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

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

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

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

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

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

Pay in the Middle East is spiralling. It now makes up almost 60% of banks’ operating costs. A survey by consultancy Hewitt Associates suggests salaries in Oman and Qatar lead the way when it comes to eating into banks’ profits. But pay across the Middle East banking sector is becoming a problem – particularly when you consider that the average US bank aims to keep compensation costs below 50% of... Read more

Standard Chartered is moving 100 staff to Dubai. Is it down to low-cost local staff or local customers? Staff making the move will be monitoring the bank's loans and trading interest rate products and the currencies of G10 countries. With pay for traders lower in Dubai than London, is the move cost-driven? And are other banks likely to follow in Standard Chartered's footsteps? Mark Thomas, a London-based analyst at Keefe, Bruyette... 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

Are you a junior corporate financier with a few years’ experience under your belt? You could be just what Gulf banks are looking for. “Demand is very high in corporate finance for people who have two to three years' experience,” says Samar El Gazar, MD of Dubai-based recruitment firm Leaders Solutions. “Local as well as international banks are requesting these people.” Who’s hiring? Goldman Sachs is reportedly acquiring a stake in an... Read more

Gulf banks are increasingly eager to tie the knot, and Financial Institutions Group bankers with local contacts may yet be needed to make some introductions. Nuptials in the Gulf’s fragmented and over-banked market have already begun, with the National Bank of Dubai and Emirates Bank International in talks to create a new regional giant with US$45bn in assets. Gulf recruiters say Financial Institutions Group (FIG) bankers aren’t hot property yet, but big... Read more

There are still plenty of Middle East-focused staff who are based elsewhere and fly in and out for meetings. When JPMorgan appointed a new telecoms, media and technology banker to cover the Middle East last month, it did so despite lacking an established investment banking presence outside Saudi Arabia. Mehmet Abbasoglu, a one-time head of investment banking at Merrill Lynch in Turkey, will be based in London and join a long... Read more