In recent times, Dubai and the Middle East have gradually increased their status as a trading power due to the fact it can operate and trade in time zones not covered by the established financial centres such as London and New York.
As a result the number of finance jobs has increased in Dubai over recent years as Dubai continues to establish itself on the world stage in finance and trading.
Demand for accountants with the right qualifications and experience remains steady according to a March 2012 report from Gulf News and Dubai is expecting to see a surge in demand in several industry areas over the coming months:
1. The FMCG (Fast Moving Consumer Goods) and pharmaceutical sectors are expected to see a growth in demand for accountants, according to a specialist from the Gulf Recruitment Group.
2. In addition, the Dubai government’s planned increases in expenditure on infrastructure projects is also expected to increase demand for finance positions.
3. Also, 2012 sees the launch of a range of new Islamic products that will require suitably qualified finance and accounting professionals.
While the Dubai accounting sector is not experiencing meteoric growth it is expected to show solid and sustained growth over the next 12 months and stability over the coming decade, which makes Dubai an excellent place to start or develop a career in Finance and Accounting.
My advice to finance expatriates looking to relocate to Dubai is that it is currently full of opportunity in the finance sector, but you do need to adopt a tactical approach to break the current market. Below, we have provided some tips on how to secure employment in the Dubai Finance Sector.
Industry Experience is Crucial
It is vital that accountants have previous experience of which ever sector they are applying to; for example, if you want to work for BP, you should have experience in the oil and petroleum sector, or at the very least, the energy or mining sector. The need for such ‘industry experience’ was underlined in a recent Gulf News article by an expert from Hays Recruitment Consultants.
Skills in Demand
According to an expert from Talent2, qualified Chartered Accounts (CA) or Chartered Financial Analysts (CFA) with several years experience in a multinational organizations, are currently in most demand in Dubai. If you have experience in International Financial Reporting Standards (IFRS), then your skills will are currently sort after in Dubai. Additionally, accountants who are more than just ‘bean counters’, but who can think commercially and strategically tend to have most success within their careers in Dubai.
Seniority and Experience Level
It is true, there are not that many CFO jobs in Dubai so there will be competition, however, CFOs who have experience across both finance and operations are highly prized assets.
So, if you believe that you are a finance professional who meets these criteria, then Dubai is a great place for you to make your next career step.