eFinancialCareers

It’s no secret that Dubai is currently attracting swathes of international bankers to its borders, but Western talent is coming round to the idea of moving out to other areas of the Gulf. As competition heats up in the UAE, areas previously thought of as ‘hardship postings’ are being viewed as more attractive, and offer opportunities aplenty. “Saudi and Kuwait have typically been very difficult locations to sell to... Read more

Equity capital market (ECM) volumes in Saudi Arabia have surged by a massive 162% in the first three quarters of this year, leading to an increase in demand for already scarce talent. However, many IPOs have been put on ice recently and recruitment could cool off during this uncertain period. The latest quarterly report into activity within ECM has singled out the Saudi market as being particularly active, having secured... Read more

In a rare indication that the Gulf might not be totally sheltered from the problems dogging global markets, Dubai International Capital (DIC) has sacked 10% of its staff. Two senior executives have been laid off from the global equities team of DIC, the investment arm of Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum. And five senior staff have been axed from DIC's emerging markets team, the Financial Times reports.... Read more

On the face of it, international investment banks are ramping up their teams in the Middle East. However, it could be that many are only transferring existing staff across to the region and opportunities for external hires are actually few and far between. The Financial Times reports that investment bankers in the likes of Citi, Credit Suisse, JPMorgan, and Lehman Brothers are “queuing up” to move to the GCC. They... Read more

Bankers lured to the Middle East under the promise of bumper bonuses may be disappointed – this year’s payouts look set to fall. Last week, Bloomberg touted the GCC as an M&A oasis for investment bankers who want to reel in the kind of bonuses they’ve enjoyed in Western markets for the past few years. However, figures from data provider Dealogic suggest this theory is more hearsay than fact. Revenues generated by... Read more

Investment banking and capital markets revenues in the Gulf are tipped to swell by up to 25% a year. And as more bankers flock to the region in search of new job opportunities, financial firms are becoming increasingly choosy about who they take on. Richard Lett, head of banking at recruiters RP International, tells us banks in the Middle East are able to be a lot more selective: “The talent... Read more

Equity capital markets (ECM) has been teetering on the edge of exploding into action in the Middle East, but now it’s in full flow. ECM professionals are, therefore, increasingly becoming hot property. At least 120 initial public offerings (IPOs) are planned in the GCC through to 2010 as more and more firms turn to equity markets to raise funds for expansion, according to investment bank Gulf Capital. IPO volumes in... Read more

The UAE banking sector has had no shortage of commentators singing its praises over Emiratisation. But are the local banks living up to the hype? While international banks like Barclays, HSBC and Standard Chartered have been singled out for their Emiratisation commitments, most of the multinational firms in the freezone of the Dubai International Finance Centre (DIFC) are exempt from the quota. The onus is on the local banks, who have take... Read more

Financial services firms in the GCC are set to increase their headcount by 30% in the next few years, and up to 50,000 more jobs could be created. A study by Hewitt Associates shows that banks in the UAE, Bahrain, Qatar, Oman and Jordan are laggards when it comes to recruiting enough people to cope with increased levels of business. As a result, they’re set to splurge on staff. “Being... Read more

More international banks have flocked to Saudi Arabia and are looking to beef up their teams to gain a chunk of the local market. Nomura became the first Asian bank to be granted a licence to operate in the region this week, hot on the heels of Credit Suisse and French investment bank, Calyon. BNP Paribas, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan and Morgan Stanley are already there. It’s no surprise... Read more