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With price of Oil going down for so long, does this affect on the job market in GCC? and will people lay off?

I would like to know your opinion on this matter, on different aspects of your specialty to understand the impact of this recession on oil countries, to view it more than just one angle.

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تم إضافة السؤال من قبل Ahmad Alhusainy , Customer Service , National Bank Of Kuwait - Nbk
تاريخ النشر: 2016/03/07
Sidrah Nadeem
من قبل Sidrah Nadeem , Global Marketing Manager , Hill & Knowlton

It really depends on the type of industry you're in.

 

In marketing & Social Media marketing, work continues since products need to be marketed irrespective of oil prices going down. What changes though, is the options brands choose from, since smaller companies are able to offer better tariffs.

Ahmed Mohamed Ayesh Sarkhi
من قبل Ahmed Mohamed Ayesh Sarkhi , Shared Services Supervisor , Saudi Musheera Co. Ltd.

yes it is effect around 65% from all industrial

 

manseer muhammed ali
من قبل manseer muhammed ali , Accountant General , Royal Lighting L.L.C & Royal Furnishing LLC

Yes Of course it will effect or we can say affected already.

Alaa Ibrahim Ahmed Ibrahim Yousuf
من قبل Alaa Ibrahim Ahmed Ibrahim Yousuf , Cash Administrator , Shabakkat Cellular Company

i think that it already effected on economy and has a negative affect

Mohamed matar
من قبل Mohamed matar , Finance Manager , ASG Group

Of natural decline in oil market affects the economy of the Gulf states and Saudi Arabia, as you can see its crisis will lead to weaken the economy and hence the operating companies and their revenue falling and will lead to lower future employment

Mahmoud Zaher Tarakji
من قبل Mahmoud Zaher Tarakji , مدير , أوال جاليري

yes exactly it effect negative for all...

Rami Assaf
من قبل Rami Assaf , loading and Storage Operations Supervisor , Arab Potash Company

I think crude oil price effect all business matter but I can’t talking about GCC because I am working at Middle East region

Vinod Jetley
من قبل Vinod Jetley , Assistant General Manager , State Bank of India

This came out at the very end of 2015. It shows you how low oil prices have a major effect on Middle Eastern economies.

https://www.youtube.com/watch?v=XkUrFbLOzMY

Frank Mwansa
من قبل Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

The oil and gas industry has already experienced  significant impacts to its labour force since the price of oil started its decline last November. If oil prices continue to remain low , I think there will be additional reductions to spending and jobs before things start to turn around. I feel oil and gas engineering construction firms, which perform the majority of work related to development projects, would expect to absorb the largest share of employment impacts.

Gayasuddin Mohammed
من قبل Gayasuddin Mohammed , Advocate , Practicing Law before High Court at Hyderabad

 I have a same view and opinion of Mohammed Matar's. Thanks

Mohammed  Ashraf
من قبل Mohammed Ashraf , Director of International Business , Saqr Al-Khayala Group

Yes, it will effect all the Countries who produce Oils, it was effected in GCC since last July,2015 but more noticeably effected since November 2015.

it badly caused a collective layoff in the job market.

In addition, another major impact of excessive reduction in Oil price,  effected all major other Industries, because  the main income of  Countries  in GCC are from  Oil  related businesses. if the price goes down, the total GDP also goes down, instead of surplus budget, deficit budget  will be the outcome. 

Hope, there will be better hike in Oil price soon. 

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