Saturday, March 16, 2019

DBS Bank India plans to add 1000 more techies at tech hub in Hyderabad

DBS Bank India is looking to hire around 1,000 more technology engineers for its technology centre 'DBS Asia Hub 2' here over the next 24 months, a top official said.

The DBS Group had established a technology hub DBS Asia Hub 2 in Hyderabad in 2016, the group's largest technology and operations hub outside of Singapore.

The Singaporean lender is the largest foreign bank to become a fully-owned local subsidiary.

"The hub has about 2,000 engineers building smartest solutions, 1,200 software engineers and developers work with DBS and about 800 who work with partners and build our technology products.

We expect to grow it to 3,000 over the next 24 months," DBS Bank India chief executive Surojit Shome told reporters after launching its first branch in Hyderabad.

He said they expect the bank's balance sheet to grow by three times in the next five years from the current Rs 50,000 crore.

The bank invested (capital) Rs 7,700 crore for its banking business in India and Rs 1,800 crore was invested in 2018.

DBS Bank India currently operates in 12 cities and intends to establish over 100 customer touchpoints-a combination of branches and kiosks--across 25 cities in the next 12-18 months and invest Rs 125 crore to Rs 150 crore on the network expansion.

"Roughly about half of what we develop (digital solutions) is developed in the second technology centre (DBS Asia Hub 2) in Hyderabad.

We expect to employ around 1,000 more technology engineers and people with software skills as we build new solutions," he said.

DBS Asia Hub 2-Head Mohit Kapoor said the recruitment drive is already on and hiring is done through different channels, including hackathon.

Friday, March 15, 2019

CBRE to hire 3,000 employees in India

Global property consultant CBRE will hire 3,000 employees across India this year for business expansion, it's country head Anshuman Magazine said.

CBRE's India revenue grew 20 per cent during 2018 and expects to maintain its growth even in 2019, he said, but did not disclose the turnover figure.

The consulting firm has entered into housing brokerage and now plans to expand this business in a big way, Magazine, chairman and CEO of India, South East Asia, the Middle East and Africa, CBRE said.

"We are a growing service firm and the only asset we have is people. Therefore, we have been hiring the best talent available in the market since the last few years,” he told reporters while launching its new headquarter at Gurugram.

"In 2019, we expect to hire 3,000 people across India to meet our growth requirement," Magazine said. At present, CBRE India has around 8,300 employees who provide various services in the real estate sector.

These services include that of advisory and transaction capital market, project management, consulting and valuations, facilities and property management.

On housing brokerage, Magazine said, the company is selling flats in major cities of South and West India with sale force of 75 people.

"We want to grow this business as there is a huge scope. But, we will be cautious in our approach and market projects of only credible developers," he said.

In housing brokerage business, CBRE will be competing with the likes of Anarock, PropTiger, JLL India, Quikr, Square Yards, 360 Realtors, Investor Clinic and Wealth Clinic, among others.

Magazine noted that warehousing, co-working, co-living, student housing, healthcare, education and hospitality sectors are the new asset class where one can expect growth going forward.

“We expect institutional investment in this sector apart from regular inflows in housing, office and retail assets,” he said, adding that warehousing and logistics sector is already attracting huge investment post GST.

Tuesday, March 12, 2019

UAE Cabinet approved 5-year, 10-year visas for investors, entrepreneurs, talented expats

Shaikh Mohammad, Shaikh Mansour, Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, Shaikh Nahayan Mabarak Al Nahayan, UAE Minister of Tolerance; Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future at the cabinet meeting.
The UAE cabinet approved the regulatory framework for the issuance of five and 10-year UAE residence visas to certain categories of applicants.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has announced on Twitter that the regulatory framework to start issuing long-term residence permits for investors, entrepreneurs, innovators and specialised talents is now in place. Departments in the UAE will now start receiving applications, he tweeted.

