UAE residents optimistic about employment market

May 8, 2014 9:19 am

UAE residents are more optimistic about the employment market, reveals a recent quarerly Nielsen report, which surveyed 30,000 individuals across 60 countries.

The index measures consumer sentiment towards the current economic climate, as well as future prospects of the region, for which data was collected from February 17 to March 7.

It reveals that seven out of ten respondents (71 per cent) believe that the employment market will improve in the coming year, up from last year’s 62 per cent. Moreover, 65 per cent believes that their current financial situations are either good or excellent. In addition, 50 per cent believes that it is a good or excellent time to purchase new items, which is an improvement of eight per cent from the findings of Q4 2013.

The survey also notes that the UAE ranks fourth for overall consumer enthusiasm across the globe, beaten only by India, Indonesia and the Philippines.

Arslan Ashraf, managing director at Nielsen Arabian Peninsula, was quoted in Gulf News as says: “No doubt that the win of the Expo 2020 bid has had a positive impact on consumer sentiments. However, the overall improvement of the UAE economy is a result of multiple factors, which is driving the confidence. The real benefits of Expo 2020 are expected to have an impact post 2016.”

The report also indicates that a majority (67 per cent) no longer believes that the UAE is facing economic challenges as it was during the 2008 financial crisis, which is an improvement of nine per cent from the results of Q4 2013.

While overall sentiment may be positive, the survey results show that 28 per cent of UAE residents are concerned about job security.