Fall in Oil prices hits Job seekers in UAE.

UAE finds a slight decrease in the number of job seekers from the first quarter because of the decrease in the fuel price globally. Records from different sources says that number of job seekers appearing for the interviews has come down 6 percent between the first two quarters of 2015.

The oil price went back up to $60 per barrel towards the end of the quarter, but it needs to go up by a further $5-$10 a barrel to make new drilling and exploration projects viable,” told Trefor Murphy, the managing director for the Middle East  at Morgan McKinley

As a hub connecting different parts of the world, UAE was the prime option for the job seekers even when the job market of United Kingdom, Australia, America and Asia was flourishing with number of openings in different sectors. However this trend continued until the oil prices got down very recently. Search for native candidates is also a reason which made a decrease in the records.

Number of companies which is looking for local candidates for fulfilling their requirements has been increased. A leading magazine of UAE reported regarding the issues faced by the candidates those who are migrating to Middle east countries looking for a job. Major percentage of them including those form Philippines, India and Pakistan. Everyone migrating has troubled with the problem watching ” Only UAE nationals need to apply ” in the job description.

However situations in the luxury capital of Asia is  hoping to get changed with an increase in the oil prices which is going to rectify the loss that happened in the job market. 5 years to the largest event of this century, Expo 2020 to be happened in Dubai, UAE is expecting to create more than a million openings in the coming years which is energizing the industry to a great extent.