Hot Industries of UAE
United Arab Emirates is the leading regional trading hub of Middle East. It is one of the wealthiest in the region, when it comes to per capita income and, while it remains highly dependent on its oil and gas industry, the efforts are now on to diversify its economy to promote the growth of non-oil sectors, with hospitality and real estate at forefront.
Oil and Gas sector still leading the growth
United Arab Emirates has long been known for its oil sector dominated economy. After all 40 per cent of the country’s gross domestic product is directly based on oil and gas output. Ever since the first commercial oil discovery in 1958, United Arab Emirates has become a modern state with a developed high income economy which ranks amongst the highest in terms of GDP per capita. Abu Dhabi is further increasing its investments in the oil and gas sectors to enhance production capacity to 3.5 million bpd by 2017. The Abu Dhabi National Oil Company is leading the initiatives such as redevelopment of currently producing fields, and development of smaller fields. According to the latest estimates of the energy firm BP, at the current production levels, oil production will last at least 92 more years. This optimism is riding the sector to hire more employees, attracting expats as well as non-expats on excellent pay packages. Emirates National Oil Company, the Dubai Government owned diversified energy group recently displayed 150 career opportunities specifically for Emirati professionals at Careers UAE 2014, the annual recruitment, training and education exhibition for UAE Nationals held at the Dubai International Convention Center.
Dubai: The Construction capital of world
Dubai’s construction industry contributed 21% of the growth in the first quarter of this year, and accounts for 7.8% of overall GDP. While the Emirati population is expected to increase by 100,000 people per year, the Dubai Expo 2020 is all set to give construction industry its biggest bonanza ever. The Expo center is planned to be a 438-hectare site, which would be the largest ever created for a World Expo. Approximately 30 percent of the new job opportunities in Dubai created by Expo would be in the construction industry alone. However, a new study reveals that the GCC’s construction and real estate market is currently facing a manpower shortfall of 500,000 workers.
Tourism, the vital pillar of growth
Tourism remains one of the major drivers for growth to the UAE. In fact, Trade and tourism is one of the major sectors that are expected to provide the growth necessary to achieve the Emirate’s agenda of economic diversification and successfully target regional as well as global markets. The country boasts of a vibrant business environment, diverse cultural and heritage assets, beautiful beaches and large number of natural islands that offers a strong appeal to tourists and visitors.
In the run up to Expo 2020, there is a plan to diversify the range of hotels available for occupancy. According to data provided by Dubai Chamber, the UAE’s tourism sector is estimated to grow by 4.1 per cent annually between 2011 and 2023. The latest analysis by Dubai Chamber of Commerce and Industry found that the capital investment in the sector is expected to increase annually by an average of 4.5 per cent, reaching Dh143.4 billion by 2023. This investment will result in direct creation of 245,000 jobs. It should be noted that the country is ranked 28th amongst 139 nations and stands first amongst its Middle East neighbors in the World Economic Forum’s Travel & Tourism Competitiveness Report 2013’.
Aviation industry all set to take off
The recently concluded 14th Annual Airport Show 2014 (May 11-13, 2014) at the Dubai International Convention and Exhibition Centre’s (DICEC) witnessed a significant growth in number of exhibitors, buyers and delegates, displaying successfully the ongoing growth of UAE’s aviation industry. According to IATA, the Middle East is expected to have a growth rate of 6.6 per cent until 2016, turning it into the second-fastest growing aviation market globally. The government of UAE looks at aviation industry as instrumental in supporting the long-term objectives set out in Abu Dhabi Plan 2030. UAE’s Emirates Airlines is globally acknowledged as the world’s best airline. With positive data points in all aspects of the industry, the growth in employment opportunities is just a matter of time.
Author bio: Saurabh Tyagi is a career author with strong technical education credentials. He offers career advice related to resume making, increasing workplace productivity and others, many which have been published on various blogs.