Central Bank of UAE imposes financial sanction of $1.60mln on branch of foreign bank
The financial sanction is based on a CBUAE examination, which revealed the bank's failures to comply with its Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations.
The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
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The National
34 minutes ago
- The National
UAE faces talent surplus as skilled job seekers grapple with fewer roles, experts say
The UAE is facing a surplus of skilled professionals in many job roles, particularly at the middle and senior management levels, experts told The National. The Emirates' population is booming and job seekers in many professions now far outstrip the number of available roles, which is reshaping the hiring experience for candidates and employers alike, HR professionals said. "While there's still a shortage of specific skills, there's also an observable oversupply of professionals in certain roles, creating an imbalance between job seekers and actual openings, particularly at the mid-to-senior level," Vivek Arora, managing director of the Society for Human Resource Management MENA. This oversupply is especially pronounced in the legal, finance, and property sectors. In contrast, areas like technology and supply chain still face skill shortages. What is causing it? The UAE's attractive lifestyle and tax-free salaries continue to draw skilled professionals from around the world. Earlier this week, data from the Statistics Centre in Abu Dhabi revealed that the emirate's population crossed four million for the first time after a 7.5 per cent surge in 2024. The other emirates, particularly Dubai, Sharjah and Ras Al Khaimah, are witnessing similar influxes. "Each job posting in the UAE today attracts hundreds of applications," Thomas Ogilvie, chief human resources officer at DHL Group, said. "And while the volume is high, finding the right skill set and personal fit to the job remains a task." Mr Ogilvie said, on average, each role at DHL locally receives between 600 and 900 applications, depending on seniority, and that 'over the past two years, the volume has grown by approximately 50 per cent'. Dubai-based career guidance consultant Shazia Bharuchi echoed this, saying she's observed that 'one job application, one job advert, will attract 1,000 individuals'. 'Lowball offers' For many, the consequences are both professional and personal. Ms Bharuchi described how 'people who are coming in and taking jobs just to get their foot in the door... are taking them for very low salaries". The result is that 'people are looking to hire senior people for junior salaries', she added. One communications professional The National spoke to, who wished to remain anonymous, has been searching for a new role for the past 18 months. Out of five offers he got, three were 'not up to the mark' in terms of fair compensation. 'On top of that, they want you to do 20 things in one.' At the same time, he said there's a clear lack of decisiveness among employers, with many leaving him waiting for long periods before reverting back with an answer, or just not responding at all. 'Some of the businesses don't know what they want because of the abundance of choice,' he added. 'Maybe they're scared to pull the trigger.' Employers faced with a flood of qualified applicants are indeed becoming more selective and cautious, said Mr Arora. Companies are 'focusing on hiring fewer, highly critical roles rather than wide-scale recruitment, particularly mid- and senior-level roles,' he said, adding that salary growth is also slowing. Because of this, there is an increased reliance on short-term contracts, freelancers and offering trial roles to test fit before making a commitment, Mr Arora added. Employers are also placing greater emphasis on UAE market experience and cultural fit, as well as soft skills, given the abundance of technically qualified candidates. The rise of AI Another reason for the oversupply of skilled job seekers is 'unconscious bias', Mr Ogilvie said. Older employees and job seekers in the 40-plus age bracket are increasingly reporting difficulties getting hired in the UAE. Ms Bharuchi said some employers often perceive older workers as 'more expensive' and 'set in their ways'. Mr Ogilvie said DHL faces issues around discrimination by training HR teams and line managers to 'recognise and mitigate unconscious bias'. For candidates over 40, he said, 'the conversation is rarely about whether they have the skills – because they normally do. At that stage in a career, what matters more is cultural fit and mindset. Do they bring the right leadership qualities? Are they commercially minded, results-driven and do they promote a culture of respect in the teams they operate in?' The rise of AI and automation is also reshaping the landscape, by changing the nature of available roles and by slowing hiring in some sectors. 'Artificial intelligence is changing the profile of tasks and, at the same time, creating new jobs,' Mr Ogilvie said. Ms Bharuchi agreed, adding: 'You have to now think of yourself as a lifelong learner. Things are so adaptable now, so you have to continue to upskill right and be a leader, but with a sort of junior mindset... It's really important now that we not fear AI, but actually collaborate with it to make sure that we secure our future.' A global market For job seekers, particularly those with long tenures in the UAE, the adjustment has been jarring. Ms Bharuchi has had clients in senior roles, with plenty of local experience, who are struggling to get hired. Often, this is down to their CVs being outdated or not tailored for automatic screening systems, she said, emphasising the importance of understanding applicant tracking systems (ATS) and ensuring your applications are targeted and relevant. Networking, personal branding and adaptability are also increasingly important, said Mr Arora. Mr Ogilvie, meanwhile, said it is important for candidates to 'stay authentic, specific and honest while tailoring your application to suit the requirement of the job you are applying for'. He added that it is important to highlight your contributions over responsibilities, what goals you have helped achieve in previous roles and the kind of impact you have had on businesses. 'You're competing in a global market, because everybody wants to come here,' Ms Bharuchi said.
