eFinancialCareers

After a bumper 2007 in the Middle East, is it going to be more of the same, or will some sectors lose out in 2008? 2008 will be a good year for… Sovereign wealth funds Sovereign wealth funds (SWFs) had a good year in 2007 – will 2008 be even better still? Last year, Merrill Lynch economist Alex Patelis predicted that Middle Eastern sovereign wealth funds would soon start acquiring asset management firms... Read more

As 2007 draws to a close, what was hot and what was not in the GCC? Here’s our considered opinion. 2007 was a good year for… Private equity In 2007 international private equity funds such as Advent, Carlyle and EFG-Hermes Private Equity all set up shop in the Middle East. Together with growth at local funds such as Dubai International Capital, Abraaj Capital and KAMCO, this fuelled demand for private equity professionals to... Read more

Will a tumbling dollar spur the GCC countries to come good on their promise of a single currency for 2010 and what will this mean for pay? The meeting of the Gulf Co-operation Council (GCC) this month had traders speculating on a possible de-pegging from the weak dollar, which is spurring high inflation within the GCC region. However, no clear decision was reached and the GCC meeting’s conclusion was that 2010 was... Read more

Our survey suggests Gulf bankers are an optimistic bunch. Just when we accuse you of being a cynical bunch, financial services workers in the Gulf emerge as among the most optimistic in the world. The results of eFinancial Careers.com’s survey are in, and amid the global doom and gloom surrounding the credit markets an overwhelmingly positive sentiment has emerged from the Gulf region. The survey took in responses from 18,000 financial services workers... Read more

Dubai Inc. is making moves to wipe a sometimes misty window transparent, which is good news for corporate governance professionals. The region hasn’t exactly been known for good corporate governance in the past. Earlier this month The Times claimed that the chairman of one of Dubai’s biggest investment funds kept schtum on the value of the investments he managed, let alone their return. However, the Dubai Financial Services Authority (DFSA) claims such... Read more

Qatar may have pulled its £10.6bn acquisition of UK supermarket group J. Sainsbury, but there’s no less demand for M&A bankers in the Middle East. Qatar may have pulled its £10.6bn acquisition of UK supermarket group J. Sainsbury, but there’s no less demand for M&A bankers in the Middle East. “Certain houses are hiring aggressively and there is demand in Dubai and Abu Dhabi. Basically, people with experience in FIG and the... 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

Which banks and bankers are suffering the most? No prizes for guessing… ACUTE PAIN 1. Merrill Lynch Share price: down 44% since January 2007. Bonus per head*: $181.3k, down 25% on 2006. Net profit for the first nine months of 2007: $1.9bn, down 61%. Redundancies: none announced so far, but exit of chief exec Stan O’Neal is imminent. 2. Bear Stearns Share price: down 38% since January 2007. Bonus per head*: $407.6k, down 20% on 2006. Net... 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

The landmark US$3.8bn DP World flotation could see the IPO floodgates open in Dubai, and that could generate increased demand for ECM professionals in the region. Earlier in 2007, Ernst & Young predicted US$18.3bn of IPOs in Dubai this year, but we’re a long way off that right now. Until the DP deal, there were just five ECM deals on the Dubai International Stock Exchange (DIFX) this year, representing a meagre... 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 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

As the dollar falls, so does the allure of taking a job in the Middle East. Last week, the US dollar dropped to an all-time low against the euro and three-month lows against the yen and sterling. With the US Federal Reserve expected to carry on cutting interest rates and the US economy suffering particularly painfully from the sub-prime crisis, the dollar's demise is expected to continue. What's good for transatlantic shoppers... Read more

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