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Fitch Upgrades Bank Of Cyprus And Hellenic Bank

In a notable endorsement of Cyprus’ financial system, Fitch Ratings has upgraded the ratings of Bank of Cyprus and Hellenic Bank. The Bank of Cyprus has been raised to ‘BB+’ with a positive outlook, highlighting improved operational conditions, strong capitalisation, and asset quality. Simultaneously, Hellenic Bank’s long-term issuer default rating has been elevated to ‘BBB-‘ from ‘BB+’, reflecting its sustained profitability, capital accumulation, and solid asset quality post-cleanup of old exposures. This confidence boost underscores the stability and resilience of Cyprus’ banking sector.

Economic Stability and Growth

The upgrades signify a robust endorsement of Cyprus’ economic and financial environment. Bank of Cyprus’ elevation by one notch, now one step below investment grade, acknowledges its improved operational landscape and strong capital base. The continuous enhancement in asset quality further strengthens its position.

Hellenic Bank’s Strong Performance

Hellenic Bank’s rating upgrade to ‘BBB-‘ with a stable outlook showcases its consistent record of healthy profitability, effective capital accumulation, and solid asset quality. These improvements follow the successful resolution of legacy exposures, positioning the bank for sustainable growth.

Implications for the Financial Sector

These upgrades reflect the ongoing recovery and stability of Cyprus’ financial sector. They indicate increased investor confidence and are likely to positively influence the broader economic landscape. The ratings also suggest that the Cypriot banking system is well-equipped to handle potential economic challenges and leverage growth opportunities.

UAE Job Trends For 2025: High-Demand And Lucrative Roles Revealed

The UAE’s flourishing asset management sector, bolstered by rising investor interest, regulatory advancements, and a surge in Family Offices and Ultra High Net Worth Individuals (UHNWIs), is driving demand for banking and finance talent.

Roles in fundraising and institutional sales are particularly sought after, with professionals in these fields highly valued for their regional networks and industry expertise, according to Michael Page’s UAE 2025 Salary Guides. The comprehensive report, which includes insights from 17 industries, offers an overview of current hiring trends, salary benchmarks, and the recruitment challenges businesses face.

Banking And Finance In High Demand

The report highlights a significant need for compliance professionals, especially those with experience in Dubai Financial Services Authority (DFSA) and Financial Services Regulatory Authority (FSRA) regulations. Chief Compliance Officers and Money Laundering Reporting Officers (MLROs) are among the most lucrative roles in the sector. Jon Ede, Regional Director UAE at Michael Page, pointed out that in 2024, the UAE’s workforce grew by 9%, and the number of new companies increased by 14.5%, showing the success of the nation’s strategic initiatives.

Sales, Marketing, And IT Growth

The sales and marketing sector has seen steady growth, especially in B2B industries like technology, real estate, energy, and logistics. Roles such as Business Development Manager, Chief Commercial Officer, and Strategic Sales Director are in demand, with a premium placed on business development, key account management, and communication skills.

The IT sector, meanwhile, continues to evolve rapidly, with high demand for positions like Head of Software Development, Full-Stack Software Engineer, Agile Product Manager, Senior DevOps Engineer, and Digital Adoption Specialist. The report underscores the significant shift in the UAE talent market for digital professionals in recent years.

Navigating The Skills Shortage

The study also highlights the growing skills shortage, with businesses grappling to find candidates with the right expertise. A staggering 37% of business leaders reported challenges in finding skilled talent, while nearly a third (30%) struggled with employee retention. Nearly half (48%) of employers also cited aligning salary expectations with candidates as a key obstacle.

Ede suggests that businesses can overcome these challenges by offering competitive packages that include benefits, career development opportunities, and workplace incentives, positioning themselves as attractive employers in the competitive UAE job market.

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