The UAE job market was in a much better shape in 2011 than the year before, job prospects for professionals and managers in the UAE have now almost caught up with the global average.
Events play a great role in boosting the economy. Some specific events that shaped the job market the most last year were; some external events, like the Arab Spring, the great slowdown in the US and Eurozone.
The economic downturn of the US and Europe has definitely impacted the banking sector, which, at an international level, is laying-off people.
Then the catastrophe in Japan that was instrumental in slowing down the Japanese economy being another event. Several other global events that affected the UAE, mostly indirectly are the Eurozone going bust and with no bailout concrete decision coming as yet. However, economists maintain the opinion that the Arab Spring was one of the most important events that shaped the job market in 2011.
The geo-political issues arising out in Egypt, Libya, Syria and Iran resulted in a lot of businesses, individuals and capital flowing into the UAE, a safe and politically stable country. This has benefited the UAE economy and has created new employment opportunities across the Emirates.
Some of the internal events that shaped the UAE's job market include Emirates NBD's merger with Dubai Bank, the slowing down of big players like Mubadala and the influx of Chinese and Indian entrepreneurs establishing new businesses across UAE.
