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
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
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.”
EA Sports FC 24
APPLE IPAD MINI (A17 PRO)
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Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
All or Nothing
Amazon Prime
Four stars
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Step by step
2070km to run
38 days
273,600 calories consumed
28kg of fruit
40kg of vegetables
45 pairs of running shoes
1 yoga matt
1 oxygen chamber
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Four%20scenarios%20for%20Ukraine%20war
%3Cp%3E1.%20Protracted%20but%20less%20intense%20war%20(60%25%20likelihood)%3C%2Fp%3E%0A%3Cp%3E2.%20Negotiated%20end%20to%20the%20conflict%20(30%25)%3C%2Fp%3E%0A%3Cp%3E3.%20Russia%20seizes%20more%20territory%20(20%25)%3C%2Fp%3E%0A%3Cp%3E4.%20Ukraine%20pushes%20Russia%20back%20(10%25)%3C%2Fp%3E%0A%3Cp%3E%3Cem%3EForecast%20by%20Economist%20Intelligence%20Unit%3C%2Fem%3E%3C%2Fp%3E%0A
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Story%20behind%20the%20UAE%20flag
%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
