Based on its nominal GDP (Gross Domestic Product) in 2020, the United Arab Emirates is ranked as the 29th greatest economic powerhouse in the world. It proudly holds the distinction of the second-largest economic power in the Arab world and is positioned as a high-income country. With a dominant 49.2% share, the services sector leads this economic landscape. The industrial sector comes in second at 15%, and the agriculture sector follows suit. A startling 78% of the labor force in the country works in the fast-paced services industry.
A quick look at some important data highlights the UAE’s economic might. As of the fiscal year 2020, the country has a population of 9.99 million and an astounding GDP of $421.142 billion USD.
In terms of economic outlook, the International Monetary Fund (IMF) foresees a consistent and positive trajectory for the UAE, projecting a notable 3.6% increase in GDP driven by enhanced domestic activities. Notably, after an exceptional GDP growth rate of 7.9% in 2022, the UAE continues its ascent with a promising upward trajectory in 2023.
Delving into market dynamics, the services sector reigns supreme, encapsulating a lion’s share of the UAE’s economic landscape, with the majority of the workforce contributing to its vitality. While the oil and petroleum industry remains a linchpin, anchoring the economy, a tapestry of diverse industries contributes to the nation’s economic vibrancy. Among these are tourism, aviation, real estate, education, sports, manufacturing, banking, and external trade, collectively shaping the mosaic of the UAE’s multifaceted economic prowess.
A brief glimpse of the industries
Owing to its retail centers and hotel industry, the United Arab Emirates is one of the most popular travel destinations. Owing to the elevated quality of life provided, residing in the nation is costly. The city might have an impact on the cost of living. For foreigners, Dubai is the most costly place to reside in. The average cost of living in the United Arab Emirates in 2023 is shown in the table below.
| Category | Area of expense | Cost estimated |
| Utilities | Heating, Gas, Electricity, Cooling, Water, Garbage, and Internet (60 Mbps or more) | US $ 264 |
| Apartment rents | Monthly rent 1-bedroom apartment in City Centre
Monthly rent 3-bedroom apartment in the City Centre |
US $ 1,228
US $ 2,288 |
| Travel cost | Gas, one-way ticket, monthly pass of public transport | US $ 7 |
| Food | Fruit, Vegetable, Meat, Dairy, Drinks, and Poultry, Food at Restaurants | US $ 40 |
| Salaries and Financing | Average monthly net salary | US $ 2,765 |
The location of the home, its size, and other elements can all affect the cost of renting in the United Arab Emirates. As the facilities grow, so will the price. The rent for a one-bedroom apartment is about $1,228; the rent for a three-bedroom apartment is about $2,288.
Mentioned below is the average cost of living across the leading cities of UAE: –
| Cities | (Cost of living) US $ |
| Abu Dhabi | US $2,230 |
| Dubai | US $2,565 |
| Ajman | US $2,750 |
The top sectors that are expected to hire in 2021 in UAE are:
| S. No. | Top Industries Looking to Hire |
| 1. | Manufacturing |
| 2. | Banking |
| 3. | Petroleum |
| 4. | Telecommunications |
| 5. | Science and Technology |
| 6. | Real Estate |
| 7. | Construction |
| 8. | Tourism |
People with a wide range of skills are drawn to the United Arab Emirates, which offers a plethora of possibilities throughout its dynamic terrain. With a burgeoning service industry, the nation offers a wide range of employment opportunities for qualified candidates. Whether an individual is an expert in e-commerce or an engineer with superior technical abilities, the UAE offers a wide range of career opportunities that are just waiting to be filled by qualified candidates.
Key Skills in Demand:
These skills align with the dynamic needs of the UAE’s evolving economy, catering to various sectors and industries. From the digital frontier of e-commerce to the precision of healthcare, the spectrum of opportunities is broad, providing a promising landscape for skilled professionals.
