Construction

Arab Spring will have positive effect in the region

India and China to bring world economy out of recession says 2011 salary survey

MacDonald and Company’s annual salary survey has revealed that 76% of professionals in the region’s property sector anticipate the Arab Spring will have a positive impact.

“The result is quite interesting, because the unrest has upset business, projects have stopped it has caused redundancies, but longer term there will be a general move away from those old regimes, so that’s good,” commented director Ben Waddilove.

Adding that Libya in particular could begin rebuilding in the next 12 months, he said the major opportunities will lie in the a airport and hotels.

I would say in reality things are going to stay fairly stable. If the oil price suddenly goes down we are in trouble but I don’t think it’s likely. So long as China and India keep on consuming they are probably going to bring the world economy out of recession ultimately. We don’t know what will happen in the Eurozone; if some French banks go down, we’re not immune to that here because it could affect the oil price,” Waddilove added.

Now in its fifth year, the survey also found that only 12% of respondents expect economic activity in the region to decrease over the next year.

The average salary is 37,965 AED, down around 1% and of 21% of respondents who were made redundant over the last year, 78% have already found a job. The figures for 2010 were stood at 24% and 69% respectively.

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