By Neil King
Study shows more than half of Dubai’s CFOs are looking to hire in the second half of 2013
New research suggests Dubai’s finance job sector could be set for a boost, with 53 percent of chief financial officers (CFOs) in a new survey revealing they are looking to expand their departments’ workforce.
A survey by recruitment consultancy firm Robert Half UAE of 75 CFOs and financial directors in the UAE showed that more than a third (37 percent) will look to expand their teams in the second half of 2013, with Dubai CFOs the most bullish about their hiring prospects.
This represents an increase of two percent on the first six months of the year, and signals a positive hiring environment for those with finance-based qualifications.
Relatively fewer CFOs in Abu Dhabi said they were looking to hire, with 22 percent affirming they would expand in the last six months of the year, and 51 percent not looking to hire or fire.
In Dubai, no CFOs said they were looking to reduce their departments, compared to eight percent in Abu Dhabi, suggesting good stability for finance employees in the UAE.
Almost two thirds of respondents cited new projects and initiatives behind the hiring drive, with 57 percent adding product or service expansion was responsible. Some 32 percent said they will be entering new markets, and 29 percent claiming business growth or expansion in both international and domestic markets was prompting additional hiring.
However, 51 percent said it was ‘somewhat challenging’ finding skilled financial professionals, and 35 percent saying it was ‘very challenging’ to do so, especially in the specialist fields of financial management/control, and accounting.
James Sayer, director of Robert Half UAE, said: “Economic confidence is prompting organisations to focus on growth and many are turning to their finance departments to not only crunch the numbers but also devise strategy on finding new sources of revenue generation.
“Commercially-savvy accountants who can provide financial principles to operations, IT, sales and marketing departments are well positioned to help steer their organisations towards greater economic prosperity.”