The market is composed of two sides:
1. Supply refers to the number of workers (labor force) who are already in the labor market or the economically active part of the population who are ready to enter the labor market at a certain period of time.
2. Demand means the demand for labor, which represents the other side of the market, or the human efforts required by employers from public and private institutions for certain benefits.
Labor Market Movement
The labor market can be shown as a dynamic system. The number of unemployed and employed workers at any time is the result of the movements shown below: unemployed persons find work at the same time as many employed workers lose their jobs and become unemployed.
UAE Economic Drivers
Oil and gas accounted for 42 per cent of the UAE’s GDP in 2012, with Abu Dhabi holding the overwhelming majority of the country’s reserves (well over 90 per cent)
Industrial development is playing an increasingly vital role in driving UAE economic expansion and diversification, accounting for 16 per cent of GDP. The main pillars of UAE industry are petrochemicals, aluminum, and steel, but the automotive sector, chemicals, cement, electrical machinery, power equipment and food processing continued to gain momentum in 2012.
Dh193.6 billion (US$53 billion) or 14 per cent of the UAE’s GDP came from the tourism industry in 2012, a figure that is expected to rise in coming years. Tourism provides one in nine jobs in the country, which beats the global average of one in 11 jobs. The industry grew by 14 per cent in the UAE in 2012, faster than the world average of 9 per cent. The UAE aims to increase tourism arrivals from around 15 million in 2012 to 26 million over the next ten years.
Driven mainly by rising trade and tourism activity, the UAE has also taken great strides towards becoming a regional hub for transport and logistics, and for the global travel industry. The country is currently constructing and expanding several port and airport facilities, as well as roads and a nationwide rail network. The aviation industry alone contributes about 15 per cent to the UAE’s GDP (and as much as 28 per cent in Dubai).
The UAE real estate and construction sector is showing strong signs of recovery after the property slowdown caused by the global financial crisis in 2009. According to 2011 statistics, the sector accounts for around 10 per cent of UAE GDP.
The banking and finance industry has maintained its position as one of the leading contributors to the economy, at around 7 per cent of total GDP. UAE banks witnessed 8 per cent growth in total assets to Dh1.8 trillion (US$490 billion) in 2012, enabling the banking sector to remain the Arab region’s largest in terms of assets.
Dubai, which accounts for around 30 per cent of the UAE economy with a population in 2012 of 2.1 million, has positioned itself in recent years as a regional hub for trade, transport, and logistics, retail, tourism, and banking. These key pillars have shown resilience since the financial crisis, with
overall GDP growing by approximately 4.5 per cent in 2012. Oil and gas represent only 2 per cent of the economy.
Abu Dhabi. The energy-rich capital accounts for well over 60 per cent of UAE economic output and in 2012 saw GDP grow by an estimated 3.9 per cent. The population of the Emirate of Abu Dhabi in 2013, as a whole, is just over 2.5 million, with annual growth of over 8 per cent, one of the highest rates in the world. Abu Dhabi has diversified into cultural tourism, aviation, manufacturing, media, healthcare, financial services and renewable energy.
When you are looking for a career and a job, broaden your search:
• Consider all economic sectors and companies
• Consider private, government and semi-government organizations.