Hiring Trends: An Overview
July 2023 marked a slight 1% YoY decline in Middle East hiring activity, with flat hiring MoM.
Notably, a 5% uptick in hiring over the past six months suggests that employers are on a positive trajectory.
Country-Specific Data (MoM)
Oman leads with a 4% increase in hiring
Bahrain follows with a 2% growth
Kingdom of Saudi Arabia & Kuwait each experienced a 1% MoM growth in hiring
Egypt stays flat (0%) with a steady, unchanging job market
Qatar experienced a slight decline, dropping by 2% MoM
United Arab Emirates saw a significant decline at 5%, highlighting ongoing difficulties in its job market.
Function-wise trends
Sectors on the Rise
Healthcare saw an outstanding 22% YoY growth, possibly spurred by global health crises.
Engineering and Production weren’t far behind, with a 9% YoY growth, likely due to increased industrial activities.
Customer Service roles shifted gears, growing by 3% YoY and even spiking 21% MoM, suggesting a surge in e-commerce or remote service needs.
Sectors in Decline
Software, Hardware & Telecom slid by 18% YoY, hinting at market saturation or outsourcing.
Sales & Business Development and Legal both shrunk by 7% YoY, reflecting a cautious business climate and perhaps fewer litigation activities.
Mixed Performers
HR & Admin roles stayed stable, growing marginally by 1% YoY.
Finance & Accounts and Marketing & Communications both saw a modest YoY growth of 2% and 3%, respectively. Hospitality and Travel declined by 2% YoY, whereas Purchase/Logistics/Supply Chain roles dipped by a more concerning 8%.
Industry Highlights
Four out of the 12 monitored industries showed a YoY increase
High-Growth: Oil and Gas surges by 22%
Moderate Growth: Production/Manufacturing, Automotive and Ancillary (+7%), BFSI (+1%)
Declining Industries: IT and Telecom/ISP (-26%), Retail/Trade and Logistics (-21%), Consumer Goods/FMCG etc. (-15%)
Hiring Trends by Country: A Glimpse into KSA and UAE
Kingdom of Saudi Arabia
High-Growth: Engineering and Construction (+25%)
In Saudi Arabia, the job market shows contrasting trends, influenced by the country’s Vision 2030 plan and current economic shifts. Investments in infrastructure projects are paying off, notably in the Engineering and Construction sector.
Steep Decline: IT and Telecom/ISP (-46%)
However, the tech world isn’t sharing the same fortune. The IT and Telecom/ISP sectors are facing challenges that have led to a significant contraction in job opportunities.
United Arab Emirates: Dynamic Shifts
Strongest Growth: Retail/Trade and Logistics (+72%)
The UAE job market is going through a split of its own. On one hand, Retail/Trade and Logistics are surging, possibly due to the country’s strategic geographic positioning and its investments in becoming a global trading hub.
Major Decline: BFSI (-32%)
On the flip side, the BFSI sector is seeing a decline, perhaps indicative of either market saturation or a cautious recalibration in financial services.
Conclusion
July 2023 presents a nuanced landscape in Middle Eastern hiring. Despite a marginal annual decline, the market exhibits positive signs, led by Oil and Gas. The IT and Telecom sectors, on the other hand, continue to wane.
About the foundit Insights Tracker
The foundit Insights Tracker provides monthly and annual data on hiring trends across multiple sectors and countries in the Middle East. Stay tuned for future updates.
