DOHA: Most people are bullish about job prospects in Qatar, according to the Middle East and North Africa Consumer Confidence Index survey conducted by Bayt.com and YouGov. Sixty percent of the respondents in the survey expect an increase in job opportunities in Qatar in the next six months.
Around 55 percent of the respondents expect the number of employees in their company to increase in the next half year while 54 percent of the respondents said their companies had grown in terms of the number of employees in the last six months.
The survey also showed that respondents were concerned about the rising cost of living.
About 33 percent of the respondents in Qatar consider their personal financial situation to have improved in the last six months, with 41 percent stating that it has remained the same, and 54 percent expect it to get better in the next six months. Still, 74 percent believe that the cost of living will rise in Qatar within the same time period. Four in 10 Qatar respondents stated that their savings had shrunk in comparison to last year.
Qatar’s economy has improved in the last six months, according to 41 percent of respondents, and 61 percent expect things to get better in the next six months. Present business conditions are considered good to very good by 54 percent, again with the expectation for things to get better in the year to come (69 percent).
“On the whole, the outlook for the region is a good one. Things are certainly improving with more and more major projects materialising across the MENA region, such as the upcoming World Cup in Qatar and Expo2020 in Dubai,” said Suhail Al Masri, VP of Sales, Bayt.com.
“These projects are generating more job opportunities, which is a boom for the region. They are, however, also driving up costs, which is why savings are dwindling and respondents are expecting a higher cost of living in future. Employers must take this into consideration when hiring new employees.”
“An interesting point to note is that despite the fact that most people in the MENA region consider their personal financial situation to have either improved or stayed the same, a large proportion state that their savings have decreased. Despite high levels of confidence in the market, rising prices seem to negatively impact residents’ savings,” said Silviu Matei, Director, YouGov.
According to the survey, professionals in Qatar are happy with career growth opportunities (51 percent), non-monetary benefits (43 percent), and job security (47 percent), but they are less happy with their current salary (42 percent are satisfied).
In terms of purchases, four in 10 (43 percent) Qatar respondents are planning to invest in a vehicle in the coming year, with 45 percent planning to purchase a new vehicle for personal use. A sizable 39 percent are planning to invest in property, with apartments (40 percent) being the investment of choice. Over half (61 percent) plan to purchase a new property, while 27 percent plan to buy a pre-owned property. In terms of smaller purchases, Qatar respondents plan to buy desktop or laptop computers (26 percent), furniture (26 percent), and LCD or plasma television sets (17 percent) in the next six months.
Data for the YouGov and Bayt.com Middle East and North Africa Consumer Confidence Index Survey for August 2014 was collected online from August 5 to 19, 2014 from 5,075 respondents aged 18 years and above. The respondents were from the UAE, Saudi Arabia, Kuwait, Oman, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria, and Tunisia.
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