MacDonald & Company Salary Survey 2011
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The road to home finance has been a long one for the Kingdom, but with its highly anticipated mortgage law edging ever closer to ratification, would-be homeowners and financial institutions are gearing up for a new era of opportunity.
With the announcement this year of a US$66.7 billion initiative to address the demand-supply imbalance in the Kingdom’s housing market, social infrastructure spend is topping the Government agenda as it focuses on building affordable homes for the future.
The South-East Asian island has seen a number of distinctive developments come to fruition over the past few years as the country further establishes itself.
Now in its fifth year, the annual Macdonald & Company Middle East Rewards and Attitudes Survey is still the most comprehensive survey of its type undertaken for the property sector in the Middle East.
The survey reaches a broad variety of participants across the GCC, Levant and North Africa.
Thanks again to the RICS and Cityscape Connect for promoting the survey throughout their extensive membership in the region. We would also like to thank all of the participants who completed the survey this year. There are comprehensive statistics on current salaries, bonuses and employment benefits in addition to information on broader employment issues and attitudes which are very relevant to employers and employees alike. The Executive Summary sets out the key findings. Further analysis and information is available from Macdonald and Company.
Foreword
As we return to business from Summer and Eid vacations the developed economies of Europe and the US are still facing considerable challenges with escalating sovereign debt and nervous equity markets.
Political unrest is still playing out in the MENA region but oil is still flowing freely, and prices are holding up well due to consumption led by China, India and other emerging markets. Dubai has benefited from its ‘Safe Haven’ status over the last 6-8 months and the schools, hotels, restaurants and the roads seem to be as busy as ever!
The development cycle within the Real Estate Sector continues apace with many more projects being completed and requiring competent property management and serious longer term asset management strategies. With few new projects being started it is likely that demand will gradually begin to match supply and that prices will stabilise. Evidence of this has already been noted in certain residential projects in Dubai. Companies are continuing to recruit highly skilled professionals that can add value and expertise and we expect that this will continue throughout the coming year.
The results of the survey are quite clear. Due to this year’s regional political instability, projects have been scaled back and general business activity has decreased in the wider region. Salaries have reduced slightly but remained broadly in line with last year at just under AED38,000/mth, More individuals received a salary increase this year and average bonus amounts have also increased. 48% of respondents overall expect economic activity to remain unchanged this year.
Ben Waddilove MRICS, Director Macdonald and Company Overseas Ltd
(in association with Unlimited Resources Recruitment Supply), September 2011
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