Falling oil prices are having a cascading effect on the UAE and world economies.
Talking specifically about the UAE, the oil price dip has hit expatriate employment across all industries. In fact, recent surveys have estimated that the expat workforce in the country had plunged by 9 percent in the first quarter compared with the same time last year. However, the resilience of the country’s spending on major projects has meant that the adverse effect is nowhere near as severe as the oil and gas industry faces globally.
Not surprisingly then, a number of companies in the oil and gas industry have had to size down their local operations and let go of employees in a bid to reduce costs in the wake of surviving the decline in oil prices. Not just in the region but around the world, companies in the oil and gas industry have reduced their staff size. In fact, according to Forbes data, as of the first quarter, companies have shed at least 75,000 people worldwide.
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