Banking & the Nationalization Agenda:

Nationalization has been part of most GCC states schedule, but implementing it by far has been a harrowing experience in most industries.

The issue is most problematic when it comes to the lower strata & the niche functional jobs with limited talent pool.
The UAE government for instance, has decreed that in all firms 40% of employees should be locals, which is no mean feat when you consider that only 20% of the population are Emiratis. Add niche banking skills to the mix and it becomes even harder to attract the right candidates.

As it is, HR divisions across most banks do not deny the fact that local candidates are provided better allowances than their expat counterparts in order to retain them.

Some countries like Bahrain have nationalization on their agenda but do not act on it as they do not have the obligation to fulfill it. Banks in other countries such as Kuwait increase the staffing as per the national agenda for about a quarter and then retract back to previous counts , as the locals do not fancy a 'day-job'.Meanwhile, salaries for locals in the UAE come in at around a third higher, or banks will reward them in other ways.

Talent is imperative specialized jobs .Having said that, it might also do the governments a world of good if they were to promote advanced training to their citizens and then bring them back to work for a minimum period. This would help them retain their cost as well.

The $2 Trillion Barrier..

Amongst the major developments ( or recessions) occuring across the world, what seemed to have gone by without notice is the estimated cost of projects planned in the countries of the Gulf Cooperation Council has for the first time broken the two trillion dollar barrier.

So why is this significant?The two trillion dollar event is an important watershed, marking not only a significant milestone in the development of the Gulf, but also demonstrating that the regional boom is far from over. The figure is more than double the combined gross domestic product of the six GCC economies.

It's a well known fact that the driving force behind this momentum is the construction sector,which roughly accounts for 59% of the total development costs.

The four biggest projects planned in the GCC are the City of Silk in Kuwait which is expected to cost 77 billion dollars, followed by the Bawadi Project in the United Arab Emirates at a cost of 55 dollars, while the Sudair Industrial City in Saudi Arabia and the Yas Island Project in the UAE are expected to cost 40 billion dollars each.