Al Etihad
37 minutes ago
- Al Etihad
TRENDS participates in seminar on Korea's Middle East policy
4 July 2025 11:49 ABU DHABI (ALETIHAD)A policy seminar held at the Republic of Korea's National Assembly called for a pragmatic foreign policy toward the Middle East based on Korea's national interests and responsive to the region's rapid high-level seminar took place in Meeting Room 5 of the National Assembly Members' Office Building, organised with the support of TRENDS Korea Office in Seoul, in cooperation with Representative Hong Ki-won, the Korea–Arab Society, and the Centre for the Middle East and Islamic Studies at the Asiatic Research Institute, Korea in the seminar — The Middle East Policy Direction of the Lee Administration — stressed the need to shift from the traditional view of the region as merely a source of energy or a market, toward a strategic partnership built on mutual understanding and shared his opening remarks, Kim Chang-mo, Secretary-General of the Korea–Arab Society, noted that the complexities of the regional landscape require Korea to pursue a balanced diplomatic approach that reflects its growing global statureRepresentative Hong Ki-won emphasised that while the Middle East has always been important, it has not received the attention it deserves in Korean policy. He added that this seminar provides an opportunity to reassess this approach, especially at the start of President Lee's Jin-han, Director of the Asiatic Research Institute, highlighted the importance of launching urgent intellectual initiatives to keep pace with emerging challenges in the Middle East and to assist policymakers in shaping more effective his keynote address, former ambassador Yoon Kang-hyun described the Middle East as a vital hub linking three continents, with significant executive and economic potential. He called for independent diplomacy toward each subregion, moving beyond formal agreements toward genuine cooperation, appointing special envoys to priority areas, and enhancing people-to-people and cultural the economic front, Dr. Lee Kwan-hyung, Senior Research Fellow at Korea Institute for International Economic Policy (KIEP), stressed the need to reduce reliance on the energy sector. He proposed expanding cooperation into new sectors, accelerating the ratification of the Free Trade Agreement with the Gulf Cooperation Council, supporting Korea's involvement in the India–Middle East–Europe Economic Corridor (IMEC), and advocating for a Korea–Middle East discussions featured several ambassadors and experts, including Ma Young-sam, former ambassador to Israel; Park Jong-young, former ambassador to Saudi Arabia; Kim Duk-il, Director of the Political Economy Department at Korea University; and Kim Jong-doo (Musa), Director of TRENDS Korea Office. The seminar concluded with several key recommendations, including strengthening official development assistance (ODA) programmes, developing trust-based diplomacy, and establishing a dedicated research institute focused on Middle East affairs from a long-term strategic perspective.
Arabian Business
39 minutes ago
- Arabian Business
Burjeel Holdings acquires PhysioTrio Physiotherapy Center in Riyadh
Burjeel Holdings, the Abu Dhabi Securities Exchange (ADX)-listed super-speciality healthcare services provider in the region, has expanded its operations in Saudi Arabia following the acquisition of a 100 per cent stake in Riyadh's PhysioTrio Physiotherapy Center. The deal was done through its subsidiary, Burjeel Arabia, and reinforces the company's commitment to advancing its capabilities in physiotherapy and rehabilitation services in Saudi. Burjeel expands Saudi healthcare footprint PhysioTrio, established in 2013, is known for its patient care, operational efficiency, and high patients demand. It will become part of Burjeel's PhysioTherabia network, the largest physiotherapy and wellness network in the Kingdom. PhysioTrio is an advanced center with a strong focus on sports rehabilitation. It holds key partnerships, including contracts with the Ministry of Sport, positioning Burjeel to offer cutting-edge sports rehab services tailored to athletes and active individuals across the region. Renowned for its leadership in sports rehabilitation and wellness, PhysioTherabia will empower the facility to scale its services, streamline operations, and better address the evolving healthcare needs of the local community. Integration into the network will also provide access to centralised protocols, AI-driven assessment tools, and standardised training programs. Safeer Ahamed, Co-CEO of Burjeel Holdings, commented: 'Saudi Arabia represents a key pillar in our long-term growth strategy. The acquisition of PhysioTrio expands our footprint here and aligns with our vision to elevate access to high-quality, specialised physiotherapy and wellness services.' With the acquisition of the new center, PhysioTherabia now operates 30 facilities across Saudi Arabia, including Specialist Physiotherapy Center in Mecca and eight others in Riyadh. Abdulmohsen Al Ashry, Regional CEO – KSA at Burjeel Holdings, added: 'Our expansive network provides a solid foundation to elevate the services of the newly integrated facility, enabling the delivery of advanced rehabilitation programs and strengthening access to high-quality physiotherapy care across the region.' The new acquisition builds on Burjeel's recent initiatives in Saudi Arabia, like the integration of Aspris Healthcare, a mental health platform in Riyadh, through its joint venture Alkalma.
