Standard Chartered To Help DIFC With Emiratisation

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

12 July 2006

Dubai International Financial Centre has signed a memorandum of understanding (MoU) with Standard Chartered Bank to train and develop UAE nationals for careers in the financial services industry.

The Memorandum of Understanding, signed by His Excellency Dr Omar Bin Sulaiman, Governor of the DIFC and Mr. Mervyn Davies, Group Chief Executive of Standard Chartered, aims to prepare and develop a strong UAE national workforce. Also present at the signing ceremony were the global senior Group Management Committee from Standard Chartered Bank. The agreement reiterates DIFC's and Standard Chartered's commitment to building a knowledge economy in the UAE.

The MoU outlines three specific areas of co-operation between the DIFC and Standard Chartered Bank:

• Work together to design and offer specialised seminars and training programmes for UAE national employees and build a talented and sustainable work force;
• Establish internship programmes to help build on-the-job skills;
• Arrange exposure to best practice global banking procedures by sending selected DIFC employees to visit SCB branches around the world.

Overall, in the next five years, it is expected that over 30,000 people will work and live in the DIFC district. According to the Ministry of Labour, by 2020 nearly 400,000 UAE nationals will be ready to join the workforce. It is a challenge to the government in terms of helping to grow the available talent pool and filling in the competency gap.

Dr Omar Bin Sulaiman said:

'The UAE is a young nation and our younger generation is its future. Careful training and education of our youth is the best way we can ensure a prosperous, peaceful and contented future. The DIFC aims not only to become the region's financial hub but also to contribute towards building a knowledge economy in the UAE. Our partnership with Standard Chartered Bank will help develop and train our young workforce in one of the fastest growing sectors of our economy - the financial sector.

'This MoU is aimed at supporting the talent pool available amongst UAE nationals, honing their skills with proper training and providing them with interesting and highly rewarding opportunities in the financial sector. It is a highly specialised field and we have thus chosen one of the oldest and most experienced banks in the UAE as our partner. This is just the beginning. We are looking towards signing more such agreements with other financial institutions to build a sustainable work force.'

Mr David Proctor, CEO of Standard Chartered Bank in the UAE, commented: 'Standard Chartered was the first bank to receive a license for commercial banking from the DIFC and we were the first bank to purchase our own building. As an anchor member of the Dubai International Financial Centre, this MoU signing is one of our initiatives towards the development of an Emarati workforce within the Centre. This move will help facilitate both the growth of the DIFC, as well as our own business. '

'Harnessing local talent and Emiratisation is an integral part our on-going commitment to the UAE. Standard Chartered has also partnered with several educational institutes and organizations, like The Higher Colleges of Technology (HCT) and Emirates Institute of Banking & Finance in Sharjah (EIBFS) in the UAE, to help develop these talents in the marketplace.'

Amna Al Sayed, Head of Client Relations at the DIFC and an ex-SCB employee who underwent the Standard Chartered's training programme said: 'Standard Chartered's world-class training programme will be a significant contributor to the development of young UAE nationals and will help ensure the continuation of a high-standard working environment at the DIFC'.

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