The Banking and Finance Job Sector in Dubai

Banking and finance jobs have come into the spotlight with the recent failures of several large banking institutions and scandals of firms and individuals cheating investors out of billions of dollars. When the United States experiences a deep economic recession such as the current financial crisis, the ripple effect on the economies of other countries is tremendous. One positive aspect of an economic downturn is that the skills and experience of banking and finance professionals are needed more than ever because of their ability to help organizations cut costs and increase profits.

The Dubai economy was largely founded on oil, but now relies heavily on tourism. Many projects such as the world’s tallest building and largest man-made island are attempts to make Dubai a highly desired tourist destination. Dubai has recently experienced an economic decline much like many other countries around the world. The economic struggles have spurred Dubai leaders to take swift action in an attempt to spur economic growth and diversification. City leaders have developed several strategies to attract a wide range of businesses to the city including firms in the biotechnology, aerospace, medical, tourism, IT, and financial fields.

Dubai’s efforts to grow and expand their economic base have resulted in an increase of banking and finance jobs. Individuals who can market themselves as people who can help an organization be more fiscally responsible as well as profitable can quite easily leverage themselves into a lucrative job in the banking and financial industry in Dubai.

The Accounting Job Sector and Outlook in Dubai

The accounting job sector is expected to experience steady growth through the remainder of the decade as businesses are in need of individuals who can accurately reflect the current economic health of an organization. Accountants are also needed for their abilities to supply management with financial forecasts as part of an overall plan to grow and maintain financial stability. With widespread economic scandal breaking out worldwide in many top organizations as well as the global meltdown of banking institutions, organizations are in need of accountants to ensure financial records are compliant and fall within the accepted accounting guidelines.

One positive aspect of financial crisis is that accountants become more important because they are vital at helping organizations become more fiscally responsible. Many businesses are focusing on fiscal conservatism, which makes the qualified accountant an integral part of the organizational team. Many accounting jobs require at least a two-year associate degree, with many requiring a bachelor’s degree.

Much like the rest of the world, Dubai has fallen on difficult economic times within the past few years. Real estate prices have fallen dramatically as many tourist related construction projects have come to a halt. In response to the economic hardships in the construction industry, Dubai officials have set up industry specific zones throughout the region in hopes to attract businesses in the IT, biotechnology, medical, tourism, media, entertainment, and financial fields. The region is attracting many of these types of businesses, which bodes well for accounting professionals looking to live in an exotic, progressive area.

UAE Liberalizing the Telecommunication Sectors is Great News for Job Seekers

It looks like the UAE will be giving the green light to give customers the choice of telecommunications providers soon, which is great news for consumers. The days of poor customer service will be in the past, as companies will now have to compete for their clientele instead of being assigned them based on addresses. While this is just what the people have wanted, these changes are going to put significant stress on the leaders in the telecommunications sector.

Telecommunications companies are going to have to work overtime to fix the problems of the past if they want to earn and keep customers. This means a major overhaul of the customer service and marketing aspects of their businesses- great news for those seeking jobs in telecommunications in the region.

The April 2010 Job Index Survey noted that 56% of UAE employers had plans to hire in the upcoming quarters, and the majority of those openings would be in telecommunications. It is easy to see why this sector has such projected growth, as telecommunication companies will be competing for not only customers, but also top caliber talent that can help grow the business success through these drastic changes.

One would assume a vast majority of these positions will be filled by workers from areas where this sector has been highly competitive for some time, such as Europe and America. At the very least, UAE’s telecommunications companies can learn a thing or two about how to, and how not to, provide top notch service from looking at companies from these areas.

Staffing Outlook for Dubai in 2011 and Beyond

Any staffing or human resource professional that keeps an eye on Dubai’s labor market has to see the unlimited potential this area provides. When companies like Manpower and Robert Half flock to establish a presence in an area, big things are happening. The recent economic climate has made the media portray Dubai in a negative light, which has caused less people from Europe and North America to seek employment there than in the past.

In past years the majority of recruiting efforts in Dubai were focused on overseas candidates. However, the current job market is leaning in a different direction. The high cost of relocation and recruiting agency fees for bringing workers from abroad has local companies pushing to hire more people that currently live in the market. When you couple this with the risk involved in relocating and the money lost if the employee chooses to return home, its understandable why local companies want to hire from the local workforce.

This creates a unique opportunity for recruiters and human resource professionals. Dubai’s old approach to recruiting just is not going to cut it any longer. Companies of all sizes will be looking for recruiters and human resource professionals that can deliver quality candidates with all of the extra expense.

So while the companies may not want to pay to relocate employees to fill the vast number of vacant positions that the Job Index forecasts, a great opportunity is presented for recruiters and human resource professionals. Those from North America and Europe should consider getting on board now before the big push to recruit locally begins.

Public Relation Firms Scramble to Keep Up With Demand

Attendees at the IAA World Congress in Dubai all heard a common theme being spoken about, discussed and debated. The clients of marketing agencies want a change from traditional means of advertising. They want more than just ads and commercials. What they want is a total communications service instead of an advertising agency.

This is wonderful news for the fledgling Public Relations industry, which is barely ten years old. Public Relations companies have been trying to set themselves apart from the advertising companies, and now is their chance to shine.

The biggest obstacle that Public Relations firms are finding blocking their path to success is a recruiting crisis. The vast majority of Public Relations companies are citing they are inundated with requests for pitches and are accepting as many new jobs as they are able, but lack of staffing prohibits them from keeping up with the growth.

While nearly all other sectors in Dubai have seen slow job growth at best, the push for marketing and public relations has caused growth in these sectors. Companies are looking to the future and repairing damage caused by the recent economic challenges. Establishing a strong reputation and brand recognition seems to be the focus of most executives as they look to 2011.

A common frustration for many executives is attempting to do business with PR firms located on the other side of the globe. These companies want local representation, and the local companies need to hire to keep up with the demand. This provides an excellent outlook for those considering seeking for work in this sector in Dubai.

A Personal Assistant is Not Quite What You Would Expect in Dubai

Many professionals may be tempted to gloss over job listings for executives seeking a Personal Assistant in Dubai. The Americanized ideals of a Personal Assistant being someone that simply picks up dry cleaning and manages the personal affairs of the wealthy is far from the true picture of what a Personal Assistant does in Dubai.

Personal Assistants generally work in a professional setting, offering human resources support, business administration assistance and managing general office duties. When you consider the vast amount of professional executives working in Dubai, the need and demand for quality and professional personal assistants is understandable.

A Personal Assistant position is an excellent opportunity for someone that is looking to break into the Dubai job market. A recent survey conducted by Robert Half International showed that more companies in Dubai are hiring from within the borders instead of looking overseas. The reason for this is due largely to the high cost and risk factors of recruiting from Europe and the United States.

This is grim news for a large number of people that are seeking employment opportunities in many of Dubai’s sectors. However, many of the executives looking for Personal Assistants prefer, and are more than willing, to hire from the foreign countries from which they originated from. The misunderstanding of what a Personal Assistant is responsible for helps keep the competition at a minimum, so works to the favor of those in the know. Instead of seeking a job listed by sector, hunting through the Personal Assistant openings may uncover a hidden position that calls on your sector’s knowledge and skills.