|12 July, 2019

UAE real estate sector jobs rate up 4.4% in Q1

Private sector employment witnessed steady quarterly rises, increasing by 1.2 per cent in the first quarter of this year

General view of skyscrapers on Sheikh Zayed Road on September 27, 2017 in Dubai, United Arab Emirates. Image used for illustrative purpose.

General view of skyscrapers on Sheikh Zayed Road on September 27, 2017 in Dubai, United Arab Emirates. Image used for illustrative purpose.

Getty Images/Tom Dulat

UAE - The employment rate of the UAE’s real estate sector rose by 4.4 per cent in the first quarter of 2019, compared to the same period in 2018, a media report said.

Private sector employment witnessed steady quarterly rises, increasing by 1.2 per cent in the first quarter of this year, compared to a 0.6 per cent drop in the previous quarter, reported Emirates news agency Wam, citing statistics from the UAE Central Bank.

The employment rate of other sectors also rose in the first quarter of 2019, growing by 2.7 per cent while the real estate sector saw a rise of 2.5 per cent, compared to 1.3 per cent and 0.5 per cent, respectively, in the previous quarter.

The transport, storage and communication sectors witnessed the lowest quarterly increase by 0.1 per cent, compared to a decline of 1.5 per cent in the previous quarter. Construction and services rose quarterly by 0.9 per cent and 0.4 per cent, compared to a decline of 1.2 per cent and 1.1 per cent in the preceding quarter, respectively.

The rise in employment in all economic sectors coincided with an increase in the number of loans provided to the private sector, which continued to rise in the first quarter of 2019.

Total credit increased on a quarterly basis by 1.3 per cent in the first quarter of 2019, compared to an increase of 0.9 per cent in the previous quarter. Credit provided to the construction and real estate sector increased quarterly by 2.5 per cent, while the mining sector registered a rise of 8.2 per cent, and the electricity, gas and water sectors and transportation sector by 8.4 per cent and 0.2 per cent, respectively.

Credit provided to all economic sectors increased by 3.8 per cent in the first quarter of 2019, compared to an increase of 3.9 per cent in the previous quarter.

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