eFinancialCareers

With energy investment in the Middle East set to go through the roof, banks are looking to secure a piece of the action.

According to figures from the International Energy Agency’s World Energy Outlook 2007, the energy infrastructure in the Middle East and North Africa region is going to need investments of $56bn every year until 2030.

This mouth-watering figure is attracting new entrants to the sector. Last month, Gulf Finance House, a Bahrain-based Islamic investment and commercial bank, created First Energy Bank, the only Sharia compliant institution of its ilk.

Peter Panayiotou, acting CEO of GFH, says: “A substantial number of these new energy products will be implemented by private developers who have a sound project concept, yet lack capital and extensive development expertise, which is where we can add value.”

The bank tells us it’s too early at the moment to know what its recruitment needs will be. However, Justin Pearson, managing director of commodities recruiters Human Capital, reckons both international and local banks are recruiting those with energy sector experience.

“On the banking side, there’s all the financing work, project finance, M&A and corporate finance. There’s not yet a need for traders, but we’d expect that to change going forward.”

Pearson says the majority of those on the ground in the Middle East have come from developed markets, and while there’s some movement between banks in the region, most of the new roles are still filled by people coming from the US and Europe.

And surely the long-held belief of skills shortage in Islamic finance means it’ll be practically impossible to find people if you add energy to the mix?

James Mackenzie, chief executive of headhunters Mackenzie Executive Search, reckons not: “If you’re looking lower down the pecking order – two to three years’ experience – it’s not too hard to find people, but at the senior end it’s still difficult.”