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

Sovereign wealth funds' investments in international markets have so far yielded some big losses, but this hasn’t dented their appetite for overseas investments or, it seems, for recruiting international expertise. Dubai International Capital recently made two senior hires (after sacking seven of its investment staff), and Abu-Dhabi Investment Company (ADIC) also took on two senior staff, including former Fidelity chief financial officer, Chris Coombes. ADIC tells us it’s in expansion... Read more

Private equity hasn’t exactly enjoyed a stellar year in the Middle East this year, with the number of deals slumping in comparison to 2007. However, recruitment continues at a steady pace, even if employers are becoming increasingly stringent in their hiring practices. There’s been a dearth of billion-dollar deals in GCC countries this year, and only 12 investments were made across MENA in the first half of 2008, compared to... 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

US staff fearing the chop are increasingly scoping out opportunities in the Middle East. Over the last year more than 20,000 US financial professionals have been axed, according to US payroll company ADP. And things only look to get worse, with Bloomberg unleashing the pessimistic prediction that 175,000 finance jobs will go over the coming year. US bankers are understandably looking for alternatives and it seems Dubai is one of... Read more

Armed with a Masters in Finance degree and industry experience, Western graduates from the class of 2008 are looking to the Middle East as an increasingly attractive option. Should you be worried? The cost of a Masters in Finance (MiF) at London Business School comes in at a hefty £29.7k ($59.4k). After such an investment, and with a dearth of job opportunities in the West, it’s understandable that graduates should... Read more

The Middle East is ripe for a private equity boom, but a shortage of skilled professionals is hampering predicted growth. A report by Deloitte predicts strong growth in private equity. This comes on the back of excess capital in the region and an increasing number of funds targeting it, particularly as investors lose confidence in Western markets and the Middle East continues to look robust. But one short-term stumbling block... Read more

Bahrain’s sovereign wealth fund (SWF) is set to embark on an international shopping spree and is doubling its headcount to prepare for this push. The $10bn Bahrain Mumtalakat Holding Company, the kingdom’s main investment arm, has so far limited its investments to the GCC – with the exception of a 30% stake in Formula 1 racing team McLaren – but has ambitions for international acquisitions. As a result it’s looking for 25... Read more

Jobs are plentiful, talent is scarce, competition is fierce and fickle financial services professionals in the Middle East are now changing jobs every seven months. The skills shortage in financial services in the Middle East is well known and it seems bankers are using this to their advantage – bolting after bonuses and shifting jobs for extra cash or a better position. Speaking at a recent conference, and citing headhunter... Read more

Losing your job is never nice, but in Dubai it’s a particularly horrible experience – especially if you’re an expat. The root of the horror is that both residency and the right to work for expats working in Dubai’s finance industry are dependent on sponsorship by the employer. If you’re laid off, this goes up in smoke and you have 30 days to leave the country, unless a new employer... Read more