Are UAE nationals paid too much?

23 May 2008

1 minute read

As banks scrabble to meet their Emiratisation targets, wages for UAE nationals are going through the roof. Is this really fair?

Inside the cosy freezone of the Dubai International Financial Centre, financial institutions can take on who they like, even though they'll tell you they encourage localisation initiatives.

Outside, however, it's a whole different story. There's a fierce battle under way for limited local talent, who realise the value of their worth.

With banks in the UAE obliged to ensure 40% of their staff are locals, Emirati bankers can command as much as 30% more than Westerners. And with everyone chasing the small pool of Emiratis with financial services experience, members of that pool are hard to hold onto even once they've been hired.

Are local bankers now overpriced? And is Emiratisation a flawed idea?

Your thoughts please.....

AUTHORPaul Clarke

Me
Me
1 June 2008
Less money at a local bank? MMMM I would not be so sure. I am US Master Graduated, I work for a local bank and make about 30% more than my counterparts from my same school, who on top of that have NYC or London Experience (which I don't). Plus, who wants to work for DIFC, which only do USD denominated transaction, in a time where the USD is loosing so much value (and respect)
However, that the it is true! the level of professionalism at local banks is far below that of DIFC, for example, but that is another story.
Reply
Sh
Shopper
30 May 2008
I disagree with the short term-thing comment. I work in a different sector at a government entity and even engineers with 15 years experiance could not get an intern position in the states. Over paying has not done plenty since everytime I visit my bank the emarity is served by multiple expats that actualy do everything in , my case it was the security officer that was utilized as the document porter at my bank branch handling "My Secure documents".
Reply
Fr
Freddie
27 May 2008
Why would any expats want to work outside the DIFC for the local banks anyway? You get less money and less respect internationally by putting that bank on your CV...
Reply
Hi
Hitz
27 May 2008
It's a short-term thing. As financial services becomes more established, more locals will train up for a career in it, and the talent pool will increase.
Reply