GF
Destination Saudi Arabia
5 April 2007
Saudi Arabia may not sound like the most enticing place for expats, but it’s attracting increasing numbers of them to its growing banking sector.
Headhunters report gargantuan growth in Saudi finance jobs. Given banks’ interest in the kingdom, this is hardly surprising. Deutsche Bank, JPMorgan, HSBC and BNP Paribas are already there. Goldman Sachs and Morgan Stanley have teamed up with local Saudi Bank in the past three months, and UBS and Citigroup are interested in establishing (or re-establishing) a Saudi footprint, according the Financial Times.
“There is a great, great deal of recruiting going on in Saudi Arabia at the present time,” says Michael Ketley of recruiting firm MRK-Consulting.
It’s all happening rather quietly, however. Headhunters say Saudi Arabia doesn’t benefit from the PR Dubai has generated for itself. “Expats don’t think they will get the niceties of life over there,” says Emma Hackforth of recruitment firm Matchsticks.
But Ketley adds that many people who have worked in Saudi Arabia before are keen to return to take advantage of the cheaper living costs and longer holidays.
A mid-ranking banking professional with about six to eight years' experience could expect from US$125k with two to three months' bonus, to US$160k with six months' bonus working in Riyadh, he claims.
This is definitely lower than what’s on offer in Dubai, London or New York, but living costs in Saudi are lower. And as the sector grows, it’s fair to expect that Saudi employers will adjust pay upwards as they compete for the best candidates.
I have worked in Saudi for a few years. It's not that bad a place to live.
However, Saudi is a very racist society and that racism is even more evident at the work place. If you are not a Saudi, you cannot be heading a team, or if you get lucky to grow, as soon as you train a Saudi, he is encouraged to take your job ( as a right !)and you are sidelined to perform manial roles irrespective of your seniority, experience or education.
I thank God nothing like this happened to me, but I know I coleague who stayed with a Saudi bank (with a French connection)for 9 years and he set-up nearly 5 different areas and every time someone else ( a Saudi invariably) took the credit and got promoted. I thank God I have left that country and I have hired that person in my new role.
Yes there are savings there, because you have nothing to spend on !
Abu Mohammad 19 Apr 2007
RECOMMEND Recommended 1 time | Alert Moderator