eFinancialCareers

Banks are splashing the cash on locals as they struggle to meet nationalization targets within a limited talent pool. But what do they really think about this? The government in the UAE has decreed that in all firms 40% of employees should be locals, which is no mean feat when you consider that only 20% of the population are Emiratis. Add niche banking skills to the mix and it becomes... Read more

As multinational banks feel the pinch in the wake of the credit crunch, could local banks in the GCC become a more attractive option for talent? Alex Cormack, director, head of Middle East at recruiters Sheffield Haworth, says: “Local banks have had to start to recruit more aggressively, and the trend is for them to look very seriously at senior-level bankers from top-tier investment banks and move them to the... Read more

Keen to work for a credit ratings agency? They’re looking to beef up their Middle Eastern offices to cash in on the boom. Standard and Poor’s is the latest ratings agency to set up shop in the Gulf, following in the footsteps of Moody’s, Fitch and the Islamic International Ratings Agency (IIRA). “Gulf companies are increasingly accessing the global capital markets to address their financing requirements, and recognise the benefits that... Read more

After a bumper 2007 in the Middle East, is it going to be more of the same, or will some sectors lose out in 2008? 2008 will be a good year for… Sovereign wealth funds Sovereign wealth funds (SWFs) had a good year in 2007 – will 2008 be even better still? Last year, Merrill Lynch economist Alex Patelis predicted that Middle Eastern sovereign wealth funds would soon start acquiring asset management firms... Read more

As 2007 draws to a close, what was hot and what was not in the GCC? Here’s our considered opinion. 2007 was a good year for… Private equity In 2007 international private equity funds such as Advent, Carlyle and EFG-Hermes Private Equity all set up shop in the Middle East. Together with growth at local funds such as Dubai International Capital, Abraaj Capital and KAMCO, this fuelled demand for private equity professionals to... Read more

Will a tumbling dollar spur the GCC countries to come good on their promise of a single currency for 2010 and what will this mean for pay? The meeting of the Gulf Co-operation Council (GCC) this month had traders speculating on a possible de-pegging from the weak dollar, which is spurring high inflation within the GCC region. However, no clear decision was reached and the GCC meeting’s conclusion was that 2010 was... Read more

Our survey suggests Gulf bankers are an optimistic bunch. Just when we accuse you of being a cynical bunch, financial services workers in the Gulf emerge as among the most optimistic in the world. The results of eFinancial Careers.com’s survey are in, and amid the global doom and gloom surrounding the credit markets an overwhelmingly positive sentiment has emerged from the Gulf region. The survey took in responses from 18,000 financial services workers... Read more

Which banks and bankers are suffering the most? No prizes for guessing… ACUTE PAIN 1. Merrill Lynch Share price: down 44% since January 2007. Bonus per head*: $181.3k, down 25% on 2006. Net profit for the first nine months of 2007: $1.9bn, down 61%. Redundancies: none announced so far, but exit of chief exec Stan O’Neal is imminent. 2. Bear Stearns Share price: down 38% since January 2007. Bonus per head*: $407.6k, down 20% on 2006. Net... Read more

So is Dubai a major global financial centre (and a great place to develop your career)? Not according to a new survey. The second report from the Global Financial Centres Index (GFCI) suggests Dubai falls outside the top 20 global financial centres and ranks behind the likes of Toronto, which is hardly known for its financial prowess. The good news is that the desert city doesn’t have far to go before it’s... Read more

The landmark US$3.8bn DP World flotation could see the IPO floodgates open in Dubai, and that could generate increased demand for ECM professionals in the region. Earlier in 2007, Ernst & Young predicted US$18.3bn of IPOs in Dubai this year, but we’re a long way off that right now. Until the DP deal, there were just five ECM deals on the Dubai International Stock Exchange (DIFX) this year, representing a meagre... Read more

Middle East state investment funds are flexing their financial muscles globally. What are the chances of getting a job for one? In recent weeks, the Abu Dhabi government has bought into US private equity group Carlyle, and the Qatar Investment Authority has bought into Swedish exchange OMX. Last year Dubai bought control of ports company P&O (including its Australian operations) as well as hotel company Travelodge. As regional sovereign funds expand their... Read more

The rising cost of living and strong demand for specialist skills are forcing banking pay up by as much as 40% a year. “Demand for investment bankers, structured finance professionals, and client relationship managers has driven the dramatic increase in compensation over the last three years,” says Alex Cormack, director and head of Middle East at headhunters Sheffield Haworth. In exceptional cases, headhunters say senior management packages have increased from US$1.5m to... Read more