The hiring outlook for the UAE’s banking and financial services industry is buoyant as it continues to recover from Covid-19 headwinds on the back of economic support measures including the Targeted Economic Support Scheme (Tess) and government initiatives such as expansion of the Golden Visa programme.
There is healthy demand for technology positions and roles in digital banking in the UAE as traditional lenders hasten the shift to online services, says Waleed Anwar, managing director of Dubai-based recruitment company Upfront HR.
“New digital banks also require a lot of tech talent. Roles in anti-money laundering, mergers and acquisitions are also trending,” Mr Anwar says.
Although the UAE's banking industry faced challenges during the Covid-19 pandemic, many banking jobs will be created, especially for senior management roles, over the next few months, he says.
The UAE jobs market has made a strong recovery from the coronavirus-induced slowdown, helped by the government’s fiscal and monetary measures.
About 76 per cent of employers in the Arab world’s second-largest economy plan to expand their workforce in 2022, a survey in February by Bayt.com and YouGov found.
About two thirds of professionals in the UAE will actively look for new jobs this year as business confidence and hiring activity return to pre-pandemic levels, recruitment company Robert Walters said.
What positions are in demand?
There is continuous demand for relationship managers across all units of banks, such as consumer and retail, corporate and wholesale, and investment and private banking operations, says Mark Nancarrow, managing partner of Flow Talent, which sources professionals for banking and financial services.
“With the continued introduction of new regulations by the Central Bank of the UAE, we are seeing a demand in consumer protection, regulatory, compliance and risk positions, too,” he says.
There is demand for commercial and revenue-generating roles in the banking sector, such as in loan sales, investment banking, wealth management, mortgages, equity, financial trading and similar services, Mr Anwar says.
“This is mainly driven by the need to capitalise on the ongoing recovery in the region post the pandemic. And due to digitalisation, we will continue to see demand for tech and digital roles,” Mr Anwar says.
Meanwhile, in the financial services market, there is a strong demand for experienced analysts, sales professionals at all levels and digital marketing candidates who are able to raise a company's brand and communicate effectively to customers and investors, according to data from Flow Talent.
Candidates with experience in digital payments, digital platforms, fund and investment management, private equity and capital raising are also in major demand. Regional experience in the GCC is highly desired and sought-after, according to Mr Nancarrow.
“We also continue to see a steady request for shared service positions such as accountants, HR and talent acquisition managers,” he says.
The most sought-after positions in the UAE’s banking industry include the roles of investment associates, investment finance managers, institutional sales directors and associates, compliance managers, corporate development and investment managers and directors, and fund finance managers, according to recruitment consultancy Michael Page’s 2022 salary guide.
Since the end of 2021, banking and finance roles hired for “quite frequently” include asset, wealth and financial managers, blockchain developers, compliance and regulatory managers, credit analysts, credit approval managers, cyber-security analysts, data specialists and fraud prevention specialists, Flow Talent says.
What skills are employers looking for?
Financial modelling is a key skill employers are looking for in the banking industry, given changes in organisations’ capital structures (for example, restructuring or refinancing of debt) and an impetus in investment activity with cash-rich investment companies and groups willing to pick up well-priced assets, the Michael Page report says.
Another skill in demand among employers is financial control and commercial finance, the recruitment consultancy says.
“At the back of two challenging years, 2020 and 2021, organisations are keen to tighten financial controls and have professionals who are better able to manage and raise finances. Those who come with strong banking relationships are preferred,” according to the Michael Page salary guide.
With enhanced stability and mega-events closer to taking place in the region, investor sentiment is high across regional and global venture capital, property, private equity and equities — this has resulted in a year-on-year increase in fund-raising roles, Michael Page says.
Compliance also continues to be an area in high demand across the region, the consultancy says.
The main drivers for this demand include a number of new entities opening in key financial centres such as the Dubai International Financial Centre and the Abu Dhabi Global Market, as well as the constant evolution of compliance frameworks, controls and processes, it says.
“As such, employers are prioritising candidates with an excellent knowledge of local regulations [both the ADGM Financial Services Regulatory Authority and the Dubai Financial Services Authority],” Michael Page says.
“Additionally, as most organisations are constantly seeking to improve their compliance controls, frameworks and policies, any candidates who have explicit experience in leading projects of this nature will be at an advantage.”
