Price of oil and gas dubai jobs 2014
The continuing energy reforms in Mexico and the announcement of Round One tendering scheduled later this year should have a positive effect on the Index in Q3.
The cost of producing North Sea oil and the slow up-take of fracking and shale exploration in the region take their toll on the job market. With the approaching UK general election in May , the new government is expected to come under pressure to revise tax reforms in order to kick start UK oil production.
Western sanctions, coupled with the fall in oil prices have resulted in the CIS Job Index dropping to the lowest levels in six years. Russia has turned its attention to Asia, particularly China, both for financial investment and the talent needed to complete projects, in turn securing the revenue it so desperately relies on from oil and gas exports.
The rising cost of production on the one hand and the decline in oil prices on the other are causing employers to put a hold on hiring activity, causing the Index to drop below Q1 levels. Africa is expected to represent 15 per cent of global offshore capital expenditure during , up 10 per cent from levels. The first quarter has been stronger than other regions. The expertise and proven track record in the design and construction of offshore production facilities is potentially the reason the region has seen growth.
Companies with projects in construction have already committed the finances required. Therefore, we expect there will be a time lag before any potential changes to hiring plans are realised. LNG projects are moving out of design and construction phases and into operational status, resulting in reduction in demand for new talent and reflected in the Index, which has reported four consecutive quarters of decline since its slight recover in May The data is compiled by a team of analysts and researchers, and is broken down to reflect regional differences in hiring activity.
I am A Job seeker. Sign In Create Account. July figures were used as that is the peak month for arrivals and cancellations ahead of the academic year, Fragomen says. The client database comprises companies from all industry sectors, not just oil and gas. ADNOC plans to cut 5, jobs by the end of the year. Dubai Expo is one of the driving factors for this optimism, says Masri. The event is expected to lead to an increase in development projects in the country, creating more than , new jobs and boosting industry.
Radha Stirling, founder of lobby group Detained in Dubai, says: Expats are in a precarious position in that they usually have no backup or support, and in our experience unemployed expats struggle to survive more than ninety days without defaulting on rent and other obligations.
Jonathan Macpherson, deputy chairman and chief operating officer COO of the British Business Group, says group membership continues to rise by around percent each year and there remain plenty of opportunities for British businesses in the UAE. It is estimated that expatriates account for more than 50 percent of the labour force in most of the GCC countries.
The medical profession appears to be somewhat cushioned from the economic slowdown. Kaneez Nabijee, CEO of recruitment and licensing body Doctors in Dubai, reports a rise in demand for doctors in the UAE — she says her client base has risen 50 percent between and as the government invests in the healthcare industry by building new hospitals and clinics.
She notes a rise in UK doctors moving to the UAE because they hate working within the cash-strapped National Health Service NHS , which is increasingly forcing doctors to work punishing hours for pitiful salaries.
Membership has risen by percent in the past 12 months, he says. If you run away from one country, you could find yourself in a worse situation somewhere else. Others have noticed a demographic shift towards fewer Western expats and more from Asia and the Arab world rather than an outright exodus.
The anonymous recruiter says: Gulf companies are looking for alternative, cheaper sources of labour even if the skill set is less advanced. I think what we are seeing is a rebalancing of the market to more sustainable levels from one that has overpaid for many years. New expats are far more likely to be single than married with children as companies seeks to cut down on visa costs, adds Brian Cummins, founder of expat support network Abu Dhabi Paddy.
With its year-round sunshine, exciting lifestyle and business prospects the UAE is certain to remain a major destination for expats for years to come. However, economic uncertainty in the region is clearly prompting significant structural shifts and more expats could be making life-changing decisions in the weeks and months ahead. Imran Serugo Lugo, business development manager at health insurance firm Lifecare International:. My previous job had good career prospects, but house price inflation was rising quicker than I could save.
So when the opportunity to work in the UAE, where it is tax-free and a better quality of life coupled with good career prospects, it seemed silly not to.
My new job was in construction marketing but I realised that the change in industry and international move was extremely stressful. I was lucky to have great friends who helped me, as insider knowledge is crucial. I was lucky as my rent stayed the same but I heard lots of stories of landlords doubling rents on existing tenants. There was a definite feeling of expats being priced out and the job market had simply stopped moving.
I had lots of good times in Dubai but I was fed up of always looking for cheaper deals. The UAE expat's dilemma The slowing economy has left ripples of uncertainty across the Gulf, hitting the job market and causing living costs to escalate. For many people who moved to the UAE to cash in on its abundant prospects, it no longer makes sense to stay. Fri 12 Aug Subscribe to our Newsletter.
Saudi Arabia says Jazan targeted by missile from Yemen 30 Mar Dubai launches first Happiness Platform on Jumeirah beach 28 Mar UAE named among world's 20 happiest countries 15 Mar France issues arrest warrant for Saudi crown prince's sister 15 Mar