By: Jamal Al Jassmi, General Manager of the Emirates Institute for Banking and Financial Studies (EIBFS)
The banking sector in the UAE plays a fundamental role in fueling the country’s economy and supporting the government’s Emiratization initiatives.
The country has made significant strides in advancing its Emiratization mandate, with Emiratis exercising greater influence across all domains of decision-making, whether it is in the government sector, private sector or at the helm of their own businesses.
As we celebrate the progress, we must remain aware that the path ahead comes with certain obstacles. In terms of employment, Emiratis are traditionally more inclined towards working in the government sector rather than in the private sector or as entrepreneurs. However, it seems to be just a matter of time before this trend shifts, particularly with the government placing crucial importance on qualifying Emiratis to excel in high-level private sector jobs.
The Emirates Institute for Banking and Financial Studies (EIBFS) is a significant supporter of the federal government’s Emiratization policy. As a premier institute for training UAE national talent, it offers programs designed to enhance the skills of Emiratis in the banking and finance sector.
Since its establishment in 1983, EIBFS has delivered 7,882 programs to 175,668 professionals. UAE nationals represented around 33 percent of the total number of participants that registered 58,244. In 2017 alone, the institute conducted 586 programs for 14,017 students, with UAE nationals making up 27 percent.
As we witness the growing Emirati participation in banking and other sectors of the UAE economy, let us also remember that we still have a long way to go to achieve the goals adopted by the country’s leadership. The founding father of the UAE, late Sheikh Zayed bin Sultan Al Nahyan, envisioned building an oasis of knowledge, culture and progress in the UAE to set a strong example for future generations of Emiratis. I believe the Year of Zayed will inspire this young nation filled with potential to step up its contribution to global development