Financial services companies in London are accelerating the recruitment of staff, creating a challenge for companies in the UAE that have been able to attract the cream of professional talent for years. Job vacancies in the City, London's financial heartland, were up 71 per cent last month compared with the same month last year, according to the recruitment consultant Morgan McKinley.
But the growth in job vacancies in London has left recruiters in Dubai and Abu Dhabi with dwindling numbers of applicants. "Inquiries are down, headhunting is up," said Christo Daniels, the managing director of IQ Selection, a recruitment firm in Dubai. The report showed the number of finance professionals entering the London labour market last month fell 16 per cent, while job vacancies rose 7 per cent to 6,048, up from 5,645 in June.
The increase in openings "is a good indication that institutions will continue to recruit, although we are expecting fluctuations at hiring levels over the remainder of the year", said Andrew Evans, the managing director of Morgan McKinley's financial services unit. He added, however, that the outlook for UK recruitment was uncertain, owing to an ongoing economic malaise. The survey showed pay in the sector had dipped slightly, about 3 per cent lower than the average salary for roles filled last month and more or less unchanged since last year.
Many professionals fled the British capital when the credit crunch took hold in 2008, with Dubai in particular proving an attractive destination, according to Mark Williams, the director of Middle East consulting services for Hay Group, a recruitment consultancy. "As things started to go awry in other countries and developed economies like the UK, [the UAE] was seen as a safe haven for a couple of months."
He said Dubai was one of the principal beneficiaries of this trend but warned that the city's change in fortunes would make it more difficult to attract top talent. "As things start to pick up elsewhere in the world, there's a danger that people will start to re-evaluate their options, particularly if they don't see the UAE as the safe haven they considered it to be. They may be attracted back to London if the organisations here don't look after their staff."
The recruitment drive in London contrasts sharply with Wall Street, where employment in the financial services industry has wilted over the past year. The sector shed 12,700 jobs between June last year and the same month this year, according to the New York state department of labour. Hong Kong, on the other hand, is seeing a boom in job creation. There were 3,701 vacancies in the financial sector in the first quarter of this year, a 109.1 per cent increase on the previous year, according to the most recent report from the government's official statistics body.
In the UAE, Mr Williams said foreigners' views were beginning to change. "I think the expat mindset is changing - perhaps before, it was common over here do a couple of years to help put money away and then move back home. But I think more and more [people] are seeing an international career as the way they want to go on," he said. gregor.hunter@thenational.ae
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If you go...
Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
COMPANY%20PROFILE
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RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
Results:
5pm: Abu Dhabi Fillies Classic (PA) Prestige Dh 110,000 1.400m | Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Abu Dhabi Colts Classic (PA) Prestige Dh 110,000 1,400m | Winner: AF Saab, Antonio Fresu, Ernst Oertel
6pm: Maiden (PA) Dh 80,000 1,600m | Winner: Majd Al Gharbia, Saif Al Balushi, Ridha ben Attia
6.30pm: Abu Dhabi Championship (PA) Listed Dh 180,000 1,600m | Winner: RB Money To Burn, Pat Cosgrave, Eric Lemartinel
7pm: Wathba Stallions Cup (PA) Handicap Dh 70,000 2,200m | Winner: AF Kafu, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (PA) Dh 100,000 2,400m | Winner: Brass Ring, Fabrice Veron, Ismail Mohammed
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Company%20Profile
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Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
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