To reduce the operational costs, Oil and Gas companies in the UAE have trimmed some of its workers. The job cuts have affected the engineering background employees who are working on contract basis. There will be more job cuts expecting in other sectors such as retail and hospitality.
Banking sector in UAE is stable in recruitment and many banks were stopped hiring and jobseekers from abroad are also not finding it easy to find an employer in the UAE. The decline in oil prices forcing the employers to reduce the staff to overcome the operational costs. According to the FORBES, companies across the sectors such as oilfield services firms, parts manufacturers and steel pipe makers, have shed at least 75,000 people worldwide.
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