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Discussion Starter · #1 ·
May I ask your honest opinion about the above, as I've heard too many in the recent couple of months?
 

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Only know people have lost their jobs, various roles (marketing, engineer, director, sales..) not specific to a single industry (telecommunication, oil and gas, international companies..), hence wondering if anyone else heard of friends/colleagues in similar situations?
 

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a lot of banks have laid off people recently. Just a reflection of globally low profits, and hence the pressure to reduce headcount across the board.
 

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Just heard on the radio today that the permanent population is hitting 2 million now and that construction projects are restarting.
 

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Just heard on the radio today that the permanent population is hitting 2 million now and that construction projects are restarting.
I was listening to the same program:) I have to say that I found the OP's comment interesting as inevitably Dubai's economy tends to be somewhat segmented and I have long suspected that one sector may not be having the same experiences as another. The Oil and Gas sector and their astronomic salaries has always bewildered me for example.

My field is hospitality/real estate/construction and 2012 seems to have brought cautious optimism with it. Hotels are of course booming, but that is a very volatile industry - what is interesting is that there seem to be more development activity (and that may just be re-engineering) as well as some movement in the job market.

I always say it is early days especially when one considers the downward trend of most of Europe however I would say definitely no downsizing in this sector.
 

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a lot of banks have laid off people recently. Just a reflection of globally low profits, and hence the pressure to reduce headcount across the board.
Recently , I got to know that all Tasheel typing centres have to have 100% Emiratisation !
 

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I know of 2 people who lost their jobs in the past month, which is about 10% of the people I know so perhaps some sectors are doing poorly.
 

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Your question is a bit vague because as you know, UAE has strong performing sectors like the Oil and Gas industry, they also have the hospitality sector that they are trying to push and the real estate.

There is also the Free Zones, but they work as a hub to attract business in the region and thus employment. I am not sure how that sector is performing, but very recently the GDP released showed that 25% of the wealth is coming from other sectors rather than the oil industry which is a good thing.

We also have far too many banks here. It is around 57. For a country like UAE, I wonder how they make money to be honest with you.

You are right, the economy is halted (signs of a turnaround ? have not seen any) . If you are planning to come here, don't take on any jobs without checking the company segment and the company itself. You are right in being cautious.
 

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We just won another mega project at the airport here and also jebel ali airport i was in a meeting couple of weeks back and they are doing more there also.
They also just signed off a new huge arts and culture centre in burj district for over 7 billion.
Believe it or not, when our company owners met with someone, they also was trying to start somethings at dubailand, although thi sounds far fetched.
 

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In my industry (PR/marketing communications) there has been a significant number of redundancies over the past year (myself included), and most of the displaced have moved/had to move elsewhere to find new opportunities (Singapore/EU/Hong Kong/Australia).

There are a few companies which are doing well in this sector, but generally the mood/outlook in the industry is overall bearish - if not quite as grim as it was in the early days of the recession.

teuchter
 
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