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Not a must unless customer facing positions. English will continue to be the leading business language in the UAE and the job market relies heavily on expats so the fact that someone doesn't speak Arabic will not reduces chances to be hired. Except for communications and PR roles but yet it depends on the job level.
It will surely enhance the chances of your growth specially in sales and marketing fields.
I consider learning Arabic Language is essential for expats in UAE. This feature and characteristic will increase and promote their role and participation in the Works and Business with Arabic Environment.
People love someone who speaks their language. Also, aside from the fact that you live in their land, it would benefit you to understand the locals.