Dubai Commercial Bank has hired 10 foreign professionals for its Commercial Banking team, a bank official said on Monday, as the emirate seeks to attract international bankers to bolster its banking industry.
Dubai Commercial Bank is aiming to attract more than 100 foreign bankers from across the globe to work in its Commercial banking department, the bank official told Reuters.
The bank is recruiting about 10 foreign nationals, including five from Dubai, for its Technical and Business Banking team and also its Finance and Asset Management team, he said.
Dubai’s banking sector is growing rapidly.
In the second quarter, Dubai Commercial bank reported a net income of about Dhs5.5 billion ($5.9 billion), according to the bank’s 2016 annual report.
It also had an operating profit of about $1.1 billion.
The Dubai Commercial Banking department is responsible for the handling of customer deposits and the managing of the bank assets and liabilities.
It is also responsible for financial planning, tax planning, accounting, finance, legal and legal advice, marketing, business development, public relations, legal services and marketing and sales.
Since its inception in 1999, Dubai’s commercial banking industry has been one of the fastest-growing in the world, according to Dubai Bank.
The number of foreign bankers working in the UAE jumped from 2,500 in 2009 to more than 10,000 in 2016, according an analysis by Bloomberg New Energy Finance.
The government has long promoted its efforts to attract foreign bankers to Dubai, with plans to establish two new banks this year and another in 2021.
The Commercial Banking and Finance departments are tasked with assisting Dubai Commercial banks to manage financial assets and manage the finances of their clients, according a Dubai Commercial banking official said.