The UAE recorded a three per cent increase in job creation in the last quarter of 2024 compared to the previous quarter, according to the Q4 GCC Employment Index by Cooper Fitch.
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In the Gulf region, new job creation grew 5 per cent year-on-year in 2024, outpacing GCC's 2024 GDP growth rate of 1.6 per cent expected by the World Bank. The growth in new jobs was mainly driven by the energy, real estate, and technology sectors.
The Index revealed a two per cent increase in job opportunities during Q4 2024 across GCC.
“These are very strong numbers. Any developed economy would love that kind of growth. Job creation ahead of GDP is a very good sign,” said Dr Trefor Murphy, founder and CEO of Cooper Fitch.
“In GCC, the big winners were real estate, CEOs' positions, manufacturing, sales and marketing and cybersecurity among others,” said Murphy.
He added that cloud, legal, banking, finance and supply chain sectors saw a drop in hiring in the fourth quarter mainly due to these sectors completing the hiring within the first three quarters of 2024.
In addition, investment management and global alternative investment had a very strong 2024.
“Investment roles grew by 2 per cent, primarily in the UAE, reflecting economic expansion spurred by diversification, foreign direct investments, and government-led innovation initiatives aimed at fostering job creation. The banking sector experienced a 3 per cent decline in hiring due to cost-conscious strategies during year-end budget reviews. However, digital transformation ensured selective demand for digital banking and compliance roles,” said the Dubai-based recruitment and HR advisory services company.
It noted that infrastructure projects like the UAE-Oman rail connection further boosted logistics, construction, and tourism employment opportunities.
Cooper Fitch added that the aviation sector expanded under Vision 2030 and the UAE's focus on connectivity, driving demand for roles in operations, aviation technology, and customer service, supported by investments in logistics hubs and regional infrastructure.
Dr Trefor Murphy said it is encouraging that big organisations are coming to the UAE and creating high-value jobs.
“Global ultra-high net worth individuals will continue to flow into the UAE in 2025 and wealthy people are increasingly coming here, not just with their money but with their ideas and businesses,” he added.