The Banking sector of Dubai has quiet been under the effects of the macroeconomics numbers of the UAE. The gone by quarter of 2013 has not been favorable for the operating banks in Dubai; despite advent of many foreign banks displaying interest in opening their branches in here.
However, globally recognized auditors like Moody’s and Deloitte are convinced through their researches and studies that the Banking sector has moved towards growth path and display an ambitious outlook in the upcoming quarters of 2014.
Let us a deep probe into the Banking sector of Dubai, UAE and reveal factors behind the UAE’s Bank growth trajectory.
The Banking Industry in Dubai: A Snapshot
The Banking Industry in Dubai, a prospering city in UAE, is highly affected by the macro economical entities of the country. As per the hard facts, there are a total of roughly 25 local banks and 30 foreign banks that are operating in the UAE. The total combined network of the banks operating in the UAE sums up to 650 branches.
The economy of the UAE was never this good but with the timely intervention of the government, the focused sectors like Travel and Real Estate witnessed a quick boost. Thereby, the fiscal situation of the UAE is now unmatched and possess an enviable stature. Apart from this, the government also injected a good share of liquidity into the financial institutions, which has actually normalized the dark effects of turbulent economic situations.
Government Initiative for UAE Bank Network’s Facelift
Digging the proven dark quarters for UAE’s economy, which was from 2009-2010, the economy was marred by the sharp hit of recession. The profitability of the banking sector suffered a lot and year-on-year comparatives in Q1 2010 showed disappointing figures. However, as they say “It’s better late than never”, government immediately started directing initiatives towards economic diversification so that the Banking domain can also flourish.
The government initiative has elevated the drooping condition of the banking domain to such an extent now that the UAE has now the highest degree of financial intermediation and aggregate asset numbers. The banking sector has the highest penetration in the UAE and that can be seen in the relatively developed banking infrastructure.
Some of the latest initiatives involve UAE government incurring in AED120 billion for banks stationed in Dubai and other parts of the UAE. Such initiative will definitely provide a short term liquidity relief and thus there will be assurance that banks in Dubai successfully meet their current funding requirements.
Apart from this, there are several big global banks, enchanted by the prospering economy of Dubai, who have proposed of stationing their branches in here. This has not only increased the UAE’s brand value but has also paved a way for flourishing Banking Industry with a gamut of high-paying employment opportunities.
Let us analyze the banking sector in Dubai, now:
The Dubai Banking Industry: A Positive 2014 Outlook
- Research by the Moody’s
The industry experts are assured on the basis of their studies that the Banking Industry is on its way to prosperity at even a higher degree in the upcoming quarters of 2014. As per a report by globally recognized investors service corporation, Moody’s, commissioned in the last quarter of 2013, it is being reflected that 2014 is going to see a stable banking industry. The report owes the success of the industry to the improved operating environment and the flourishing real estate sector. It has been predicted by the experts that UAE will witness real GDP growth by 3.7% in 2014 owing to following reasons:
- Encouragement to the growth of private sector
- Signs of recovery in the diversified private as well as the legacy public sector
Apart from the GDP growth, these factors will also support credit growth of 7%-10% in the upcoming quarters of 2014.
- Foreign Banks Opening Branches in Dubai, UAE
There are numerous known global banks, such as MCB bank, State Bank of Pakistan, HBL, to name a few, who are opening their branches in the flourishing country of UAE. There are other banks that are eyeing Dubai for stationing their branches owing to an excellent fiscal scenario. These banks have a sole aim of meeting the banking requirement of global clients in UAE & other parts of the world and also interest in expanding their foreign bank network. Since, Dubai is recognized as one of the favorable destinations for trade and also for businessmen; therefore, it would be easier for businessmen to avail the facility to open letter of credit through these global banks. Hence, Dubai will gain popularity amongst expats and entrepreneurs from all over the world.
The positive outlook is also going to be advantageous for job seekers and professionals interested in grabbing a high-paying banking job in Dubai.
UAE Employment Market: Is It the Next Big Source of Bank Jobs?
Robert Half’s salary guide for 2014 clearly states that the Banking industry has started its journey towards a steady rise throughout Dubai and other major cities in the UAE like Abu Dhabi and Doha. There are global banks have decided and are currently realigning their business structures, with major focus on headcount investment into their most money-making product lines.
