Cost of living increases and an uncertain jobs market could see a ‘mass exodus’ of expats from the UAE, Trefor Murphy, managing director for recruitment consultancy Morgan McKinley told The National.

“Starting with oil and gas, then banking and financial services, in general, recruitment has seen bit of a dive. If you lose a job in these sectors at the moment, it is more difficult to get new work. The factors that affect our decision to stay in a country that is not ours is always the opportunity of gaining something better or more quickly than you would back home. There is a lack of confidence that will continue to be the case in the short term,” Murphy reportedly said.

Studies by Morgan McKinley showed that employers were tightening their belts, with salaries stagnating and bonuses non-existent or barely notable, according to the report.

“In our salary study for 2016, we thought salaries would remain flat or have a very, very nominal increase, but that was subject to oil maintaining a $50/60 a barrel rate,” said Murphy, adding, “of course, oil has done nothing but go way below our expectations, so when jobseekers contact us about potentially looking to come into the market, we now say to them: ‘Do not leave your job’.”