Huge increase in Dubai residents earning over AED10,000
According to new figures by Redin, the percentage of Dubai residents earning more than AED10,000 per month has almost doubled since 2009.
When the previous study was done, 12 percent of the city’s residents were earning AED10,000 ($2,700) or above, and in 2015 that figure had almost doubled to 20 percent. The data is based on salary information from the Dubai Statistics Centre (DSC), which is an official source for statistical information.
If you’d like to earn more than AED20,000, the research says that you should be in construction, retail, manufacturing, wholesale or government administration.
Gulf News spoke to Raghu Mandagolathur, senior vice president for research at Kuwait Financial Centre, who explained that the salary increase is due to expats moving into roles with competitive salaries. “Expatriates are now occupying more skilled and professional jobs unlike in the 1970s when their population was more in unskilled labour,” he said.
Apparently salary is the top concern for 95 percent of workers, a DSC survey found. The DSC deputy executive director, Tariq Al Janahi, said: “Some people said the financial aspect, such as job benefits and salary, was a priority [for achieving job contentment], while others preferred other aspects, such as the positively working relationships and job security.”
It sounds like good news for many UAE workers, however, back in May a survey predicted that most people won’t get a salary increase this year.
The 2016 Salary Guide from Morgan McKinley forecasts that, due to the low oil price and general economic uncertainty across the world, most UAE salaries aren’t expected to rise.
“Since the outlook for 2016 is highly uncertain, some ‘doom and gloom’ is starting to creep into market sentiment,” Trefor Murphy, Managing Director at Morgan McKinley UAE, told 7Days. “Whilst the UAE economy is highly diversified and complex, it is still heavily reliant on natural resources, which affects all industries and professional disciplines.
Murphy added: “Undoubtedly the year ahead will be difficult for the UAE, but the government is making the right decisions to ensure that it balances its fiscal budgets and does not fall back into recession. We expect salaries to remain broadly flat during the coming year with workers more concerned about remaining employed than pushing for substantial pay increases.”