Apart from this, the fact that there are international banks who have already structured or are planning to station their branches in here, has already started creating ripples in the Dubai job market. The guide reveals a hard fact that UAE and its major cities are actually eyeing upon skilled expatriates from different parts of the world, especially Asian and European labor market.
Apart from the much known Real Estate and Construction domain, it’s the Banking sector that is on a high these days and is expected to incur in upturns in economy and job market of Dubai and the UAE as a whole in 2014.
Life of a woman is full of challenges and every stage of her life bespeaks a story of courage, taking risks and overcoming fears. If she personifies beauty then on the other had she is a fierce lioness, capable of face risks that she may stumble upon on a daily basis. The severity of challenges and situations changes with leap a woman makes in her life that places her into altogether a different stage of life. Let us explore the concern from an elaborate perspective:
Life of a 21st Century Woman: The Challenges Explored
The 21st century is said to be led by the power and influence of the fairer sex, which is independent, working and highly balanced. However, things change when the soft shoulders of a woman starts getting burdened with onus of a family, kids and elders. A life that’s completely different from what was been led before. Stress and extra responsibilities creep in and this takes a toll on the career and dreams of a free woman.
The main challenge that a working woman may face is maintaining a perfect equilibrium of work and personal time. This is a noble goal that every individual strive to achieve but the situation is stiff for women as there are other important things that she needs to see. At the cross-roads, there are two options left with the individual; quitting the job or changing the career altogether.
Which turn of the road to choose? Quitting may seem easy but career change is not a bad idea as well. Let us see how taking either of the decisions can impact a woman’s life. The discussion here will also offer a guide path of effectively achieving a work-life balance, the ‘lady of house’ has dreamt of.
Decisions related to career can actually be life changing one as work is the center focus of one’s life. Travelling through ages, the world has evolved so much but the notion “Male member should be the ‘bread winner’ and woman is the home-maker” hasn’t. At one point of time, a situation arises where the working woman has to choose between a healthy family and a successful career; wherein usually the former is considered.
Quitting the job is the only option that is left in front of them and then a break in career is observed for a longer period of time. Companies nowadays tolerate a set number of years or months of break in professional history; therefore, number of months beyond the set limit can trim down the chances of getting selected by an employer. Moreover, thinking about remaining updated and staying abreast of changing trends is out of question personal responsibilities occupy the daily schedule.
This may seem quiet selfish to some but compromising completely on career can be a foolish decision unless the situation is extremely tough. Not pondering enough before taking a decision can be devastating and can change a woman’s life for bad. How about a career change? Or How about a full-time profile in a company that offers a great deal of flexibility in working style? For all the women out there, here’s a map to a ‘Good Life’.
Female Professionals Can Now Have a ‘Good Life’
Beyond salaries, perks and praises, there are other things that a woman wants and it is a career where she remains happy and has relaxed personal life as well. Nowadays, the companies have gone global and clients are demanding. The work environment these days is such that staying at office late sounds like a general practice. In such cases, the life of a female professional is hugely affected and the peace at home starts diminishing.
In such cases, making a shift in the career is the best option rather than backing off completely from the professional arena. A female professional can make her life good by choosing a job role that is less tiring and not demanding as well. Moreover, the change in the career will be at her midlife stage and the career paradigm will also be different; therefore, choosing a job role wisely becomes important. Here are few job roles that fit into a woman’s busy life, right in:
- Teaching: The work involves limited hours and perks are excellent. Shifting to this domain is easy as the profile accepts people with good communication skills and professional experience is often considered good for courses that require analyzing case studies.
- Content Writers/Authors: The work involves 9 hours however, companies do offer work from home facility as the data is not sensitive. The job role is less stressful as the resources for content can be fetched from world web. Women can think about shifting to this career as this requires an averagely good writing skills and speaking skills. Rest of the skills can be brushed up while on the go!
- Front Desk Professionals: Front desk job roles like that of a receptionist or attendants can be a good option for women who are at executive level and are burdened with responsibilities. Generally, such profiles have 2-3 professionals and involve working in shifts. The job is stress-free as this involves merely attending clients and maintaining database of visitors. A shift in such a job role can be easy as the lady professional is expected to have a pleasing personality and a good art of speaking.
