UAE Labour Market Tops Global Competitiveness Indicators for 2024
The UAE's labour market continues to excel on the global stage, ranking first in several key international competitiveness indicators for 2024, according to the Ministry of Human Resources and Emiratisation’s ‘Labour Market Observatory.’
The Institute for Management Development’s World Competitiveness Yearbook 2024 highlights the UAE’s top position in employment rate, absence of labour disputes, low termination compensation costs, and workforce ratio.
Additionally, the UAE secured the top spot in the Arab world in the Global Labour Resilience Index (GLRI) 2024, compiled by global consultancy Whiteshield. The country ranked second worldwide in workforce growth and absence of bureaucracy, while it achieved third place in key categories, including the main labour market index and flexibility of residency laws.
The report further noted the UAE's strong performance, with fourth-place rankings in long-term unemployment, unit labour costs, expectations, global expertise, and labour regulations. The UAE also ranked fifth globally for Foreign Skilled Workers and Unemployment Legislation.
In terms of livability for professionals, Dubai and Abu Dhabi were ranked third and fourth globally as preferred cities to work, according to the TotalJobs 2024 Global Talent Analysis.
The UAE has established a robust social protection system, covering 8.4 million workers across sectors, with 98.8% of the private sector workforce protected under financial entitlements. Plans are underway to expand health insurance for all workers by 2025. Furthermore, the “Savings System” will provide an alternative to the traditional end-of-service bonus.
Notably, the UAE maintains its commitment to worker welfare with the Midday Break initiative, safeguarding outdoor workers from the heat during the hottest months. This year, 6,000 rest areas were set up for delivery personnel nationwide, reflecting the country’s dedication to worker safety and well-being.
News Source: Emirates News Agency