What Emerging Sectors are Performing well in the GCC for Job seekers?
The Gulf Cooperation Council (GCC) is an intergovernmental political and economic union made up of Saudi Arabia, Kuwait, Bahrain, Qatar, United Arab Emirates and Oman. Among the world’s emerging markets it possesses some of the best business conditions according to the 2016 Agility Emerging Markets Logistics Index, based on a mixture of market access, risk, regulation, foreign investment and wealth distribution.
There are many sectors in the GCC that are currently experiencing a lot of growth and performing well. These offer the best opportunities for anyone seeking a role in a promising industry across the GCC, with new positions opening all the time.
Health Care sector:
A report by Alpen Capital claims that the GCC healthcare market will grow at a 12.1% compound annual growth rate (CAGR) for the next few years. Valued at $40.3 billion in 2015, it is predicted to increase at this rate over five years to $71.3 billion in 2020. A rise in treatment costs along with an ever-increasing population are the two main reasons behind it.
Development of the private healthcare sector is increasingly important in GCC nations, with the market expected to expand in each one. There are a few challenges, such as a lack of national doctors and nurses in some countries and knowledge in specialist areas. These do provide an opportunity for those looking to start or change a career in the region.
Financial Services sector:
The financial industry has always been a big part of the GCC and working in any area of the sector remains a popular career choice. As a whole, the financial industry may be hard to class as an emerging sector, but the banking industry and others within it are continuing to grow. Many capital-rich investment banking services are expanding internationally through a mixture of acquisitions, organic growth and other methods.
Countries such as the UAE and Qatar especially have experienced a boom in their financial services sector and one that continues, offering good career opportunities. The forex market has also grown in GCC members, providing boosts to their currencies and presenting options to begin trading on platforms like IG. It can be a great way to learn, practise and form the stepping stones of a successful financial career in the Gulf region.
Transport and Infrastructure sector:
A strong focus for nationalisation in many GCC countries is improving transport links and infrastructure. Aviation, metro and rail are the main three areas that are growing quickly. For the aviation sector, the likes of Emirates, Qatar Airways and Etihad were all named among the top ten airlines in the world at the annual World Airline Awards. Not only that, but Dubai airport is one of the busiest airports in the world as well.
Aside from the skies, there has been a lot of investment recently in port facilities and services by Dubai and Oman, with logistics developments in Kuwait as well. Increased funds and excellent locations make them great for boosting travel and shipment links. As such countries continue to invest in and develop these transport logistics and infrastructure it will increase job opportunities in the sector.
Tourism has grown massively in the last couple of decades. Abu Dhabi and Qatar especially have established themselves as high-end destinations, with Dubai now the fourth most visited city in the world. Tourism is the main driver of growth for the city, with hundreds of hotels and luxury restaurants boosting the hospitality sector.
For Saudi Arabia, it is religious tourism that is ensuring growth for the industry. Many Muslims visit the country on pilgrimages each year, guaranteeing visitors and money flowing into this sector. Even Oman and Bahrain are growing in popularity with Western tourists, all offering the chance to join a growing tourism industry.
Trends within the above sectors in Google Search
When I compared the online search data for the above mentioned jobs, I saw a peculiar trend.
More and more individuals are looking exclusively online or jobs within various sectors.
If you are looking for a job within these sectors, I am sure you will find your dream job. All the best to you.