Egypt - 44% of MENA professionals expect their personal finances to improve in the next six months, according to Bayt.com and YouGov survey

Egypt - 44% of MENA professionals expect their personal finances to improve in the next six months, according to Bayt.com and YouGov survey

Country’s Economic Situation

Regional Sentiment

While the overall regional sentiment towards the present economic situation is negative with44% of MENA respondents claiming it has grown worse in comparison to six months earlier, vast disparities are recorded between countries, with as much as71% separating the two extremes. Unsurprisingly, the disparity very much has to do with the political landscape affecting different countries in the MENA. In Syria, for example,85% claim the situation now is worse, while in politically-stable countries like Oman, Qatar and UAE, only14% of respondents claim the same. Business conditions are, for the most part, considered to be average or good, especially in GCC countries, and33% of MENA professionals believe there are few jobs available now across few industries.

Expectations for the future are high in the majority of countries, with most expecting the national economic situation to be better, and all anticipating better business conditions. Yet, there is little anticipation for more jobs to be available; only29% state there will be an increase in employment opportunities, while28%say things will stay the same.

“At Bayt.com, our mission is to empower people to lead their lifestyle of choice,” said Suhail Masri, Vice President of Sales, Bayt.com. “This of course is very much related to finding the right job that satisfies professionals in terms of compensation, type of work, and work-life balance. Our team works in12 different offices around the MENA to make sure that we have as many job opportunities as possible available free of charge for our members, in an easy-to-use format that makes the process of finding a job as simple as possible. In order to further increase hiring opportunities for our members, we also have the JobsLite product, which offers free job postings to small-to-medium businesses in the region.”

In Egypt

Of the respondents in Egypt,7% state that the country’s economy has improved in the last six months, and19% claim that business conditions now are either ‘good’ or ‘very good’. The outlook for Egypt’s future is hopeful;28% believe that the economic situation will improve;51% anticipate better business conditions, and25% think there will be more jobs available.

Current Job Perspective

Regional Sentiment

Hiring and downsizing rates seem to be relatively balanced on the regional level. In comparison to six months ago,29% of respondents say they now have fewer colleagues;34% say that there has been no difference, and30% say that their company has hired more employees. There is an even split between respondents when it comes to their predictions for the future: an equal35% state that their company will have more or the same number of employees in the next six months.

The majority of respondents (41%) are currently satisfied with their career growth opportunities in their current job, though46% are dissatisfied with their compensation and allowances, compared to just33% who are happy. In terms of non-monetary benefits,43% are happy, while38% aren’t. In terms of job security,41% claim to be satisfied.

In Egypt

According to respondents, only20% of companies have seen an increase in employees in the past six months. Three in ten respondents (26%) believe their company will hire in the next six months.

Respondents in Egypt are satisfied with their career growth opportunities (38%), non-monetary benefits (34%) and job security (34%). However, while31% claim to be satisfied with their current compensation,48% are unhappy with it.

“There is a lot of conflicted sentiment across the region at present, with clear disparities between regions within the MENA – especially between the GCC, and the Levant and North Africa. The GCC seems to be faring especially well on the whole, with Oman, Qatar, KSA and the UAE coming out amongst the highest in terms of current status and future prospects,” said Masri. “Bayt.com’s CCI Survey allows us to examine the region as a whole, delving specifically into those areas that most affect job seekers.”

Sundip Chahal, CEO, YouGov, commented that: “The disparity between regions in the MENA is to be expected, given current events in those countries with the lowest positive responses. However, there is a brighter outlook for the region as a whole, with the majority of people looking forward to an improved business environment; this, in turn, should boost employment and economic situations.”

Data for the quarterly Bayt.com Consumer Confidence Index survey (March2013) was collected online from February12 to28,2013, with16,379 respondents aged over18 years, covering the GCC, North Africa, Levant, Western Expatriate and Asian. Countries that participated are UAE, KSA, Kuwait, Oman, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria and Tunisia.

  • Date Posted: 17/03/2013
  • Last updated: 17/03/2013
  • Date Posted: 17/03/2013
  • Last updated: 17/03/2013
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