With ambitious government objectives to integrate local Emirati talent into both public and private sectors in the UAE, the Association of Chartered Certified Accountants (ACCA) has announced the addition of new Emirati members to its existing Members’ Advisory Committee (MAC), to support its objective of growing the number of Emirati ACCA members.
Industry sources added that as per the recent statistics, expatriate workers still constitute 92% of the workforce and Emiratis represent just 4% of the private sector workforce. As part of Emiratisation targets, private employers must include attracting local talent and retaining and nurturing it as a key objective. Private companies not located in the free zones, with 50 or more skilled employees, must increase the number of Emirati employees in skilled jobs. Therefore, they need to meet a 1% increase every six months and ultimately achieve a 2% Emiratisation rate by the end of the year.
Industry sources further confirmed that the latest Emirati members of the Members’ Advisory Committee will advise the ACCA Council, the chief executive, and the head of Eurasia and Middle East, on how best to support Emirati talent in the accounting profession. In addition, the committee will also advise on matters that affect the organization, its members, and students including strategic developments, current and future issues affecting network members, raising ACCA’s profile and enhancing its reputation in their respective countries, addressing new ideas and topics through courses, publications and special events, and technical issues and consultative documents.
Fazeela Gopalani, Head of Eurasia and Middle East, ACCA, stated: “The MAC will work closely with ACCA, acting as ambassadors within Emirati networks to ensure that Emiratis are aware of ACCA and how we can support local talent. We currently have approximately 70 UAE National members and we want to grow this number over the coming months.”
Majed Al Marzooqi, Senior Analyst, Mubadala Investment Company stated “There is a need to attract new Emirati talent to the accounting and finance professions in the UAE. Programmes such as Nafis, a government-led initiative that aims to increase the number of Emiratis working in the UAE private sector, is a positive step forward. As committee members, we will be encouraging Emirati talent into the accountancy profession and will highlight the benefits ACCA can provide to them. The vision of the committee aligns with the UAE government’s vision of increasing the percentage of Emirati skilled labour in the workforce.”
Mohammad Almajedi, Audit Manager, HSBC Bank Middle East, comments: “The creation of this committee is a positive step forward for both the accounting profession and the wider finance profession in the UAE. With the UAE Central Bank’s Emiratisation target for local banks of 45% of total employees by 2026, this is a welcome initiative and one I am proud to be involved in.”
Key members of the committee include Ibrahim AlShami, Regional Finance Director at Jotun Middle East, India and Africa (MEIA); Majed Al Marzooqi, Senior Analyst, Mubadala Investment Company; Mohammad Almajedi, Audit Manager, HSBC Bank Middle East; Maryam AlHareb, Assurance Manager, PwC; and Rashed AlAli, Assistant Manager, EY.
In a recent MAC meeting, Maryam AlHareb from PwC and Rashed AlAli from EY both commented on the importance of Emiratisation and the need for private and public sector entities to invest in the next generation of Emirati leaders: “Today, more than 40% of the Emirati population is under the age of 30, compounding the need to ensure strong national representation across all strategic sectors if growth industries are to prosper and employment levels remain high. Companies need to invest in future skills to prepare young Emiratis for the future of work and develop the next generation of leaders who can drive the UAE’s transformation into a green, digital, and knowledge-based economy. The private sector must play its own proactive part in creating complementary opportunities in the workplace to attract homegrown talent, as well as retain and cultivate it.”
