Dubai: Your wallet may just get heavier: Salaries in the UAE could rise by five per cent next year, with the highest raises expected in the energy, consumer goods and technology sectors, according to a recent survey.
A survey of about 500 companies in the Gulf across industries forecasts a five per cent rise in the UAE, 5.6 per cent in Qatar and six per cent in Saudi Arabia during 2013 — which will remain above the forecast inflation rates, according to the Total Remuneration Survey by global consultancy Mercer.
Companies will increase salaries in all levels of hierarchy because of competition to acquire and retain talent.
Multinationals operating in the UAE are paying up to 13 per cent more than local companies in terms of base salaries, according to Zaid Kamhawi, Mercer’s IPS Business Leader in the Middle East.
In the UAE, predicted pay hikes among executives are highest in the energy sector while those in managerial and lower positions will see the biggest payments in the consumer goods sector, the survey showed.
“The salary increases anticipate in the region are higher than what we see in developing countries and above inflation,” said Kamhawi. “This is a clear reflection of the growth expected by Middle Eastern companies and an indication of their need to retain quality talent.”
Firms will be on aggressive recruitment mode, with 60 per cent of companies surveyed looking to hire by the end of the year and 70 per cent aiming to increase headcount by 2013.
However companies are still cautious due to the impact of regional and global events on the local economy, Kamhawi said.
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