“The UAE has been and will remain a destination for talents and land to fulfil the dreams of all pioneers", Shaikh Mohammad added in the tweet, as part of his announcements following a cabinet meeting held at the Presidential Palace in the capital.

The UAE Cabinet approved a long-term visa system for investors, entrepreneurs, specialised talents and researchers in the fields of science, knowledge and outstanding students to facilitate business and create an attractive and encouraging investment environment for the growth of business for investors, entrepreneurs and professional talents.

The decision aims to maintain the position of the UAE as an optimal business environment. The visa benefits also include the spouse and the children to ensure a cohesive family and social structure and to create a stimulating environment for stability and growth.

For Investors

The provision defines two categories for investors:

  1. Investors in the property of a value of Dh5 million or more will be granted a residence for five years.
  2. Investors in public investments through a deposit, an established company, business partnership of Dh10 million or more, or a total investment of not less than Dh10 million in all areas mentioned - as long as non-real estate investments are not less than 60 per cent of the total investment - will be granted a renewable residency visa every 10 years.
For Entrepreneurs

The decision also includes the terms to grant a long-term visa to two categories of entrepreneurs:

  1. Those having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country.
  2. Entrepreneurs will be granted a five-year visa with a possibility for upgrading to an investor’s visa provided they meet the requirements.
The benefits of the entrepreneurial visa cover entrepreneurs, partners, three executive directors, spouse and children. The entrepreneur is allowed entry into the country for six months, multiple-entry visa period, with renewal for another six months.

For Professional Talents

The decision also includes provisions for granting a 10-year visa for specialised talents and researchers in the fields of science and knowledge for doctors, specialists, scientists, inventors and creative individuals in the field of culture and art.

The visa also covers the spouse and children.

All people categorised as professional talents are required to have a valid employment contract in a specialised field, which is of priority to the UAE. Depending on this field, the requirements can include a doctorate degree, publications or global organisation memberships etc.

Wednesday, March 6, 2019

Dubai retail giant Majid Al Futtaim create 2,000 jobs in Abu Dhabi

At least 2,000 jobs will be up for grabs in Abu Dhabi after a new shopping mall opens its doors to the public, it has been confirmed.

Dubai’s retail giant Majid Al Futtaim announced that work on its My City Centre Masdar is nearly reaching full completion and will go on stream in the second quarter of 2019.

The Dh300-million community retail development is being built at Masdar City, the UAE capital’s hub for clean tech companies. Its construction has so far created 1,500 new employment opportunities through the “build-out phase.”

According to the company, an additional 2,000 new jobs will be created after the opening of the mall.

The new retail complex will feature more than 70 stores, including a 7,000-square-metre Carrefour Hypermarket, as well as restaurants, cafes and other dining venues.It will add 18,500 gross leasable area (GLA) to Abu Dhabi’s existing retail supply, further widening the options for retail consumers.

Abu Dhabi has been drawing a lot of interest from investors looking to tap into the emirate’s growing population. As of the first quarter of 2018, the capital’s gross leasable area stood at 2.15 million square metres distributed in a mix of convenience, neighbourhood, community, regional and super-regional retail centres, according to ValuStrat.

Bin Butti International Holding had earlier announced the construction of two community markets in Abu Dhabi, one in Al Nahda and the other at Al Samha, with a total estimated cost of Dh85.5 million.

National Investment Corporation had also announced the construction of Marina Walk, an expansion of Marina Mall, that will span an area of 300,000 square metres and feature high-end retail and fine dining options.

Majid Al Futtaim, the developer of Dubai’s Mall of the Emirates and Deira City Centre, also seeks to cash in on the growing consumer base in the emirate, particularly in Masdar.

More than 600 companies and thousands of residents have already moved to the hub since its opening.

The community is set to expand further as new offices, homes and leisure facilities are currently under development.

“We expect the number of people living within the city to triple by 2020 in line with our growth plans,” said Mohamed Jaameel Al Ramahi, CEO of Masdar.