- Librarian: A survey done by a known job site, published on the prestigious TIME in the first quarter of 2014, the job of a librarian is listed amongst the top 10 least stressful jobs. The job role involves managing books and attending the readers is what librarian has to do. Apart from this, managing database is also a part of the job role. Making a career shift in this role is easier as female professionals can fit right in and relevant experience is seldom asked for.
- A Small Business at Home: The working class nowadays is realizing the fact that doing something on one’s own is better than being referred as a ‘corporate slave’. While working in a firm, a professional gains enough expertise into client handling and managing huge volume of work. Starting a business at home will not only offer a woman a chance to stay with family but will also source of motivation for her. This requires absolutely no great deal of career shift logic. If a woman understands the market and customer sentiments, sky is the limit for her.
- FreeLancer: A little different concept from making a complete career shift, being a freelancer can be enriching from life’s point of view and there are job profiles that can be changed to completely freelance profile. Apart from this, there are women professionals who leave their full-time stressful job and opt for freelance profiles like writing, consultancy etc. This involves easy career shift as this concept can be applied in many job roles.
Countries Are Donning A New Look Too!
Developed countries have companies stationed that operate in a democratic way and think about the people. However, there are countries like UAE and Saudi Arabia where companies operate on strict employment laws and flexibility has been given no space. Even making a career change used to appear difficult as the employee contracts won’t let you quit that easily and move in a direction that a working professional may think about.
In the recent times, the face of the companies located in these countries has changed and now the employee contracts have now become less stringent so that employees; especially women can have freedom to adjust their personal lives well and can quit to go for a favorable career change. Now, a woman who is into a good paying job in the UAE or connected federation can also have a life of their own and importantly decisions of their own.
Finally, It’s the Emotional Support That Matters
No matter how many profiles a working woman digs out for making a favorable career shift, if there is lack of emotional support from the friends and acquaintances the decision can turn into a bad one. More than professional perks, a career shift is about getting emotional reward at all facets.
A working woman who decides to make a career shift may be leaving a good paying job to go for a least stressful but low paying employment opportunity. This may hurt someone but there will be people who will support the decision. It’s always good to be with positive people as they can pave a way for you to grow and flourish in the new endeavor.
There is a difference between a job change and a career change. A career change can be a big crucial decision as it involves shifting to a new paradigm, job profile and domain altogether. A working woman play roles of a mother, sister, wife and what not and simultaneously holds a responsible position at workplace as well. A good choice backing the decision of career change can be both enriching and advantageous from all aspects.
Dubai, a city in the United Arab Emirates, ranks as one of the leading world-class tourist, educational, entertainment and commercial destinations in the region. Many people are attracted to the city for the impressive career opportunities, which is why Dubai attracts so many from around the world.
According to Emirates247.com, expatriates account for over 88.5% of the total population based on a study from the National Bureau of Statistics. If you’re considering a move to Dubai from the U.S., here are five tips to consider:
It may seem like a no-brainer, but it’s imperative to visit first before making the big move. Allow yourself at least two weeks to familiarize yourself with various areas of the city to help you decide which area suits best. Consider renting a flat instead of staying at a hotel to get a more local feel for Dubai. Use this trip to research everything you can to ensure a smooth transition after you move. This is the perfect opportunity to find housing and meet with your employer.
According to Justlanded.com, over 70% of Dubai citizens rent their homes, but the rental market can be very competitive. It’s helpful to hire a real estate professional to assist you with housing. Many employers will cover real estate services as part of the moving expenses, so be sure to ask your employer if they do. Use this visit to meet with a Dubai realtor and tour a few options.
Store Important Items
One of the toughest parts of moving around the world is determining what to take and what to leave — and packing it all up. Depending on the planned duration of your stay, go through your home making piles of things to throw out, donate, sell, store and take with you. Take this into consideration when it comes time to pack, as you can always buy essentials when you arrive. Find an affordable storage facility, such as Cubesmart’s storage units, and store items you want to save at home, such as large furniture, keepsakes and other items.
