eFinancialCareers

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

US staff fearing the chop are increasingly scoping out opportunities in the Middle East. Over the last year more than 20,000 US financial professionals have been axed, according to US payroll company ADP. And things only look to get worse, with Bloomberg unleashing the pessimistic prediction that 175,000 finance jobs will go over the coming year. US bankers are understandably looking for alternatives and it seems Dubai is one of... Read more

Armed with a Masters in Finance degree and industry experience, Western graduates from the class of 2008 are looking to the Middle East as an increasingly attractive option. Should you be worried? The cost of a Masters in Finance (MiF) at London Business School comes in at a hefty £29.7k ($59.4k). After such an investment, and with a dearth of job opportunities in the West, it’s understandable that graduates should... 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

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

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

Losing your job is never nice, but in Dubai it’s a particularly horrible experience – especially if you’re an expat. The root of the horror is that both residency and the right to work for expats working in Dubai’s finance industry are dependent on sponsorship by the employer. If you’re laid off, this goes up in smoke and you have 30 days to leave the country, unless a new employer... Read more

Both Lehman and Morgan Stanley have appointed bankers to liaise with sovereign wealth funds (SWFs) in the Middle East. It looks like the start of a new trend. This week, Lehman announced that it had appointed private equity veteran Makran Azar in the newly created role of global head of sovereign wealth funds. Lehman follows hot on the heels of Morgan Stanley, which has taken on three senior... Read more

Rules forbidding the issue of stock options to expats in the Middle East are a major deterrent to foreign talent, so are banks offering any alternatives? The concept of Employee Stock Ownership Plans (ESOPs) is a standard part of compensation packages in developed financial markets like the UK and US, but laws in the Gulf mean that expat employees are forbidden from owning stock in local companies. Lynda O’Mahoney, senior... 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

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

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

With the value of private equity deals in the Middle East tipped to soar to $670bn over the next 10 years, it’s no wonder firms are scrabbling to bolster their teams in the region. If the ambitious target is achieved, it will vastly overshadow the $22.8bn raised by private equity firms in the region between 2002 and 2007. Growth will be driven by sovereign wealth funds and industry leaders in the GCC,... Read more

They might have lots of money, but they don’t pay very well. Sovereign wealth funds (SWFs) such as Dubai International Capital (DIC) and China Investment Corporation are on the lookout for new staff. However, while SWFs are the new hot thing, working for them is liable to leave your bank account feeling rather chilly – particularly if you’re coming from private equity. The main problem appears to be a lack... Read more

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

Dubai is a new hot spot for private equity fund accountants, as the front office booms and admin firms set up shop in the region. With private equity giants like Dubai International Capital, Abu Dhabi Investment Authority and US firm Carlyle Group in the emirate, the administrators are going where the business is. Though big private equity administrator Ipes has yet to open an office in Dubai, Maples Finance, Mourant and now... Read more