Job market news for finance professionals in Middle East | Recruitment news for financial professionals in the Gulf

Despite the holy month of Ramadan, a number of key hires were announced throughout August. However, given the time of year, recruitment activity was slightly subdued. Abraaj Capital, the Middle East private equity firm, has opened a new Palestine operation targeted at the SME sector and has hired Fayez Husseini to lead it. ACE European Group, the insurance firm, has named Steve Dixon as managing director of its MENA operation. BDO,... Read more

A poor second quarter for large Saudi investment banks and muted M&A activity during the first half of 2010 suggests that the kingdom may in fact not be the best place for regional bankers to base themselves. Arab National Bank, Samba Financial Group, Saudi Investment Bank, Riyad Bank and HSBC's Saudi subsidiary SABB have all posted reduced earnings for the second quarter of this year. This is largely down to increased... Read more

Local banks in the GCC have largely held back from cutting staff numbers, despite declining revenues over the last year, and there are reasons to believe this trend could continue despite "anemic" deposit and credit growth during the first half of 2010. As we've surmised previously, increasing provisions for bad loan defaults and shrinking deposits at a retail level within the GCC banking sector have made a case for... Read more

Understanding cultural differences – such as the potential pitfalls of public displays of affection – is something every expat should furnish themselves with before moving to the Middle East. But the disparities of doing business are not always so obvious. Based on conversations with industry practitioners and financial sector recruiters, we've compiled six adjustments every Western banker should prepare themselves for when working in the GCC. 1. Learn to love Arabian coffee... Read more

Recruitment levels in the Middle East financial sector last month hardly set the world alight. But, some firms have unveiled a string of hires, while others have suggested that expansion is back on the cards. Al Masah Capital, the recently established alternative asset management firm, has taken on Akbaer Naqvi as an executive director, who is tasked with building the firm's hedge fund business. Arqaam Capital, the Middle East investment bank, has... Read more

As we alluded to before, working for a local bank in the Middle East doesn't seem like a very stable career option currently. On the retail side, deposits have slumped, while commercial banks appear unwilling extend credit due to deteriorating economic conditions and increased defaults on existing loans. Just how badly banks in the Middle East, North Africa and Pakistan (MENAP) have been hit was illustrated by a report from the... Read more

In contrast to the spectacular near-collapse of the Dubai economy, Saudi Arabia’s prudent conservative regulation and enormous sovereign fund have enabled the country to weather the storm better than just about any major economy (Saudi Arabia is a member of G20). While not immune from the global difficulties, it has emerged from a trying 2009 on a strong footing, owing largely to a government policy of stepping up its investments in... Read more

The ordeal of David Proctor, a British banker held in Qatar for 14 months at the behest of his employer, finally came to an end last week. However, it provides a stark warning to expat financiers of the potential pitfalls of the Middle East's employment law. Locally, Proctor's story has gone relatively unreported. The full, and rather emotive, account of how he was held against his will in Doha following a... Read more

While recruitment in the Middle East financial sector remains relatively subdued, some senior hires hint that expansion is back on the cards at certain institutions in the region. AlixPartners, the US advisory firm, has formally kick-started its DIFC operations as it looks to capitalise on a potentially lucrative pipeline of corporate turnaround work. Arab Banking Corporation has named Ian Gore as group head of resources, saying that "attracting, developing and retaining" talent... Read more

In theory, the worst of the financial crisis is behind us, which means redundancies should diminish going forward. However, ongoing problems and poor performance at local banks means they may be forced to cut their cloth this year. While international banks in the Gulf were quick to make job cuts in late-2008 and the early part of last year, very few local banks – publicly at least – made redundancies. However, they're... Read more

The case of Charlotte Adams, the British woman jailed for kissing in public in Dubai, highlights how the emirate's strict decency laws could land expatriates in trouble. Considering the region's reliance on a foreign workforce, could this deter financial services workers from making the move in the future? For those who haven't followed the case, last week Charlotte Adams dropped her attempts to appeal against a month-long jail sentence for kissing... Read more

While a number of international banks have hinted at hiring plans in the Middle East this year, few have specified exactly what these are likely to be. Emirates Business 24/7 has quizzed a number of international banks in the region and confirms what many have suspected – hiring will happen, but massive recruitment drives are unlikely. The full article is available here, but the edited highlights include: Standard Chartered:... Read more

The fact that Bahrain ended 2009 with more financial services jobs than it started with has been heralded as a triumph in the face of the global financial crisis. However, the raw statistics may not be truly representative of the situation in the kingdom currently. Figures from the Central Bank of Bahrain show that there were 14,137 people employed in Bahrain's financial sector at the end of last year –... Read more

Standard Chartered's recruitment of its most senior executive ever in Dubai suggests international banks are again eyeing growth in the Middle East. But is the bank the exception rather than the rule? V. Shankar has been named as CEO, Middle East, Africa, the Americas and Europe for Standard Chartered, and will be based in Dubai – unlike the role's previous incumbent, Gareth Bullock, who performed the role from London. Peter Sands, group... Read more

Qatar banks could create more than 5,000 new financial services jobs this year, with expat bankers in particular looking to move to the emirate. The forecast by recruiter Kinsey Allen has suggested Doha’s financial services industry will employ some 20,100 people by the end of this year, more than three times the 6,200 people employed by the sector in 2006, and significantly more than the 14,900 people working in the industry... Read more

Expats still occupy the lion's share of – and the most well-paid – jobs in the UAE financial sector, even if the industry is relatively progressive in its Emiratisation efforts. However, the lack of appetite to recruit within regional banks may have thrown a spanner in the works. Emiratisation has hit the headlines in the last few weeks, and not always for the right reasons. At the more extreme end of... Read more

Business plans for 2010 are in place, and sentiment around the Middle Eastern financial sector has taken a more positive slant. However, recruitment in the first month of this year remained relatively muted. Arab Banking Corporation has unveiled Dr Khaled Kawan as its new deputy chief executive. He will have responsibility for the group's wholesale banking, universal banking and group operations. The Bahrain Financial Exchange has named Salah Al Abdulla as... Read more

This short video originated with our colleagues in the US. Featuring Cat Miller, eFinancialCareers' response to Maria Bartiromo, it's intended to help you suppress the instinct to be horrible about former/future colleagues in interviews. Watch carefully.

Don't go there.Watch the video.

After the recent turmoil, it's possible that the coming year could provide something of an acid test for the lofty ambitions of the Middle Eastern financial sector. Here's our considered opinion on potential hiring activity in 2010. 2010 could be a good year for: Private equity: The huge volume of 'dry powder', or non-invested capital, that private equity firms in the GCC have been sitting on just gets bigger – the Gulf... Read more

Picking out the positives after a turbulent year for the Middle East financial sector is no easy task. However, here's our considered opinion on who has fared better, and which sectors have suffered. 2009 was a good year for... Sovereign wealth funds: Some comparatively risky investments have paid dividends for the Middle East sovereign wealth funds this year. Most notably the Qatar Investment Authority's $1.1bn profit on its Barclays stake sale and... Read more