July Shows Record Growth for Banking Industry in Dubai

Despite a shaky early start to 2010, July has brought a buzz of activity to the news revolving around the banking industry. A study done by the British University in Dubai showed proof that the Islamic banking model performs better than any other in the world during economic downtimes.

While banks in all other areas of the world were reporting losses, headlines boasting that “Bank Shares Stabilize Dubai Market” appeared all over the media. And it’s true; on July 4th the bank sector index was the only value-adding sector, while all other sectors suffered serious market losses. This may seem surprising, but it shows that there is hope on the horizon for other sectors that can manage to weather the economic storm.

The banks are sharing the wealth with the economy. Standard Charter Bank launched an innovative mortgage facility to cater to the upper echelon of homebuyers by making loans of up to $5m available to non-residents. The only stipulation is that for property to be eligible for the financing it must have been, or be, built by the banks registered developers.

All of this looks quite favorable for those in the banking industry. While other countries around the world are laying-off or letting go of top industry professionals in light of financial losses, Dubai is still actively recruiting the best of the best. And what professional in the banking industry would not want to work for the only banking model in the world that profits in a downed global economy?

International Financial Reporting Standards for SMEs Creates Need for Accountants

The new framework of the International Financial Reporting Standards for Small and Medium-sized Enterprises establishes a much needed set of accounting standards for businesses that previously did not have the type of transparency that larger corporations are required to make publically available. At the roundtable event on July 6, 2010, the benefits this has had on major accounting firms was discussed in earnest.

Probably the most significant impact this has on SMEs is the ability to provide lenders and investors with reliable and accurate records of their business’ finances. As lenders and investors have standardized proof of a growing SME’s risk and ability to repay, the economy will benefit as a whole. After the recent blows to the economy in Dubai, this is great news for everyone.

The impact this has on professionals in accounting industry is tremendous. The majority of small and medium sized business owners are left feeling confused at how to handle the huge undertaking of implementing the required changes in how they record and handle their finances. This provides a wealth of opportunities to both financial and accounting firms, as well as to individuals that are considering work in Dubai.

As a result of these changes, the majority of the major big name players in the Accounting industry are actively recruiting top notch professionals with a background and proven track record in accounting and related industries. If you have been considering a move to Dubai, now is the time to contact one of the major recruiting firms or established financial institutions in the Dubai market.

Ads Account Executive (Media Sales Executive, Media Executive) Position in Dubai

Job Description:

This position is slowly growing in popularity in Dubai as a number of foreign advertising firms are entering the Middle East market. In contrast to the Marketing executive positions which are internally focused, Advertising Account Executives play a client-focused role, working closely with clients throughout the course of a campaign. Their role is to ensure client demands are met on a timely basis.

Qualifications:

• Education – Graduates of bachelor’s or diplomate programs, preferably in business or related fields. However, those with degrees specific to advertising, marketing or communications have a competitive advantage.

• Technical Requirements – Employers in the Dubai job market look for bilinguals, preferably those who have excellent English communication skills and can speak Arabic. Familiarity with basic MS Office Suite is a given.

• Others – Additional computer skills pertaining to creative or design applications such as Adobe CS3 and desktop publishing may be useful. These skills would certainly increase your marketability.

Salary Range:

AED 4,500-12,000 often with account bonuses.

Employers’ Description:

This vacancy is largely offered by Dubai’s advertising agencies, which may be local UAE companies or Middle East branches of European or American advertising/media firms. Rarely do manufacturing and service companies have in-house advertising teams. As is the case in other parts of the world, popular name brands hire advertising agencies for their campaigns.

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Marketing Manager Position in Dubai

Job Description:

This is a middle management position, usually reporting to a VP for Sales & Marketing. This position requires management of human resources, market conditions and a whole range of planned strategies and activities. The role’s main focus is to increase the company’s share in the overall consumer market by ensuring continued product usage, consumer brand loyalty and an overall positive product image.

Qualifications:

• Experience – In this position, experience is much more valued than education. At least a three-year experience in the marketing/advertising industry is often required, as a strong understanding of the dynamics in the industry is necessary for this role.

• Education – At least a Bachelor’s degree in business, management, communication, marketing, advertising or any related field. Some companies may require additional credit units in specific courses or a Master’s degree.

• Technical Skills. Marketing managers are required to have experience, or at least be familiar with enterprise software applications and basic MS Office Suite.

Salary Range:

AED 8,000-30,000 depending on organization size.

Employers’ Description:

Small and large companies, both in the manufacturing and services sectors employ marketing managers to move their products from production to distribution. Marketing is a key aspect of any business that support sales and work directly toward raising revenues. In the Dubai job market, marketing managers are common in real estate firms, property development firms, manufacturing companies, construction and engineering firms, etc.

Business Development Executive Position in Dubai

Job Description:

This position is a mid-career designation requiring some experience in Sales. This role requires creative aggressiveness and a believable conviction in the benefits of company products and services as this is the core competency in this role.

Qualifications:

• Education – A bachelor’s or diplomate relating to business management, advertising, sales and other related fields.

• Experience – At least a two-year experience in sales, marketing or product development and/or advertising campaigns. This requirement is key to the required familiarity with market trends and currently useful strategies for business development.

• Technical Requirements – Familiarity with CRMs, lead management databases, MS Office Suite. It is also important in this role to be proficient with web research, use of online portals and an overall familiarity with internet marketing.

Salary Range:

AED 5,000-15,000

Employers’ Description:

This position is usually required by many companies in Dubai that seek to increase their market share with more structured approach to sales. Start ups especially may require to increase their sales by having business development executives reporting to unit sales managers.

Marketing Executive (Marketing Coordinator, Marketing Assistant) Position in Dubai

Job Description:

Marketing Executives are involved in various aspects of marketing various products and services. These functions include planning, product development and research, media and public relations, promotions, advertising, sponsorships and exhibitions. The core focus of the requirements of this position varies according to size of organization and sector, and whether the goal is mainly to raise public awareness or raising sales. Especially in Dubai where trade fairs are common, marketing executives can expect challenging and dynamic roles:

Qualifications:

• Education – At least a Bachelor’s degree in Marketing, Advertising, Public Relations or related fields is usually required. Some companies may require at least a Master’s degree.

• Technical Requirements – Experience may not be a standard requirement but is often necessary as a competitive advantage. Experience means the candidate has a contact base which is critical in this role.

• Other Requirements – Training and attendance of professional conferences, events may be required by some employers

Salary Range:

AED 4,000-15,000 depending on company size and sector.

Employers’ Description:

Any business in any industry with a marketing department hires marketing executives. Often, the companies have wide operational berths, having locations in several locales. From the banking industry to retail, manufacturing, telecommunications and even non-profit organizations in Dubai employ marketing executives.