How does Qatar compare?
Another major international player - Deutsche Bank - has set up shop in Qatar, as the emirate strives to increase its profile on the global stage.
The bank has appointed Mounir Hussein country head in the Qatar office after gaining approval from the Qatar Financial Centre in January. It joins the likes of Morgan Stanley, Credit Suisse, Barclays, Standard Chartered, Lehman Brothers, Citibank, Royal Bank of Scotland and Crédit Agricole.
Qatar is looking to up its profile on the global financial services circuit. It boasts a favourable regulatory regime and has ear-marked billions of dollars of gas revenues for international investments.
But does anyone one want to go and work there? Rumour has it there are widespread complaints from expats of the small-town atmosphere, limited nightlife, sky-high rents, difficulty of leaving the country, and terrible traffic conditions.
"Dubai is just about at the point where it can attract top bankers, but you can forget about Doha," one foreign banker in the city told the Financial Times.
Samar El Gazar, managing director at recruitment firm Leaders Solutions, says pay is slightly better than other areas in the Gulf, but this isn't enough to sway candidates to stray from Dubai or Kuwait.
"The first choice for Western financial services workers is Dubai," she says. "Though Qatar has started to attract Westerners, it is not easy to convince them to make the move unless the package and title are very attractive, which is not currently the case."
