When I first arrived in the United Arab Emirates (UAE) more than a decade ago, the treasury profession here was in its infancy. Indeed, the first assignment I had as a consultant with Deloitte was to set up a new treasury function from scratch.
However, I should add that even then the ACT had a small but thriving presence. The association has since grown throughout the Middle East, building a 5,000-strong network of professionals, and I now look forward to welcoming many of them at the Middle East Treasury Summit.
We will also be taking the opportunity to celebrate their successes during an awards dinner after the first day of the summit. Of course, this growth and development has not happened in isolation. It reflects how the region itself has developed over the past 10 years.
The need for economic diversity has driven several countries in the region to implement significant investments and reform packages to meet their long-term goals. We have seen new infrastructure and development of key non-oil sectors, such as hospitality and tourism, technology and education.
The UAE has specifically aimed to harmonise more closely with international norms and attract more inward investment by, for example, aligning the weekend from Friday/Saturday to Saturday/Sunday, implementing 10-year golden visas to give more security to expats, and providing a whole range of other visa options. Financial regulation has also been a focus, with enhancements to anti-money laundering rules, debt restructuring and bankruptcy regulations, and new tax legislation, notably in VAT and corporate tax.
Abu Dhabi Global Markets (ADGM) has also been established as a new financial freezone, which specifically recognises a corporate treasury holding company. This has all led to an increase in demand for treasury skills – not only from overseas but also from local talent.
Many companies are now looking to recruit treasury professionals that have ‘future fit’ attributes such as curiosity, an innovative approach, critical thinking and problem-solving abilities
There are pros and cons if you are thinking of relocating to the UAE. First, there is more to life as an expat in the region than the sun, sea and sand! It is harder to relocate if you have family, and there are fewer safety nets, although the employment legislation is improving – for example, redundancy insurance is now mandatory (up to a limit), and there are plans to develop a pensions system that will build on the current end-of-service exit payment. Relocation packages may not be as generous as they once were.
On the plus side, there is no personal income tax, and there are wonderful opportunities to travel and experience other cultures. At a professional level, you will be able to add value by bringing best practice to the region from your home country.
And almost all the conveniences that you are used to at home are now available in Dubai and the wider UAE. Staying connected with family and friends is easier with new technology, and this is perhaps why many now see the UAE as a long-term option where they can settle rather than a short assignment.
In terms of in-demand skills, professional qualifications and technical abilities remain the core foundation for treasury roles. But on top of that, many companies are now looking to recruit treasury professionals that have ‘future fit’ attributes such as curiosity, an innovative approach, critical thinking and problem-solving abilities. Such attributes will show high potential – employers are looking not only to fill their current roles but also have an eye on the future.
These attributes are increasingly important in a world of AI and new technology. For example, at Chalhoub Group, we have set up a treasury technology consultant role that requires skills in systems, AI and data analysis.
Treasurers will increasingly need to be able to understand where the data sits in their companies and how to access it to give them the best insights in real time.
Staying up to date and developing the skills needed to adapt in a rapidly changing environment will give treasury professionals the edge to stay ahead, wherever they are in the world.
James Adams is VP Treasury at Chalhoub Group and chair of the ACT’s Middle East Advisory Panel. He was speaking with Philip Smith, editor of The Treasurer
This article was taken from Issue 3, 2024 of The Treasurer magazine. For more great insights, members can log in to view the full issue.