Consult a Tax Professional
According to the IRS, “Your worldwide income is subject to U.S. income tax, regardless of where you reside.” This means that expatriate Americans are required to pay taxes in the U.S. and any other country you reside in. Dubai is widely considered a tax haven as the United Arab Emirates doesn’t enforce a federal tax on income, so you won’t have to worry about having your income taxed twice.
However, there are plenty of other taxes, such as those on property, food and alcohol. For assistance managing your fiscal responsibilities at home and abroad, the U.S. Consulate to Dubai recommends consulting with a tax professional who has experience in international accounting.
Write down a few goals for your time in Dubai. Do you want to learn a new language? Do you want to conquer your fear of heights visiting the observation deck atop the Burj Khalifa, the tallest building in the world? Whatever the goals might be, write them down and plan how to accomplish them. The simple act of writing down your goal helps to make you accountable, provide focus and increase your motivation to achieve it.
Experience It All
As stated by ExpatYourself.com, seasoned expatriates Nicole and Cameron Wears suggest obvious, yet imperative advice: “Get out and experience as much as you can. Eat foods that you never thought you would, visit temples and museums, speak with the locals, try to learn the language, and most importantly, push your comfort zone to the limit.” Be sure to explore all of the tourist attractions so you know what’s worth seeing and avoiding when friends and relatives come to visit.
This article provided to us by our guest writer Daljit Singh. He isoOriginally from India, Daljit has been enjoying his life of travel since age 4. He has visited 30 countries and written travel stories about 25 of them.
UAE has introduced new laws on topics that are not to be published or discussed online. Here is a news item on this.
The United Arab Emirates has “effectively closed the country’s remaining forum for free speech” with a decree issued earlier this month that tightened the law on online dissent, Human Rights Watch said on Wednesday.
The U.S.-allied UAE, a Gulf trading and tourism hub and big oil producer, has not seen the serious unrest that has toppled four Arab heads of state since early last year. But it has shown little tolerance of open dissent, and more than 60 members of an Islamist group have been detained since the start of the year.
The decree by President Sheikh Khalifa bin Zayed al-Nahayan imposes prison sentences for anyone who derides or caricatures the Gulf Arab country’s rulers or state institutions on the web, the state news agency WAM reported on Nov. 12.
“The UAE’s cybercrimes decree reflects an attempt to ban even the most tempered criticism,” said Joe Stork, deputy Middle East director at Human Rights Watch.
“The determination to police and punish online dissent, no matter how mild, is incompatible with the image UAE rulers are trying to promote of a progressive, tolerant nation.” A source close to the UAE government said on Wednesday the decree aimed to address technological advances in communications that could affect the rights and beliefs of people.
“This decree does not restrict freedom of expression, which is guaranteed by the UAE constitution,” the source said. “The decree represents an extension of legislation to cover a wide variety of potential offences in many fields, including terrorism, human trafficking, money laundering and identity theft.”
POSSIBLE PRISON TERMS
WAM said the amendments “stipulate penalties of imprisonment on any person who creates or runs an electronic website or uses any information technology medium to deride or damage the reputation or stature of the state or any of its institutions”.
This included the president, the vice president, any of the rulers of the seven emirates that make up the UAE, crown princes, deputy rulers, the national flag, the national anthem, the emblem of the state or any of its symbols.
Social networking sites have enlivened public discourse in the UAE, a major oil exporter and business hub, where state media are tightly controlled and freedom of speech restricted.
People across UAE society, from ruling family members to ministers, government supporters and dissidents, make use of sites such as Twitter and Facebook.
The amendments announced on Nov. 12 cover a wide range of offences, including outlawing the use of the Internet for human trafficking and prostitution.
But they include jail terms for “any person publishing any information, news, caricatures or any other kind of pictures that would pose threats to the security of the state and to its highest interests or violate its public order,” said WAM.
In addition, anyone who uses the Internet “to call for demonstrations, marches and similar activities without a license being obtained in advance from the competent authorities” could also face imprisonment.
Human Rights Watch said the decree’s vaguely worded provisions provide a legal basis to prosecute and jail people who use information technology to criticise senior officials, demand political reforms or organise unlicensed demonstrations.
