eFinancialCareers

Lloyd’s TSB, the UK bank, is planning to open a full-scale branch network in the GCC, in a sign that more international banks are going to make efforts to break the branch restrictions currently placed on them by regulatory authorities. Local banks in the GCC offer far more job opportunities at the moment. They currently account for 77.4% of total assets in the region because they have access to government... Read more

UAE firms are taking pre-emptive measures to ensure that the carnage in the Western banking world doesn’t happen here: they're bolstering their risk management teams. Local banks are battling with the twin forces of regulatory reporting requirements – such as Basel II – and the need to set up controls against banking crises and rogue traders. Jamal Saleh, head of risk management at the Commercial Bank of Dubai, says:... Read more

Fund managers’ increased demand for knowledge of complex financial products is a bridge too far for the current GCC talent pool, and firms are looking to investment banks to find the requisite experience. Research by KPMG has found that the appetite for complex products, such as derivatives, is on the up – with 57% of traditional asset managers using them in their portfolios. However, 50% of firms surveyed in the... Read more

Forget the 2,600 investment banking redundancies in its western operations and the $37bn in subprime-related writedowns, UBS is in expansion mode in the Middle East. Having gained a licence to operate in Saudi Arabia, the bank will be moving fixed income banker Mohamed Sammakia over to head the office and is also applying for a licence to set up in Qatar. UBS currently employs around 100 bankers in the GCC and... Read more

International asset managers are beginning to set up investment teams on the ground in Dubai and are tapping local talent for them. But this doesn’t necessarily mean that regional experience automatically makes you a potential target. ING Investment Management established itself in the Dubai International Finance Centre this month and hired Farah Fousak as chief investment offer from the National Bank of Dubai along with three colleagues for the investment... Read more

Western schools are increasingly offering MBAs in finance within the Gulf in an attempt to bolster indigenous talent. Is this your golden ticket to a top job? The MBA has long been the favoured qualification in the Gulf states and Western schools have been setting up on the ground in response to this demand. The likes of INSEAD, London Business School, Cass University and Manchester Business School have rolled out... Read more

It’s no secret that global investment banks have been bolstering their Middle Eastern teams – often transferring them across from western locations – but now it seems some may have over-egged the pudding and are quietly laying people off. According to Financial News, an anonymous executive from a bulge-bracket bank says the teams may have expanded too aggressively in anticipation of increased commercial activity, without thinking about business models, and... Read more

The Chartered Financial Analyst (CFA) qualification, the mainstay of asset management and sell-side research roles, is fast gaining traction in the Gulf region. Is it right for you? The CFA Institute has 116,000 members worldwide, but charterholders are surprisingly thin on the ground in the Gulf region. There are currently 652 in the GCC – 304 of which are in the UAE – but 4,061 have enrolled for exams this... Read more

It may still be difficult for women to make it to dizzy heights on the career ladder in financial services in the Middle East, but, as these five prove, it’s not impossible… Maha al-Ghunaim MD and chairperson, Global Investment House (Kuwait) Al-Ghunaim is well known in Western markets and recently gained greater prominence: last week she announced plans to raise $500m from UK investors for a Middle East and North Africa... Read more

Regulations affecting oil trading in London could mean more traders flee to the Dubai market, injecting fresh stock into the region’s talent pool. The US regulator is threatening to impose new rules on the UK oil trading market, leading some to predict a mass exodus of traders to the Middle East. Phil Flynn, a trader at Alaron Trading in Chicago, told The Times that over-regulation risks driving the market offshore:... 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

Western schools are increasingly offering MBAs in finance within the Gulf in an attempt to bolster indigenous talent. Is this your golden ticket to a top job? The MBA has long been the favoured qualification in the Gulf states and Western schools have been setting up on the ground in response to this demand. The likes of INSEAD, London Business School, Cass University and Manchester Business School have rolled out... 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

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

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

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

Forget the 2,600 investment banking redundancies in its western operations and the $37bn in subprime-related writedowns, UBS is in expansion mode in the Middle East. Having gained a licence to operate in Saudi Arabia, the bank will be moving fixed income banker Mohamed Sammakia over to head the office and is also applying for a licence to set up in Qatar. UBS currently employs around 100 bankers in the GCC and... Read more

It may still be difficult for women to make it to dizzy heights on the career ladder in financial services in the Middle East, but, as these five prove, it’s not impossible… Maha al-Ghunaim MD and chairperson, Global Investment House (Kuwait) Al-Ghunaim is well known in Western markets and recently gained greater prominence: last week she announced plans to raise $500m from UK investors for a Middle East and North Africa... Read more

Reason dictates there should be a rush of asset management hiring in the GCC – local fund managers have posted stellar revenues, and international firms are setting up in the region. But while sales and marketing roles are in demand, firms are holding off taking on portfolio managers. Global investors’ ample appetite for GCC assets is demonstrated by some recent results. Shuaa Capital’s asset management division saw an amazing 636%... Read more

It might not be the most glamorous facet of the financial sector, but if you want a job in a retail bank, employers are falling over themselves to take you on. The Middle East is a land of new banks and mergers among existing ones. The establishment of Noor Islamic Bank kick-started 2007, for instance, and the merger of Emirates Bank and the National Bank of Dubai, also last year,... Read more