The Dubai International Financial Centre (DIFC), has announced the launch of a pioneering talent study in the banking and financial services industry in the UAE, in collaboration with Hewitt Associates, a global management consulting company.
The study aims to create a profile of the talent landscape in the UAE's banking and financial services industry, and identify key areas for development.
The study reaffirms the DIFC's ongoing commitment to assist the Dubai Government in its 2015 Strategy to add 882,000 employees to the region's workforce by 2015.
This would bring total employment to 1.73 million, with a significant move towards higher skilled employment. In addition, the study will play a key role in encouraging an increase in productivity, in line with the Government's aims for an increase of 4% per annum.
The study will identify crucial gaps in the demand and supply of locally available human resources and specialized skills relating to the banking and financial services Industry.
The research relies on both primary and secondary sources of information with in-depth interviews with some of the leading experts from the industry and academia, as well as Hewitt's extensive database, including its Annual Middle East Banking Compensation Benchmarking Study.
Dr Omar Bin Sulaiman, Governor of DIFC commented that: "The financial industry in the Middle East has experienced unprecedented growth and development in recent years. As a key component of the Dubai Government's 2015 strategy, the industry is expected to continue its expansion and become a leading contributor to the region's economy."
"For this to occur, the DIFC recognizes the need to develop a well trained, educated and skilled local workforce capable of driving the industry successfully into the future."
Nasser Al Shaali, CEO of the DIFC Authority stated: "The banking and finance industry is one of the most critical sectors of the economy and its sustained growth in the region will depend on its ability to generate the skilled talent that can meet the industry's changing demands."
"The study that we are conducting in partnership with Hewitt Associates will be particularly useful in identifying strategies to foster human capital development in this sector. We look forward to working closely with Hewitt Associates to carry this study forward."
The report's findings will also have important implications for the UAE's education sector, as it will identify the academic programmes and specializations needed to meet the human resources requirements of the burgeoning international financial services sector, which is expected to contribute almost 15% of Dubai's GDP by 2015, and is an integral part of the Dubai Strategic Plan.
The first findings of the research project were unveiled on 16th April, the second day of the Careers UAE, following there was a panel discussion among representatives from key Banking and Financial Services Companies and locally based Academic institutions.
The second phase of the study will be revealed at a later date, post Careers UAE 2008, with more micro-level details on industry segments such as regulatory bodies, insurance companies, islamic insurance and banking, retail and consumer banking, capital markets, investment banking firms and private equity institutions.
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