UAE has become a hotspot for job seeking finance professionals. Here’s why building a Career in the UAE could be your best decision.
Curious about building a career in UAE as a finance professional? Oil and Gas, Banking, Real estate sectors are growing tremendously, which widens the job opportunities for Finance Professionals.
Ever dreamed about building a career in finance, in the UAE? Thought about exploring the luxurious and diverse culture there?
Why wouldn’t you? After all, UAE is considered to be one of the best places to live and work.
International Qualifications like CPA, CFA and ACCA have high recognition in the UAE.
For those who are Chartered Accountants from The Institute of Chartered Accountants of India (ICAI), The South African Institute of Chartered Accountants (SAICA), The Institute of Chartered Accountants of Pakistan and of course The Institute of Chartered Accountants of England and Wales... the opportunities are plenty.
However, with the efforts of ICAI (UAE chapter), Indian Chartered Accountancy is highly recognized in the UAE.
In general, Chartered Accountants from most professional bodies are recognized. Even semi-qualified Accountants have a great scope to succeed here... so don't lose heart if you are not a CA, CFA or CPA.
Here’s why building a Career in the UAE as a finance professional could be your best decision.
Different sectors in the UAE
The fantastic quality of life in the UAE could be the sole reason, why many of you want to move, but it is one of the most tax-efficient regions, which is just a plus point.
But why is this place ideal for settling in really, you may ask. So first look at the different sectors that offer attractive opportunities.
There are two sectors – Private Sector and Public Sector
- Private Sector UAE Owned Conglomerates. They have a huge empire built over a period of time in various sectors like Retail Business, Automotive Business, Real estate, Mall, Electronics, etc.
- Private Sector Owned by Expatriates: There are many successful expats in UAE with very huge businesses.
Most Popular Emirates of the UAE
Now you may ask, “What is the ideal place for me in the UAE?” or “What city should I move to based on my career needs?”
Well, There are 7 emirates in UAE for you to choose from:
- Abu Dhabi (Capital of UAE)
- Umm Al Quwain
- Ras Al Khaimah
The opportunities are widespread and are available throughout the country but the following are the top Emirates for multiple attractive job opportunities.
Dubai: Dubai is without a doubt the most preferred destination by expats, especially finance professionals, be it well experienced or semi-qualified. The job opportunities for fresher or lesser experienced professionals are found to be much more available in Dubai as compared to Abu Dhabi.
Abu Dhabi: Abu Dhabi, with rapid development and urbanization, coupled with the massive oil and gas reserves and production has transformed itself into a large and developed metropolis. The pay range is also expected to be a little higher in Abu Dhabi as compared to Dubai.
Sharjah: Being considered the cultural capital of the UAE, Sharjah is a more conservative city. The cost of setting up business in Sharjah is less than in any other emirates of UAE.
Ras al Khaimah: Having never discovered oil, RAK’s major industries include real estate, tourism, construction materials, manufacturing and high technology, financial and insurance services, fishing, and agriculture. The opportunities are increasing in the above fields as the cost of living in this emirate is very less.
Most popular industry in the UAE
Oil and Gas: There is a massive reserve of funds from oil and gas.
Banking: With a lot of Fintechs coming into UAE, tremendous growth in the banking sector is expected in the near future along with a widening of job opportunities for finance professionals.
Real estate: The UAE is well known for wholeheartedly welcoming people from all over the world. VAT has also been removed for the real estate sector in the UAE to promote the industry. Few well renowned Real estate companies: EMAAR, Nakheel, Dubai Properties, etc.
Hospitality: UAE has a well Established Hotel industry with world-class services and amenities. Thus a lot of open positions are filled in this growing industry on a daily basis.
Manufacturing: The manufacturing sector is growing in order to meet the demands of other ancillary industries in the economy.
The start-up Ecosystem in the UAE: The article would be incomplete without discussing the buzzing startup ecosystem in the Emirates. In 2018 the UAE region had very few VCs. But now it has almost 30 operating VCs. D-Tec (Dubai) and Hub 71 (Abu Dhabi) are world-class tech ecosystems providing an optimal business environment for entrepreneurial-minded innovators. Plus it has a very progressive regulatory framework. So once you bring all of these together, UAE becomes a great place to do business.
And all this enhancement in sectors creates wider job opportunities not just for Finance Professionals but all sorts of professionals.
Career opportunities in the UAE
With multiple job roles required in the sectors of the UAE, nobody gets left out.
Here are some of the popular and sought-after job roles available in UAE:
Let’s look at the aspects that create many job positions for finance guys in UAE
Corporate tax: This tax will be applicable from 1st June 2023. Prior to 2016, the tax was a concept unheard of for people in the UAE. Taxes are now being collected because of Guidelines adherence to OECD (Organisation for Economic Co-operation and Development) with consideration to not hurt investor relations, ease of doing business ranking, etc.
Hence more and more open opportunities in the domain of tax are expected to arise in the near future.
Value Added Tax Services (VAT): VAT compliance has become mandatory for even SMEs and MSMEs in UAE. Huge demand for skilled professionals exists for VAT Compliance in both MSMEs and large companies. Big 4’s and other Audit firms are also hiring for this role. Individuals with an Audit background or a Non-Tax background – have high chances of finding opportunities given they have the eagerness to learn.
Auditing: With the rise in the aim of better governance, the scope of Statutory audits is increasing in the Emirates. The scope of Internal and Process audits are also increasing to boost the operating efficiency of the entities.
Internal Audit / Risk Management / Compliances: Job vacancies in the team of Internal audits in the banks are increasing. Many Companies and MNCs are also hiring experienced Internal Auditors for the roles in their teams.
Investment Banking Careers: With startups, investments, and Private Equity, many more opportunities in this space are emerging for various roles.
Once you come to the UAE, consider job searching a full-time activity, putting in at least 8 hours a day.
One can also apply from well-known job portals.
Individuals have high chances of finding opportunities given they have the eagerness to learn and of course high standards of ethics and integrity.
We have made a pdf for you to help you in your job-finding process in the UAE. Fill up this form and we will email you the details https://forms.gle/owxLcWhGA8ioSHsH9
Disclaimer: This is all as per our research kindly do your own research. We do not assure 100% accuracy even though this content is very well researched.
(Edited by Preeti Mondal)