Navigating the Emirates cityscape reveals distinctive economic hubs, each with its dominant sector and unique allure. In Dubai, the cosmopolitan heart of the nation, the economy revolves around tourism, aviation, real estate, trade, and financial services. Job seekers with an eye on Dubai can anticipate an annual average salary of US $70,238, reflecting the city’s robust economic activity.
Moving to Abu Dhabi, the second-most populous city, commerce and culture take center stage. Industries such as tourism, aviation, petroleum, and education drive the city’s economic engine, offering an annual average salary of US $68,604.
Meanwhile, Sharjah, the third most populous city, emerges as a hub of industry and culture. Education, aviation, culture, healthcare, and sports stand out as key sectors, with job seekers in Sharjah enjoying an annual average salary of US $66,700.
For enthusiastic job aspirants seeking international opportunities, the United Arab Emirates stands as a compelling destination, with its cities offering distinct prospects and a rich tapestry of economic activity.
In the UAE, hiring new employees is a time-consuming, expensive, and exhausting procedure. The cost of the hiring process depends on a number of factors, including: –
The variety of job profiles available in UAE, along with the expected average salaries, are mentioned below: –
| Jobs | Salary (US $) |
| Chemical Engineer | US $44,430 |
| Product Manager | US $46,010 |
| Operations Manager | US $51,454 |
| Accountant | US $62,714 |
| Data Scientist | US $49,269 |
| Civil Engineer | US $54,450 |
| Mechanical Engineer | US $75,600 |
| IT Manager | US $56,017 |
| Industrial Designer | US $57,280 |
| Dentist | US $95,280 |
| Administrative Assistant | US $35,660 |
| Graphic Designer | US $50,740 |
| Content Marketing | US $68,333 |
| Fashion Designer | US $37,161 |
The employment landscape in the UAE is governed by pivotal labor laws designed to safeguard the rights and well-being of employees, encompassing a spectrum of fundamental benefits. These regulations address essential aspects such as maternity leave, working hours, annual leave, and various other employment-related matters, ensuring a framework that prioritizes employee welfare.
The UAE Labor Law, a cornerstone of these regulations, boasts significant features that outline the terms of employment and protection of workers’ rights. Key provisions of the law include:
These features collectively fortify the legal framework, fostering a work environment that not only respects the rights of employees but also promotes fairness and equality. The UAE’s commitment to upholding these labor laws reflects a dedication to creating a workplace where employees are not only protected but also empowered to thrive in a balanced and supportive professional setting.
The United Arab Emirates’ economy has recovered strongly from the COVID-19 pandemic’s blows, thanks to the government’s prudent fiscal and monetary policies. Remarkably, this recovery has surpassed pre-pandemic levels, bringing with it a surge of increased commercial activity that has subsequently prompted a noteworthy increase in hiring in a number of industries.
One notable aspect of this rapidly expanding job market is the growing need for tech-related positions, which highlights the critical role technology plays in today’s workforce. The following are some of the most sought-after remote jobs:
This surge in technology-related roles is emblematic of the digital transformation sweeping across industries, emphasizing the need for skilled professionals to navigate the evolving technological landscape.
Beyond the tech realm, other job sectors have witnessed substantial demand in the year 2022. Notable sectors experiencing increased hiring activity include:
These sectors reflect a diversified employment landscape, with opportunities spanning various domains of expertise.
In this dynamic scenario, certain companies stand out as trailblazers in hiring efforts within the UAE. The top five companies at the forefront of this recruitment surge are:
These organizations, with their strategic recruitment initiatives, not only contribute to the economic revival but also serve as pillars of stability in the evolving employment terrain of the United Arab Emirates.
You have to follow a lot of rules and go through a lot of processes in order to employ the top talent in the UAE. It will require a significant amount of time and effort on your behalf to complete the hiring process. You may now relax and take pleasure in a smooth recruiting procedure with Marzuna thanks to its one-click, all-in-one employment solution. To learn more, get in touch with Marzuna.
