Investment banks and private equity houses are paying bonuses as high as 25 per cent of salaries to top performers.
The move comes as remuneration starts to pick-up for the first time in two years, a salary survey reveals.
UAE staff within the financial services, the legal profession, accounting, technology and human resources were best placed to expect salary increases, said the 2011 Salary Guide by the recruitment company Robert Half International.
"We are in economic recovery mode and salary rises are anticipated in key skills areas where demand is returning," said James Sayer, the associate director, Middle East, at Robert Half International.
For many employees, the prospect of bonuses and salary increases has remained a distant hope for the past two years since the onset of the global financial crisis.
Sluggish sales and declining business activity meant many businesses were forced to either reduce staff head-counts or freeze salaries.
Investment banks and private equity houses were hard hit as the number of mergers and acquisitions and other deals dried up.
At the same time, banks and other financial institutions in the US and Europe faced a backlash of opposition to the culture of awarding bonuses at a time when some lenders were receiving taxpayer bailouts from the government.
An improvement in the UAE economy this year has proved a catalyst for greater business activity and stronger performance within the banking sector.
"Those organisations which have weathered the storm of the financial crisis better than others are more likely to pay bonuses," said Mr Sayer. "Individuals adding value to the bottom line are being rewarded.
"A year ago bonuses were not being awarded as the financial sector was going through a tough time," he said.
But Mr Sayer said greater remuneration may not always prove sufficient in helping to retain staff.
"People frustrated with logjams further up the hierarchy rarely resolve that problem by being persuaded to stay in return for a more lucrative benefits package," he said.
"They may like earning the money but if their line manager - and their line manager's manager - continue not to budge, it won't be long before wanderlust kicks in again."
A total of 151 people were interviewed for the UAE survey, working as finance and accounting managers, human resources managers and other executive managers.
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Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).