eFinancialCareers

International financial services firms are flocking to the Gulf like bees to honey, so in the first of our monthly round-ups of significant moves and new offices in the region, we give you a bite-sized review of what’s been going on throughout this month. Russian banks have been busy, with the country’s second largest bank, VTB, announcing plans to open a Dubai office. Its larger rival, Renaissance Capital, was said... Read more

Equity researchers are in for some good times as their demand soars in the UAE and Middle East. Morgan Stanley has created a Dubai-based equity research team to bolster its Middle East operations. The team will be lead by Sean Gardiner and will be joined by three new hires: Mai Attia, Marwa el Sheikh and Tamman el Barbir. Analysts at management consultancy company McKinsey said in a June report on the Gulf... Read more

HSBC is boosting its UAE legal team – and it's not the only one. "Competition is tough in the UAE and we're all competing for good lawyers. We need to respond to the growth and the level of activity," Melika Betley, Head of HSBC's UAE legal department told website Thelawyer.com. Betley said the bank is particularly keen on unearthing derivatives and fund lawyers for its UAE operations, "because these are the... Read more

Forget the credit crisis, a rush of listings on Gulf stock exchanges bodes well for equity capital markets jobs in the region. Figures collated by business information portal Zawya.com, suggest 66 companies are likely to list on the Gulf stock markets in the final six months of 2007 – including Kingdom Holding, DP World and Saudi-based Inmaa Bank. Ernst & Young, meanwhile, estimates over US$18.3bn (Dh67.2bn) will be raised through 63 IPOs... Read more

Employment opportunities for investment bankers are increasing in the Middle East, as cash-rich local companies look for buyouts or mergers to build their international reputation. It's a trend that's creating opportunities for global investment companies. Goldman Sachs, for example, is poised to reap US$11.3bn in advisory fees from a multi-billion dollar mega-merger in the Middle East. Goldman, which moved into a new Dubai office in March after gaining a banking licence last... Read more

Gulf countries are on the hunt for risk managers as the deadline for implementation of the Basel II accord looms. The UAE Central Bank has announced phased implementation of the Basel II accord, with banks expected to be compliant with at least the standardised approach for credit risk by 31 December 2007. In the second phase, the UAE banks will be compliant with internal ratings based approach for credit risk by... Read more

Fancy working in Ras Al Khaimah? Now's your chance. A recent report in the Khaleej Times suggests over 1,000 companies may move to the new Ras Al Khaimah Financial City. Jobs are likely to follow. "The financial city is expected to create thousands of jobs as it strives to become a financial services hub," says Dr Imad Haffar, chief operating officer of Rakeen, the real estate arm of the Ras Al Khaimah... Read more

Step aside Dubai, Qatar also wants to become a regional financial services hub. Last week, Qatar and Dubai teamed up to create a new US$1bn investment vehicle to look at regional investment opportunities. The Qatar Financial Centre (QFC) regulatory authority recently granted Citigroup a banking licence to open a corporate branch, while Barclays got the nod in September. The banks will have their offices in the QFC headquarters in Doha. The chairman... Read more

Demand for asset management professionals in Bahrain looks set to rise following changes to its collective investment scheme regulatory framework. The changes will allow a wider range of assets to be included in funds and are expected to see the emergence of a Bahrain-based industry for hedge funds and other alternative investments, according to Bahrain Financial Services Development. Bahrain already has 102 locally-domiciled funds and more than 2,600 registered with the... Read more

A new salary survey suggests Gulf private equity funds' pay is comparable with, if not better than, their counterparts in the West. An associate working in the Middle East can expect to take home anywhere between US$80k and US$130k a year tax free, plus a 50% to 100% bonus, according to London-based recruitment firm EM Financial Services. This compares favourably to salaries of between €70k and €105k (US$94k and US$141k) and... Read more