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Economic Sentiment In Cyprus Sees Modest Improvement In June

In June 2024, Cyprus experienced a slight improvement in economic sentiment, with the Economic Sentiment Indicator (ESI-CypERC) rising by 0.6 points compared to May. This uptick was largely driven by stronger consumer confidence and a minor boost in business confidence within the service sector.

According to the Economic Research Centre of the University of Cyprus, the Service Confidence Indicator improved due to better assessments of recent business performance and turnover. Conversely, the Retail Trade Confidence Indicator remained stable, with positive sales expectations balancing out poorer recent sales views.

However, the Construction Confidence Indicator continued to decline for the second consecutive month, impacted by negative assessments of order book levels and reduced employment expectations. The Industry Confidence Indicator also saw a slight decrease, primarily due to less favourable views on current order book levels.

Notably, the Consumer Confidence Indicator rose again in June. Consumers showed a marked increase in their intention to make significant purchases in the coming months, alongside improved expectations regarding their financial situation and the general economic conditions in Cyprus.

Despite these positive trends, the report noted a rise in economic uncertainty, driven by the increased difficulty consumers and service firms faced in predicting their financial situations. Nonetheless, the level of economic uncertainty in June remained lower than that observed in the first four months of 2024.

These findings underscore the cautious optimism prevailing in Cyprus’s economic landscape, highlighting the nuanced challenges and opportunities faced by businesses and consumers alike. The slight increase in economic sentiment reflects a complex interplay of factors, pointing to a cautiously optimistic outlook for the near future.

UAE Job Trends For 2025: High-Demand And Lucrative Roles Revealed

The UAE’s flourishing asset management sector, bolstered by rising investor interest, regulatory advancements, and a surge in Family Offices and Ultra High Net Worth Individuals (UHNWIs), is driving demand for banking and finance talent.

Roles in fundraising and institutional sales are particularly sought after, with professionals in these fields highly valued for their regional networks and industry expertise, according to Michael Page’s UAE 2025 Salary Guides. The comprehensive report, which includes insights from 17 industries, offers an overview of current hiring trends, salary benchmarks, and the recruitment challenges businesses face.

Banking And Finance In High Demand

The report highlights a significant need for compliance professionals, especially those with experience in Dubai Financial Services Authority (DFSA) and Financial Services Regulatory Authority (FSRA) regulations. Chief Compliance Officers and Money Laundering Reporting Officers (MLROs) are among the most lucrative roles in the sector. Jon Ede, Regional Director UAE at Michael Page, pointed out that in 2024, the UAE’s workforce grew by 9%, and the number of new companies increased by 14.5%, showing the success of the nation’s strategic initiatives.

Sales, Marketing, And IT Growth

The sales and marketing sector has seen steady growth, especially in B2B industries like technology, real estate, energy, and logistics. Roles such as Business Development Manager, Chief Commercial Officer, and Strategic Sales Director are in demand, with a premium placed on business development, key account management, and communication skills.

The IT sector, meanwhile, continues to evolve rapidly, with high demand for positions like Head of Software Development, Full-Stack Software Engineer, Agile Product Manager, Senior DevOps Engineer, and Digital Adoption Specialist. The report underscores the significant shift in the UAE talent market for digital professionals in recent years.

Navigating The Skills Shortage

The study also highlights the growing skills shortage, with businesses grappling to find candidates with the right expertise. A staggering 37% of business leaders reported challenges in finding skilled talent, while nearly a third (30%) struggled with employee retention. Nearly half (48%) of employers also cited aligning salary expectations with candidates as a key obstacle.

Ede suggests that businesses can overcome these challenges by offering competitive packages that include benefits, career development opportunities, and workplace incentives, positioning themselves as attractive employers in the competitive UAE job market.

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