DFM launches 'Kafa'at' training programme for UAE Nationals

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The four-month progamme will take place in collaboration with the American Academy of Financial Management.

Mr. Essa Kazim, Director General of Dubai Financial Market, made this announcement at a press conference attended by UAE Nationals participating in the programme, and Brett King, Vice President (Global), American Academy of Financial Management.

Kazim said: 'DFM is committed to increase the number of qualified UAE National practitioners in the UAE financial markets. This will provide more opportunities to UAE Nationals in the brokerage industry, and will contribute positively to the national economy. The step also reflects DFM's commitment to encourage existing companies to increase Emiratisation levels and hire qualified nationals.'

Mr. Brett King said: 'Our involvement in the UAE nationalization initiative and DFM's internship programme, is indicative of our strong commitment to alliances with market operators and regulators. Key to the growth of the local market is the infusion of young talent, with the right skills to compete both regionally and internationally.'

'I congratulate DFM on their vision and support of this internship and education programme. Such initiatives will clearly promote the positioning of Dubai as an international finance hub,' he added.

About 25 UAE Nationals selected by DFM will take part in the 'Kafa'at' programme, which features several courses in academic and practical training from the DFM and financial institutions in the UAE. In addition, these courses will help UAE Nationals acquire a brokerage license in the UAE's financial markets.

Kafa'at will take place during 2006, and will run for four months. The programme will include four modules during which trainees will receive a series of theoretical and practical courses.

During the first phase, trainees will undergo an academic course and will receive internationally recognised certificates. Trainees will then move to special training courses on how to apply for a brokerage license from Emirates Securities and Commodities Authority (ESCA). The third phase will include internal training at the DFM, while the final phase of the programme will feature practical training at some major financial institutions in UAE.

In line with DFM's efforts to encourage UAE Nationals, the market has decided to pay market-rate salaries to UAE Nationals participating in 'Kafa'at'. DFM will also provide adequate jobs for trainees that successfully pass the training programme.