eFinancialCareers

Domestic banks in Dubai have found a new way of stopping their staff from quitting. Tired of seeing their employees quitting for more money after bonuses are paid out, it seems local banks in Dubai are tying staff in with long contracts (and more money) instead. It's no secret that employees in the city are a fickle bunch and that talent is scarce. However, in contrast to the bonus buyout tactics... Read more

Don’t know your sukuk from your takaful? CIMA has launched a new qualification to open the door to the rapidly expanding Islamic finance industry. Islamic finance is surging, with a growth rate of 15-20% a year, and it’s now worth between £150bn and £250bn. What’s more there’s a well documented skills shortage in the area. The new Chartered Institute of Management Accountants (CIMA) qualification will cover four areas – Islamic commercial law;... Read more

Lloyd’s TSB, the UK bank, is planning to open a full-scale branch network in the GCC, in a sign that more international banks are going to make efforts to break the branch restrictions currently placed on them by regulatory authorities. Local banks in the GCC offer far more job opportunities at the moment. They currently account for 77.4% of total assets in the region because they have access to government... 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

Our recent poll suggested bankers in Dubai are the most fearful for their futures. We asked bankers across our sites in Europe, the Asia-Pacific region and Dubai to rate their chances of losing their jobs over the next two years. The bad news? Almost half the respondents – 48.9% – from the booming emirate reckoned the chances were “high to very high” that they would be packing their bags within the... 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

Just how easy is it for Western women bankers to land jobs in the growing financial centres of Dubai, Bahrain and Qatar? Not very, according to some headhunters, who weren't overly keen on being drawn on the subject. "This is too close to the bone," was a common response, although we were told by one London-based headhunter that he'd recently placed a woman and there had been "no issues". Scratch the surface,... Read more

Costs may be rising, but you can still make more money working and living in Dubai than in London. Life in Dubai is 40% cheaper than London and 12% cheaper than New York. But salaries for senior bankers are often on a par and bonuses are rising to match. Even in those sectors where pay is higher in London, it may only be just enough to offset the cost differential. For... Read more

Financial techie types can cash in on Middle Eastern banks’ focus on security. Middle East and North Africa Financial Action Task Force predicts banks and financial institutions in the region are set to spend $2bn on IT this year and next – mainly centred on risk management to guard against fraud and money laundering. Henry Pretorius, head of risk practice at IT vendor SAS, says: “Amidst the region's booming economy and... 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

Dubai accountants are to be offered the chance to earn the British ACA accreditation locally for the first time. The Institute of Chartered Accountants in England and Wales (ICAEW) reckons rapid expansion in the Gulf has driven an increased need for qualified accountants, which has prompted it to set up shop in the region. So far, the ICAEW has been in talks with the Gulf branches of the big four accounting firms... Read more

Saudi Arabia may not sound like the most enticing place for expats, but it’s attracting increasing numbers of them to its growing banking sector. Headhunters report gargantuan growth in Saudi finance jobs. Given banks’ interest in the kingdom, this is hardly surprising. Deutsche Bank, JPMorgan, HSBC and BNP Paribas are already there. Goldman Sachs and Morgan Stanley have teamed up with local Saudi Bank in the past three months, and UBS... Read more

With the carnage at investment banks in the West, and the positive PR machine in the GCC painting a picture of a hiring oasis in the region, international applicants for M&A and private equity roles have soared. There’s just one problem – hiring is slowing down in the Gulf. “The number of applications we're receiving now is phenomenal,” says Nicola Beer, senior consultant for financial services at Hays in Dubai.... Read more

Western schools are increasingly offering MBAs in finance within the Gulf in an attempt to bolster indigenous talent. Is this your golden ticket to a top job? The MBA has long been the favoured qualification in the Gulf states and Western schools have been setting up on the ground in response to this demand. The likes of INSEAD, London Business School, Cass University and Manchester Business School have rolled out... 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

With healthy profits last year, and plans for up to 20% rise in assets, the Bahraini banking sector is suddenly looking like a more attractive place to work. The liberalisation of Bahrain’s investment laws has seen the assets of Bahrain’s banks rise by over 30% in 2007 to $285bn, according to a report by Securities and Investment Company (SICO). It anticipates another 20-25% per annum over the next three years. What’s more,... 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 Gulf’s fledgling derivatives market is tipped to explode, but the infancy of the industry means talent is being shipped in. Arqaam Capital, a Dubai-based investment bank established in 2004, has tipped the GCC’s derivatives market to reach around $250-300bn – or 25% of total stock market trading volumes in the region – over the next five years. Arqaam is touting itself as a pioneer of structuring derivative products for the... Read more

It might be wise not to be too rude to a financial headhunter scoping you out for a job in the GCC – it could be the bank itself in disguise. EFG-Hermes, a Middle Eastern investment bank, has revealed that it has its own in-house team of headhunters, which it claims is both a cheaper and a safer option. Declan Ball, global head of corporate human resources at EFG-Hermes, says:... Read more

The GCC might be seeing a raft of applications and relocations of Western expat bankers, but many who make the move are realising that the region doesn’t quite live up to the level of pay, benefits and career progression they enjoyed back home. This means firms are struggling to hold on to the best talent. “There are a lot of people reaching out from around the world,” says Varina Nissen,... Read more