Industry & Job Market Update: Q2 2015

Industry & Job Market Update: Q2 2015

With oil prices stabilizing market outlook seems more positive as we head into the new financial year.

Key growth areas will be the healthcare sector with a large investment in infrastructure seeing the opening of more than 20 hospitals in the UAE alone in the next five years, with projects planning to start with 10 of them in 2015.

Infrastructure and construction projects continue to be a prominent feature luring workers into the Gulf States with a large numbers of projects in the pipeline.

To see how many jobs are in your desired industry and an update on the current outlook in Q2, 2015 read below.

EngineeringEngineering

A combination of the Middle East’s ageing population, growing number of youth and declining oil prices have meant governments have intended to build and invest in healthcare and education infrastructure. This has seen an increase in construction projects planned over the coming years and with it, a demand for civil engineers.

At the time of publication there were over 900 vacancies for a civil engineering positions across the gulf in main city centres like Sharjah, Doha, Dubai, Kuwait City and Jeddah.

By far the most popular country was Qatar with around 230 relevant results found, closely followed by the UAE with 186. Saudi Arabia followed at a distance with 106 relevant search results and Kuwait and Oman had 15 and 12 respectively.

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Construction (1)Construction

The construction industry continues to see strong growth with a large number of projects in the pipeline across the emerging market locales. Mega-projects driven by the increased investment in other industries such as education and healthcare, public transport is a huge priority.

Over 250 mega-projects are either currently being built or in the design phase to be completed by 2020 across the Gulf, increasing the demand for appropriate skilled workers such as foreman’s, construction managers and engineers.

By far the largest market exists in the UAE as the country prepares for the Expo of 2020 and strengthens its transport routes and healthcare infrastructure.

One of the fastest growing construction regions is Qatar and is a more stable environment economically compared to its gulf compatriots and oil rich nations Saudi Arabia and UAE due to its large gas reserves.

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Mining1Mining

The mining sector has faced a turbulent time with mineral prices plunging in recent years and mass layoffs.

With Gold and Silver prices falling in 2013, iron ore, coal and copper followed suit. With some minerals (such as copper) trading close to its support level investment has slowed and companies have struggles to deal with it.

However, 2015 may bring a glimmer of hope. Despite the beginning of 2015 expected to see a decline in overall mining revenues, the 2015-2016 financial year is expected to see an upward trend and positive growth.

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HealthcareHealthcare

A booming population and better healthcare has led to an ageing population with the addition of massive healthcare budgets have driven the demand for more hospitals in the Gulf region.

In 2015, expenditure is expected to grow at a compound rate of 11.4% by 2015.

With a boom in the healthcare sector expected and numerous infrastructures being built, the healthcare industry is one that is likely to be the most buoyant in terms of hiring outlook and economic growth.

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Oil&gasOil & Gas

As reported in our Q1 updates, the oil and gas industry has taken a massive hit, with OPEC’s inability to cut production meaning a global oversupply of oil stocks which has cause the price of oil to plummet over the past months.

In terms of prices, forecasters predict that the price will remain stable with recent highs seen at the end of February at $62.50 per barrel. A member of the Royal Saudi family Prince Al-Waleed bi Talal said crude oil my never cost $100 a barrel.

With many other factors playing havoc on the oil prices and in turn, the global economy, lets take a look at how the job market is fearing in each country and industry updates.

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