An Overview of Companies in the Middle East
Offering a favorable business environment worldwide and global competitiveness, the reputation of the Middle East as one of the world’s preferred destination for investments is well recognized. It’s not only the global players leveraging the Middle East but even small to medium sized businesses are also waking up to the advantage.
Aside from the Gulf Oil and Gas industry, IT vertical in the Middle East also look set to be spearheaded by companies like Dell, HP, Infosys, and Microsoft. World class infrastructure, robust economic climate, and competent ruling government are some of the leading factors which are pushing the growth of the country, making it one of the best places to work and live.
Employment Trends
According to the industry experts, employment opportunities in the Middle East are expected to grow at a fast pace, with companies likely to increase their manpower in 2011. More dynamic job opportunities are to grow in Qatar and Saudi Arabia. However, Saudi Arabia may see the region’s highest inflation rate, driven by increasing house rents and food prices, while Qatar’s inflation rate will remain low.
According to the Monster Employment Index, sector like Healthcare has paved a way for a high proliferation of jobs in the country in April’11 and should add to more employment opportunities. Adding to the boom will be the jobs within the Production/Manufacturing, Automotive and Ancillary.
Engineering, Construction and Real Estate are also expected to be the expanding industries. There was a significant decline in the hiring activity of BFSI, Hospitality, and Advertising & PR. However, these sectors are showing signs of improvement in employment trends.
In addition to the pack of global players, small to medium sized enterprises are also digging their spurs deeper into Middle East’s soil to push their growth high.
The country is a host to the global leaders such as Dell, HP, Intel, Infosys, Microsoft, Johnson & Johnson Inc., Citibank, BMW Group Middle East.
Money Matters
A rise in demand for skilled manpower from other countries including India, and strong competition from the public sector are some of the reasons accounting for increased salaries in the Middle East.
Salaries across GCC risen at an average rate of 6.1% during 2010 as compared to 6.2% in 2009 whereas Qatar, a home to the world’s third largest gas reserves, experienced an average growth of 6.8%.
Saudi Arabia witnessed a moderate economic growth, with an increase at 6.7% in 2010, ahead of Oman, where average pay rises stood at 6.4%. Kuwait, the UAE and Bahrain turned out to be the worst sufferers of the global economy upheaval, with lower levels of pay increase.
Economic Indicators
The country has tremendous growth potential and the industry connoisseurs anticipate supportive capital and earnings and good GDP growth. “The Middle East expected economic growth rate is at about 4.1% for 2010 and 5.1% in 2011,” says Wikipedia.
