place where the wildest - and most outrageous - aspirations have come true.
Why Dubai?
Dubai spans across 497.1 square miles and is the second most expensive city in the region.
Where ‘people mix’ is concerned, only 17 percent of Dubai’s population comprises UAE nationals. 71 percent of the total population is of expats. Even though Arabic is the official language of the Emirate, English is the language of business and is very widely spoken among the populace.
Other than social and cultural diversity, Dubai also boasts an unparalleled infrastructure of roads and utilities comparable with the best in the world. Communications, transportation, all-round high quality of living…the city offers it all.
Resurging after the Recession
If you were tracking the news from the region, you’d know that the recent global Recession caused a slump in Dubai’s construction sector. But the good news is: Other sectors in Dubai are relatively strong in terms of fundamentals. In fact, coupled with renewed prospects for employment, the drop in real estate prices and property rents make Dubai an even more attractive destination to live and work.
An International Monetary Fund (IMF) report estimates the rate of inflation in Dubai to be at 4.5 percent this year. As per RNCOS (which specializes in industry intelligence), cheap and reliable energy and gas supply, growing oil and gas sectors, overall economic growth and rising income levels are a few of the causes fueling this growth.
Speaking of sectors…
Anyone who has heard of the Dubai Shopping Festival knows how popular shopping in Dubai really is and how it attracts footfalls from around the globe. With favourable government policies and active participation from the private sector, Dubai’s retail industry is poised to grow faster in terms of both, investments and revenue generation.
Changing consumer demographics, presence of large expatriate population and improving purchasing power have attracted premium and luxury brands to the region. This has helped maintain the growth momentum and will continue to do so in the coming years.
Shares Yusuf Tambawala, General Manager (Corporate Relations), at an International Management Education Institute in Dubai:
Good news for the jobseeker
“Dubai experienced the same slump as every other country in the world - in effect no worse, no better. Its only saving grace is that before the global crash it acted - and still continues to act - as a global hub for the experienced expat workforce. As with the rest of the world, it will draw upon its strengths to rebuild, most notably as a base for experienced expats working across the Gulf, and as a business and tourism hub, ideally placed between Europe and Asia,” says Darren Bithell, Managing Partner of a head-hunting firm with over 12 years of experience in global executive search and selection assignments for blue-chip clients.
The employment market is already picking up. A lot of firms are recruiting, with many others planning to do so in the next few months. Sectors gaining momentum are BFSI, Oil and Gas, trading and manufacturing. “If you check the employment section of the regional newspapers, almost 70 to 85 percent jobs are available in these four sectors,” states Jiten Parrikh, Senior Wealth Manager at one of the biggest local banks in Dubai.
Parrikh feels that the major factors that have played a pivotal role in the resurgence of Dubai are: Investor-friendly policies of the government, political stability, and security. “Trading activities have picked up as the number of trading transactions has increased. There is a clear indication that businesses are looking to expand and are anticipating growth,” he notes.
“Factors such as opening-up of the financial credit systems and tax advantages have forced bottomline-focused organizations around the world to seriously consider UAE as an important business base,” Parrikh further explains.
In Dubai, commerce and industry co-exist happily with the pursuit of leisure. Besides being a premium destination for international jobseekers, Dubai also scores high when it comes to retaining the expat population, thanks to greater flexibility in switching employers in the long term.
As Abdul Rahman Saif Al Ghurair, Chairman of the Dubai Chamber of Commerce and Industry recently stated: “During the first quarter of 2011, more than 2500 new members joined the Chamber, which means that there are at least as many new companies operating in Dubai. This is an increase of 4 percent Y-O-Y.”
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