Barclay Simpson

AML is high on the UAE government agenda. New initiatives are being introduced by the UAE government to enhance AML compliance across financial institutions. The new legislation will amend current AML laws in order to strengthen controls over money laundering and terrorism financing. There are strategic initiatives at government level alongside new reporting requirements for financial institutions that will align the UAE more closely with international standards. It is thought that these amendments will have a significant impact, requiring institutions to amend their compliance programmes. It will be interesting to see if these changes can be accommodated with current headcount or whether there will be a surge in demand for AML specialists in the market.

Dubai government announces 4 day working week initiative. As part of the Dubai Quality of Life Strategy, the Dubai government has announced a trial of a 4 day working week during the summer months for 15 participating government entities. From August 12 to the end of September they will only work Monday to Thursday and the working day will be limited to seven hours. If it is successful and is rolled out across government organisations, then it will be intriguing to see if the private sector will follow suit as it did when the working week was changed to Monday to Friday. This would be a major change to the working culture in the region which has been very slow to embrace flexible working practices, as have become the norm in other parts of the world. I wonder whether this will be quickly supported by the private sector, or will it be seen as an unwelcome progression?

Are you wondering how you could increase your personal impact and influence in the workplace, and create networks that will help your career to thrive? Barclay Simpson has a discount code available on a first-come-first-served basis. Please DM Tanya M. at tm@barclaysimpson.com for details. About this event Barclay Simpson are co-hosting this event with Women in Banking and Finance (WIBF). We are pleased to welcome everyone, as this includes allies. @Patricia Ezechie will present this interactive session designed to give you some practical tips and tools for career development. -Recognise the impact you have and the influence you exert -Consider how to build and nurture networks that will support you and your career journey Key Takeaways -Define what personal impact, influence and networking are -Why they are critical to your career success -How to build an effective network starting today Join us live, and let's work together to build your powerful personal brand. 🚀 Looking forward to seeing you there!

How much can I earn in Dubai? Is probably the most frequently asked question that is asked of me. To which the answer is: it depends! From twenty years recruiting in the region I have learned that it is almost impossible to state a market rate, either to job seekers or employers. Firstly, the make up of a salary varies from place to place. What you may consider a 'base salary' in other locations will probably be broken down into contractually different elements in the UAE, and other Middle Eastern countries, that in total equate to your current base. The only universal benefits given will be medical cover, end of service gratuity (explanation another time) and patriation/repatriation flights, but can include transport allowance, assistance with school fees, relocation allowance, annual flights home and bonus. Although these may be wrapped up into a total figure, or not given at all. You must also consider that employees with the same skill base are recruited globally and so their previous salary and circumstances may differ greatly. Of course, people will make arguments about this: - everyone should get paid the same for the same job. - if I was to move jobs in London the I could earn an x% rise - my partner will be giving up their job to enable a move Unfortunately, these arguments probably won't have much of an impact. Realistically, as is the case elsewhere, the salary will guided by supply and demand. Employers will look at your current package, net off the matching benefits, and then make an offer that they think should be attractive for the opportunity, taking into account what other candidates/employees may be earning. Or if there is a lack of other candidates then they may be more generous. But you will pay no tax? This is true, but we have increasingly seen salaries being negotiated against your net of tax earnings rather than your current gross salary, although in most cases you should still feel better off. This is more evident in the current candidate rich market. Also, bear in mind that you will not get a pension contribution so you need to make allowance for this in any salary negotiation. My advice is to move to the UAE for the career opportunity and be realistic with expectations. In salary negotiations, act as you would if you were at home, you can normally expect the same sort of uplift. If the market changes then my advice may do so also!

Does recruitment stop in the summer? The quick answer is no, but it does slow down significantly. In the Middle East region, annual leave peaks in July and August, impacting recruitment pace. Following the Eid break, another prolonged holiday period, the process can be frustrating. Despite this, key roles are still filled, albeit with a more extended review and interview process. For those seeking new opportunities, keep an eye out as recruitment is expected to pick up towards the end of August. Patience is key during this period, as response times from recruiters and HR teams may be slower than anticipated. Stay proactive and stay tuned for potential openings!