UAE faces shortage of financial talent

Experts in the financial industry have said that there is a growing shortfall of adequate talent in the financial services industry in the United Arab Emirates.

There is growing competition between the Abu Dhabi's new financial free-zone (ADGM) and the existing financial centre of Dubai to become a leading financial hub of the Gulf Cooperation Council (GCC) region as well as the larger Middle East and North Africa (Mena) region. However, there is a shortfall of talent in the field in the region.

Even in an international city like Dubai, businesses find it increasingly difficult to source the right people for the job roles. The talent crunch is more in roles such as Islamic banking, risk, compliance, big data and technology. Finding the right talent in tech-related positions is also difficult for financial firms in the region.

Experts said the businesses and the GCC governments might be able to attract the talent from places like New York, London, Silicon Valley, Hong Kong and others by promoting the attractiveness of the region in these regions. The businesses can also use the existing pools of local professionals and provide them with the necessary specialist training in order to train the workforce for the industry.