Solar Engineers in Demand in Dubai

For engineers that have a passion for solar energy, Dubai is the place to be. MBM Holdings just announced their new branch, MBM Solar Holding, Inc., which will be responsible for the construction and design of a 2500MT/a solar polysilicon plant. This $400 million project is expected to be producing 2,500 tons of high quality solar-grade polysilicon product by early 2012.

The chairman of MBM believes this will be the anchor facility that will support a wealth of private sector developments centered around solar energy.  The Dubai government has had a focus on finding ways to diversify the economy, and was leaning heavily on the idea that renewable energy would be at the forefront of this diversification. The amount of jobs that are expected to be created as a result of this project is exactly what the Dubai economy needs.

MBM Solar Holding, Inc. is looking for the right location to begin construction, but with plans to have the project fully built and operational in less than two years time means that they will be breaking ground immediately upon securing a location. This solar polysilicon plant project will inevitably require the acquisition of some of the world’s top solar engineers. Long after the MBM Solar Holdings, Inc. plant is complete and operational, the continued demand for solar engineers is going to be difficult to fulfill from within Dubai’s borders. The private sector growth that will follow this plants construction will create a wealth of opportunity for anyone that has the necessary engineering skills and education to keep up with the fast paced growth the engineering sector will see.

Stalled Construction Projects Get New Funding in Dubai

There is no question that the construction sector was hit the hardest over the last year as the world’s economy hit crisis mode and many large construction projects came to a screeching halt. If this past week’s news is any indication, things are about to look up for the construction sector in Dubai.

The Dubai government has launched the Tayseer program, which provides government backed loan guarantees aimed at getting stalled construction projects the funding needed to resume construction. Once these targeted projects are moving again, it is expected that the financial institutions will be more confident in providing funding for other construction projects throughout Dubai.

In addition to the Tayseer program, which will have a significant and immediate positive impact on the construction sector, several major construction projects have made the news recently. The Louvre Abu Dhabi museum has extended deadlines for contractors to bid on this massive project. AA Properties Dubai announced its plans to award a $54 million contract for the building of luxury homes on Taiwan island.

All of the news surrounding the construction sector leads to one important conclusion. Confidence in Dubai’s economical future is on the upswing, and the job market will be hiring the people the support the projects that are finally getting the funding and attention they deserve. If you have been considering a career in Dubai’s construction sector, now is the time to put your plans into motion or miss the opportunity to take advantage of the action that is coming over the next few months.

Tayseer is Good News for the Banking Sector

In an effort to promote development and encourage the completion of planned building projects in Dubai, the Dubai government recently established Tayseer. Tayseer is the newest initiative to guarantee financing for property developments. This acts as a safety net, encouraging financial institutions to lend the money needed to begin or complete planned projects. Dubai Emirates Islamic Bank was the very first to obtain approval for the program, but several more strategic partners will be announced soon.

The goal of the Tayseer program is to build confidence in the economic standing of Dubai. With government guaranteed loans, banks will know the return on investment is backed by the financials of the Dubai government. Once these initial loans are made, it is expected that financial institutions will be more willing to loan the needed capital for other projects that have been left abandoned and unfinished.

Throughout the last several quarters, the banking sector has been one of the few sectors to see gains, and several times this sector has been responsible for carrying the overall market out of the red. As confidence in the economy grows as a result of the Tayseer program, it can only be expected that growth across the banking and financial sector will follow.

The many banks and financial institutions around Dubai will need the professional support to back this growth. While finding a job in Dubai may have been challenging over the last year, it is quite apparent that things are about to change for the better, for both the banking sector and the job market as a whole.

The Impact of the New AAOIF Standards on the Accounting Sector

The Accounting and Auditing Organisation for Islamic Financial Institutions, or AAOIF, is the governing body that makes the standards for which the banking industry must abide by in regards to accounting and record keeping. In the first week of August, the AAOIFI announced two distinct accounting standards that impact accounting throughout the Islamic financial sectors. The goal of these standards is to promote standardized transparency and lay framework for accounting of investment accounts.

These new reporting and accounting standards are a lot for financial institutions that are new to the AAOIFI practices to implement in a system that previously required no separation of debt and equity-type instruments. As a result, the accounting sector is going to have a high demand for qualified and highly educated accountants that can take the AAOIFI standards and integrate them into the financial institutions current reporting and accounting processes.

The interest in accounting in Dubai has seen a tremendous spike, with the number of MBA students at an all time high at the areas universities. Manchester Business School Middle East International Executive Centre, for example, grew its MBA student base by 16.5% in July. This added 100 new MBA students, for a total of 800 enrolled. The majority of these students are in the accounting program, but these students will not be ready for work for some time, and when they are they will lack the professional experience needed to facilitate these changes in standards. The immediate need for accountants provides a great opportunity for those that already have the professional and educational experience in the accounting sector to obtain work in Dubai.

The Accounting and Auditing Organisation for Islamic Financial Institutions, or AAOIF, is the governing body that makes the standards for which the banking industry must abide by in regards to accounting and record keeping. In the first week of August, the AAOIFI announced two distinct accounting standards that impact accounting throughout the Islamic financial sectors. The goal of these standards is to promote standardized transparency and lay framework for accounting of investment accounts.

These new reporting and accounting standards are a lot for financial institutions that are new to the AAOIFI practices to implement in a system that previously required no separation of debt and equity-type instruments. As a result, the accounting sector is going to have a high demand for qualified and highly educated accountants that can take the AAOIFI standards and integrate them into the financial institutions current reporting and accounting processes.

The interest in accounting in Dubai has seen a tremendous spike, with the number of MBA students at an all time high at the areas universities. Manchester Business School Middle East International Executive Centre, for example, grew its MBA student base by 16.5% in July. This added 100 new MBA students, for a total of 800 enrolled. The majority of these students are in the accounting program, but these students will not be ready for work for some time, and when they are they will lack the professional experience needed to facilitate these changes in standards. The immediate need for accountants provides a great opportunity for those that already have the professional and educational experience in the accounting sector to obtain work in Dubai.