“Although some provisions are aimed at preventing the proliferation of racist or sectarian views online, the principal effect of the law is severe restrictions on the rights to free expression and free association and assembly,” the New York-based watchdog said.
Courtesy: Manorama Online
Have you heard about “Dubai Sea Dragons”?. They are in to Dragon Boat Racing. Here is a message from them.
Dubai Sea Dragons would like to invite you along to have a months’ worth of free training with us. The sport of dragon boat racing is steeped in over 2,000 years of China’s history and is now enjoyed worldwide. It’s a sport that can be enjoyed by everyone, no matter of your age or fitness. Dragon boating is a fun, healthy refreshing sport in the open air on open water that gives you many physical and social benefits.
I don’t know of any other sport in which 22 people work together to create a team result rewarded through the efforts of the whole crew, rather than a few individual performances. This harmony of purpose can only be achieved through many hours of training in the boat, learning to be and understanding the necessity to work together, as one unit, for the common good. We do have lots of fun at the same time.
Current training session available-
Monday and Wednesday Mornings Time 7.30 am – 9.00 am
Find us at Barasti Beach, Le Meriden Seyahi Hotel on the Beach Road.
Monday and Wednesday Evenings Time 5.30 pm – 6.30 pm
Find us at Jumeriah Beach Hotel Marina. Entrance through Sports Pavilion Club
Saturday Mornings Time 8.00 am
At Barasti Beach Location
We only ask that you can confidently swim for 50 meters in open water. If not, or you are a non-swimmer a life jacket MUST be worn. We can supply you with one.
Contact: Julie Gregory 050 354 9195/Helen Schrader 050 207 1511
Check out our website www.dubaiseadragons.net
Again the best time to visit Dubai is around the corner. The weather is perfect from November to March in Dubai. This is the best time to visit Dubai and other parts of the UAE for a holiday.
There are many exciting events and festivals going to take place in Dubai during November to March. Visit http://www.dubaicalendar.ae/en to learn more about these events and festivals.
Why November to March is the best time to visit Dubai?
Other months are very hot. It can go up to 50c in some months. You can’t go out during the day time. The night is also warm and humid. Whether becomes cooler during November to March. Average is going to be about 20c during the day time.
The other reason is that the Dubai government and private sector organizes many festivals during this period. Some of them such as Dubai Shopping Festival are known as world’s best.
January is the best time to visit Dubai for those who love shopping. This is the month which Dubai is having its largest shopping festival.
What can we do and where to go in Dubai? This is the most commonly asked question by our website visitors. Let’s see where to go and what to do in Dubai.
Photos provided by Panoramio are protected by copyright
You can live like a king even if you aren’t royal society when visiting the glitzy, glamorous international city of Dubai. To the city that virtually invented the “shopping festival,” the simple premise is that if people are treated like high society, they will spend like high society. But you don’t have to blow your cash to enjoy this Middle East metropolis. Here are five secrets for an affordable trip to Dubai – the city like no other.
Getting There and Around
It’s all about booking your flight early, making sure your passport and travel documents are up to date and finding an insurance carrier. Services such as TravelGuard medical travel insurance offer transport to a hospital or your home and cover any qualified accompany expenses you may incur. Having emergency evacuation coverage gives you the peace of mind that if something were to happen on your trip you’d have instant medical assistance and not instant bills.
Plan your departure in the middle of the week, during a less-busy travel day. Airport customs in Dubai are known for having strict medication regulations, including prescription drugs. Ensure you have the original prescription and packaging while traveling to avoid seizure. Dubai International Airport is the busiest air hub in the Middle East, with many major global car-rental agencies nearby. While familiar brands may be your firsts choice, no-name local businesses may save you money in the long run. Or, opt for public transportation that can help you see the city from a local’s perspective.
Ranging from glitzy hotels and upscale guest houses to bargain hostels, Dubai has accommodations that will keep every traveler comfortable. While some prefer the 70,000 dirham a night Royal Suite of Burj Al Arab, you don’t have to pay that much ($1 = 3.6 dirhams) to enjoy common comforts. The city of luxury has three to five star hotels with discounts dropping room rates to under $150 for those seeking luxury without the high price.
For the more adventurous types, the city has three youth hostels clustered together near the airport. Just a short distance from the popular tourist hotspots. Each offers rooms, including breakfast, towels and soap for around 100 dirhams a night.
