Dubai: The UAE’s job market is all set to close 2024 on a high, with hiring in the banking and fintech sectors driving demand for those with sufficient work experience in the UAE or other Gulf markets.
It’s the fintech space that’s generating serious buzz, with companies seeing significant movement of mid- and senior management personnel to rival entities. “If not in the UAE, those with sufficient fintech or tech experience are being headhunted by businesses in some of the other Gulf markets,” said a consultant. “Salaries too have risen as a consequence, at least within some categories in the wider fintech space.”
Fintechs in the UAE and Gulf continue to attract major private funding – ‘Whenever that happens, chances are they would be using part of the new funds to add new markets and rope in additional talent,” said the HR consultant. “I think 2024 will close as one of the best years for jobs in fintech or adjacent sectors.”
Meanwhile, there is talk about a new digital-only bank set to be launched, and which has been pulling in executives with some attractive packages.
“We are seeing a lot of (job) movements in all sectors, driven by employees being offered better opportunities and pay,” said James Swallow, Commercial Director at Sovereign PPG. “Healthy competition is driving this demand.”
It is not just financial services
But Swallow makes a point by adding that it’s not just the UAE financial services and fintech sector that’s seeing massive staff movements. “Growing sectors will always see higher movement rates, and we are also seeing a big rise in the tourism, F&B and support services,” he added.
What sort of salary gains are there?
Average salary increases for a new role when switching from one fintech to another is around 15%-20%, industry sources say. But in this industry, it's always been about the perks. "UAE government-owned or backed businesses are proving to be the biggest competition in the hunt for talent," said a recruiter. "This is where the serious salary gains happen, plus there are the offers from other Gulf markets, and they too tend to be highly attractive."
Recruiters add there is one significant change in the terms and conditions - new hires are expected to be in the office and use less of the work-from-home option.
We notice while Europe and Asia made significant reduction in venture capital due to poor economy and geopolitics, our Dubai office found the UAE to be quite insulated, with fintech funding continuing to rise
"Hiring in fintech at mid-to-senior management has been explosive this year for our business,” said Vahid Haghzare, Director at SVA Recruitment, which specializes in tech industry placements. “Companies have been mandating us to find experienced talent, not just limited to GCC, but also helping relocate banking and fintech execs from other parts of the world like Asia.
”For instance, a UAE digital bank startup - Zand - was in touch with us earlier this year to help relocate digital bank experienced execs from China to their business in UAE. Their own CEO himself was previously based in Singapore/Hong Kong, and headhunted to relocated to UAE.”
Usual December job spike?
Traditionally, the final three months of a year see increases in new hiring and staff movements. HR consultants say Q4-2024 will be the best for job creation in key UAE sectors since 2021, when the market was coming off the Covid crisis and many were returning to the job market.
“So, you had digital companies, including fintechs and delivery aggregators, recruiting heavily in 2021,” said an HR specialist. “Other sectors picked up soon after, including in property, banking, retail and F&B.
“But what you see in these final weeks of 2024 will beat even that.”
Emiratisation quotas
Employers need to keep other dynamics in mind too.
“New Emiratisation quotas also kick in during the New Year,” said Swallow. “So, companies are also looking at taking on Emiratis in skilled positions to fill the quotas as well.
We are seeing a lot of (job) movements in all sectors, driven by employees being offered better opportunities and pay.
“Some companies need to start to bring in UAE graduates and UAE Nationals at a ratio of 1 for every 20 staff members. There are also nationality percentage limits in certain sectors that companies need to consider, to increase the diversity across their workforce.
“This too is creating certain amounts of (job) attrition and transition in the UAE labour market, as companies look to balance in line with UAE guidelines and bring in and train UAE staff members in the private sector.”
