DOHA: With the GCC’s economic growth once again on an upswing, pay packages are now seeing a return to form following the dip in 2014. As per market research, average income across the region and across different sectors has registered a 7 percent surge with the turn of the year.
Meanwhile, top-tier executive salaries have seen a whopping 39 percent hike in some sectors in the GCC. Once again, this year Saudi Arabia and Qatar remain the highest paying regions within the GCC, especially for professionals in CEO-level roles.
CEOs in the construction sector now rake in up to $1.2m per annum as basic pay. Qatar-based tier-one executives, ranking the second highest-paid in the region, are on average paid anywhere between $37,393 to $45,314 per month across sectors 2.
“The construction and real estate industries have experienced exponential growth in the last year. This is especially the case in KSA, Qatar and UAE, where multiple new projects are materialising. Top-level executives within these sectors are now in a position to reap the benefits of this momentum. Companies, too, stand to benefit with the knowledge that these talented executives are capable of adding value in terms of leading organisational development and augmenting income and profits,” said Mohamad El Turk, Partner at Rasd; the regional executive search firm.
Lagging slightly behind the construction sector in top-level executive pay scales are the commercial banking sector’s CEOs who earn basic incomes of anywhere between $600,000 and $1m. Meanwhile, executives within the real estate, consumer goods retail and automotive sectors are now drawing anywhere between $350,000 and $550,000 per annum.
“Another trend we’re noticing is the need for candidates who have a profound understanding of local market dynamics. A trend that is driving companies, that are particular about their requirements, to invest in attracting talented indigenous executives who understand the corporate and cultural challenges, and as a result able to capitalise on the promising economic outlook of the region,” added El Turk.
