Arab Academy for Management, Banking and Financial Sciences Joins Forces with SAS to Bridge Skills and Talent Gap in MENA

Dubai, United Arab Emirates, (gulftech):  To address the skills and talent gap facing the financial industry within the region, the Arab Academy for Management, Banking and Financial Sciences (AAMBFS) signed a partnership with SAS, the global leader in analytics and AI. This partnership will prioritize the launch of one-of-a-kind programs in Egypt that will serve as a base for Post Graduate degrees in Management, Marketing and Financial Sciences.

The partnership was signed by Dr. Mostafa Hodeib, President of Arab Academy for Management, Banking and Financial Sciences and Mr. Ahmed Kamal, Global Program Manager and Head of Middle East Academic Program at SAS, in the presence of regional leadership. The signing ceremony took place at the IEEE Global Conference on Artificial Intelligence and Internet of Things in Dubai, which focused on the collaboration between government, academia, and industry.

This agreement is an extension of the longstanding collaboration between AAMBFS and SAS. AAMBFS and SAS together hosted workshops and sessions which purely focused on knowledge sharing and certification in areas of compliance, risk management and technology solutions.

A recent survey by Nexford University revealed that 78% of leading Egyptian companies are struggling to hire talent because of growing skills shortage[1]. These first of its kind programs will center on Analytics, Artificial intelligence and how technology can be used to tackle financial fraud, risk and compliance.

Dr. Mostafa Hodeib, President of Arab Academy for Management, Banking and Financial Sciences, said “while organizations in the finance sector rethink the way talent is recruited, educators also need to relook at the way knowledge is provided to students. It is necessary now more than ever to provide our children and the existing workforce with the right tools, technology and resources to prepare for the future. The World Economic Forum has predicted that over one billion people would need to be reskilled by 2030. This is an eye-opening revelation and it demands our attention, especially to stay relevant in the face of changing consumer demand and behavior.”

Mr. Ahmed Kamal at SAS, said “skills gap means different things to different people. For some its creative thinking, for others it might be problem solving. We understand the challenge each gap poses to an organization within the financial sector. With the knowledge we possess and the technology we develop, we are in a strong position to work with educators, students, employers and employees to reskill and upskill individuals. This has been our vision and mission for the region.”

Representatives of AAMBFS and SAS also participated in the recently held IEEE Global Conference on Artificial Intelligence and Internet of Things. As panelists for a discussion titled “FinTech: How Covid has accelerated the needs to financial inclusion and solutions”, AAMBFS and SAS shared insights and ideas to make a fundamental impact on banking, financial services and different areas in the business sector in the Arab World.