According to a report in Emirates 24/7, the latest figures released by IMA, The Association of Accountants and Financial Professional in Business (Middle East) show that UAE accountants are among the best paid in the region.

IMA data shows that the median annual compensation package of an accountant in the Middle East surged by 74 per cent from 2010 levels to Dh107,343 ($29,225) today.

UAE accountants paid 9 times as much as Egyptian accountants

But within the region, there is a wide range of compensation fluctuation for accountants, with professionals in the UAE earning almost nine times of those in Egypt (median salary).

The median annual pay-package for accountants in Egypt is just $6610 (Dh24,278) while for arguably the same job, UAE accountants demand a median salary package of $57,500 (Dh211,197) per year.

Average salaries in the UAE are likely to rise by 5.5 percent next year after a 4.9 percent increase in 2012, according to a new report by Hay Group, which was presented on the arabianbusiness.com website.

Its 2012 UAE compensation and benefits report also said challenges remain in retaining UAE nationals in the private sector.

It said the turnover of Emirati staff is double that of expats. An average pay rise of 5.5 percent is forecast for the UAE in 2013 according to data for almost 237,000 employees from 532 companies and 16 industries mainly within the private sector.

Hay Group’s Harish Bhatia said 85 percent of UAE companies increased salaries this year, with oil and gas and financial services paying the highest salaries.

UAE Government announces public and private sector holiday on January 1, reports the GulfNews.com website

Dubai: Ministries, federal bodies and the private sector will have a holiday on Tuesday, January 1, 2013, to mark the New Year. Work will resume on Wednesday, January 2, according to circulars issued by Humaid Mohammad Al Quttami, Minister of Education and Chairman of the Federal Authority of Human Resources, and Saqr Gobash, Minister of Labour.

On this occasion, Al Quttami and Gobash extended their congratulations to President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Their Highnesses Supreme Council Members and Rulers of the Emirates, and the people of the UAE.

The good news is that following two years of pay freezes, pay cuts and redundancy, 2012 was a much better year for pay rises.

Confidence is returning to the market and this is evidenced by the fact that average pay rises in the UAE, based on data from top recruitment agencies was 5-6%, reported Emirates 24/7.

However, there were some extreme industry variations in terms of the level of pay rise that was received in 2012. Yes, some industries did see pay rises than were much higher than the average but others were quite a bit lower.

According to the Gareth El Mettouri, Associate Director at Robert Half, (as reported in Emirates 24/7), the industries that saw the biggest pay hikes were: real estate and construction, although FMCG, healthcare/pharmaceuticals and utilities all saw above-average salary increases.Continue Reading »

Barclays, the British banking group, is looking to hire bankers to help to boost its Dubai-based corporate banking division and increase its presence across the Arabian Gulf, suggests a report in the National.

With investment banking increasingly falling out of fashion, the United Kingdom’s second-biggest lender is adding new staff in Dubai to tap into increasing trade flows, said Rezwan Mirza, the head of Barclays’ corporate banking division in the GCC.

Barclays, which recently announced a tie-up of its African assets with its Absa subsidiary allowing it to expand further in the continent, expects trade between the Middle East and Africa will likely be a strong focus of local expansion plans.

If you are looking for a job in banking, now is a good time to contact Barclays in Dubai.

With Dubai Internet City having just launched the new Majid Bin Mohammed Innovation Center In5, there really has not been a better time to start a career in Dubai as an entrepreneur and Director of your own business start-up.

Yes, the innovation centre known as In5 is an ideas incubation centre and the first specialised technology incubation hub in the region.

And, it is a place of support and guidance for entrepreneurs and it does this by providing networking events, demo days, business guidance, and mentoring from leading multinationals in the region.

Do you have a great idea to start a new entrepreneurial venture?

There are many reasons that people choose a career as an entrepreneur; some people have always wanted to run businesses as far back as they can remember; others just get a bright idea and sudden inspiration and want to exploit it, and others may simply see it as an exciting alternative to their current career. Continue Reading »