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

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

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

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

Software companies are flocking to Dubai, fuelling demand for IT staff in the Emirate. Recruiters say the need for techies has rocketed in the last year with requests coming in thick and fast for security and storage specialists as well as system architects and project managers. Damon Chapple, director of IT recruiters Pathway Resourcing, says his firm entered the Gulf market six months ago because of such high demand. "Demand comes from... 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

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

As multinational banks feel the pinch in the wake of the credit crunch, could local banks in the GCC become a more attractive option for talent? Alex Cormack, director, head of Middle East at recruiters Sheffield Haworth, says: “Local banks have had to start to recruit more aggressively, and the trend is for them to look very seriously at senior-level bankers from top-tier investment banks and move them to the... Read more

Banks are splashing the cash on locals as they struggle to meet nationalization targets within a limited talent pool. But what do they really think about this? The government in the UAE has decreed that in all firms 40% of employees should be locals, which is no mean feat when you consider that only 20% of the population are Emiratis. Add niche banking skills to the mix and it becomes... Read more