Online hiring in the GCC registered a 30 per cent increase during the third quarter of 2018, mainly due to efforts by governments to diversify their economies.
According to the latest whitepaper research by Monster Gulf, despite experiencing a slight decline from the first and second quarters of 2018, online recruitment demand in the GCC has been steadily increasing on a quarterly basis since the fourth quarter of 2017.
The International Monetary Fund recently raised the economic forecasts of all GCC countries for 2018 and 2019, and, in its latest World Economic Outlook report, estimates that the UAE's fiscal position is predicted to strengthen by 2.9 per cent.
Saudi Arabia and Kuwait are expected to grow by over 2.3 per cent each in 2018. Bahrain, which recently received $10 billion in financial aid from neighbouring GCC states, is projected to record a 3.5 per cent increase in GDP growth by the end of this year.
"The growing online hiring trends experienced across the GCC region can be largely attributed to the various reforms and stimulus packages being rolled out by regional governments to advance the non-oil sector. Furthermore, we are now seeing structural reforms across the GCC, as opposed to revenue injections, which underlines the regions' determination to taper off its oil dependency and achieve long-term economic sustainability. Economic and market diversification will play a significant role in the continued recovery of the GCC," said Abhijeet Murkherjee, CEO of Monster for the Apac and Gulf.
Reforms designed to promote the private sector, such as the introduction of long-term visas for professionals and easier licensing requirements for new businesses, will catalyse market competitiveness and job demand, he added.
The technology sector is the top hiring industry of 2018, with a 40 per cent growth from the same period last year. This coincides with recent announcements of smart city projects across the region - including Sharjah's $6.5 billion Aljada Smart City Project and Kuwait's eco-friendly Saad Al Abdullah City Project - which have generated job demand within the technology sector.
"The high demand for technology professionals is no surprise given the rapid digital transformation of the GCC in recent years and the recent announcements of smart city megaprojects," Murkherjee added.
"Furthermore, customer demands are evolving putting pressure on businesses to offer more digitalised services and creating opportunities for IT professionals. Given these developments, it will be interesting to see how the GCC job market will react next year. Although it may be slow, the road ahead appears to be positive and we can feel optimistic for 2019 as we prepare for a busy and vibrant 2020."
Source: https://www.zawya.com/mena/en/economy/story/GCC_online_hiring_leaps_30-SNG_134459025/