As businesses advance and develop, the machinations that they utilize in order to function grow more complex. As a result, more and more enterprises seek the aid of professionals and their services, such as chartered accountant insurance, for what steps they may undertake in the future.
It seems that this is most definitely the trend across the Middle East, alongside the US and Canada, with countries like Pakistan, Qatar and UAE recognizing the value of chartered accountants and their services, not least of which is providing security with chartered accountant insurance, seeking them out for business endeavours. In particular, the Institute of Chartered Accountants of Pakistan (ICAP), has played a key part it meeting the demands of businesses for chartered accountants.
As of the July of 2016, ICAP had over 8,000 members working in proximity of Pakistan, with a considerable amount being employed in the Middle East region, with some being hired across the ocean, in the United States and Canada. These regions are areas that have turned into hotspots for CA’s, attracting the best in the disciplines, and the best services possible.
Qatar, and the UAE, have been noted as having experienced grate economic growth recently, despite such obstacles such as the Dubai Financial Crisis of 2009, and doubts about the prices of oil, among other things. Dubai is even expected to be the host of the World Expo in 2020, whilst Qatar will host the FIFA World Cup two years later, in 2022.
With such economic growth, professionals and their services are becoming more and more valuable in the region, with accountants in the UAE being some of the highest paid professionals anywhere. The Gulf News revealed data from a 2015 survey conducted by the US Institute of Management Accountants (IMA), which revealed that accountants in the UAE have annual salaries averaging comfortably at $62,000/Dh227,719, which adds to the notable average for annual total compensation for them, which sits at $72,000/Dh264,448.
With recent plans by the government giving the region promise, new investments are being made, and international companies are moving to the Middle East. As a result, skilled labour is now in demand more than ever, with professionals expected to scramble over the notable pay, good benefits, all stacked on top of a lack of an income tax in many countries in the region.