Blogs, News

Re-Post News: Oil crash leaves Gulf graduates panicked and confused of Not Getting Secure Jobs in The Market

teddyc00l21 March 10, 2016

Getting your first job out of college is never easy. But for recent university grads in the Gulf, the slump in oil prices has left many wondering if the era of cushy jobs and big salaries is over.

When Rameez Tariq began studying mechanical engineering four years ago, he thought getting a job after graduation would be relatively easy in a city such as Dubai.

That was when global oil prices were above $100 per barrel. Now, with oil worth less than $40,the Pakistani expatriate is still out of work — six months after getting his degree.

“Everywhere I apply, it’s rejection. The word ‘regret’ or ‘we regret to inform you,’ this is something that really hurts now,” said Tariq. “Everywhere I apply, it’s the same story.”

Tariq was one of hundreds of recent university graduates searching for jobs at a recent career fair in Dubai.

Most of the job seekers waited in long lines, resumes in hand, desperate to make connections with employers that might lead to work.

“It’s very confusing right now,” said Iranian-Indian expatriate Abdul Majid. “They tell you that you need experience, but how can you get experience when you’re a fresh graduate?”

Career fairs in the United Arab Emirates are increasingly common — as are concerns among recent graduates that cheap oil means the days of secure jobs with big salaries are over.

Mohammad Taha, another job seeker, told CNN he hasn’t worked in a year since graduation.

“Panic a lot,” said Taha, describing his current mental state. “Panic and depressed, to be honest.”

Jaya Bhatia, a recruiter who has worked in Dubai for nearly 20 years, says there’s no reason to panic just yet.

The labor market in the oil-rich UAE grew by nearly 6% last year, according to official data.

“There are no lack of rightful opportunities if you are smart enough as a job hunter to target the right position and get aligned to the job market, you’re always able to find a good opportunity,” said Bhatia, managing director of JobHunt HR & Management Consultancy.