The foundit Insights Tracker (fit) reveals a complex scenario in the job market across the Gulf region for October 2023. Although there’s a slight annual decline in online recruitment in October 2023, there are significant developments worth noting.
Interestingly, the tracker recorded a 4% month-on-month increase from September 2023, suggesting a recovery in certain areas.
Over the past six months, e-recruitment activity has risen by 4%, hinting at an increasingly robust job market driven by heightened market confidence and investment, particularly in the UAE.
Country-Specific Data (MoM)
Qatar: Remained stable with 0% growth.
Egypt: Experienced a 3% increase.
Kingdom of Saudi Arabia: Saw a 2% decrease.
Oman: Reported a 1% decline.
Bahrain: Maintained stability with 0% growth.
Kuwait: Faced a 3% decrease.
United Arab Emirates: Recorded a significant 4% increase.
Industry-Wise Trends
Engineering, Construction, Real Estate: +9%
IT & Telecom: +5%
Oil and Gas: +4%
BFSI: +3%
Petrochemicals: +2%
Advertising, MR, PR: +1%
Hiring Trends by Industry
Out of 12 industries monitored, four showed positive growth in October 2023.
- The Engineering, Construction, and Real Estate sector saw an 18% increase, largely due to rising infrastructure needs and focus on ESG initiatives.
- The Oil and Gas sector also experienced a 6% increase. However, the Production/Manufacturing, Automotive, and Ancillary sectors, as well as Petrochemicals, remained stagnant.
Conversely, IT and Telecom/ISP saw a significant 30% decline, with BFSI and Retail/Trade and Logistics also experiencing downturns.
Hiring Trends by Functional Area
In October 2023, five out of the 11 occupational groups monitored surpassed last year’s recruitment levels. Engineering and Production led with a 16% increase, followed by Finance & Accounts (+10%), and Legal (+6%), particularly in Construction and Real Estate.
However, Software, Hardware & Telecom roles declined by 25%, with Sales & Business Development and Customer Service also experiencing decreases.
Deep Dive: KSA and UAE
Kingdom of Saudi Arabia: Impressive Growth
KSA’s annual growth in October 2023 reached 20%.
Advertising, MR, PR saw a remarkable 55% growth, but IT and Telecom/ISP faced a 46% decline. Marketing & Communications roles increased by 15%, while Purchase/Logistics/Supply Chain roles decreased by 24%.
United Arab Emirates: Notable Decline
In contrast, the UAE experienced a 30% annual drop in hiring activity.
Retail/Trade and Logistics continued to grow exceptionally (+96%), but BFSI faced the sharpest decline. Engineering and Production roles saw a 12% increase, but Sales & BD roles decreased significantly.
Conclusion
October 2023 presents a dynamic and varied landscape in hiring trends across the Gulf. While some sectors and countries show promising growth, others face significant challenges, highlighting the ever-evolving nature of the job market in the region.
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. For those keen on understanding the pulse of the job market, stay tuned for future updates.
