Millions of applicants worldwide seek careers in banking, which is one of the most solid industries worldwide and in the United Arab Emirates. Numerous domestic and international banks are present in the UAE, and the nation is seeing an increase in banking-related opportunities. The middle of the last decade saw some rough times for the banking sector in Dubai and the UAE, but after the country's introduction of Value Added Tax (VAT), the sector bounced back quickly and is now thriving once more.
Along with digitalization and the adoption of new technologies in the way banks operate and conduct business, the UAE banking sector is facing a talent shortage in a variety of occupations and capacities. Therefore, it is reasonable to predict that in the upcoming years, opportunities in the banking industry in the Emirates will increase.
There are numerous suitable job openings in the banking sector in the UAE, and we will delve straight into the details of banking careers and job vacancies in UAE in this article.
Banks in Dubai and UAE – An Overview
Banking careers are generally regarded as appealing job options due to the relatively good pay, job security, and potential for advancement to more senior positions. Many people who begin in entry-level positions in the banking industry can quickly advance to more senior positions. Some of the national banks operating in UAE include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Dubai Bank, Dubai Islamic Bank, Emirates NBD, etc.
Aside from national banks, a number of foreign banks operate in the UAE, including the National Bank of Oman, the National Bank of Bahrain, Doha Bank, the Saudi National Bank, and others. Many of these financial institutions are housed within the Dubai International Financial Centre business complex (DIFC).
Banking Positions that are In Demand in the UAE
The banking industry is a broad career field with many different job roles that require different sets of skills, qualifications, and experience to succeed. Financial assistants, debt collectors, loan officers, portfolio managers, investment managers, relationship managers, mortgage analysts, client advisors, bank tellers, etc., are some common banking jobs in Dubai. Recent trends indicate that positions such as relationship managers are also in high demand in the UAE, owing to the fact that such positions deal with customers and have influence over them, and thus have a direct impact on the business and revenue of financial institutions.
Indeed, other positions dealing directly with revenue generation, such as loan officers, investment bankers, compliance managers, wealth managers and advisors, mortgage analysts, and so on, are in high demand in the UAE. Aside from having the necessary educational qualifications and technical skills, those with GCC banking experience will be given a competitive advantage over other candidates.
Skills Required for Banking Jobs in Dubai
Let's examine the different skills and proficiencies needed to have a prosperous banking career in the United Arab Emirates. First off, as we previously covered in this article, it is advantageous for a candidate to have prior GCC banking experience as they will be familiar with the regulations and policies established by various regulatory bodies, including the Financial Services Regulatory Authority of ADGM and the Dubai Financial Services Authority.
Additional abilities and proficiencies that could help you land a job in the banking industry in Dubai and the UAE include -
Strong mathematical and arithmetic skills
Possessing analytical and troubleshooting abilities.
The ability to meet deadlines and work well under pressure.
Interpersonal and organizational abilities.
Executive abilities when and as needed.
Although English is widely used, knowing Arabic is advantageous because a lot of official banking documents and other forms of communication may be in Arabic. Just make sure that you mention these skills in your CV so that you have a good chance of getting hired in the banking sector.
Recent Trends and Salary in the Banking Sector in the UAE
Technology has made a significant difference in how banks operate, engage with customers, and help them with routine banking tasks like online transactions. The COVID-19 pandemic accelerated the already-existing trend of online transactions in the UAE to new heights. In addition to banks, other financial organizations and e-commerce startups took advantage of the circumstances by implementing financial technology to streamline consumer interactions with companies. Some banks have 24/7 services available so that clients can handle their transactions whenever and wherever it's convenient for them.
Salary for banking jobs in Dubai is determined by a number of factors, including whether the employees work for a foreign or domestic bank, whether they work with startups, their level of experience, position, and so on. It also depends on the type of banking job, such as retail banking, investment banking, wholesale banking, and so on. Salary ranges for entry-level positions such as junior clerks, bank tellers, and so on can range from AED 6000 to 8000, depending on the type of banking institution. Salaries for managerial positions such as investment managers, relationship managers, and so on can range from AED 8000 to AED 15,000 or more. To find and apply for banking job vacancies in UAE, you can register your profile on Talentmate, a job portal that has huge listings for vacant banking positions in Dubai and other emirates.
Conclusion
To wrap it up, employment opportunities are plentiful in the banking sector of Dubai and UAE, which is home to many foreign and domestic banks, in addition to other financial establishments. Many applicants see Dubai careers, particularly those in the banking sector, as lucrative because of the relatively high pay, ease of settling in the city, and so on. The continuous process of digitalizing the banking industry has resulted in new opportunities and a need for distinctive capabilities and talents within the banking sector of the United Arab Emirates. Presently, there is a significant demand in the UAE for banking professionals in all traditional positions (e.g., bank tellers, and clerks). However, revenue-generating roles (e.g., relationship managers, compliance officers, loan officers, wealth managers, mortgage analysts, etc.) are in particularly high demand. Having prior GCC experience could be an advantage when applying for banking jobs in the UAE.