Aside from industry experience and the required qualifications, employers also look for excellent communication skills, a commitment to learning, leadership and knowledge-sharing skills, self-motivation, a strong work ethic, attention to detail and organisational skills, Flow Talent’s Mr Nancarrow says.
Are salaries expected to rise in the banking and financial services sector?
There is definitely an expectation of higher salaries on the part of employees, which is mainly driven by the rising cost of living in the region, in general, Mr Anwar from Upfront HR says.
The pressure is on employers to raise salaries to retain staff and also attract the best talent to their organisations.
While there is no fixed salary increase across the banking and financial services industries, employers are very competitive with their offers to secure new employees, Mr Nancarrow says.
What other benefits can employees expect?
Employees in the banking and financial services industry are looking for a better work-life balance, flexibility, autonomy and career progression. Companies that offer these conditions and benefits will have the best staff and attract the best talent, Mr Anwar says.
Meanwhile, employees can also expect — and should request — more benefits, such as work-from-home days, training and the acquisition of additional skills, for example, in digital and technology, to be able to bridge the learning gap, he says.
About 95 per cent of businesses hiring now offer work-from-home and office balance and great bonuses, while family medical insurance and annual flights are always expected and offered, Mr Nancarrow says.
“Housing and education allowances are included for higher-level grades. However, there has been a shift and these benefits are not as forthcoming as they previously were in the region,” he says.
Do employers face hiring challenges?
A decreased influx of international talent over the past 18 months has resulted in a shortage of various specialised skills within the local market, according to the Michael Page salary report.
Organisations should remain open, where possible, to internationally based candidates who are open to relocating to the UAE, the consultancy says.
“They should also consider candidates with transferable skills who are based locally. Candidates should better present their technical skills, which are transferable, and demonstrate objective rationale for switching functions or industries,” it says.
However, the biggest challenge employers face in hiring and attracting the “right” talent is finding the balance between offering a competitive salary and benefits without disrupting current employees, Mr Nancarrow says.
There is also a shortage of talent with digital and technology skills and this is a major challenge for employers in the UAE, Mr Anwar says.
“There is a high demand for these professionals in all sectors. This is adding to the cost of hiring candidates who have these skills,” he says.
How much can you expect to be paid in the banking and financial services sector?
Wholesale banking
- Head of wholesale banking (executive vice president): Dh147,000 (a month)
- Head of corporate banking (senior vice president): Dh95,000
- Head of unit: Dh60,000
- Senior relationship manager: Dh40,000
- Relationship manager: Dh30,000
- Relationship officer/assistant relationship manager: Dh18,000
Retail banking
- Head of consumer banking (EVP): Dh157,000
- Head of retail banking (senior vice president): Dh97,000
- Head of assets/sales: Dh75,000
- Senior manager for products/sales: Dh60,000
- Manager for products/sales: Dh40,000
- Officer/assistant manager for products/sales: Dh20,000
Investment banking
- Managing director: Dh155,000
- Executive/senior director: Dh100,000
- Director: Dh80,000
- Vice president: Dh65,000
- Associate: Dh47,000
- Analyst: Dh25,000
Private equity/investments
- Managing director: Dh126,000
- Senior vice president/senior director: Dh111,000
- Vice president/director: Dh78,000
- Senior associate: Dh53,000
- Associate: Dh47,000
- Analyst: Dh25,000
Risk
- Chief risk officer: Dh95,000
- Head of risk: Dh67,000
- Manager: Dh35,000
- Senior analyst: Dh27,000
- Analyst: Dh18,000
Compliance
- Head of compliance/chief and Money Laundering Reporting Officer (MLRO): Dh65,000
- Vice president of compliance, MLRO: Dh35,000
- Compliance manager: Dh30,000
- Compliance associate: Dh26,000
- Analyst — Anti-money laundering/fraud/regulatory/compliance: Dh17,000
Insurance
- Managing director: Dh97,000
- Senior vice president/senior director: Dh60,000
- Vice president/director: Dh45,000
- Senior associate: Dh28,000
Operations
- Chief operating officer: Dh82,000
- Head of operations: Dh60,000
- Assistant manager/manager: Dh35,000
- Officer/analyst: Dh27,000
Source: Michael Page
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The Baghdad Clock
Shahad Al Rawi, Oneworld
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
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Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
RIVER%20SPIRIT
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ELeila%20Aboulela%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Saqi%20Books%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20320%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