The biggest expat demographic in Dubai is made up of Indians and Pakistanis, meaning the city arguably offers some of the world’s best sub-continental cuisine. Ranging from Lebanese, Japanese, Arabic and Thai food to vegetarian and seafood options, Dubai offers an assortment of restaurants. If your accommodations don’t provide you with tasty options, try using a guide book’s restaurant directory to search by customer reviews and price scales.
If you are truly adventurous, go where the locals are going. Point to dishes or choose randomly from the menu. Known as being the cheap-eats street, Al Dhiyafah Road serves the city’s less-affluent so you can people watch while feasting. If you want to slowly adapt yourself to the food, find a restaurant catered to tourists. You can feel safe knowing the food might be lighter on your stomach than what the locals eat.
Things to Do
Dubai is flourishing with impressive (or preposterous) feats of architecture and engineering. Burj Khalifa, the world’s tallest building, is grounded here and pierces the sky at just over a half-mile high. Among the skyline of skyscrapers lie inexpensive museums, markets, cultural houses and underwater zoos. Most of the sights to see are along the coast line, and easy to get to via the city’s metro.
Tourists in search of the “real” Dubai – the one that existed before the glitz and gold – can have the most authentic and affordable experience of all. Get a glimpse of the city’s trading hub history at the Creek, the city’s original trading center, by hopping on a motorized wooden boat. According to BBC Travel, you can cross the water for just on dirham, or haggle a half-hour Creek tour down to 30 dirhams. On either side of the creek are spice, gold and textile markets to wander and buy keepsakes, but don’t forget to haggle.
Haggling at the Souks (markets) in Dubai will find you the best deals and, thanks to the duty-free shops and bargains found throughout the city, those deals are the shopping norm. Karama, Dubai’s sub-continental equivalent of New York’s Chinatown, provides affordable faux designer items such as leather goods, sunglasses and sportswear for those who haggle hard.
Famous for its month-long shopping festivals, Dubai is the place to be if you are eager to buy a Prada handbag or handmade Persian rug. If you are traveling sometime from November to February, find the Global Village just south of Sheikh Zayed Road for a showcase of the nation’s cultures and products.
With infinite bargain possibilities available in luxurious Dubai, it’s easy to experience the high life without the high price.
Once again its Eid and holiday time in Dubai and UAE. You need to keep few things in mind while celebrating the holiday.
- Drive safely. As per statistics accidents goes up during this period.
- Be careful of your diet.
- Control your shopping and unnecessary spending. Remember, you need to pay your credit card bills.
Enjoy your holiday without spoiling it. Expats must be especially careful to obey Arabic traditions laws.
Whether you are arriving to Dubai or departing, Dubai duty free shops at the airport have many things to offer. It is quite confusing which shop to go as you will be lost among hundreds of eye catching shops and goods in them.
There are items that you can buy from almost any airport. However, Dubai airport shops have few unique items you may want to look at.
Gold and Jewelry
If you can afford, Dubai is one of the best places in the world to buy Gold as prices are much cheaper than in other countries. All the Gold and jewelry shops at Dubai Duty Free are reputable and you can assure that the quality is very high.
Electrical and Electronic Items
Electrical items and electronics are very cheap in Duty Free shops. Make sure to request international warranty when you buy electronics. Following are the top items you can buy from these shops.
- Mobile phones including all type of smart phones
- Games such as Nintendo
- MP3 Players
If you want to buy top brands of perfume then Dubai Duty Free is the place. You will go crazy when you visit perfume shops.
World’s top brands are sold for very cheap at the Duty Free shops. The specialty is that the massive choice of sunglasses to suit everyone’s needs.
Beauty and Skin Care Products
This is the place where ladies go crazy. World’s best costumes and skincare products are at your fingertips if you can afford to.
Click here to get the full list of items you can buy at Dubai Airport Duty Free shops.
If you are departing then make sure that you have plenty of time for your flight before visiting Duty Free shops. It is a fact that many people have missed their flights while shopping in Duty Free shops at the Dubai Airport. Keep in mind that this is a massive shopping complex with thousands of eye catching items. It is natural to forget about your flight.