Improved prospects for infrastructure professionals
As international interest in infrastructure deals in the GCC revs up, experienced structured and project finance professionals are hot property.
Credit Suisse, which recently teamed up with General Electric and Abu Dhabi-owned investment firm Mubadala for a Middle Eastern infrastructure fund, estimates the opportunity for infrastructure investment in emerging markets at $1trn over the next five years.
Indeed, Credit Suisse reckons investments worth $395bn will be required in the Middle East alone between 2007 and 2011.
With all this business to be done, Credit Suisse is predictably far from the only bank building its local infrastructure presence. Australian behemoth Macquarie Group has also entered the fray, teaming up with Abu Dhabi Commercial Bank for its first infrastructure fund. And UBS has looked eastwards, embarking on a joint venture with Abu Dhabi Investment Company to launch a $500m infrastructure fund.
Michael Ketley, managing director of MRK International, says: "The region needs roads, housing, oil and gas infrastructure, water desalination, transport infrastructure ... these deals are worth multi-million dollars."
As banks build up, GCC-based recruiters say infrastructure expertise is increasingly sought after. Barbara van Muir, managing director of recruiter Woodhamill Ingram, says experienced project and structured finance professionals top the list.
"In terms of technical expertise, generally speaking, exposure to complex deals in mature markets is prized," she says.
Western markets are being tapped for battle-hardened infrastructure professionals: "Typically these individuals come from the UK, Australia, South Africa, or the US," says Van Muir.
Ketley agrees that there is a demand for people with experience in Western markets, but adds that Middle Eastern exposure is highly prized.
Project finance professionals in the region can expect to haul in $150k, reckons Ketley, but the real money is to be made on bonuses, which are based on performance.
