February 27th, 2023

88% of businesses are optimistic about business growth in 2023- Financial services market report 2023

However, underlying concerns continue with regional talent shortages

Dubai, 20 Feb – The financial services industry in the UAE and GCC has shown great optimism for the year ahead, according to the latest financial services market report launched by Mark Williams. The financial services market report 2023, which was based on interviews with a variety of individual participants across 100 companies, revealed a variety of statistics, ranging from employee happiness, benefit and workplace expectations, salary averages, and more.

With the seismic shift within the region during the last 12 months, the UAE has proven itself at the forefront, with employers revisiting and revamping incentive plans to attract top talent to the country. 62% of the surveyed candidates received a salary increase in 2022, with 14% of respondents receiving an increase of 15% or more. But,  65% of people are still looking to change jobs within the next year.

“As the UAE continues to rapidly recover from the pandemic and create a stable international political landscape, we’re seeing a significant increase in companies searching for top talent both locally and abroad,” said Chris Cornwall, Co-Founder, and Managing Partner. “The government’s efforts to boost the economy and provide ongoing investment in education and healthcare infrastructure make the country an attractive destination for job seekers. It’s clear that the UAE is becoming a leader in global economic transformation, and we’re excited to see how this will drive growth and innovation in the years to come.”

Flexibility, benefits, and incentive packages are becoming increasingly important, with 57% of surveyed candidates expecting hybrid or remote work models in their current or new positions since the pandemic ended. Diversity is also a key factor in the hiring process. 62% of leaders are now focused on increasing the hiring of not only more females in the workplace, and 59% of leaders are focused on increasing hiring of Arabic speakers.

“The UAE is transforming into a hub for global financial services and asset management, making significant investments into alternative and private markets, and positioning itself as a regulated market for crypto,” said Dean Wall, Head of Financial Services at Mark Williams. “As the industry continues to shift, we’re seeing an increase in demand for fund manager selection and experience in direct investments, IPOs, ECM, transaction advisory, and investor relations. Despite challenges in attracting overseas talent, the country’s swift handling of the pandemic, bolstering its economy, and its adoption of a Monday-Friday work week aligning with global markets make the UAE an attractive destination for top talent.”

Also highlighted within the financial services market report 2023 are the industry’s salary charts for roles within the UAE and KSA. For more details, and to download the report, please visit here.

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