TFS Gulf 
- Small and medium enterprises (SMEs) in the UAE reached an impressive count of 557,000 as of December 2022
- Relationship Managers (RMs) in the commercial banking space in India are actively seeking opportunities in this dynamic UAE SME landscape.
- We contacted several RMs in Dubai to gain insights into the competitive space. Here are the FAQs.
Overview of the Commercial Banking Space in the UAE.
The UAE’s banking sector has substantially developed since the early 2000s.
Despite being a relatively small market, it boasts a significant presence of around 50 banks.
The commercial banking space in Dubai dominates approximately 70% of the banking sector, as most banks primarily focus on this segment.
UAE has set an ambitious goal of reaching 1 million SMEs by the end of 2030 (presently around 557000), which presents numerous professional opportunities. The recent influx of businesses can be attributed to many individuals shifting their operations to the UAE. Introducing a modest 9% Corporate Tax may further attract businesses to the region.
What is the Scope of a Career as a Relationship Manager in Commercial Banking in the UAE?
Commercial banking typically caters to businesses with revenues ranging from AED 50 million to AED 250 million. Relationship Managers in retail banking build and manage relationships with small to medium-sized companies. They assess clients’ financial needs, provide tailored banking solutions, and offer advisory services.
There is good news if you are a Relationship Manager in India in this segment and wish to move to Dubai.
You’d be surprised to know that most Relationship Managers in Dubai are of Asian descent (in a bank, out of 100 RMs, 90 are Asian).
So the opportunities are certainly there.
What Salary Can Relationship Managers Expect In The SME Segment In Dubai?
Mid-corporate RMs in India typically draw between INR 15 lacs – and INR 50 lacs per annum.
In India, commercial and SME banking RMs would be between INR 8 lacs and INR 20 lacs per annum.
Considering the difference in cost of living, the average starting salary for relationship managers in Dubai is between AED 15,000 and AED 25,000 per month. This range applies to most relationship managers, with variations based on factors such as the size of their portfolio.
It is important to note that only a few experienced relationship managers receive higher starting salary packages, which amount to AED 30,000 – AED 60,000 per month.
(These approximate salary ranges may vary from bank to bank.)
What Are The Top Commercial Banks In Dubai?
A. Here are the top commercial banks in Dubai, based on assets as of March 2023:
- First Abu Dhabi Bank (FAB)
- Emirates NBD
- Abu Dhabi Commercial Bank (ADCB)
- Dubai Islamic Bank (DIB)
- Union National Bank (UNB)
- Commercial Bank of Dubai (CBD)
- National Bank of Ras Al-Khaimah (RAKBANK)
- National Bank of Fujairah (NBF)
- Mashreq Bank
- Abu Dhabi Islamic Bank (ADIB)
How to Discover Opportunities as a Relationship Manager in Commercial Banking in the UAE?
It is important to note that local experience is highly valued in the UAE. With that said, if you already have a background in commercial banking in another region and wish to find opportunities in the UAE, here are the steps you should follow.
Seek References
- Many opportunities in the UAE banking sector arise through references.
- Since there are more job seekers in Dubai, compared to the number of job vacancies, networking and leveraging connections can play a crucial role in finding suitable positions.
Build Connections
- Sourcing clients in the UAE banking market requires building connections over time.
- Establishing references and leveraging professional relationships can significantly enhance your chances of getting more leads.
If you are a fresher and considering getting into this role in the UAE, you should,
Move Sooner:
- Move to the UAE as soon as possible.
- Earlier career stages, such as college graduates or those with a few years of RM experience in India, may find starting in the UAE beneficial.
Start From Scratch:
- Initially, you may have to start in the client acquisition role.
Understand Market Trends:
- Stay informed about the market trends and fluctuations in the UAE banking sector.
- Be aware of the lending activities and changes in the market conditions.
What Are The Challenges That You Need To Be Aware Of?
A different market:
- In India, relationship managers primarily interact with Indian clients, whereas in the UAE, they must work with a multinational clientele.
- Diversity adds a new dimension to the role of relationship managers.
Restricted Growth Opportunities:
- Relationship managers who shifted to the UAE banking sector from 2007-2008 obtained senior roles and better remuneration for around 15-16 years. However, the present competitive landscape poses limitations in terms of career progression.
- Reaching higher-level positions has become significantly more complex than those who entered the market in 2014-2015.
- Professionals may be in the same role for 10-12 years, with limited prospects within the Banks.
Closing…
It is worth noting that despite Dubai and other Emirates performing well in recent years, the year 2023-2024 could bring challenges and downsides.
While commercial banking in Dubai offers promising opportunities, professionals should be mindful of the market dynamics, intense competition, and potential limitations in career progression.
Please note: This is all per our research; kindly conduct your research, as uncertainties and circumstances can lead to different outcomes.
