UAE Salary Outlook 2024: Anticipated 4.5% Wage Growth; Revealing In-Demand Skills and High-Paying Jobs
In its latest report, recruitment specialists Cooper Fitch project a robust job market in the UAE for 2024, with salaries expected to rise by an average of 4.5%. The findings suggest a competitive landscape as organizations vie for qualified talent in a limited market.
Survey results from Cooper Fitch indicate that over half of the companies surveyed have intentions to expand their UAE workforce in the coming year. This trend reflects a positive outlook for job seekers, signaling increased opportunities and potential salary enhancements.
Trefor Murphy, CEO of Cooper Fitch, highlighted the growing demand for top-tier talent in the UAE. He noted that a significant proportion of UAE-based firms expanded their workforce in 2023 compared to the previous year, with a majority planning salary increments for 2024. This trend typically correlates with heightened competition for skilled professionals, thus driving up compensation packages.
Moreover, while only 20% of respondents anticipate a reduction in headcounts, the prevailing sentiment suggests a favorable environment for job seekers, where increased competition often translates to improved wages.
However, the report also underscores significant shortages in critical skill sets, particularly in management, leadership, and sales roles. According to Jack Khabbaz, Managing Partner at Cooper Fitch, factors beyond fixed remuneration, such as bonuses and remote work options, are increasingly influencing the UAE job market.
Roles requiring project management, client engagement, and revenue generation are notably challenging to fill locally, reflecting global trends as professionals reassess career paths post-pandemic. Addressing these gaps may necessitate innovative approaches like training initiatives and international recruitment efforts.
The top 10 skill shortages identified in the report include:
- Management
- Leadership
- Analytical Skills
- Project Management
- Artificial Intelligence
- Engineering
- Software Development
- Sales
- Finance
- Data Science
Technology continues to solidify its position as AI/ML Engineers, Cloud Architects, and Data Scientists remain in high demand. The government’s ambitious target of achieving 25 percent non-oil GDP by 2030 hinges on digital transformation spearheaded by this skilled workforce. Salary ranges vary, with UX/UI Designers starting at AED24,000 and Chief Digital Officers commanding AED44,000 or more. Leading companies offer up to AED 120,000 for commercial heads, while consultancies entice Partners with salaries ranging from AED91,000 to AED117,000, with cybersecurity roles also flourishing.
Several traditional high-paying sectors have maintained their positions. Investment banking roles typically exceed AED150,000, while Strategy Consulting Partners earn an average of AED164,000. Real estate project managers start at AED22,000, while developers enjoy six-figure salaries.
In the healthcare sector, doctors can expect to earn upwards of AED80,000, while public sector economists begin at AED27,500. Professional roles also offer competitive compensation, with legal partners receiving up to AED275,000 monthly from major international firms.
The majority of respondents anticipate offering annual bonuses equivalent to one to six months’ salary based on performance. Non-monetary benefits such as remote working opportunities and training programs are becoming increasingly important to employees, potentially offsetting lower fixed pay.
With sustained growth forecasted, the UAE job market is poised to provide expanded opportunities in the coming years.
Continued investment in strategic sectors will ensure the availability of well-compensated positions. However, bridging skills gaps will be critical to achieving economic objectives.