2020 the Toughest in the Millennium
The year 2020 has been tough enough to worry about what comes next. Entire sectors have been forced to come to a complete halt for as long as 10 months. Obviously, that had impacted the employment market across the world. The effect took various forms. For instance, in Oman many government employees were offered immediate retirement especially who completed 30 years in service. Massive layoffs and salary reduction were common in all GCC. The impact on GCC market has been double folded, the Covid-19 and the decline in oil prices as the demand for oil products hit rock bottom. This left GCC governments starve for funding and suspending many development projects that kept private sector companies afloat prior to the pandemic.
What the market thinks
Many financial and economic analysts are predicting that GCC markets will remain weak in terms of job generation. Their rationale is that there will not be enough money left to spend on projects that create employment. There is also a conviction that new jobs will be offered to GCC nationals exclusively. Oman, Kuwait and Saudi are among the pioneers in promoting nationalization of professions. These countries have introduced several directives aimed towards limiting non nationals in the job market.
What www.jobibex.com thinks
The above concerns are genuine and partially reflect the reality. There have been more layoffs than recruitment and not getting a salary cut in 2020 has been equivalent to getting a heavy bonus in any other year. However, we have reasons to believe that the GCC economies will continue creating jobs for nationals as well as expats.
Why There Will be More Jobs in 2021 in GCC Countries
There are Several reasons for us to believe that you are likely to land a job in Oman, Qatar, Saudi, Bahrain, UAE or Kuwait in 2021 compared to this year and the previous year. Some of these reasons are:
- Massive economic reforms in 2020 will pay off starting in 2021. GCC governments cut unnecessary expenses and introduced extreme measures to enhance efficiency on state levels. This will, eventually, mean more jobs.
- Governments would also create the platform for the private sector to tackle unemployment. For example, Oman announced waiver of tourism visa requirements for over 103 nationalities to help boost national economy. Similar measures are also announced across the GCC. We anticipate massive economic reforms and stimulus plans that will encourage employers to start hiring.
- Select sectors begun showing signs of improvement after the lockdown. These sectors include: retail, travel and tourism, entertainment, financial services and education. We will soon witness massive hiring across these sectors.
- Many private and government companies went through a spree of over-firing infused by Corona panic. They would eventually realize that they need to hire back to stay operational.
- Many companies have no urge to downsize but rather replace an expat with a national as mandated by regulations. They compete in a market of limited supply for nationals with experience. Therefore, they are willing to absorb freshers and spend the resources getting them ready.
- Despite nationalization of jobs, most GCC countries are relaxing the regulations for none citizens to start their own business without the existence of a local sponsor. Therefore, many expats can easily become employed in their own business.
What Will be Different in the Gul Job Market in 2021?
Employers today are very particular about quality. They know that extreme times call for extreme measures. GCC economies cannot entertain labor of inferior quality. Companies are competing for high performers. Therefore, if you have kept your saw sharp you should not worry about getting a job in 2021. Acquire and develop new knowledge and skills and you would remain employable in 2021. Our next article will be on specific skills that will keep you on top of the job market for years to come.