Opportunities coming at new UAE regulator and EBRD

Shake-ups are coming to the way that financial services firms are regulated in the UAE and job opportunities are being created. At the same time, the European Bank for Reconstruction and Development (EBRD) is targeting the Middle East and hiring for its new offices.

Firstly, there’s the new beefed Securities and Commodities Association, which has taken responsibility for conduct of business – from the daily running of business, consumer protection and capital markets oversight. It’ will be renamed the Financial Services Authority and is looking to take on more staff for its Abu Dhabi headquarters.

"The Government has decided to move to a twin peaks regulation model. It will mean you have two regulators for the financial sector - a prudential regulator and a conduct-of-business regulator," said Mazen Boustany, head of banking and finance at Habib Al Mulla, the law firm advising the Ministry of Finance as sponsor of the law, told the National.

Then there’s the move by the EBRD to start focusing on the Middle East. It has created a €1bn investment fund to support SMEs within Arab states, initially focusing on Egypt, Morocco, Tunisia and Jordan.

It’s already opened offices in these countries and has recruited a managing director and plans to hire extra staff with relevant regional expertise.