DIFC signs MoU with Standard Chartered

DUBAI — Dubai International Financial Centre (DIFC) has signed a memorandum of understanding (MoU) with Standard Chartered Bank to train and develop UAE nationals for careers in the financial services industry.

By A Staff Reporter

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Published: Mon 10 Jul 2006, 11:22 AM

Last updated: Sat 4 Apr 2015, 7:09 PM

The Memorandum of Understanding, signed by Dr Omar bin Sulaiman, Governor of the DIFC and Mervyn Davies, Group Chief Executive of Standard Chartered, aims to prepare and develop a strong UAE national workforce. The agreement reiterates DIFC's and Standard Chartered's commitment to building a knowledge economy in the UAE.

The MoU outlines three specific areas of co-operation between the DIFC and Standard Chartered Bank:

Work together to design and offer specialised seminars and training programmes for UAE national employees and build a talented and sustainable work force; Establish internship programmes to help build on-the-job skills; Arrange exposure to best practice global banking procedures by sending selected DIFC employees to visit SCB branches around the world.

Overall, in the next five years, it is expected that over 30,000 people will work and live in the DIFC district. According to the Ministry of Labour, by 2010 400,000 UAE nationals will be ready to join the workforce. It is a challenge to the government in terms of helping to grow the available talent pool and filling in the competency gap.

Dr Omar bin Sulaiman said: "The UAE is a young nation and our younger generation is its future. Careful training and education of our youth is the best way we can ensure a prosperous, peaceful and contented future. The DIFC aims not only to become the region's financial hub but also to contribute towards building a knowledge economy in the UAE. Our partnership with Standard Chartered Bank will help develop and train our young workforce in one of the fastest growing sectors of our economy — the financial sector.

"This MoU is aimed at supporting the talent pool available amongst UAE nationals, honing their skills with proper training and providing them with interesting and highly rewarding opportunities in the financial sector."

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