eFinancialCareers

Fund managers’ increased demand for knowledge of complex financial products is a bridge too far for the current GCC talent pool, and firms are looking to investment banks to find the requisite experience. Research by KPMG has found that the appetite for complex products, such as derivatives, is on the up – with 57% of traditional asset managers using them in their portfolios. However, 50% of firms surveyed in the... Read more

Forget the 2,600 investment banking redundancies in its western operations and the $37bn in subprime-related writedowns, UBS is in expansion mode in the Middle East. Having gained a licence to operate in Saudi Arabia, the bank will be moving fixed income banker Mohamed Sammakia over to head the office and is also applying for a licence to set up in Qatar. UBS currently employs around 100 bankers in the GCC and... Read more

International asset managers are beginning to set up investment teams on the ground in Dubai and are tapping local talent for them. But this doesn’t necessarily mean that regional experience automatically makes you a potential target. ING Investment Management established itself in the Dubai International Finance Centre this month and hired Farah Fousak as chief investment offer from the National Bank of Dubai along with three colleagues for the investment... 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

It’s no secret that global investment banks have been bolstering their Middle Eastern teams – often transferring them across from western locations – but now it seems some may have over-egged the pudding and are quietly laying people off. According to Financial News, an anonymous executive from a bulge-bracket bank says the teams may have expanded too aggressively in anticipation of increased commercial activity, without thinking about business models, and... Read more

The Chartered Financial Analyst (CFA) qualification, the mainstay of asset management and sell-side research roles, is fast gaining traction in the Gulf region. Is it right for you? The CFA Institute has 116,000 members worldwide, but charterholders are surprisingly thin on the ground in the Gulf region. There are currently 652 in the GCC – 304 of which are in the UAE – but 4,061 have enrolled for exams this... Read more

It may still be difficult for women to make it to dizzy heights on the career ladder in financial services in the Middle East, but, as these five prove, it’s not impossible… Maha al-Ghunaim MD and chairperson, Global Investment House (Kuwait) Al-Ghunaim is well known in Western markets and recently gained greater prominence: last week she announced plans to raise $500m from UK investors for a Middle East and North Africa... Read more

Regulations affecting oil trading in London could mean more traders flee to the Dubai market, injecting fresh stock into the region’s talent pool. The US regulator is threatening to impose new rules on the UK oil trading market, leading some to predict a mass exodus of traders to the Middle East. Phil Flynn, a trader at Alaron Trading in Chicago, told The Times that over-regulation risks driving the market offshore:... Read more

Islamic finance might be hot stuff in investment banking, retail banking and insurance, but it is being overlooked in the wealth management arena, and is facing a dearth of qualified staff to drive it forward. The growth of Islamic finance in the GCC has been phenomenal. A recent conference on the sector said there was now more than $500bn in Sharia-compliant assets in the region, and this is tipped to... 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

The demand for equity research analysts in the UAE might be on the up, but a new law could place restrictions on what they can report and undermine their objectivity. In the West, equity researchers have to be careful not to release misleadingly positive data on companies, but new rules proposed by the Emirates Securities and Commodities Authority (Esca) discourage negative opinions about UAE firms. Esca says the law is... 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

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

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

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

As volumes on the Dubai Gold and Commodities Exchange (DGCX) reach unprecedented levels, banks in the region are desperate to take on commodities experts. Jakob Bloch, managing director, Commodity Appointments, reckons the glut of opportunities is in the gold, metals, oil and freight sectors. “All the major banks have an arm in the Middle East and they have been recruiting people at all levels,” he says. However, a lack of local talent in... Read more

Reason dictates there should be a rush of asset management hiring in the GCC – local fund managers have posted stellar revenues, and international firms are setting up in the region. But while sales and marketing roles are in demand, firms are holding off taking on portfolio managers. Global investors’ ample appetite for GCC assets is demonstrated by some recent results. Shuaa Capital’s asset management division saw an amazing 636%... Read more

In the past, the Middle East has struggled to attract top bankers, but now international investment banks are moving them there in numbers. Citigroup The struggling US bank announced the appointment of Alberto Verme to head up its investment banking division in Dubai. Verme is one of Citigroup’s most senior bankers, currently global co-head of investment banking, and the move is part of a wider effort to bolster the bank’s presence in... Read more

Hedge fund inflows have been tipped to increase fivefold in the Middle East, and firms are scrabbling to ship Western expertise out to the region as well as find talent on the ground. Gilles Rollet, chief executive officer of fund manager Mirabaud (Middle East), thinks the hot air surrounding hedge funds in the region will turn into substance, and there will be five times as much investment in regionally based funds... 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