Abu Dhabi Global Market Academy, the education arm of the UAE capital's financial free zone, has joined forces with Mashreq, the Dubai lender controlled by the Al Ghurair family, to develop a hub for banking education.
As part of the initiative, the entities will set up a framework of co-operation and exchange of knowledge related to the development of banking and financial education programmes. It will help to maintain an effective talent pool in the banking sector, they said in a joint statement on Monday.
Our story is about growth and that is why we value this collaboration with ADGM Academy
Ahmed Abdelaal,
group CEO of Mashreq
A diverse and competent workforce fosters innovation, generates growth and opens more opportunities, said Ahmed Jasim Al Zaabi, ADGM’s chairman.
“We focus on human capital and talent management, not only to meet the demands of industry, but to strengthen the financial stability and long-term economic sustainability of Abu Dhabi and the UAE.
“We welcome public and private banks and financial institutions such as Mashreq to train, upskill and reskill their human capital assets with us.”
The new banking education hub, which will be established at ADGM, intends to become an employment conduit to recruit and train competent UAE national employees based on the Mashreq’s talent acquisition requirements.
It will also conduct development programmes to train and certify the bank's existing employees with the objective of upskilling and re-skilling them.
ADGM, which aims to connect the emirate with international markets in the Middle East, Africa and South and East Asian economies, is part of Abu Dhabi's efforts to diversify its economy.
The international financial centre had 3,700 companies operating within its sectors at the end of June, including global businesses, financial institutions, treasury centres, professional services firms, small and medium enterprises, and start-ups.
The agreement with Mashreq advances ADGM Academy’s national development programme that aims to develop national human capital and increase Emiratisation and employability across key economic sectors, particularly financial services.
“We have an expanding footprint across the Middle East and a strong presence in the financial capitals of the world. Our story is about growth and that is why we value this collaboration with ADGM Academy,” said Ahmed Abdelaal, group chief executive of Mashreq.
Mashreq and ADGM Academy will formalise a study proposal, which will “highlight a complete banking education regime and formalise a working group that will list deliverables and define time frames”, the statement said.
Mashreq will assist ADGM Academy in identifying the training needs of the banking sector and employability as per its human resources requirements and sponsoring graduates of the academy's programmes.
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Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
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