Job losses will continue to take place in the UAE even as economic recovery takes hold, a leading economist in the region warned on Monday.
Further redundancies would happen in the Gulf state over the coming months because the jobs market lagged behind the real economy, said Marios Maratheftis, chief economist at Standard Chartered in the Middle East.
“Inevitably job losses are taking place and, in my opinion, they will continue to take place even as the economy is recovering because the jobs market is a lagging indicator of the economic cycle,” said Maratheftis during MegaTrends, Essential Strategic Insights 2009 in Abu Dhabi.
The UAE property market is in line for another 12 months of depressed performance, according to the CEO of Aldar, the biggest developer in Abu Dhabi.
“I think we are in for a flat year in terms of performance in property prices," John Bullough said on the sidelines of the Megatrends conference in the UAE capital.
“My personal view is that we are in for at least another 12 months of a fairly level low-performing market.